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>AES Corporation has demonstrated a mixture of positive advancements and notable challenges in its third quarter earnings results for 2024.</li><li>The company's performance aligns well with its strategic goals, especially in renewable energy expansion and U.S. utility growth, although some headwinds from severe weather conditions in South America have depressed certain results.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

AES Corporation has demonstrated a mixture of positive advancements and notable challenges in its third quarter earnings results for 2024.The company's performance aligns well with its strategic goals, especially in renewable energy expansion and U.S. utility growth, although some headwinds from severe weather conditions in South America have depressed certain results.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

The AES Corporation: Its Renewable Energy Expansion and Project Pipeline Driving Our ‘Buy’ Rating! - Major Drivers

<ul><li>The AES Corporation presented its second quarter 2024 earnings with solid results that showcased significant strategic progress and financial achievements.</li><li>The quarter saw AES generating an adjusted EBITDA with tax attributes of $843 million and an adjusted EPS of $0.38, aligning with the company's broader 2024 financial objectives.</li><li>The performance reflected well-executed expansions, particularly in engagements with large technology customers and robust moves into renewable energy platforms, underlining AES's adaptability and strategic foresight in the energy sector.</li></ul>

The AES Corporation presented its second quarter 2024 earnings with solid results that showcased significant strategic progress and financial achievements.The quarter saw AES generating an adjusted EBITDA with tax attributes of $843 million and an adjusted EPS of $0.38, aligning with the company's broader 2024 financial objectives.The performance reflected well-executed expansions, particularly in engagements with large technology customers and robust moves into renewable energy platforms, underlining AES's adaptability and strategic foresight in the energy sector.

The AES Corporation: Geographical Diversification & Investment Shift Driving Our 'Buy' Rating? - Major Drivers

<ul><li>AES Corporation held a financial review for the first quarter of 2024, wherein they discussed the company's performance and future plans extensively.</li><li>The company announced adjusted EBITDA with tax attributes of $863 million, adjusted EBITDA of $635 million, and adjusted earnings per share (EPS) at $0.50.</li><li>These results show AES Corporation's ability to meet its targeted outcomes and reflect resilience amidst prevailing economic conditions like high interest rates and inflation.</li></ul>

AES Corporation held a financial review for the first quarter of 2024, wherein they discussed the company's performance and future plans extensively.The company announced adjusted EBITDA with tax attributes of $863 million, adjusted EBITDA of $635 million, and adjusted earnings per share (EPS) at $0.50.These results show AES Corporation's ability to meet its targeted outcomes and reflect resilience amidst prevailing economic conditions like high interest rates and inflation.

The AES Corporation: Initiation of Coverage - Does It Have A Sustainable Competitive Moat? - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Late Friday, S&amp;PDJI announced <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> would replace <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in the Dow Jones Industrial Avg.</li>
<li>This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. </li>
<li>The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> could get exciting.</li>
</ul>


Late Friday, S&amp;PDJI announced NVIDIA Corp (NVDA US) and Sherwin Williams Co (SHW US) would replace Intel Corp (INTC US) and Dow (DOW US) in the Dow Jones Industrial Avg.
This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. 
The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, Sherwin Williams Co (SHW US) could get exciting.


Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<div><p></p><ul style="list-style-type: disc;"><li><p>Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.</p></li><li><p>Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.</p></li><li><p>The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.</p></li></ul></div>

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.

United States

The AES Corporation acquires, develops, owns, and operates generation plants and distribution businesses in several countries. The Company sells electricity under long term contracts and serves customers under its regulated utility businesses. AES also mines coal, turns seawater into drinking water, and develops alternative sources of energy.

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Aes Corp (AES US)

The AES Corporation: Its Renewable Energy Expansion and Project Pipeline Driving Our ‘Buy’ Rating! - Major Drivers

AES Corporation has demonstrated a mixture of positive advancements and notable challenges in its third quarter earnings results for 2024. The...

Baptista Research

The AES Corporation: Geographical Diversification & Investment Shift Driving Our 'Buy' Rating? - Major Drivers

The AES Corporation presented its second quarter 2024 earnings with solid results that showcased significant strategic progress and financial...

Baptista Research

The AES Corporation: Initiation of Coverage - Does It Have A Sustainable Competitive Moat? - Major Drivers

AES Corporation held a financial review for the first quarter of 2024, wherein they discussed the company's performance and future plans...

Baptista Research

Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

The DJIA (Dow30) is an odd anachronism. Price-weighted. Rebalances when it wants. No ranking system. Just a committee and some vague inputs. This...

Travis Lundy

1st Quarter 2024 Letter to Investors

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry...

Massif Capital Research

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