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 Bottom-Up

<ul><li>Valero Energy had another strong quarter, with all segments performing well and the company delivering an all-around beat.</li><li>Notably, Valero achieved a significant milestone by completing and successfully starting up the Port Arthur Coker project, which is expected to enhance the refinery's capacity and operational efficiency.</li><li>The company also initiated the production of a new coker at Port Arthur as a capacity expansion initiative.</li></ul>

Valero Energy had another strong quarter, with all segments performing well and the company delivering an all-around beat.Notably, Valero achieved a significant milestone by completing and successfully starting up the Port Arthur Coker project, which is expected to enhance the refinery's capacity and operational efficiency.The company also initiated the production of a new coker at Port Arthur as a capacity expansion initiative.

Valero Energy Corporation: Capacity Expansion Update & Other Drivers

<ul><li>Valero had a solid year-end, with refineries running at 97% of their capacity in a positive refining margin situation.</li><li>Besides, significantly discounted sour crude oils and fuel oils helped its refinery.</li><li>High natural gas costs in Europe also encouraged refiners to process sweet crude oils rather than sour crude oils, placing additional pressure on sour crude oils.</li></ul>

Valero had a solid year-end, with refineries running at 97% of their capacity in a positive refining margin situation.Besides, significantly discounted sour crude oils and fuel oils helped its refinery.High natural gas costs in Europe also encouraged refiners to process sweet crude oils rather than sour crude oils, placing additional pressure on sour crude oils.

Valero Energy: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

<ul><li>Valero Energy had a mixed performance in its recent financial results for the quarter as its revenues were significantly above Wall Street expectations.</li><li>The company has a good refining margin supported by continued energy cost advantages, low product inventories, and strong product demand for the U.S. refineries in comparison to the global competitors.</li><li>The refining fundamentals stay strong, with global product supply staying constrained because of the high natural gas prices and capital reductions.</li></ul>

Valero Energy had a mixed performance in its recent financial results for the quarter as its revenues were significantly above Wall Street expectations.The company has a good refining margin supported by continued energy cost advantages, low product inventories, and strong product demand for the U.S. refineries in comparison to the global competitors.The refining fundamentals stay strong, with global product supply staying constrained because of the high natural gas prices and capital reductions.

Credit

<ul><li>Valero Energy reported an excellent result with revenues and earnings well above Wall Street expectations as the company maximized the refining rates.</li><li>The refinery utilization rate of the company increased in the quarter and the refining margins were reinforced by sustained energy cost advantage for the U.S. refineries, low product inventories, and strength in product demand.</li><li>We provide the stock of Valero Energy with a ‘Hold’ rating and a revision in the target price.</li></ul>

Valero Energy reported an excellent result with revenues and earnings well above Wall Street expectations as the company maximized the refining rates.The refinery utilization rate of the company increased in the quarter and the refining margins were reinforced by sustained energy cost advantage for the U.S. refineries, low product inventories, and strength in product demand.We provide the stock of Valero Energy with a ‘Hold’ rating and a revision in the target price.

Valero Energy: New Storage Terminal For Mexico & Other Drivers

<ul><li>Valero Energy Corporation is a well-known oil refining player.</li><li>Despite a weak margin environment, the ethanol business generates a positive operating income for Valero.</li><li>Moreover, Valero is continuing to leverage on evaluating low carbon opportunities like carbon sequestration projects, additional renewable naphtha, renewable hydrogen, and sustainable aviation fuel.</li></ul>

Valero Energy Corporation is a well-known oil refining player.Despite a weak margin environment, the ethanol business generates a positive operating income for Valero.Moreover, Valero is continuing to leverage on evaluating low carbon opportunities like carbon sequestration projects, additional renewable naphtha, renewable hydrogen, and sustainable aviation fuel.

Valero Energy Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba.  The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

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Valero Energy (VLO US)

Valero Energy Corporation: Capacity Expansion Update & Other Drivers

Valero Energy had another strong quarter, with all segments performing well and the company delivering an all-around beat. Notably, Valero...

Baptista Research

Valero Energy: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Valero had a solid year-end, with refineries running at 97% of their capacity in a positive refining margin situation. Besides, significantly...

Baptista Research

Valero Energy: Major Drivers

Valero Energy had a mixed performance in its recent financial results for the quarter as its revenues were significantly above Wall Street...

Baptista Research

Valero Energy: New Storage Terminal For Mexico & Other Drivers

Valero Energy reported an excellent result with revenues and earnings well above Wall Street expectations as the company maximized the refining...

Baptista Research

Valero Energy Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Valero Energy Corporation is a well-known oil refining player. Despite a weak margin environment, the ethanol business generates a positive...

Baptista Research

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