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>NOV Inc., a leading provider in the oil and gas equipment and services sector, presented its third quarter 2024 earnings with mixed results amidst a dynamic and challenging global macro environment.</li>
<li>During the quarter, NOV reported revenues of $2.19 billion, a modest increase from the third quarter of 2023 yet a slight 1% decrease from the second quarter of 2024.</li>
<li>The company achieved a net income of $130 million or $0.33 per fully diluted share, depicting an improvement from the previous year.</li>
</ul>


NOV Inc., a leading provider in the oil and gas equipment and services sector, presented its third quarter 2024 earnings with mixed results amidst a dynamic and challenging global macro environment.
During the quarter, NOV reported revenues of $2.19 billion, a modest increase from the third quarter of 2023 yet a slight 1% decrease from the second quarter of 2024.
The company achieved a net income of $130 million or $0.33 per fully diluted share, depicting an improvement from the previous year.


NOV Inc.:  Emerging Deepwater Infrastructure Investments

<ul>
<li>NOV Inc. has reported a strong performance in the second quarter of 2024, with revenues reaching $2.22 billion, indicating a 6% increase compared to the same period in 2023.</li>
<li>Notably, international markets demonstrated double-digit growth, and the offshore sector grew by 6%, contrasting with a slight 1% decline in North American sales.</li>
<li>The company achieved a net income of $226 million or $0.57 per fully diluted share, an improvement from the previous year.</li>
</ul>


NOV Inc. has reported a strong performance in the second quarter of 2024, with revenues reaching $2.22 billion, indicating a 6% increase compared to the same period in 2023.
Notably, international markets demonstrated double-digit growth, and the offshore sector grew by 6%, contrasting with a slight 1% decline in North American sales.
The company achieved a net income of $226 million or $0.57 per fully diluted share, an improvement from the previous year.


NOV Inc.: International & Offshore Markets Expansion & Expansion Into Renewables Catalyzing Growth!

<ul><li>NOV Inc.'s Q1 2024 financial results showed that revenues reached $2.16 billion, a 10% increase compared to Q1 2023, despite a decline in earnings per share from the previous year.</li><li>NOV reported a net income of $119 million or $0.30 per fully diluted share.</li><li>The reduced earnings per share were attributed to a higher effective tax rate and reduced income from the company's joint venture.</li></ul>

NOV Inc.'s Q1 2024 financial results showed that revenues reached $2.16 billion, a 10% increase compared to Q1 2023, despite a decline in earnings per share from the previous year.NOV reported a net income of $119 million or $0.30 per fully diluted share.The reduced earnings per share were attributed to a higher effective tax rate and reduced income from the company's joint venture.

NOV Inc.: Strong International Activity in Production and Midstream Business! - Major Drivers

<ul>
<li>National Oilwell Varco (NOV) reported a solid fourth quarter of 2023, with revenues up 7% sequentially to $2.3 billion.</li>
<li>This growth was driven by strong offshore and international demands and a continued improvement in the supply chain.</li>
<li>However, the company identified several challenges in its performance, including a 5% sequential decline in North American land revenues and an unexpected $20 million impact on EBITDA due to the devaluation of the Argentine peso.</li>
</ul>


National Oilwell Varco (NOV) reported a solid fourth quarter of 2023, with revenues up 7% sequentially to $2.3 billion.
This growth was driven by strong offshore and international demands and a continued improvement in the supply chain.
However, the company identified several challenges in its performance, including a 5% sequential decline in North American land revenues and an unexpected $20 million impact on EBITDA due to the devaluation of the Argentine peso.


NOV Inc: How Are They Adapting Their Business Strategy To Cater To The Increasing Demand?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

It's time for the S&amp;P500 Index Rebalance. Friday night on 3 Sep ahead of the long weekend we got the <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20210903-1443045/1443045_sept2021-546-shuf-rebal.pdf" target="_blank" rel="noopener">announcement</a> from S&amp;P Dow Jones Indices. This quarter we have 3 Additions...<ul>
<li>
<a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a> </li>
</ul>Combined, the three ADDITIONS had US$6.4bn of revenue in the last 12 months, US$1.6bn of OP in that time, and they are forecast to have OP of $1.97bn in the next 12 months.and 3 Deletions... <ul>
<li>
<a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a> </li>
<li><a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a></li>
</ul>Combined, the three DELETIONS had US$21.97bn of revenue in the last 12 months, US$1.1bn of OP in that time, and they are forecast to have $2.13bn of OP in the next 12 months.<div class="content-highlight">
With 3+x the revenue and a combined OP forecast 8% higher than the ADDITIONS in the next 12 months, these three DELETIONS have a combined market cap of US$16bn as of Friday's close against the combined market cap of the ADDITIONS which are at US$75bn.
That may not make much sense but most major indices are like that - they buy what goes up, after it has gone up, and they sell what underperforms, after it has underperformed. 
</div>While these names are not really a surprise, they may prove interesting.Much more analysis below the fold.

It's time for the S&amp;P500 Index Rebalance. Friday night on 3 Sep ahead of the long weekend we got the announcement from S&amp;P Dow Jones Indices. This quarter we have 3 Additions...

Match Group Inc (MTCH US) 

Ceridian HCM Holding Inc (CDAY US) 

Brown &amp; Brown (BRO US) 
Combined, the three ADDITIONS had US$6.4bn of revenue in the last 12 months, US$1.6bn of OP in that time, and they are forecast to have OP of $1.97bn in the next 12 months.and 3 Deletions... 

Perrigo Co Plc (PRGO US) 

Unum Group (UNM US) 
National Oilwell Varco (NOV US)
Combined, the three DELETIONS had US$21.97bn of revenue in the last 12 months, US$1.1bn of OP in that time, and they are forecast to have $2.13bn of OP in the next 12 months.
With 3+x the revenue and a combined OP forecast 8% higher than the ADDITIONS in the next 12 months, these three DELETIONS have a combined market cap of US$16bn as of Friday's close against the combined market cap of the ADDITIONS which are at US$75bn.
That may not make much sense but most major indices are like that - they buy what goes up, after it has gone up, and they sell what underperforms, after it has underperformed. 
While these names are not really a surprise, they may prove interesting.Much more analysis below the fold. 

S&P500 September 2021 Rebalance:  3 OUT, 3 IN - The Deletions May Be More Interesting

United States

NOV Inc offers equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The Company serves customers worldwide.

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NOV (NOV US)

NOV Inc.: Emerging Deepwater Infrastructure Investments

During the quarter, NOV reported revenues of $2.19 billion, a modest increase from the third quarter of 2023 yet a slight 1% decrease from the...

Baptista Research

NOV Inc.: International & Offshore Markets Expansion & Expansion Into Renewables Catalyzing Growth!

NOV Inc. has reported a strong performance in the second quarter of 2024, with revenues reaching $2.22 billion, indicating a 6% increase compared...

Baptista Research

NOV Inc.: Strong International Activity in Production and Midstream Business! - Major Drivers

NOV Inc.'s Q1 2024 financial results showed that revenues reached $2.16 billion, a 10% increase compared to Q1 2023, despite a decline in earnings...

Baptista Research

NOV Inc: How Are They Adapting Their Business Strategy To Cater To The Increasing Demand?

National Oilwell Varco (NOV) reported a solid fourth quarter of 2023, with revenues up 7% sequentially to $2.3 billion. This growth was driven by...

Baptista Research

S&P500 September 2021 Rebalance: 3 OUT, 3 IN - The Deletions May Be More Interesting

The S&P500 Quarterly Review is here. 3 in and 3 out. $14bn a side as of now. I expect the DELETIONS are more interesting though the headlines will...

Travis Lundy

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