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>Red Rock Resorts' second quarter 2024 results showcased robust performance that affirms both the strength and challenges of its operations.</li>
<li>The Las Vegas-based company, which operates principally under the Station Casinos brand, reported its highest second-quarter net revenue and adjusted EBITDA in history for its Las Vegas operations.</li>
<li>The company also highlighted the positive impact of its new Durango Casino Resort, which has enhanced its customer base significantly by drawing in and retaining new patrons, boosting not only visitation by approximately 90% but also the net theoretical win.</li>
</ul>


Red Rock Resorts' second quarter 2024 results showcased robust performance that affirms both the strength and challenges of its operations.
The Las Vegas-based company, which operates principally under the Station Casinos brand, reported its highest second-quarter net revenue and adjusted EBITDA in history for its Las Vegas operations.
The company also highlighted the positive impact of its new Durango Casino Resort, which has enhanced its customer base significantly by drawing in and retaining new patrons, boosting not only visitation by approximately 90% but also the net theoretical win.


Red Rock Resorts Inc.: Dealing With The Risk of Market Saturation

<ul>
<li>In the first quarter of 2024, Red Rock Resorts showcased a strong performance underscored by record-breaking net revenue and adjusted EBITDA for its Las Vegas operations.</li>
<li>This period marked historical highs for the company in terms of first-quarter achievements, although it was not without its set of challenges such as cannibalization effects from new openings.</li>
<li>The revenue for Red Rock Resorts' Las Vegas operations reached $485.6 million, marking an increase of 12.9% year-over-year, while its adjusted EBITDA was $229.8 million, a 7.3% increase.</li>
</ul>


In the first quarter of 2024, Red Rock Resorts showcased a strong performance underscored by record-breaking net revenue and adjusted EBITDA for its Las Vegas operations.
This period marked historical highs for the company in terms of first-quarter achievements, although it was not without its set of challenges such as cannibalization effects from new openings.
The revenue for Red Rock Resorts' Las Vegas operations reached $485.6 million, marking an increase of 12.9% year-over-year, while its adjusted EBITDA was $229.8 million, a 7.3% increase.


Red Rock Resorts Inc.: Increasing Portfolio Size & Capitalizing on Demographics!

<ul>
<li>This is our first report on casino and gaming player, Red Rock Resorts.</li>
<li>The company has presented a strong fourth quarter and full year report for 2023 in their recent earnings conference call.</li>
<li>The Las Vegas operations of the company saw its best-ever adjusted EBITDA in Q4.</li>
</ul>


This is our first report on casino and gaming player, Red Rock Resorts.
The company has presented a strong fourth quarter and full year report for 2023 in their recent earnings conference call.
The Las Vegas operations of the company saw its best-ever adjusted EBITDA in Q4.


Red Rock Resorts: Changing Market Dynamics and Loyalty Program Expansion!

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>When considering future investment opportunities, the renewable energy transition continues to be an exciting space to investors given its enormous potential total addressable market coupled with climate change legislation that is acting as a tailwind in virtually every G-20 country.</li><li>Almost every month, there continues to be a steady drumbeat of new rules issued locally and across the globe which results in faster timelines to transition to battery storage and other clean energy as well as tighter restrictions to ultimately phase out traditional gas powered transportation and coal power.</li><li>For example, while California has already passed rules requiring all new cars, pickup trucks and SUVs sold to be electric or hydrogen by 2035, California approved rules last week which will require all new medium heavy-duty truck and bus sales sold in the state in 2036 to be zero-emission</li></ul>

When considering future investment opportunities, the renewable energy transition continues to be an exciting space to investors given its enormous potential total addressable market coupled with climate change legislation that is acting as a tailwind in virtually every G-20 country.Almost every month, there continues to be a steady drumbeat of new rules issued locally and across the globe which results in faster timelines to transition to battery storage and other clean energy as well as tighter restrictions to ultimately phase out traditional gas powered transportation and coal power.For example, while California has already passed rules requiring all new cars, pickup trucks and SUVs sold to be electric or hydrogen by 2035, California approved rules last week which will require all new medium heavy-duty truck and bus sales sold in the state in 2036 to be zero-emission

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Star Entertainment Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> will raise A$800 million with a fully underwritten 3:5 pro rata accelerated non-renounceable entitlement offer and institutional placement at A$1.20, a 13.6% discount to TERP.</li>
<li>The equity raise of A$800 million will maintain leverage within the targeted 2.0x-2.5x net debt/EBITDA long-term range in our fines high-case scenario.</li>
<li>Adjusting for the raise, Star trades at a discount to peers. While the shares will be under short-term pressure due to the raise, there is long-term value for the brave. </li>
</ul>



Star Entertainment Group (SGR AU) will raise A$800 million with a fully underwritten 3:5 pro rata accelerated non-renounceable entitlement offer and institutional placement at A$1.20, a 13.6% discount to TERP.
The equity raise of A$800 million will maintain leverage within the targeted 2.0x-2.5x net debt/EBITDA long-term range in our fines high-case scenario.
Adjusting for the raise, Star trades at a discount to peers. While the shares will be under short-term pressure due to the raise, there is long-term value for the brave. 


Star Entertainment (SGR AU): A$800m Highly Dilutive Raise to Fix the Balance Sheet

United States

Red Rock Resorts, Inc. operates as a gaming, development, and management company. The Company owns and manages casino and entertainment properties. Red Rock Resorts offers restaurants, entertainment venues, movie theaters, bowling, and banquet space, as well as casino gaming such as video poker, slot machines, table games, bingo, and race and sports wagering.

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Red Rock Resorts (RRR US)

Red Rock Resorts Inc.: Dealing With The Risk of Market Saturation

Red Rock Resorts' second quarter 2024 results showcased robust performance that affirms both the strength and challenges of its operations.

Baptista Research

Red Rock Resorts Inc.: Increasing Portfolio Size & Capitalizing on Demographics!

In the first quarter of 2024, Red Rock Resorts showcased a strong performance underscored by record-breaking net revenue and adjusted EBITDA for...

Baptista Research

Red Rock Resorts: Changing Market Dynamics and Loyalty Program Expansion!

This is our first report on casino and gaming player, Red Rock Resorts. The company has presented a strong fourth quarter and full year report for...

Baptista Research

Weekly Stock Bullfinder - Week of 5/1

When considering future investment opportunities, the renewable energy transition continues to be an exciting space to investors given its enormous...

Weekly Stock Bull Finder

Star Entertainment (SGR AU): A$800m Highly Dilutive Raise to Fix the Balance Sheet

Adjusting for the raise, Star trades at a discount to peers. While the shares will be under short-term pressure due to the raise, there is long...

Arun George

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