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

Casella Waste Systems Inc A / Equity Bottom-Up

<ul><li>Casella Waste Systems has demonstrated a trajectory of strategic execution and growth, marked by recent acquisitions and operational optimizations, as evidenced in the second quarter 2024 earnings discussion.</li><li>The company has expanded its geographical footprint to 10 states, which underscores an aggressive growth strategy through acquisitions that align with Casella’s core operational focus.</li><li>During the quarter, Casella added to its portfolio with the acquisition of LMR Disposal and Whitetail Disposal, marking significant strides in extending service offerings in the Mid-Atlantic region.</li></ul>

Casella Waste Systems has demonstrated a trajectory of strategic execution and growth, marked by recent acquisitions and operational optimizations, as evidenced in the second quarter 2024 earnings discussion.The company has expanded its geographical footprint to 10 states, which underscores an aggressive growth strategy through acquisitions that align with Casella’s core operational focus.During the quarter, Casella added to its portfolio with the acquisition of LMR Disposal and Whitetail Disposal, marking significant strides in extending service offerings in the Mid-Atlantic region.

Casella Waste Systems: Initiation Of Coverage - Expansion of Service Offering and Market Penetration! - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>The S&amp;P 500 broke above 4200 and the 2-month megaphone pattern on Friday, and is already approaching the 4300-4325 area which we have anticipated would cap upside for 2023.</li>
<li>While we would be cautious at these levels given our expectation for inflation to remain elevated, we cannot get too bearish if the S&amp;P 500 is above 4165-4200.</li>
<li>Breadth remains weak within the S&amp;P 500, but we are starting to see breadth improvement within small-cap Russell 2000 (IWM). More on that below, IWM targets include $190 and $200-202.</li>
</ul>


The S&amp;P 500 broke above 4200 and the 2-month megaphone pattern on Friday, and is already approaching the 4300-4325 area which we have anticipated would cap upside for 2023.
While we would be cautious at these levels given our expectation for inflation to remain elevated, we cannot get too bearish if the S&amp;P 500 is above 4165-4200.
Breadth remains weak within the S&amp;P 500, but we are starting to see breadth improvement within small-cap Russell 2000 (IWM). More on that below, IWM targets include $190 and $200-202.


Russell 2000 Breakout Attempt Underway; Small-Cap Breadth Improving; KRE, KBE, XRT Test Key Levels

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic such as e-commerce, flexible working arrangements, streaming/entertainment at home, digital transformation, MRNA biotechnology, among others.</li><li>Many of these trends in place prior to the pandemic were turbocharged by a quick pivot and responses to adjust to the “new normal” disruption of the dealing with COVID-19 waves, lockdowns, and companies muddling through how to adapt their business model.</li><li>The aftermath of the combination of a bazooka fiscal and monetary stimulus has resulted in the Federal Reserve embarking on the most aggressive interest rate hiking campaign in decades in attempts to arrest and reverse inflation.</li></ul>

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic such as e-commerce, flexible working arrangements, streaming/entertainment at home, digital transformation, MRNA biotechnology, among others.Many of these trends in place prior to the pandemic were turbocharged by a quick pivot and responses to adjust to the “new normal” disruption of the dealing with COVID-19 waves, lockdowns, and companies muddling through how to adapt their business model.The aftermath of the combination of a bazooka fiscal and monetary stimulus has resulted in the Federal Reserve embarking on the most aggressive interest rate hiking campaign in decades in attempts to arrest and reverse inflation.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Cleanaway Waste Management / Event-Driven

<ul>
<li>An <a href="https://www.afr.com/street-talk/cleanaway-in-kkr-s-crosshairs-20220419-p5aed3" target="_blank" rel="noopener">AFR article</a> claimed that <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a> is preparing an offer for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>. The shares rose 5.9% to close at A$3.24.</li>
<li>KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. </li>
<li>Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a>’s acquisition multiple, would imply A$3.92.</li>
</ul>


An AFR article claimed that KKR &amp; Co Inc (KKR US) is preparing an offer for Cleanaway Waste Management (CWY AU). The shares rose 5.9% to close at A$3.24.
KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. 
Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with Bingo Industries (BIN AU)’s acquisition multiple, would imply A$3.92.


US/Europe Event-Driven Analyst

John DeMasi

Advanced Disposal Services I / Event-Driven

On the evening of May 10, 2019, <a href="https://www.smartkarma.com/entities/26366" target="_blank" data-smartkarma-citation="entities:26366:1">Advanced Disposal Services I (ADSW US)</a> filed its draft merger proxy for the special shareholder meeting to vote on the acquisition of the Company by <a href="https://www.smartkarma.com/entities/2560" target="_blank" data-smartkarma-citation="entities:2560:1">Waste Management (WM US)</a>. The merger agreement required the draft merger proxy to be filed by May 13, 2019.
In this brief note I discuss new information revealed, including the background section, regulatory insights and analysis behind the fairness opinion.
This note is a follow up to my initial deal write-up - <a href="https://www.smartkarma.com/insights/waste-management-buying-advanced-disposal-services-a-rubbish-deal-or-cash-from-trash" target="_blank" data-smartkarma-citation="insights:29693">Waste Management Buying Advanced Disposal Services – A Rubbish Deal or Cash from Trash?</a> - published just two days ago before the draft merger proxy was filed with the SEC.

On the evening of May 10, 2019, Advanced Disposal Services I (ADSW US) filed its draft merger proxy for the special shareholder meeting to vote on the acquisition of the Company by Waste Management (WM US). The merger agreement required the draft merger proxy to be filed by May 13, 2019.
In this brief note I discuss new information revealed, including the background section, regulatory insights and analysis behind the fairness opinion.
This note is a follow up to my initial deal write-up - Waste Management Buying Advanced Disposal Services – A Rubbish Deal or Cash from Trash? - published just two days ago before the draft merger proxy was filed with the SEC.

Advanced Disposal Services/Waste Management – Draft Merger Proxy Filing Details

United States

Casella Waste Systems, Inc. provides integrated, non-hazardous solid waste services throughout the eastern United States.  The Company provides collection, transfer, disposal, and recycling services, generates steam, and manufactures finished products utilizing recyclable materials primarily throughout the eastern portion of the United States.

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Casella Waste Systems Inc A (CWST US)

Casella Waste Systems: Initiation Of Coverage - Expansion of Service Offering and Market Penetration! - Major Drivers

Casella Waste Systems has demonstrated a trajectory of strategic execution and growth, marked by recent acquisitions and operational...

Baptista Research

Russell 2000 Breakout Attempt Underway; Small-Cap Breadth Improving; KRE, KBE, XRT Test Key Levels

Breadth remains weak within the $SPX, but we're seeing breadth improve within the small-cap Russell 2000 $IWM. All this points to a breakout above...

Vermilion Research

Weekly Stock Bullfinder - Week of 5/15

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic...

Weekly Stock Bull Finder

KKR to Make a Move for Cleanaway?

An AFR article claimed that KKR is preparing an offer for Cleanaway. A forward EV/EBITDA multiple of 15.8x, in line with Bingo’s acquisition...

Arun George

Advanced Disposal Services/Waste Management – Draft Merger Proxy Filing Details

On the evening of May 10, 2019, Advanced Disposal Services I (ADSW US) filed its draft merger proxy for the special shareholder meeting to vote on...

John DeMasi

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