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 Capital Markets

<ul><li>Enphase Energy had a decent first quarter and managed an all-around beat with no significant supply shortages and a stable overall supply environment.</li><li>The company also experienced significant growth in Europe, with revenue rising 25% sequentially and more than tripling year-on-year.</li><li>In addition, the company launched its most potent Enphase Energy System, featuring the new IQ Battery 5P and IQ8 Microinverters.</li></ul>

Enphase Energy had a decent first quarter and managed an all-around beat with no significant supply shortages and a stable overall supply environment.The company also experienced significant growth in Europe, with revenue rising 25% sequentially and more than tripling year-on-year.In addition, the company launched its most potent Enphase Energy System, featuring the new IQ Battery 5P and IQ8 Microinverters.

Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Growatt Technology / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> , one of the largest providers of PV and storage inverters globally, plans to go public and may seek $500M+ through Hong Kong IPO.</li>
<li>I view <a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> as a high-quality growth company with best-in-class products and solutions, and see significant opportunity in international markets.</li>
<li>The company is well-positioned to benefit from fast-growing PV inverter and energy storage markets. I am bullish on Growatt Technology IPO and like long-term energy storage story.</li>
</ul>



Growatt Technology (1833969D CH) , one of the largest providers of PV and storage inverters globally, plans to go public and may seek $500M+ through Hong Kong IPO.
I view Growatt Technology (1833969D CH) as a high-quality growth company with best-in-class products and solutions, and see significant opportunity in international markets.
The company is well-positioned to benefit from fast-growing PV inverter and energy storage markets. I am bullish on Growatt Technology IPO and like long-term energy storage story.


Growatt Technology: High-Profile IPO Preview and Valuation Analysis

<ul><li>Enphase delivered a strong quarter driven by amazing revenues through its microinverters.</li><li>The company witnessed amazing growth in the gross margin as well as in the operating income.</li><li>The overall supply environment of the microinverters remains stable throughout the quarter.</li></ul>

Enphase delivered a strong quarter driven by amazing revenues through its microinverters.The company witnessed amazing growth in the gross margin as well as in the operating income.The overall supply environment of the microinverters remains stable throughout the quarter.

Enphase Energy Inc: Acquisition of 365 Pronto & Other Drivers

<ul><li>Enphase delivered solid results for the past quarter driven largely by solid revenues through microinverters which helped them produce an all-around beat.</li><li>Enphase Energy has recently announced the launch of IQ8 Microinverters in the Netherlands and France, thereby making the foremost expansion into the international markets for this product.</li><li>In the U.S., the microinverter channel inventory has been very healthy, and its storage channel inventory was slightly elevated because of longer installation times.</li></ul>

Enphase delivered solid results for the past quarter driven largely by solid revenues through microinverters which helped them produce an all-around beat.Enphase Energy has recently announced the launch of IQ8 Microinverters in the Netherlands and France, thereby making the foremost expansion into the international markets for this product.In the U.S., the microinverter channel inventory has been very healthy, and its storage channel inventory was slightly elevated because of longer installation times.

Enphase Energy Inc: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (01/23)

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.

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<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a>, a leading PV inverters manufacturer, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80963" rel="noopener">Growatt Technology IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:81071" rel="noopener">Growatt Technology IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-growing-watts" target="_blank" data-smartkarma-citation="insights:84889" rel="noopener">Growatt Technology IPO: Growing Watts</a>. </li>
<li>In this note, we present our forecasts and take the first look at Giant Biogene's potential valuation range. </li>
</ul>



Growatt Technology (1833969D CH), a leading PV inverters manufacturer, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.  
We previously discussed the IPO in Growatt Technology IPO: The Bull Case, Growatt Technology IPO: The Bear Case and Growatt Technology IPO: Growing Watts. 
In this note, we present our forecasts and take the first look at Giant Biogene's potential valuation range. 


Growatt Technology IPO: Valuation First Look

United States

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

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Enphase Energy (ENPH US)

Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers

Enphase Energy had a decent first quarter and managed an all-around beat with no significant supply shortages and a stable overall supply...

Baptista Research

Growatt Technology: High-Profile IPO Preview and Valuation Analysis

Given Growatt’s high-growth, profitability, FCF positive business and scale, I think the company is bound to have a very successful IPO in Hong Kong

Andrei Zakharov

Enphase Energy Inc: Acquisition of 365 Pronto & Other Drivers

Enphase delivered a strong quarter driven by amazing revenues through its microinverters. The company witnessed amazing growth in the gross margin...

Baptista Research

Enphase Energy Inc: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (01/23)

Enphase delivered solid results for the past quarter driven largely by solid revenues through microinverters which helped them produce an...

Baptista Research

Growatt Technology IPO: Valuation First Look

Growatt is pre-marketing a US$1.0 billion HKEx IPO. In this note, we present our forecasts and take the first look at Giant Biogene's potential...

Arun George

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