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>Illumina Inc. has had a strong first quarter of 2024, which included an encouraging performance from its high throughput consumables, increased revenue from strategic partnerships, and the delivery of a number of NovaSeq X instruments.</li><li>However, Chief Executive Officer Jacob Thaysen has warned about the persisting uncertain global economic environment and cited customer concerns affecting purchasing decisions.</li><li>The year's results were particularly promising considering the challenges posed by the Coronavirus pandemic.</li></ul>

Illumina Inc. has had a strong first quarter of 2024, which included an encouraging performance from its high throughput consumables, increased revenue from strategic partnerships, and the delivery of a number of NovaSeq X instruments.However, Chief Executive Officer Jacob Thaysen has warned about the persisting uncertain global economic environment and cited customer concerns affecting purchasing decisions.The year's results were particularly promising considering the challenges posed by the Coronavirus pandemic.

Illumina Inc.: Will Its Market Dominance In Genetic Analysis Last? - Major Drivers

<ul><li>Illumina reports a successful 2023 but is bracing for a challenging 2024 amid continued macroeconomic hurdles.</li><li>The company delivered a higher-than-expected consolidated revenue of approximately $1.12 billion in the fourth quarter, marking an increase of 4% year over year.</li><li>CEO Jacob Thaysen highlighted the latest product, NovaSeq X, as the most successful high-throughput product launch in the company's history.</li></ul>

Illumina reports a successful 2023 but is bracing for a challenging 2024 amid continued macroeconomic hurdles.The company delivered a higher-than-expected consolidated revenue of approximately $1.12 billion in the fourth quarter, marking an increase of 4% year over year.CEO Jacob Thaysen highlighted the latest product, NovaSeq X, as the most successful high-throughput product launch in the company's history.

Illumina Inc: Will Its Market Dominance In Genetic Analysis Last In The Long Term? - Major Drivers

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

<ul><li>Illumina delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>Despite lower revenue, non-GAAP net income surpassed expectations at $52 million or $0.33 per diluted share.</li><li>While Core Illumina sequencing consumables revenue dropped 4% year-over-year, clinical sequencing consumables experienced a 10% growth, mitigating the decline.</li></ul>

Illumina delivered mixed results for the previous quarter, with revenues below the analyst consensus.Despite lower revenue, non-GAAP net income surpassed expectations at $52 million or $0.33 per diluted share.While Core Illumina sequencing consumables revenue dropped 4% year-over-year, clinical sequencing consumables experienced a 10% growth, mitigating the decline.

Illumina Inc: The Inside Story of Steady Revenues and Strategic Expansions! - Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/american-airlines-group-inc" target="_blank" data-smartkarma-citation="entities:3663:1" rel="noopener">American Airlines Group (AAL US)</a> is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.</li>
</ul>



Dell Technologies (DELL US) is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.

Williams Sonoma (WSM US) is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.

American Airlines Group (AAL US) is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.


S&P 500 September Forecasts: Saved by the Dell?

United States

Illumina, Inc. develops, manufactures and markets integrated systems for the large scale analysis of genetic variation and biological function. The Company provides a comprehensive line of products and services that currently serve the sequencing, genotyping and gene expression markets for genomic research centers, pharmaceutical companies, academic institutions and biotechnology companies.

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Illumina Inc (ILMN US)

Illumina Inc.: Will Its Market Dominance In Genetic Analysis Last? - Major Drivers

Illumina Inc. has had a strong first quarter of 2024, which included an encouraging performance from its high throughput consumables, increased...

Baptista Research

Illumina Inc: Will Its Market Dominance In Genetic Analysis Last In The Long Term? - Major Drivers

Illumina reports a successful 2023 but is bracing for a challenging 2024 amid continued macroeconomic hurdles. The company delivered a...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Illumina Inc: The Inside Story of Steady Revenues and Strategic Expansions! - Major Drivers

Illumina delivered mixed results for the previous quarter, with revenues below the analyst consensus. Despite lower revenue, non-GAAP net income...

Baptista Research

S&P 500 September Forecasts: Saved by the Dell?

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Illumina Inc.: Will Its Market Dominance In Genetic Analysis Last? - Major Drivers

Illumina Inc. has had a strong first quarter of 2024, which included an encouraging performance from its high throughput consumables, increased...

Baptista Research

Illumina Inc: Will Its Market Dominance In Genetic Analysis Last In The Long Term? - Major Drivers

Illumina reports a successful 2023 but is bracing for a challenging 2024 amid continued macroeconomic hurdles. The company delivered a...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Illumina Inc: The Inside Story of Steady Revenues and Strategic Expansions! - Major Drivers

Illumina delivered mixed results for the previous quarter, with revenues below the analyst consensus. Despite lower revenue, non-GAAP net income...

Baptista Research

S&P 500 September Forecasts: Saved by the Dell?

​Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...