Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>The rally in crude oil prices on account of the current geopolitical situation in Russia is one of the major factors that has made Chevron surge past the target price from our last report.</li><li>The crude oil outlook remains positive for 2022 as per the U.S.</li><li>EIA which means Chevron can continue its momentum in the year.</li></ul>

The rally in crude oil prices on account of the current geopolitical situation in Russia is one of the major factors that has made Chevron surge past the target price from our last report.The crude oil outlook remains positive for 2022 as per the U.S.EIA which means Chevron can continue its momentum in the year.

Chevron Corporation: Financial & Price Forecasts

Credit

<ul><li>Chevron has benefitted heavily from its increasing output amidst the rally in crude oil prices on account of the current geopolitical situation in Ukraine.</li><li>The oil major had one of its most successful years in 2021 and its return on capital employed approached nearly 10%, the highest since 2014 levels.</li><li>The crude oil outlook remains positive for 2022 as per the U.S.</li></ul>

Chevron has benefitted heavily from its increasing output amidst the rally in crude oil prices on account of the current geopolitical situation in Ukraine.The oil major had one of its most successful years in 2021 and its return on capital employed approached nearly 10%, the highest since 2014 levels.The crude oil outlook remains positive for 2022 as per the U.S.

Chevron Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Chevron's outstanding performance has made the company one of my best performers over the past year.</li>
<li>Negative sentiment at the time has quickly changed into hype on the back of monetary, supply chain and geopolitical risks.</li>
<li>While the long-term setup remains favorable, the current valuation already prices in a significant improvement in fundamentals.</li>
</ul>


Chevron's outstanding performance has made the company one of my best performers over the past year.
Negative sentiment at the time has quickly changed into hype on the back of monetary, supply chain and geopolitical risks.
While the long-term setup remains favorable, the current valuation already prices in a significant improvement in fundamentals.


Chevron: The Market Tends To Overshoot Both On The Upside As Well On The Downside

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Renewable Energy Group / Equity Bottom-Up

<ul>
<li>REGI being bought by CVX for $61.50 per share in cash</li>
<li>We believe the valuation of approximately $3 billion is high enough to deter another bidder from surfacing</li>
<li>At $61.50, REGI’s stock returned 265.4 percent since we initiated coverage on April 24, 2019, and 44.9 percent on a year-to-date basis</li>
</ul>


REGI being bought by CVX for $61.50 per share in cash
We believe the valuation of approximately $3 billion is high enough to deter another bidder from surfacing
At $61.50, REGI’s stock returned 265.4 percent since we initiated coverage on April 24, 2019, and 44.9 percent on a year-to-date basis


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>A record 42% of active Global managers have zero exposure to the Energy sector</li>
<li>It is the largest sector underweight and a minor allocation among active Global managers, held by fewer funds than the fringe Utilities and Real Estate sectors. </li>
<li>Value managers hold the larger allocations, whilst Aggressive Growth managers have all but abandoned the sector.</li>
</ul>


A record 42% of active Global managers have zero exposure to the Energy sector
It is the largest sector underweight and a minor allocation among active Global managers, held by fewer funds than the fringe Utilities and Real Estate sectors. 
Value managers hold the larger allocations, whilst Aggressive Growth managers have all but abandoned the sector.


Global Energy:  Conviction Underweight or Complacency?

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

Chevron Corporation: Financial & Price Forecasts

The rally in crude oil prices on account of the current geopolitical situation in Russia is one of the major factors that has made Chevron surge...

Baptista Research

Chevron Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Chevron has benefitted heavily from its increasing output amidst the rally in crude oil prices on account of the current geopolitical situation in...

Baptista Research

Chevron: The Market Tends To Overshoot Both On The Upside As Well On The Downside

Chevron's outstanding performance has made the company one of my best performers over the past year. Negative sentiment at the time has quickly...

Vladimir Dimitrov, CFA

REGI: Buyout! Dropping Coverage

We are dropping coverage after Chevron (CVX) agreed to purchase REGI for $61.50 per share in cash, premium that puts the stock up for the year.

BWS Financial Inc

Global Energy: Conviction Underweight or Complacency?

Ownership in the Global Energy sectors is at record lows. Despite rising oil prices, it is the largest sector underweight and a minor allocation...

Steven Holden

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