Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Equity Bottom-Up

<ul>
<li>This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.</li>
<li>The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.</li>
<li>Today we are flagging Outset Med., NVIDIA, Intuitive Surgical, Plug Power</li>
</ul>


This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.
The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.
Today we are flagging Outset Med., NVIDIA, Intuitive Surgical, Plug Power


Breaking Growth Short Candidates:  Outset Med., NVIDIA, Intuitive Surgical, Plug Power

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.

<ul><li>Plug Power had a disappointing quarter in terms of its financial results but the shareholders of the company are rejoicing.</li><li>After President Joe Biden signed the Inflation Reduction Act (IRA) which includes clean energy tax credits, the company’s stock price has zoomed.</li><li>The newly enacted bill would establish a clean hydrogen production tax credit, or PTC, to encourage clean hydrogen production and benefit Plug Power.</li></ul>

Plug Power had a disappointing quarter in terms of its financial results but the shareholders of the company are rejoicing.After President Joe Biden signed the Inflation Reduction Act (IRA) which includes clean energy tax credits, the company’s stock price has zoomed.The newly enacted bill would establish a clean hydrogen production tax credit, or PTC, to encourage clean hydrogen production and benefit Plug Power.

Equity Capital Markets

<ul><li>Plug Power delivered yet another below par result with revenues and earnings failing to meet Wall Street expectations.</li><li>The company’s shareholders can take solace in the fact that Plug Power is scaling a number of new products, which takes time to scale up and ramp up.</li><li>As a part of their green hydrogen strategy, Plug Power announced the offtake with Walmart.</li></ul>

Plug Power delivered yet another below par result with revenues and earnings failing to meet Wall Street expectations.The company’s shareholders can take solace in the fact that Plug Power is scaling a number of new products, which takes time to scale up and ramp up.As a part of their green hydrogen strategy, Plug Power announced the offtake with Walmart.

Plug Power Inc.: The Olin Corporation Partnership & Other Developments

<ul><li>Plug Power has had an exciting set of developments across 2021 as it continues to lead the way in developing the global hydrogen economy.</li><li>The company is aggressive on all fronts to complete the hydrogen ecosystem today which is why they built the first green hydrogen network in the United States.</li><li>The management is considering Plug Power expanding across offshore electrolyzers, and the combination of Frames' water management expertise and offshore platform expertise which should add up to a lot of value.</li></ul>

Plug Power has had an exciting set of developments across 2021 as it continues to lead the way in developing the global hydrogen economy.The company is aggressive on all fronts to complete the hydrogen ecosystem today which is why they built the first green hydrogen network in the United States.The management is considering Plug Power expanding across offshore electrolyzers, and the combination of Frames' water management expertise and offshore platform expertise which should add up to a lot of value.

Plug Power Inc.: Still An Expensive Hydrogen Fuel Cell Play? 02/22

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

<p>Clean energy stocks of all types (e.g., hydrogen/fuel cell, solar, lithium, EVs, etc.) display major bullish price and RS inflections, and we expect strength to continue in the months ahead. This report focuses on buy opportunities within the hydrogen/fuel cell space; we are buyers at current levels -- buy PLUG, BE, BLDP, FCEL, and NEL-NO.</p>

Clean energy stocks of all types (e.g., hydrogen/fuel cell, solar, lithium, EVs, etc.) display major bullish price and RS inflections, and we expect strength to continue in the months ahead. This report focuses on buy opportunities within the hydrogen/fuel cell space; we are buyers at current levels -- buy PLUG, BE, BLDP, FCEL, and NEL-NO.

Hydrogen/Fuel Cell Stocks Are Bottoming -- Buy PLUG, BE, BLDP, FCEL, and NEL-NO

United States

Plug Power, Inc. designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment.  The Company offers its products globally to retail, grocery, and institutional food distribution centers as well as manufacturing facilities.

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Plug Power Inc (PLUG US)

Breaking Growth Short Candidates: Outset Med., NVIDIA, Intuitive Surgical, Plug Power

Breaking Growth stocks combine declining fundamentals with a multiple compression. This week we flag: Outset Med., NVIDIA, Intuitive Surgical,...

Eric Fernandez, CFA

Plug Power Inc: The IRA Upside

Plug Power had a disappointing quarter in terms of its financial results but the shareholders of the company are rejoicing. After President Joe...

Baptista Research

Plug Power Inc.: The Olin Corporation Partnership & Other Developments

Plug Power delivered yet another below par result with revenues and earnings failing to meet Wall Street expectations. The company’s shareholders...

Baptista Research

Plug Power Inc.: Still An Expensive Hydrogen Fuel Cell Play? 02/22

Plug Power has had an exciting set of developments across 2021 as it continues to lead the way in developing the global hydrogen economy. The...

Baptista Research

Hydrogen/Fuel Cell Stocks Are Bottoming -- Buy PLUG, BE, BLDP, FCEL, and NEL-NO

We highlight our favorite technical setups in order of attractiveness. Buy: PLUG, BE, BLDP, FCEL, and NEL-NO... see pages 2-4.

Vermilion Research

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