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>KBR Inc. reported a strong start to the fiscal year 2024, with key performances in safety, financial metrics, and strategic operations showing promising signs.</li><li>The company saw a 7% year-over-year increase in consolidated revenues, reaching $1.8 billion, a record since their transformation in 2020.</li><li>Adjusted EBITDA also surpassed expectations, improving by 14% year-over-year with a boost in margins.</li></ul>

KBR Inc. reported a strong start to the fiscal year 2024, with key performances in safety, financial metrics, and strategic operations showing promising signs.The company saw a 7% year-over-year increase in consolidated revenues, reaching $1.8 billion, a record since their transformation in 2020.Adjusted EBITDA also surpassed expectations, improving by 14% year-over-year with a boost in margins.

KBR Inc.: Expansion in the Energy Sector Driving Our Bullish Thesis? - Major Drivers

<ul><li>KBR, Inc. achieved solid results in the Q4 and FY 2023, meeting or exceeding expectations on all key metrics.</li><li>Revenue grew by 11%, and adjusted EBITDA by 12% year-on-year, with margins increasing to 10.7%.</li><li>Cash management was a highlight, with the company settling both the convert and warrants in cash, reducing share count while avoiding dilution, and management described it as 'delivering on its commitment to maximise shareholder return.' The company ended the year with a good order backlog, providing visibility of future earnings potential.</li></ul>

KBR, Inc. achieved solid results in the Q4 and FY 2023, meeting or exceeding expectations on all key metrics.Revenue grew by 11%, and adjusted EBITDA by 12% year-on-year, with margins increasing to 10.7%.Cash management was a highlight, with the company settling both the convert and warrants in cash, reducing share count while avoiding dilution, and management described it as 'delivering on its commitment to maximise shareholder return.' The company ended the year with a good order backlog, providing visibility of future earnings potential.

KBR Inc.: How Significant Is The Upside In Government Solutions? - Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Key points (machine generated)<ul><li>KBR's Global Solutions segment offers various services to government clients globally, making it the company's largest business.</li><li>The Technology Solutions segment provides proprietary technologies and engineering services primarily for the energy, chemicals, and hydrocarbons industries.</li><li>KBR's stock is currently undervalued compared to its peers, presenting potential for significant upside if it can reach its target valuation. </li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)KBR's Global Solutions segment offers various services to government clients globally, making it the company's largest business.The Technology Solutions segment provides proprietary technologies and engineering services primarily for the energy, chemicals, and hydrocarbons industries.KBR's stock is currently undervalued compared to its peers, presenting potential for significant upside if it can reach its target valuation. This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

<ul><li>This is our first report on KBR Inc, a renowned provider of scientific, technology, and engineering solutions to governments and commercial customers.</li><li>The company's third Quarter 2023 earnings conference call shared interesting highlights about the company's progress and future prospects.</li><li>KBR's President and CEO, Stuart Bradie, emphasized on the company's Zero Harm moment, highlighting KBR's commitment to space sustainability and security.</li></ul>

This is our first report on KBR Inc, a renowned provider of scientific, technology, and engineering solutions to governments and commercial customers.The company's third Quarter 2023 earnings conference call shared interesting highlights about the company's progress and future prospects.KBR's President and CEO, Stuart Bradie, emphasized on the company's Zero Harm moment, highlighting KBR's commitment to space sustainability and security.

KBR Inc.: Initiation of Coverage – Business Strategy

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>Over the past two weeks we've discussed the possibility that further downside was limited (4/23/24 Compass) and mounting evidence that suggests the pullback lows may be in (4/30/24 Compass).</li>
<li>Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below.</li>
<li>We continue to believe the lows are in, and we see the pullback to the 100-day MA on the S&amp;P 500 as healthy/normal within the ongoing bull market.</li>
</ul>


Over the past two weeks we've discussed the possibility that further downside was limited (4/23/24 Compass) and mounting evidence that suggests the pullback lows may be in (4/30/24 Compass).
Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below.
We continue to believe the lows are in, and we see the pullback to the 100-day MA on the S&amp;P 500 as healthy/normal within the ongoing bull market.


Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight

United States

Fluor Corporation is a professional services company. The Company provides engineering, procurement, construction and maintenance as well as project management services on a global basis. Fluor also provides outsourcing of maintenance services and asset operations, equipment rental and sales, business support services, and other services.

Comfort Systems USA, Inc. provides heating, ventilation, and air conditioning system installation, maintenance, repair, and replacement services. The Company's commercial and industrial markets include office buildings, retail centers, apartment complexes, hotels, manufacturing plants, and government facilities.

MasTec, Inc. is a specialty contractor operating across a range of industries. The Company activities are the building, installation, maintenance, and upgrade of utility and communications infrastructure, including electrical utility transmission and distribution, wind farms, solar farms, renewable energy and natural gas infrastructure, wireless, and wireline.

AECOM provides professional technical services to the United States government, state, local, and non-U.S. governments and agencies, and commercial customers.  The Company's services include consulting, planning, architecture, engineering, construction management, project management, asset management, environmental services, and design-build services.

Willscot Mobile Mini Holdings Corp. operates as a business services provider. The Company specializes in temporary space solutions such as modular office complexes, mobile offices, classrooms, restrooms, portable containers, and climate-controlled storage units. Willscot Mobile Mini Holdings serves customers in the United States, Canada, and Mexico.

Valmont Industries, Inc. designs and manufactures poles, towers, and structures for lighting, communication, and utility markets and provides protective coating services for infrastructure.  The Company also manufactures and distributes industrial and agricultural irrigation products in addition to a wide variety of fabricated products for commercial and industrial applications.

Dycom Industries, Inc. provides engineering, construction, and maintenance services to telecomm providers in the United States.  In addition to its primary services, the Company performs underground utility locating and electric utility contracting services.  Dycom also provides services related to the installation of integrated voice, data, and video networks in office buildings.

MYR Group Inc. contracts electrical infrastructure projects. The Company maintains a fleet of specialized transmission and distribution equipment. MYR serves commercial and industrial markets in the United States.

Granite Construction Incorporated is a heavy civil construction and transportation contractor serving both public and private sector clients.  The Company concentrates on infrastructure projects including the construction of roads, bridges, dams, tunnels, mass transit facilities, and airports.  Granite also performs site preparation services for the private sector.

Primoris Services Corporation is a holding company. The Company, through its subsidiaries, provides wide range of construction, fabrication, maintenance and replacement services, as well as engineering services to public utilities, petrochemical companies, energy companies, municipalities and other customers.

China Railway Group Ltd. offers transportation systems construction services. The Company builds railroads, roads, tunnels, and bridges.

China Communications Construction Company Ltd. is a transportation infrastructure group.  The Company is involved in infrastructure construction, infrastructure design, dredging, and port machinery manufacturing.  China Communications has operations worldwide.

China Communications Construction (1800 HK)

GMR Infrastructure is an infrastructure company with interests in airports, power and roads. The Company is developing a greenfield international airport at Hyderabad, and is also operating, managing and developing the Delhi airport. Additionally, it is involved in development and operation of power plants and road projects in India.

OBAYASHI CORPORATION is a general contractor operating nationwide and overseas. The Company builds commercial, residential, institutional buildings with earthquake-resistant technology.  Obayashi also performs civil engineering works for such as railroads.  The Company, through its subsidiaries, operates real estate, golf course, and financial businesses.

KAJIMA CORPORATION is a general contractor operating nationwide and overseas. The Company builds commercial, residential, and institutional buildings with high-rise and earthquake-resistant construction technology.  Kajima also performs large scale civil engineering works such as nuclear power plants. The Company operates real estate and office automation equipment businesses.

TAISEI CORPORATION is a general contractor operating nationwide and overseas. The Company builds residential, commercial, and institutional buildings such as condominiums and single-family houses.  Taisei also performs civil engineering works for roads.  The Company, through its subsidiaries, operates real estate, resort development, and financial businesses.

Metallurgical Corporation of China Ltd., through its subsidiaries, operates in EPC projects (engineering, procurement and construction) mainly for metallurgical facilities, natural resources exploration, equipment fabrication, and property development.

Metallurgical Corporation Of China Ltd (601618 CH)

China State Construction International Holdings Limited, through its subsidiaries, provides building construction and civil engineering works services in Hong Kong.

Sichuan Road & Bridge Co., Ltd. undertakes heavy construction projects and provides related technical consulting services.  The Company constructs roads, bridges, and tunnels.

China National Chemical Engineering Company Ltd. offers construction services. The Company builds chemical, petrochemical, pharmaceutical and power plants, and coal industry facilities.

China National Chemical Engineering Company A (601117 CH)

China National Chemical Engineering Company A

KBR, Inc. is a global engineering, construction, and services company supporting the energy, petrochemicals, government services, and civil infrastructure sectors.  The Company offers a wide range of services through two business segments, Energy and Chemicals (E&C) and Government and Infrastructure (G&I).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kbr Inc (KBR US)

KBR Inc.: Expansion in the Energy Sector Driving Our Bullish Thesis? - Major Drivers

KBR Inc. reported a strong start to the fiscal year 2024, with key performances in safety, financial metrics, and strategic operations showing...

Baptista Research

KBR Inc.: How Significant Is The Upside In Government Solutions? - Major Drivers

KBR, Inc. achieved solid results in the Q4 and FY 2023, meeting or exceeding expectations on all key metrics. Revenue grew by 11%, and adjusted...

Baptista Research

Kbr Inc (KBR) - Monday, Nov 6, 2023

KBR's Global Solutions segment offers various services to government clients globally, making it the company's largest business.

Value Investors Club

KBR Inc.: Initiation of Coverage – Business Strategy

This is our first report on KBR Inc, a renowned provider of scientific, technology, and engineering solutions to governments and commercial...

Baptista Research

Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight

Major Risk-On Developments; Bullish Outlook Intact $SPX $QQQ $IWM; Downgrading Health Care $XLV to Underweight Despite Still Being Bullish on $XBI....

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)