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>In the Q4 and full year 2023 earnings call, Novanta Inc reported a record revenue of $882 million, an over 100 basis point expansion in adjusted gross and EBITDA margins to 47% and $196 million respectively for the year.</li>
<li>Its sales grew 2% YoY on a reported basis and 1% organically.</li>
<li>However, the company's Q4 performance was less positive with a 3% decline in revenue on a reported basis and a 4% decline organically.</li>
</ul>


In the Q4 and full year 2023 earnings call, Novanta Inc reported a record revenue of $882 million, an over 100 basis point expansion in adjusted gross and EBITDA margins to 47% and $196 million respectively for the year.
Its sales grew 2% YoY on a reported basis and 1% organically.
However, the company's Q4 performance was less positive with a 3% decline in revenue on a reported basis and a 4% decline organically.


Novanta Inc.: Accelerated New Product Launches Catalyzing Growth? - Major Drivers

<ul>
<li>This is our first report on Novanta Inc., a leading player in the health and manufacturing sectors.</li>
<li>The company posted solid financial results for the third quarter (Q3) of 2023 that came in line with previously issued guidance.</li>
<li>Delivering above the company’s expectations, the financial performance was notably reflected in Novanta’s profit and cash flow.</li>
</ul>


This is our first report on Novanta Inc., a leading player in the health and manufacturing sectors.
The company posted solid financial results for the third quarter (Q3) of 2023 that came in line with previously issued guidance.
Delivering above the company’s expectations, the financial performance was notably reflected in Novanta’s profit and cash flow.


Novanta Inc: Unveiling the Future of Robotics & Precision Medicine!

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

The market’s bounce off of the December, 2018 low was a swift “V” reversal. While we often see a retest of such events, our outlook since that time has repeatedly suggested that a retest may not occur. We continue to believe the market remains healthy with overall and leadership remaining centered in the cyclical Sectors, mainly Technology.  In this publication we provide an overview of our U.S. equity strategy, and examine attractive opportunities in each of our 12 Sectors, beginning with Technology - our favorite.

The market’s bounce off of the December, 2018 low was a swift “V” reversal. While we often see a retest of such events, our outlook since that time has repeatedly suggested that a retest may not occur. We continue to believe the market remains healthy with overall and leadership remaining centered in the cyclical Sectors, mainly Technology.  In this publication we provide an overview of our U.S. equity strategy, and examine attractive opportunities in each of our 12 Sectors, beginning with Technology - our favorite.

U.S. Equity Strategy: Positive Outlook Intact; Cyclicals Leading; Opportunities in Tech Sector

Technology is our favorite Sector within the U.S. equity landscape, and remains leadership – 73% of our Tech Groups are in the top 33% in terms of our Relative Strength Rankings (RSRs). Internally, semis and semi-suppliers continue to outperform and many names have pulled back to offer attractive entry points. In this report we highlight our favorite setups within the U.S. Technology Sector.

Technology is our favorite Sector within the U.S. equity landscape, and remains leadership – 73% of our Tech Groups are in the top 33% in terms of our Relative Strength Rankings (RSRs). Internally, semis and semi-suppliers continue to outperform and many names have pulled back to offer attractive entry points. In this report we highlight our favorite setups within the U.S. Technology Sector. 

We believe the market is at short-term overbought extremes and is contending with resistance. Resistance levels we are monitoring include 2,810-2,817 on the S&amp;P 500 and the 200-day moving average on the S&amp;P 600 Small Cap index... see charts below. We would welcome some consolidation or a mild pullback which would be a healthy correction of the current extended market conditions.In today’s report we highlight attractive Groups and stocks within Manufacturing and Technology: Construction Equipment, Industrial Rental Equipment, Data Storage Solutions &amp; Devices, Small-Cap, and Software, Financial Mgmt. Solutions.

We believe the market is at short-term overbought extremes and is contending with resistance. Resistance levels we are monitoring include 2,810-2,817 on the S&amp;P 500 and the 200-day moving average on the S&amp;P 600 Small Cap index... see charts below. We would welcome some consolidation or a mild pullback which would be a healthy correction of the current extended market conditions.In today’s report we highlight attractive Groups and stocks within Manufacturing and Technology: Construction Equipment, Industrial Rental Equipment, Data Storage Solutions &amp; Devices, Small-Cap, and Software, Financial Mgmt. Solutions.

United States

Novanta, Inc. designs, develops, manufactures, and sells precision photonics and motion control components and subsystems. The Company offers its products to original equipment manufactures in the medical equipment and advanced industrial technology markets.

Novanta (NOVT US)

Novanta Inc.: Accelerated New Product Launches Catalyzing Growth? - Major Drivers

In the Q4 and full year 2023 earnings call, Novanta Inc reported a record revenue of $882 million, an over 100 basis point expansion in adjusted...

Baptista Research

Novanta Inc: Unveiling the Future of Robotics & Precision Medicine!

This is our first report on Novanta Inc., a leading player in the health and manufacturing sectors. The company posted solid financial results for...

Baptista Research

U.S. Equity Strategy: Positive Outlook Intact; Cyclicals Leading; Opportunities in Tech Sector

The market’s bounce off of the December, 2018 low was a swift “V” reversal. While we often see a retest of such events, our outlook since that time...

Vermilion Research

Opportunities in U.S. Technology Sector

Technology is our favorite Sector within the U.S. equity landscape, and remains leadership – 73% of our Tech Groups are in the top 33% in terms of...

Vermilion Research

S&P 500 and S&P 600 Testing Resistance

We believe the market is at short-term overbought extremes and is contending with resistance. Resistance levels we are monitoring include...

Vermilion Research