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>Itron's second quarter 2024 results showcased a robust performance, characterized by solid execution and operational discipline, marking its seventh consecutive quarter of growth.</li><li>The company reported a 13% year over-year increase in revenue, reaching a record quarterly revenue of $609 million.</li><li>Notably, the Networked Solutions and Outcomes segments significantly contributed to this upward trend, highlighting Itron's growing dominance in these areas.</li></ul>

Itron's second quarter 2024 results showcased a robust performance, characterized by solid execution and operational discipline, marking its seventh consecutive quarter of growth.The company reported a 13% year over-year increase in revenue, reaching a record quarterly revenue of $609 million.Notably, the Networked Solutions and Outcomes segments significantly contributed to this upward trend, highlighting Itron's growing dominance in these areas.

Itron Inc.: Capitalizing On Strategic Partnerships and M&A Opportunities! - Major Drivers

<ul><li>Itron Inc.'s first quarter of 2024 showcased notable financial and operational improvements, reflecting the company's resilience and strategic adaptability in a competitive industry landscape.</li><li>The company reported a revenue increase of 22% year-over-year, reaching $603 million.</li><li>This growth can be largely attributed to improved operational execution across the company’s entire value chain, from component supply to field installations, and heightened market demand for Itron's offerings, particularly the Grid Edge Intelligence platform.</li></ul>

Itron Inc.'s first quarter of 2024 showcased notable financial and operational improvements, reflecting the company's resilience and strategic adaptability in a competitive industry landscape.The company reported a revenue increase of 22% year-over-year, reaching $603 million.This growth can be largely attributed to improved operational execution across the company’s entire value chain, from component supply to field installations, and heightened market demand for Itron's offerings, particularly the Grid Edge Intelligence platform.

Itron Inc.: Focus on Grid Edge Intelligence and Technology Platform Expansion! - Major Drivers

<ul><li>This is our first report on Itron Inc., a leading provider of end-to-end solutions that measure, manage and analyze energy and water use.</li><li>The company reported a strong performance for the fourth quarter of 2023 during its recent earnings conference call.</li><li>The company posted year-on-year revenue growth of 23% to $577 million, driven by robust customer demand and improved supply chain balance.</li></ul>

This is our first report on Itron Inc., a leading provider of end-to-end solutions that measure, manage and analyze energy and water use.The company reported a strong performance for the fourth quarter of 2023 during its recent earnings conference call.The company posted year-on-year revenue growth of 23% to $577 million, driven by robust customer demand and improved supply chain balance.

Itron Inc.: Initiation Of Coverage - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model.  </li>
<li>Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. </li>
<li>Today we are flagging :  Itron, Xerox, Wayfair, and Overstock</li>
</ul>


Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model.  
Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. 
Today we are flagging :  Itron, Xerox, Wayfair, and Overstock


Declining Business Short Candidates:  Itron, Xerox, Wayfair, Overstock

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul>
<li>The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not. We have practiced the same strategy throughout our careers in investment management.</li>
<li>The combination of falling stock prices and attractive small cap multiples appears to present a powerful case for buying aggressively. We do not share this view.</li>
<li>Non-cash share-based compensation accounts for roughly one-third of the collective free cash flow of small caps in the S&amp;P 600 Index.</li>
<li>The current 33x median price-to-free cash flow multiple for better quality small caps (S&amp;P 600) is the highest this cycle.</li>
<li>Market volatility is important to Palm Valley’s absolute return strategy.</li>
</ul>


The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not. We have practiced the same strategy throughout our careers in investment management.
The combination of falling stock prices and attractive small cap multiples appears to present a powerful case for buying aggressively. We do not share this view.
Non-cash share-based compensation accounts for roughly one-third of the collective free cash flow of small caps in the S&amp;P 600 Index.
The current 33x median price-to-free cash flow multiple for better quality small caps (S&amp;P 600) is the highest this cycle.
Market volatility is important to Palm Valley’s absolute return strategy.


Palm Valley Capital Fund Q3 2022 Commentary

United States

Itron, Inc. provides solutions for collecting, communicating, and analyzing electric, gas, and water usage data.  The Company sells its products to the utility industry.  Itron designs, manufactures, markets, sells, installs, and services hardware, software, and integrated systems for handheld computer-based electronic meter reading and automatic meter reading systems.

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Itron Inc (ITRI US)

Itron Inc.: Capitalizing On Strategic Partnerships and M&A Opportunities! - Major Drivers

Itron's second quarter 2024 results showcased a robust performance, characterized by solid execution and operational discipline, marking its...

Baptista Research

Itron Inc.: Focus on Grid Edge Intelligence and Technology Platform Expansion! - Major Drivers

Itron Inc.'s first quarter of 2024 showcased notable financial and operational improvements, reflecting the company's resilience and strategic...

Baptista Research

Itron Inc.: Initiation Of Coverage - Major Drivers

This is our first report on Itron Inc., a leading provider of end-to-end solutions that measure, manage and analyze energy and water use. The...

Baptista Research

Declining Business Short Candidates: Itron, Xerox, Wayfair, Overstock

Declining business shorts earn profits by following negative business momentum. Today we are flagging: Itron, Xerox, Wayfair, Overstock.

Eric Fernandez, CFA

Palm Valley Capital Fund Q3 2022 Commentary

The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not....

Fund Newsletters

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52-week Range

Market Cap (USDm)

P/E

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