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

Intercontinental Exchange / Equity Bottom-Up

<ul><li>Intercontinental Exchange demonstrated strong financial performance in the second quarter of 2024, achieving record net revenues of $2.3 billion, which is a 7% increase year-over-year on a pro forma basis.</li><li>Adjusted operating expenses were controlled effectively, bringing them to a total of $947 million, which is only a 1% increase from the previous year, also on a pro forma basis.</li><li>The company's balance sheet showed resilience with adjusted leverage reducing from 3.9x at the end of the first quarter to 3.7x pro forma EBITDA by the end of the second quarter.</li></ul>

Intercontinental Exchange demonstrated strong financial performance in the second quarter of 2024, achieving record net revenues of $2.3 billion, which is a 7% increase year-over-year on a pro forma basis.Adjusted operating expenses were controlled effectively, bringing them to a total of $947 million, which is only a 1% increase from the previous year, also on a pro forma basis.The company's balance sheet showed resilience with adjusted leverage reducing from 3.9x at the end of the first quarter to 3.7x pro forma EBITDA by the end of the second quarter.

Intercontinental Exchange: Sustaining Growth Through Strategic Acquisitions! - Major Drivers

<ul><li>Intercontinental Exchange (ICE) reported records in Q1 2024 with net revenue of $2.3 billion; a 5% increase compared to the prior year.</li><li>There were also some highlights, such as $1.4 billion of record adjusted operating income representing an 8% year-over-year growth.</li><li>ICE also saw record first quarter net revenues totaling a record $1.2 billion which is up 11% year-over-year.</li></ul>

Intercontinental Exchange (ICE) reported records in Q1 2024 with net revenue of $2.3 billion; a 5% increase compared to the prior year.There were also some highlights, such as $1.4 billion of record adjusted operating income representing an 8% year-over-year growth.ICE also saw record first quarter net revenues totaling a record $1.2 billion which is up 11% year-over-year.

Intercontinental Exchange Inc. (ICE):  Strong Global Commodity and Financial Risk Management Businesses! - Major Drivers

<ul><li>Intercontinental Exchange Inc.</li><li>(ICE) delivered strong financial results for the fourth quarter of 2023, posting a record net revenue of $2.2 billion, representing a 7% increase compared to the same period last year.</li><li>The record figures were driven by lower compensation expense and accelerated expense synergies which led to earnings per share of $1.33, up 6% year-on-year.</li></ul>

Intercontinental Exchange Inc.(ICE) delivered strong financial results for the fourth quarter of 2023, posting a record net revenue of $2.2 billion, representing a 7% increase compared to the same period last year.The record figures were driven by lower compensation expense and accelerated expense synergies which led to earnings per share of $1.33, up 6% year-on-year.

Intercontinental Exchange Inc. (ICE): Growing the Mortgage Technology Sector with Black Knight Acquisition - Major Drivers

Alpha-Centric ESG Research

Kyle Rudden

Recent mainstreaming of sustainability and ESG-minded investing has spawned a superabundance of "green" investment products. Today's carte of mainstay ESG products – namely exchange-traded funds (ETFs) and mutual funds – is so saturated that most new products are just more of the same; perhaps with a minor new spin on an old ESG theme (low carbon, no carbon, efficient carbon).... solutions without problems in need of solving.Once in a while, something special comes along. Not just a new paint job on an old vehicle but an entirely new ESG asset class and product category. New tools for the ESG investor's toolbox. Such as <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange (SGX SP)</a> ESG futures, which enable ESG-tilted exposure in REITs via <a href="https://www.smartkarma.com/entities/sgx-nikkei-esg-reit-index-futures" target="_blank" data-smartkarma-citation="entities:33480:1" rel="noopener">SGX Nikkei ESG-REIT Index Futures (JRTA INDEX)</a>, and other ESG-related hedging and arbitrage.... solutions to real problems for "green" finance.One in a blue moon, something extraordinarily special comes along. Not just a new ESG asset class and product category, but a potential game-changer that disrupts and transforms sustainable/ESG investing and finance. In many ways, for many stakeholders. A remedy for the most universal and agonizing pain points for sustainable finance, and possibly the key to global sustainability.Nothing extraordinarily special has come along yet.Still too much uncertainty for grandiose adjectives.But last week's announcement from the New York Stock Exchange (NYSE) and Intrinsic Exchange Group (IEG) – regarding their new asset class called "Natural Asset Companies" (NACs) – portends that kind of blue-moon game-changer. NACs are still under development, with existential details still undetermined. But the potential impact of NACs is epic, for a rare trifecta of reasons:<ol>
<li>
Product/Market Fit: NACs make a lot of sense, and from what we know so far could be among the best (if not the best) product/market fits ever for new ESG asset class/product launches.</li>
<li>
Addressable Market: The potential market for NACs is huge due to the magnitude of natural capital, and broad relevance of NACs. It is a market potential measured in trillions of dollars.</li>
<li>
Perfect Partnership: NYSE/IEG is the partnership most likely to succeed at something such as  this; complementary skills sets, and with a well-developed product right out of the gate.</li>
</ol>

Recent mainstreaming of sustainability and ESG-minded investing has spawned a superabundance of "green" investment products. Today's carte of mainstay ESG products – namely exchange-traded funds (ETFs) and mutual funds – is so saturated that most new products are just more of the same; perhaps with a minor new spin on an old ESG theme (low carbon, no carbon, efficient carbon).... solutions without problems in need of solving.Once in a while, something special comes along. Not just a new paint job on an old vehicle but an entirely new ESG asset class and product category. New tools for the ESG investor's toolbox. Such as Singapore Exchange (SGX SP) ESG futures, which enable ESG-tilted exposure in REITs via SGX Nikkei ESG-REIT Index Futures (JRTA INDEX), and other ESG-related hedging and arbitrage.... solutions to real problems for "green" finance.One in a blue moon, something extraordinarily special comes along. Not just a new ESG asset class and product category, but a potential game-changer that disrupts and transforms sustainable/ESG investing and finance. In many ways, for many stakeholders. A remedy for the most universal and agonizing pain points for sustainable finance, and possibly the key to global sustainability.Nothing extraordinarily special has come along yet.Still too much uncertainty for grandiose adjectives.But last week's announcement from the New York Stock Exchange (NYSE) and Intrinsic Exchange Group (IEG) – regarding their new asset class called "Natural Asset Companies" (NACs) – portends that kind of blue-moon game-changer. NACs are still under development, with existential details still undetermined. But the potential impact of NACs is epic, for a rare trifecta of reasons:

Product/Market Fit: NACs make a lot of sense, and from what we know so far could be among the best (if not the best) product/market fits ever for new ESG asset class/product launches.

Addressable Market: The potential market for NACs is huge due to the magnitude of natural capital, and broad relevance of NACs. It is a market potential measured in trillions of dollars.

Perfect Partnership: NYSE/IEG is the partnership most likely to succeed at something such as  this; complementary skills sets, and with a well-developed product right out of the gate.


Natural Asset Companies (NACs): New ESG Asset Class Aims to Transform Sustainable Capital Markets

<ul><li>Intercontinental Exchange, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, with adjusted earnings per share reaching a historic high at $1.46, marking an 11% increase from the previous year.</li><li>Net revenues also soared to $2 billion, exhibiting a 4% pro forma increase, primarily fueled by a substantial double-digit surge in the Exchange segment.</li><li>Transaction revenues, notably in energy, surged by 13%, with a significant 42% growth in energy revenues, particularly in global natural gas.</li></ul>

Intercontinental Exchange, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, with adjusted earnings per share reaching a historic high at $1.46, marking an 11% increase from the previous year.Net revenues also soared to $2 billion, exhibiting a 4% pro forma increase, primarily fueled by a substantial double-digit surge in the Exchange segment.Transaction revenues, notably in energy, surged by 13%, with a significant 42% growth in energy revenues, particularly in global natural gas.

Intercontinental Exchange: Can The Acquisition Of Black Knight Up Their Analytics Game? - Major Drivers

United States

Intercontinental Exchange, Inc. operates global commodity and financial products marketplaces.  The Company operates electronic energy markets and soft commodity exchanges as well.  ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, orange juice, and sugar.

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Intercontinental Exchange (ICE US)

Intercontinental Exchange: Sustaining Growth Through Strategic Acquisitions! - Major Drivers

Intercontinental Exchange demonstrated strong financial performance in the second quarter of 2024, achieving record net revenues of $2.3 billion,...

Baptista Research

Intercontinental Exchange Inc. (ICE): Strong Global Commodity and Financial Risk Management Businesses! - Major Drivers

Intercontinental Exchange (ICE) reported records in Q1 2024 with net revenue of $2.3 billion; a 5% increase compared to the prior year. There were...

Baptista Research

Intercontinental Exchange Inc. (ICE): Growing the Mortgage Technology Sector with Black Knight Acquisition - Major Drivers

Intercontinental Exchange Inc. (ICE) delivered strong financial results for the fourth quarter of 2023, posting a record net revenue of $2.2...

Baptista Research

Natural Asset Companies (NACs): New ESG Asset Class Aims to Transform Sustainable Capital Markets

NYSE and Intrinsic Exchange Group announced a new asset class called "Natural Asset Companies" (NACs). Mission-critical hurdles remain, but NACs...

Kyle Rudden

Intercontinental Exchange: Can The Acquisition Of Black Knight Up Their Analytics Game? - Major Drivers

Intercontinental Exchange, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, with adjusted earnings per share...

Baptista Research

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