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>The Descartes Systems Group reported its robust quarterly earnings, displaying solid growth and notable investments in acquisitions.</li><li>Ed Ryan, CEO, opened by highlighting key metrics revealing that revenues were up 11% from last year, adjusted EBITDA increased 16%, with a margin of 44%, and $63.7 million was generated from operations.</li><li>The company concluded the period with almost $270 million in cash and had an untapped $350 million credit line, even after using about $140 million for acquisitions.</li></ul>

The Descartes Systems Group reported its robust quarterly earnings, displaying solid growth and notable investments in acquisitions.Ed Ryan, CEO, opened by highlighting key metrics revealing that revenues were up 11% from last year, adjusted EBITDA increased 16%, with a margin of 44%, and $63.7 million was generated from operations.The company concluded the period with almost $270 million in cash and had an untapped $350 million credit line, even after using about $140 million for acquisitions.

The Descartes Systems Group: These Are The 4 Pivotal Growth Drivers & 3 Biggest Challenges In Their Path! - Financial Forecasts

<ul><li>The Descartes Systems Group reported record fourth-quarter and annual financial results, marked by strong organic growth and improvements to operating margins.</li><li>In Q4, total revenues were up 18% YoY, with services revenues up 20%, and adjusted EBITDA up 19% YoY. The company ended the quarter with $321 million in cash and was debt-free, with an undrawn $350 million line of credit.</li><li>Descartes Systems continues to focus on organic growth, particularly in real-time visibility, global trade intelligence, and routing and scheduling solutions.</li></ul>

The Descartes Systems Group reported record fourth-quarter and annual financial results, marked by strong organic growth and improvements to operating margins.In Q4, total revenues were up 18% YoY, with services revenues up 20%, and adjusted EBITDA up 19% YoY. The company ended the quarter with $321 million in cash and was debt-free, with an undrawn $350 million line of credit.Descartes Systems continues to focus on organic growth, particularly in real-time visibility, global trade intelligence, and routing and scheduling solutions.

The Descartes Systems Group: How Sustainable Are Its Competitive Position & Its Market Share Gains? - Major Drivers

<ul><li>This is our first report on Descartes Systems Group Inc, a well-known provider of cloud-based logistics and supply chain management business process solutions.</li><li>Revenue for the company increased by 19% compared to the prior year, service revenues increased by 18%, and its Adjusted EBITDA increased by 17% from the previous year.</li><li>Descartes ended the quarter with approximately $280 million in cash and a $350 million line of credit, entirely unutilized.</li></ul>

This is our first report on Descartes Systems Group Inc, a well-known provider of cloud-based logistics and supply chain management business process solutions.Revenue for the company increased by 19% compared to the prior year, service revenues increased by 18%, and its Adjusted EBITDA increased by 17% from the previous year.Descartes ended the quarter with approximately $280 million in cash and a $350 million line of credit, entirely unutilized.

The Descartes Group Inc.: Initiation of Coverage – These Key Forces Are Shaping Their Future! -  Financial Forecasts

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

Taiwan Semiconductor (TSMC) / Technical Analysis

<ul>
<li>New multi-year highs on the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes -- combined with overwhelmingly healthy market dynamics -- validates our bullish outlook on global equities.</li>
<li>We continue to view the latest 5-6% pullback on $ACWI as healthy and normal within the ongoing bull market, and we expect higher prices ahead.</li>
<li>Global Energy Sector appears to be topping, and Materials could be next. We highlight buys in Technology (quickly becoming leadership again) and Consumer Discretionary/Retail </li>
</ul>


New multi-year highs on the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes -- combined with overwhelmingly healthy market dynamics -- validates our bullish outlook on global equities.
We continue to view the latest 5-6% pullback on $ACWI as healthy and normal within the ongoing bull market, and we expect higher prices ahead.
Global Energy Sector appears to be topping, and Materials could be next. We highlight buys in Technology (quickly becoming leadership again) and Consumer Discretionary/Retail 


Global MSCI Indexes at Multi-Year Highs; Global Energy Sector Deteriorating, Is Materials Next?

<ul>
<li>We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).</li>
<li>Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024<em> Int'l Compass</em>
</li>
<li>Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 <em>Int'l Compass. </em>This has bullish implications for ACWI</li>
</ul>


We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).
Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int'l Compass

Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int'l Compass. This has bullish implications for ACWI


Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Canada

The Descartes Systems Group Inc. provides inter-enterprise software for the execution of supply-chain management, especially for delivery-intensive companies.  The Company's products allow users to share and process information via the Internet.  Descartes licenses software to customers worldwide.

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Descartes Systems Grp (DSGX US)

The Descartes Systems Group: These Are The 4 Pivotal Growth Drivers & 3 Biggest Challenges In Their Path! - Financial Forecasts

The Descartes Systems Group reported its robust quarterly earnings, displaying solid growth and notable investments in acquisitions. Ed Ryan, CEO,...

Baptista Research

The Descartes Group Inc.: Initiation of Coverage – These Key Forces Are Shaping Their Future! - Financial Forecasts

This is our first report on Descartes Systems Group Inc, a well-known provider of cloud-based logistics and supply chain management business...

Baptista Research

Global MSCI Indexes at Multi-Year Highs; Global Energy Sector Deteriorating, Is Materials Next?

There are few things more bullish than Global MSCI Indexes at Multi-Year Highs $ACWI $ACWX $EFA $EEM; Buys in Tech $TSM; Global Energy Sector...

Vermilion Research

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Upgrading Emerging Markets $EEM $VWO to Market Weight; China/Hong Kong Continue to Bottom $FXI $MCHI $KWEB; Lows Likely in on $ACWI; Commodities...

Vermilion Research

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The Descartes Systems Group: These Are The 4 Pivotal Growth Drivers & 3 Biggest Challenges In Their Path! - Financial Forecasts

The Descartes Systems Group reported its robust quarterly earnings, displaying solid growth and notable investments in acquisitions. Ed Ryan, CEO,...

Baptista Research

The Descartes Systems Group: How Sustainable Are Its Competitive Position & Its Market Share Gains? - Major Drivers

The Descartes Systems Group reported record fourth-quarter and annual financial results, marked by strong organic growth and improvements to...

Baptista Research

The Descartes Group Inc.: Initiation of Coverage – These Key Forces Are Shaping Their Future! - Financial Forecasts

This is our first report on Descartes Systems Group Inc, a well-known provider of cloud-based logistics and supply chain management business...

Baptista Research

Global MSCI Indexes at Multi-Year Highs; Global Energy Sector Deteriorating, Is Materials Next?

There are few things more bullish than Global MSCI Indexes at Multi-Year Highs $ACWI $ACWX $EFA $EEM; Buys in Tech $TSM; Global Energy Sector...

Vermilion Research

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Upgrading Emerging Markets $EEM $VWO to Market Weight; China/Hong Kong Continue to Bottom $FXI $MCHI $KWEB; Lows Likely in on $ACWI; Commodities...

Vermilion Research