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>Eni's first-quarter 2024 earnings showed impressive results with the company reporting pro forma EBIT of EUR 4.1 billion and cash flow from operation of EUR 3.9 billion.</li><li>With a production growth in upstream of 5%, and substantial contributions from Enilive and Plenitude, the company has demonstrated substantial resilience against the broader market downturn.</li><li>The strong cash conversion and disciplined capex have kept capital gearing within Eni's target range even after the completion of Neptune deal and the share buyback program of 2023.</li></ul>

Eni's first-quarter 2024 earnings showed impressive results with the company reporting pro forma EBIT of EUR 4.1 billion and cash flow from operation of EUR 3.9 billion.With a production growth in upstream of 5%, and substantial contributions from Enilive and Plenitude, the company has demonstrated substantial resilience against the broader market downturn.The strong cash conversion and disciplined capex have kept capital gearing within Eni's target range even after the completion of Neptune deal and the share buyback program of 2023.

Eni S.p.A.: Increased Biorefining Throughput & 5 Key Factors Impacting Their Performance! - Financial Forecasts

<ul><li>Eni's results were disappointing as it failed to meet analyst's revenue and earnings expectations.</li><li>Eni's proactive portfolio management included selling the Nigerian onshore production company and the ongoing acquisition of Neptune, aligning with the strategic shift towards a gas-focused upstream portfolio.</li><li>Eni's commitment to environmental responsibility was evident in the progress of its CCUS initiatives, securing licenses and agreements for projects in the UK.</li></ul>

Eni's results were disappointing as it failed to meet analyst's revenue and earnings expectations.Eni's proactive portfolio management included selling the Nigerian onshore production company and the ongoing acquisition of Neptune, aligning with the strategic shift towards a gas-focused upstream portfolio.Eni's commitment to environmental responsibility was evident in the progress of its CCUS initiatives, securing licenses and agreements for projects in the UK.

Eni S.p.A.: Strategic Portfolio Shifts – Towards a Gas-Focused Future! - 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

<ul>
<li>Our overall outlook remains largely unchanged; we remain bullish on global equities as long as the MSCI ACWI (ACWI-US) is above major $93 support.</li>
<li>We also discussed that if the 10-year Treasury yield remains below 4.35% and the DXY is below $105.70, we would continue to expect $93 support on ACWI-US to hold.</li>
<li>The 10-year Treasury yield is attempting to break above 4.35% and this could create a problem for ACWI-US; we will continue to monitor closely.</li>
</ul>


Our overall outlook remains largely unchanged; we remain bullish on global equities as long as the MSCI ACWI (ACWI-US) is above major $93 support.
We also discussed that if the 10-year Treasury yield remains below 4.35% and the DXY is below $105.70, we would continue to expect $93 support on ACWI-US to hold.
The 10-year Treasury yield is attempting to break above 4.35% and this could create a problem for ACWI-US; we will continue to monitor closely.


Overweight Value Within Global Ex-U.S. Equities; DXY Below $105.70; Buys in Global Value

<ul><li>delivered mixed results in the past quarter, with revenues falling short of analysts' expectations but above-par earnings.</li><li>In 2023, the company surpassed expectations in terms of the underlying operating profitability.</li><li>With increases in Mozambique, Mexico and production recovery in Kazakhstan, upstream production averaged 1.61 million barrels per day in the quarter, up 2% yearly and exceeding the company's target of 1.6 million barrels per day.</li></ul>

delivered mixed results in the past quarter, with revenues falling short of analysts' expectations but above-par earnings.In 2023, the company surpassed expectations in terms of the underlying operating profitability.With increases in Mozambique, Mexico and production recovery in Kazakhstan, upstream production averaged 1.61 million barrels per day in the quarter, up 2% yearly and exceeding the company's target of 1.6 million barrels per day.

Eni S.p.A.: Acquisition of Neptune Energy Group & Other Developments

<ul><li>delivered a mixed set of results in the quarter.</li><li>Despite the lower price of crude oil and the lower refining margins, net income increased by almost 160% year over year.</li><li>Refining & Marketing also delivered strong results.</li></ul>

delivered a mixed set of results in the quarter.Despite the lower price of crude oil and the lower refining margins, net income increased by almost 160% year over year.Refining & Marketing also delivered strong results.

Eni S.p.A.: Pipeline Expansion & New Supply Chain Finance Program

Italy

Eni SpA explores for and produces hydrocarbons in Italy, Africa, the North Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces natural gas and imports it for sale in Italy and elsewhere in Europe. Eni transports natural gas in pipelines. The Company generates and trades electricity, refines oil, and operates gasoline service stations.

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Eni SpA (E US)

Eni S.p.A.: Increased Biorefining Throughput & 5 Key Factors Impacting Their Performance! - Financial Forecasts

Eni's first-quarter 2024 earnings showed impressive results with the company reporting pro forma EBIT of EUR 4.1 billion and cash flow from...

Baptista Research

Eni S.p.A.: Strategic Portfolio Shifts – Towards a Gas-Focused Future! - Major Drivers

Eni's results were disappointing as it failed to meet analyst's revenue and earnings expectations. Eni's proactive portfolio management included...

Baptista Research

Overweight Value Within Global Ex-U.S. Equities; DXY Below $105.70; Buys in Global Value

We're constructive on global equities as long as $ACWI is above $93 support, however, the 10-year Treasury yield $TNX is breaking above 4.35%...

Vermilion Research

Eni S.p.A.: Acquisition of Neptune Energy Group & Other Developments

delivered mixed results in the past quarter, with revenues falling short of analysts' expectations but above-par earnings. In 2023, the company...

Baptista Research

Eni S.p.A.: Pipeline Expansion & New Supply Chain Finance Program

delivered a mixed set of results in the quarter. Despite the lower price of crude oil and the lower refining margins, net income increased by...

Baptista Research

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