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>Comfort Systems USA delivers a strong performance in its Third Quarter 2024 results, reflecting robust margins, significant revenue growth, and exceptional cash flow, all pointing to a healthy operational stance and positive future outlook.</li>
<li>The company reported earnings of $4.09 per share, a significant 40% increase compared to the previous year.</li>
<li>This was underscored by record-high operating income which is 50% higher than the corresponding quarter last year.</li>
</ul>


Comfort Systems USA delivers a strong performance in its Third Quarter 2024 results, reflecting robust margins, significant revenue growth, and exceptional cash flow, all pointing to a healthy operational stance and positive future outlook.
The company reported earnings of $4.09 per share, a significant 40% increase compared to the previous year.
This was underscored by record-high operating income which is 50% higher than the corresponding quarter last year.


FIX US: Will Their Expansion in Data Center and Industrial Sectors Catapult Their Top-Line Growth?

<ul>
<li>Comfort Systems USA's second quarter of 2024 showcased a robust performance, underlined by significant growth in revenue and profitability.</li>
<li>The company achieved a notable increase in earnings per share, up by over 9% year-over-year to $3.74, reflecting strong operational execution across its segments.</li>
<li>Revenue for the quarter stood at $1.8 billion, registering a 40% increase from the prior year, driven by both organic growth and recent acquisitions.</li>
</ul>


Comfort Systems USA's second quarter of 2024 showcased a robust performance, underlined by significant growth in revenue and profitability.
The company achieved a notable increase in earnings per share, up by over 9% year-over-year to $3.74, reflecting strong operational execution across its segments.
Revenue for the quarter stood at $1.8 billion, registering a 40% increase from the prior year, driven by both organic growth and recent acquisitions.


Comfort Systems USA:  Expansion of High-Margin Verticals and Geographical Diversification!

<ul>
<li>In the Q1 2024 earnings, Comfort Systems USA reported a robust start to the year, with strong revenue growth, significant margin expansion, and solid cash flow.</li>
<li>According to President and CEO, Brian Lane, the company's performance reflects the successful efforts of its dedicated teams across the country, who accomplished same-store growth of 23%.</li>
<li>The company reported revenue of $1.5 billion, which represents an increase of $362 million, or 31%, compared to the same period the prior year.</li>
</ul>


In the Q1 2024 earnings, Comfort Systems USA reported a robust start to the year, with strong revenue growth, significant margin expansion, and solid cash flow.
According to President and CEO, Brian Lane, the company's performance reflects the successful efforts of its dedicated teams across the country, who accomplished same-store growth of 23%.
The company reported revenue of $1.5 billion, which represents an increase of $362 million, or 31%, compared to the same period the prior year.


Comfort Systems USA: Strategic Acquisitions for Revenue Growth & 3 Major Growth Drivers

<ul>
<li>This is our first report on mechanical and electrical services provider, Comfort Systems USA. The company achieved decent results throughout 2023, with strong growth, earnings, and cash flow.</li>
<li>The company reported quarterly revenue of $1.4 billion and same-store growth of 18%.</li>
<li>Both the company's mechanical and electrical businesses grew and improved their margins, contributing to the record success of the year.</li>
</ul>


This is our first report on mechanical and electrical services provider, Comfort Systems USA. The company achieved decent results throughout 2023, with strong growth, earnings, and cash flow.
The company reported quarterly revenue of $1.4 billion and same-store growth of 18%.
Both the company's mechanical and electrical businesses grew and improved their margins, contributing to the record success of the year.


Comfort Systems USA: Initiation Of Coverage - Recent Acquisitions & 4 Major Factors Driving Growth!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>, <a href="https://www.smartkarma.com/entities/jabil-circuit-inc" target="_blank" data-smartkarma-citation="entities:16674:1" rel="noopener">Jabil Circuit (JBL US)</a> and <a href="https://www.smartkarma.com/entities/builders-firstsource-inc" target="_blank" data-smartkarma-citation="entities:4720:1" rel="noopener">Builders Firstsource (BLDR US)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> at the close on 15 December.</li>
<li>There are a bunch of inclusions. deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>We estimate passive trackers will need to buy around US$18bn of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>. There has been positioning in the stock for just over a month now. </li>
</ul>



Uber Technologies (UBER US), Jabil Circuit (JBL US) and Builders Firstsource (BLDR US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 15 December.
There are a bunch of inclusions. deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
We estimate passive trackers will need to buy around US$18bn of Uber Technologies (UBER US). There has been positioning in the stock for just over a month now. 


United States

Comfort Systems USA, Inc. provides heating, ventilation, and air conditioning system installation, maintenance, repair, and replacement services. The Company's commercial and industrial markets include office buildings, retail centers, apartment complexes, hotels, manufacturing plants, and government facilities.

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Comfort Systems Usa (FIX US)

FIX US: Will Their Expansion in Data Center and Industrial Sectors Catapult Their Top-Line Growth?

Comfort Systems USA delivers a strong performance in its Third Quarter 2024 results, reflecting robust margins, significant revenue growth, and...

Baptista Research

Comfort Systems USA: Expansion of High-Margin Verticals and Geographical Diversification!

Comfort Systems USA's second quarter of 2024 showcased a robust performance, underlined by significant growth in revenue and profitability.

Baptista Research

Comfort Systems USA: Strategic Acquisitions for Revenue Growth & 3 Major Growth Drivers

In the Q1 2024 earnings, Comfort Systems USA reported a robust start to the year, with strong revenue growth, significant margin expansion, and...

Baptista Research

Comfort Systems USA: Initiation Of Coverage - Recent Acquisitions & 4 Major Factors Driving Growth!

This is our first report on mechanical and electrical services provider, Comfort Systems USA. The company achieved decent results throughout 2023,...

Baptista Research

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

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