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>GMS Inc.'s recent earnings results provide a snapshot of both challenges and opportunities faced by the company in its second quarter of fiscal 2025.</li><li>The company reported a modest 3.5% increase in net sales, amounting to $1.47 billion, which can be chiefly attributed to recent acquisitions, including the new addition of R.S. Elliott in Florida.</li><li>This reflects a strategic expansion into Complementary Products, including Tools & Fasteners, EIFS, and insulation, which have shown steady growth.</li></ul>

GMS Inc.'s recent earnings results provide a snapshot of both challenges and opportunities faced by the company in its second quarter of fiscal 2025.The company reported a modest 3.5% increase in net sales, amounting to $1.47 billion, which can be chiefly attributed to recent acquisitions, including the new addition of R.S. Elliott in Florida.This reflects a strategic expansion into Complementary Products, including Tools & Fasteners, EIFS, and insulation, which have shown steady growth.

GMS Inc.’s Winning Play: The Secret to Margin Expansion in Competitive Construction Markets! - Major Drivers

<ul><li>GMS Inc., a leading distributor of wallboard and suspended ceilings systems, reported mixed financial results for the first quarter of Fiscal 2025.</li><li>The company experienced a slight increase in net sales, reaching $1.45 billion, a 2.8% rise compared to the same period a year ago.</li><li>This growth was primarily driven by volume growth across all four major product categories, which was largely attributed to recent acquisitions.</li></ul>

GMS Inc., a leading distributor of wallboard and suspended ceilings systems, reported mixed financial results for the first quarter of Fiscal 2025.The company experienced a slight increase in net sales, reaching $1.45 billion, a 2.8% rise compared to the same period a year ago.This growth was primarily driven by volume growth across all four major product categories, which was largely attributed to recent acquisitions.

GMS Inc.: How Are They Dealing With The Challenges of Managing Increased Operational Complexity? - Major Drivers

<ul><li>GMS Inc. reported a robust fiscal year 2024, marked by record net sales of $5.5 billion, a testament to volume growth across all four product categories—Wallboard, Ceilings, Complementary Products, and Steel Framing.</li><li>In particular, the resilience in Wallboard pricing and inflation adjustments in Ceilings and Complementary Products significantly contributed to the revenue.</li><li>These results underscore the company's strong position in the market, benefiting from ongoing demand in multifamily and steady commercial activity levels.</li></ul>

GMS Inc. reported a robust fiscal year 2024, marked by record net sales of $5.5 billion, a testament to volume growth across all four product categories—Wallboard, Ceilings, Complementary Products, and Steel Framing.In particular, the resilience in Wallboard pricing and inflation adjustments in Ceilings and Complementary Products significantly contributed to the revenue.These results underscore the company's strong position in the market, benefiting from ongoing demand in multifamily and steady commercial activity levels.

GMS Inc.: How Are They Navigating Price Dynamics in Key Product Segments? - Major Drivers

<ul><li>This is our first report on GMS Inc. Despite facing adverse weather conditions and steel price deflation, GMS reported a growth in net sales and lauded the volume growth across all its major product categories owing to its organic efforts and recent acquisitions.</li><li>Still, the company reported a net income of $51.9 million and adjusted EBITDA of $128 million, indicating robust financial performance.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

This is our first report on GMS Inc. Despite facing adverse weather conditions and steel price deflation, GMS reported a growth in net sales and lauded the volume growth across all its major product categories owing to its organic efforts and recent acquisitions.Still, the company reported a net income of $51.9 million and adjusted EBITDA of $128 million, indicating robust financial performance.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

GMS Inc.: Initiation Of Coverage - A Story Of Improved Selling Prices and Anticipated Recovery in Single-Family Market!  - 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>Since 11/21/23 Compass we have discussed weekly that even a minor 2-5% pullback is far from a guarantee, considering "breakaway gaps" and what appeared to be an ongoing "lockout rally"</li>
<li>All we got was a 1% peak to trough decline in the S&amp;P 500, while the Nasdaq 100 (QQQ) pulled back 2.9% (though left the 11/14/23 gap unfilled).</li>
<li>Now, SPX and QQQ are breaking out yet again after a multi-week consolidation period, including SPX breaking above 2-year resistance at 4600-4607. This is what a strong market looks like.</li>
</ul>


Since 11/21/23 Compass we have discussed weekly that even a minor 2-5% pullback is far from a guarantee, considering "breakaway gaps" and what appeared to be an ongoing "lockout rally"
All we got was a 1% peak to trough decline in the S&amp;P 500, while the Nasdaq 100 (QQQ) pulled back 2.9% (though left the 11/14/23 gap unfilled).
Now, SPX and QQQ are breaking out yet again after a multi-week consolidation period, including SPX breaking above 2-year resistance at 4600-4607. This is what a strong market looks like.


Lockout Rally Continues; Breakouts Piling Up; SPX Breakout Above 2-Yr Resistance at 4600-4607

United States

GMS Inc. distributes building products. The Company offers wallboard, suspended ceilings systems, steel framing, and complementary interior construction products. GMS serves wallboard and ceilings contractors and homebuilders throughout the United States.

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GMS Inc (GMS US)

GMS Inc.’s Winning Play: The Secret to Margin Expansion in Competitive Construction Markets! - Major Drivers

GMS Inc.'s recent earnings results provide a snapshot of both challenges and opportunities faced by the company in its second quarter of fiscal...

Baptista Research

GMS Inc.: How Are They Dealing With The Challenges of Managing Increased Operational Complexity? - Major Drivers

GMS Inc., a leading distributor of wallboard and suspended ceilings systems, reported mixed financial results for the first quarter of Fiscal...

Baptista Research

GMS Inc.: How Are They Navigating Price Dynamics in Key Product Segments? - Major Drivers

GMS Inc. reported a robust fiscal year 2024, marked by record net sales of $5.5 billion, a testament to volume growth across all four product...

Baptista Research

GMS Inc.: Initiation Of Coverage - A Story Of Improved Selling Prices and Anticipated Recovery in Single-Family Market! - Major Drivers

This is our first report on GMS Inc. Despite facing adverse weather conditions and steel price deflation, GMS reported a growth in net sales and...

Baptista Research

Lockout Rally Continues; Breakouts Piling Up; SPX Breakout Above 2-Yr Resistance at 4600-4607

Lockout Rally Continues; Breakouts Piling Up; $SPX Breakout Above 2-Yr Resistance at 4600-4607, $COMP Breakout Above 14,400. This is what a strong...

Vermilion Research

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