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>EMCOR Group has reported a strong start to 2024 in its recent first-quarter earnings call, driven by the performance in its Electrical and Mechanical Construction segments.</li>
<li>Key figures include an 18.7% increase in revenues to $3.43 billion driven mainly by organic growth.</li>
<li>The Remaining Performance Obligations (RPO) grew by 16.5% to $9.2 billion.</li>
</ul>


EMCOR Group has reported a strong start to 2024 in its recent first-quarter earnings call, driven by the performance in its Electrical and Mechanical Construction segments.
Key figures include an 18.7% increase in revenues to $3.43 billion driven mainly by organic growth.
The Remaining Performance Obligations (RPO) grew by 16.5% to $9.2 billion.


EMCOR Group: What Is The Expected Impact Of The Shift In Manufacturing To The U.S.? - Major Drivers

<ul>
<li>The EMCOR Group reported an exceptional fourth quarter and a very strong 2023 overall.</li>
<li>Revenue for the fourth quarter was $3.44 billion with an operating margin of 8.4%, significantly exceeding expectations and indicating 16.2% organic revenue growth.</li>
<li>The total revenue for 2023 was $12.6 billion which demonstrates growth of 13.6% and was strictly organic in nature, with a 55% rise in operating income to $875.8 million for the year.</li>
</ul>


The EMCOR Group reported an exceptional fourth quarter and a very strong 2023 overall.
Revenue for the fourth quarter was $3.44 billion with an operating margin of 8.4%, significantly exceeding expectations and indicating 16.2% organic revenue growth.
The total revenue for 2023 was $12.6 billion which demonstrates growth of 13.6% and was strictly organic in nature, with a 55% rise in operating income to $875.8 million for the year.


EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM)

<ul>
<li>This is our first report electrical and mechanical construction, and facilities services provider, EMCOR Group.</li>
<li>This has resulted in all-time quarterly records for revenues, gross profits, operating income, operating margin, diluted EPS, and remaining performance obligations (RPOs).</li>
<li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li>
</ul>


This is our first report electrical and mechanical construction, and facilities services provider, EMCOR Group.
This has resulted in all-time quarterly records for revenues, gross profits, operating income, operating margin, diluted EPS, and remaining performance obligations (RPOs).
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.


EMCOR Group: Initiation of Coverage - The Unseen Opportunity in High-Tech Manufacturing!

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

<ul>
<li>Over the past two weeks we've discussed the possibility that further downside was limited (4/23/24 Compass) and mounting evidence that suggests the pullback lows may be in (4/30/24 Compass).</li>
<li>Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below.</li>
<li>We continue to believe the lows are in, and we see the pullback to the 100-day MA on the S&amp;P 500 as healthy/normal within the ongoing bull market.</li>
</ul>


Over the past two weeks we've discussed the possibility that further downside was limited (4/23/24 Compass) and mounting evidence that suggests the pullback lows may be in (4/30/24 Compass).
Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below.
We continue to believe the lows are in, and we see the pullback to the 100-day MA on the S&amp;P 500 as healthy/normal within the ongoing bull market.


Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>Our bullish outlook initiated on November 7, 2023 remains intact; this intermediate-to-long-term outlook is likely to stay in place as long as 4800 support holds on the SPX (7-10% downside).</li>
<li>To be clear, we aren't calling for a pullback to 4800; we view it as a worst-case scenario for the S&amp;P 500, and we want to be prepared for anything.</li>
<li>Shorter-Term, we remain bullish on the S&amp;P 500 and Nasdaq 100 (QQQ) as they both refuse to close below their 20-day MAs for more than 2-3 consecutive days.</li>
</ul>


Our bullish outlook initiated on November 7, 2023 remains intact; this intermediate-to-long-term outlook is likely to stay in place as long as 4800 support holds on the SPX (7-10% downside).
To be clear, we aren't calling for a pullback to 4800; we view it as a worst-case scenario for the S&amp;P 500, and we want to be prepared for anything.
Shorter-Term, we remain bullish on the S&amp;P 500 and Nasdaq 100 (QQQ) as they both refuse to close below their 20-day MAs for more than 2-3 consecutive days.


Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation

United States

EMCOR Group, Inc. provides mechanical and electrical construction and facilities services around the world.  The Company specializes in the design, installation, integration, and start-up of distribution systems for electrical power, lighting systems, low-voltage systems such as fire and security alarms, voice and data communication systems, ventilation systems, and plumbing and piping systems.

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Emcor Group Inc (EME US)

EMCOR Group: What Is The Expected Impact Of The Shift In Manufacturing To The U.S.? - Major Drivers

EMCOR Group has reported a strong start to 2024 in its recent first-quarter earnings call, driven by the performance in its Electrical and...

Baptista Research

EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM)

The EMCOR Group reported an exceptional fourth quarter and a very strong 2023 overall. Revenue for the fourth quarter was $3.44 billion with an...

Baptista Research

EMCOR Group: Initiation of Coverage - The Unseen Opportunity in High-Tech Manufacturing!

This is our first report electrical and mechanical construction, and facilities services provider, EMCOR Group. This has resulted in all-time...

Baptista Research

Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight

Major Risk-On Developments; Bullish Outlook Intact $SPX $QQQ $IWM; Downgrading Health Care $XLV to Underweight Despite Still Being Bullish on $XBI....

Vermilion Research

Downgrading Real Estate to Underweight; Bullish Outlook Intact; Broadening Participation

Downgrading Real Estate to Underweight; Bullish Outlook Intact on $SPX $QQQ $NDX $IWM $RTY $IJH $MDY $VXF; Broadening Participation (NYSE Net New...

Vermilion Research

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