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>Equinor’s recent performance reflects a company navigating a complex energy landscape while making strategic progress across its diverse portfolio, including upstream oil and gas, renewables, and low-carbon solutions.</li><li>At the outset, the company reported adjusted operating income of $7.5 billion before tax and an IFRS net income of $1.9 billion for the second quarter.</li><li>These numbers suggest a substantial financial capacity, driven by strong operational performance and backed by solid strategic decisions in both traditional and renewable sectors.</li></ul>

Equinor’s recent performance reflects a company navigating a complex energy landscape while making strategic progress across its diverse portfolio, including upstream oil and gas, renewables, and low-carbon solutions.At the outset, the company reported adjusted operating income of $7.5 billion before tax and an IFRS net income of $1.9 billion for the second quarter.These numbers suggest a substantial financial capacity, driven by strong operational performance and backed by solid strategic decisions in both traditional and renewable sectors.

<ul><li>Equinor ASA, a leading Norwegian energy company, showed impressive operational performance in Q1 2023, backed by strong production and an increase in liquid prices.</li><li>Equinor's team highlighted the adjusted operating income of $7.5 billion, adjusted net income of $2.7 billion, as well as robust cash flow after tax of $5.8 billion.</li><li>Earnings per share were identified at $0.96.</li></ul>

Equinor ASA, a leading Norwegian energy company, showed impressive operational performance in Q1 2023, backed by strong production and an increase in liquid prices.Equinor's team highlighted the adjusted operating income of $7.5 billion, adjusted net income of $2.7 billion, as well as robust cash flow after tax of $5.8 billion.Earnings per share were identified at $0.96.

Equinor ASA: Natural Gas Market & Horizon Expansion & 3 Other Major Drivers

<ul><li>Equinor delivered strong results for the third quarter, with adjusted earnings of $8 billion ($2.7 billion after tax) despite lower prices than in the previous year, indicating the company's stability in market fluctuations.</li><li>However, net operating income was $7.5 billion and net income was $2.5 billion, lower than adjusted earnings.</li><li>The company is on track to deliver promising cash flows of around $20 billion annually till 2030, exhibiting robust revenue growth.</li></ul>

Equinor delivered strong results for the third quarter, with adjusted earnings of $8 billion ($2.7 billion after tax) despite lower prices than in the previous year, indicating the company's stability in market fluctuations.However, net operating income was $7.5 billion and net income was $2.5 billion, lower than adjusted earnings.The company is on track to deliver promising cash flows of around $20 billion annually till 2030, exhibiting robust revenue growth.

Equinor ASA: Continued Growth In Natural Gas and Oil Portfolio A Temporary Phenomenon? - Major Drivers

<ul><li>Equinor ASA managed to exceed analyst expectations in terms of revenue as well as earnings, showcasing strong adjusted earnings of $8 billion, with $2.7 billion after tax.</li><li>Despite European gas prices seeing a significant dip from the previous year, Equinor's net operating income stands at $7.5 billion, and year-to-date cash flow from operations after tax remains strong at $17 billion, aligning with their Capital Markets Day projections.</li><li>They also remain committed to their renewable growth strategy, showcasing a strong offshore and onshore renewable portfolio.</li></ul>

Equinor ASA managed to exceed analyst expectations in terms of revenue as well as earnings, showcasing strong adjusted earnings of $8 billion, with $2.7 billion after tax.Despite European gas prices seeing a significant dip from the previous year, Equinor's net operating income stands at $7.5 billion, and year-to-date cash flow from operations after tax remains strong at $17 billion, aligning with their Capital Markets Day projections.They also remain committed to their renewable growth strategy, showcasing a strong offshore and onshore renewable portfolio.

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Thematic (Sector/Industry)

<div><ul><li>Renewables as extractive industries: Renewable energy sources like wind and solar are extractive industries that depend on the “grade” of the natural resource to achieve sustainability, a three-dimensional concept that includes economics, social acceptance, and environmental considerations.</li><li>The problem of low-grade resources: Deploying renewables in areas where the resource grade is too low imposes macro-level costs on the electrical system and reduces its economic and environmental sustainability through the inefficient deployment of limited resources.</li><li>The problem of high-grade resources: Deploying too many renewables in areas where the resource grade is high causes value deflation, lowers the revenue of the projects, and impairs micro-level sustainability.</li></ul></div>

Renewables as extractive industries: Renewable energy sources like wind and solar are extractive industries that depend on the “grade” of the natural resource to achieve sustainability, a three-dimensional concept that includes economics, social acceptance, and environmental considerations.The problem of low-grade resources: Deploying renewables in areas where the resource grade is too low imposes macro-level costs on the electrical system and reduces its economic and environmental sustainability through the inefficient deployment of limited resources.The problem of high-grade resources: Deploying too many renewables in areas where the resource grade is high causes value deflation, lowers the revenue of the projects, and impairs micro-level sustainability.

Norway

Equinor ASA operates as an energy company. The Company develops oil, gas, wind, and solar energy projects, as well as focuses on offshore operations and exploration services. Equinor serves customers worldwide.

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Equinor ASA (EQNR US)

Equinor ASA: Leveraging Dominance

Equinor’s recent performance reflects a company navigating a complex energy landscape while making strategic progress across its diverse...

Baptista Research

Equinor ASA: Natural Gas Market & Horizon Expansion & 3 Other Major Drivers

Equinor ASA, a leading Norwegian energy company, showed impressive operational performance in Q1 2023, backed by strong production and an increase...

Baptista Research

Equinor ASA: Continued Growth In Natural Gas and Oil Portfolio A Temporary Phenomenon? - Major Drivers

Equinor delivered strong results for the third quarter, with adjusted earnings of $8 billion ($2.7 billion after tax) despite lower prices than in...

Baptista Research

Equinor ASA: Leveraging Dominance

Equinor ASA managed to exceed analyst expectations in terms of revenue as well as earnings, showcasing strong adjusted earnings of $8 billion,...

Baptista Research

Renewable Energy And "Grade"

Renewables as extractive industries: Renewable energy sources like wind and solar are extractive industries that depend on the “grade” of the...

Massif Capital Research

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