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>FuelCell Energy delivered yet another disappointing set of results as the company was unable to meet the revenue expectations as well as the earnings expectations of Wall Street.</li><li>The company's Tri-generation distributed hydrogen platform at the Port of Long Beach, California, has entered the commissioning phase, showcasing its commitment to clean energy.</li><li>FuelCell Energy is a global leader in clean energy technology, with proprietary fuel cell platforms that decarbonize power and produce hydrogen.</li></ul>

FuelCell Energy delivered yet another disappointing set of results as the company was unable to meet the revenue expectations as well as the earnings expectations of Wall Street.The company's Tri-generation distributed hydrogen platform at the Port of Long Beach, California, has entered the commissioning phase, showcasing its commitment to clean energy.FuelCell Energy is a global leader in clean energy technology, with proprietary fuel cell platforms that decarbonize power and produce hydrogen.

FuelCell Energy Inc.: Does Latest Underperformance Spell Trouble or Opportunity? – Key Drivers

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>WTR Sustainable Index: During the week ended January 27, 2023, the WTR Sustainable Index outperformed the broader market, rising 20.0% W/W versus the S&amp;P 500 Index (up 2.5%), the Russell 2000 Index (up 2.4%), and the Nasdaq Composite Index (up 4.3%).</li><li>Advanced Transportation Solutions (69% of the index) drove the outperformance, rising 30.7% , while Energy Technology (9% of index) was up 1.8% and Industrial Climate and Ag Technology was up 1.9%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.4x versus 18.3x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended January 27, 2023, the WTR Sustainable Index outperformed the broader market, rising 20.0% W/W versus the S&amp;P 500 Index (up 2.5%), the Russell 2000 Index (up 2.4%), and the Nasdaq Composite Index (up 4.3%).Advanced Transportation Solutions (69% of the index) drove the outperformance, rising 30.7% , while Energy Technology (9% of index) was up 1.8% and Industrial Climate and Ag Technology was up 1.9%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 26.4x versus 18.3x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended January 27, 2023

Equity Capital Markets

FuelCell Energy  / Equity Capital Markets

<ul><li>FuelCell Energy had another disappointing result as it failed to meet Wall Street expectations in terms of revenues as well as earnings.</li><li>FuelCell delivered 8 more modules of Ex Works to the Fuel Cell in Korea.</li><li>It is worth highlighting that FuelCell has started accepting orders for its solid oxide platform for hydrogen electrolysis and power generation applications.</li></ul>

FuelCell Energy had another disappointing result as it failed to meet Wall Street expectations in terms of revenues as well as earnings.FuelCell delivered 8 more modules of Ex Works to the Fuel Cell in Korea.It is worth highlighting that FuelCell has started accepting orders for its solid oxide platform for hydrogen electrolysis and power generation applications.

FuelCell Energy: Solid Oxide Fuel Cell And Electrolyzer Platform & Other Drivers

<ul><li>WTR Sustainable Index: During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 0.7%), the Russell 2000 Index (down 1.0%), and the Nasdaq Composite Index (up 0.6%).</li><li>Advanced Transportation Solutions (63% of the index) drove the outperformance, rising 6.4% , while Energy Technology (11% of index) was down 1.5% and Industrial Climate and Ag Technology was down 1.6%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.3x versus 17.9x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 0.7%), the Russell 2000 Index (down 1.0%), and the Nasdaq Composite Index (up 0.6%).Advanced Transportation Solutions (63% of the index) drove the outperformance, rising 6.4% , while Energy Technology (11% of index) was down 1.5% and Industrial Climate and Ag Technology was down 1.6%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.3x versus 17.9x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended January 20, 2023

<ul><li>FuelCell Energy saw continued progress in product sales and delivered a solid revenue surpassing Wall Street expectations.</li><li>The increase in product revenues resulted from the module sales to KFC (Korea Fuel Cell Company).</li><li>We provide the stock of FuelCell energy with a ‘Hold’ rating and a revision in the target price.</li></ul>

FuelCell Energy saw continued progress in product sales and delivered a solid revenue surpassing Wall Street expectations.The increase in product revenues resulted from the module sales to KFC (Korea Fuel Cell Company).We provide the stock of FuelCell energy with a ‘Hold’ rating and a revision in the target price.

FuelCell Energy: Carbon Savings Calculator & Other Drivers

United States

FuelCell Energy, Inc. develops and commercializes fuel cell power plants for electric power generation. The Company also has contracts to develop its fuel cells for use of alternative fuels and for marine transportation applications. FuelCell has research and development contracts with government and industry.

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FuelCell Energy (FCEL US)

FuelCell Energy Inc.: Does Latest Underperformance Spell Trouble or Opportunity? – Key Drivers

FuelCell Energy delivered yet another disappointing set of results as the company was unable to meet the revenue expectations as well as the...

Baptista Research

Weekly Sustainable Investing Surveyor: Week Ended January 27, 2023

During the week ended January 27, 2023, the WTR Sustainable Index outperformed the broader market, rising 20.0% W/W versus the S&P 500 Index (up 2.5%)

Water Tower Research

FuelCell Energy: Solid Oxide Fuel Cell And Electrolyzer Platform & Other Drivers

FuelCell Energy had another disappointing result as it failed to meet Wall Street expectations in terms of revenues as well as earnings. FuelCell...

Baptista Research

Weekly Sustainable Investing Surveyor: Week Ended January 20, 2023

During the week ended January 20, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&P 500 Index (down...

Water Tower Research

FuelCell Energy: Carbon Savings Calculator & Other Drivers

FuelCell Energy saw continued progress in product sales and delivered a solid revenue surpassing Wall Street expectations. The increase in product...

Baptista Research

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