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>Republic Services, during their first quarter 2024 earnings, highlighted strong financial results underpinned by profit-oriented growth.</li><li>During the quarter, they saw revenue growth of 8%, an adjusted EBITDA growth of 12%, an expansion of adjusted EBITDA margin by 120 basis points.</li><li>The adjusted earnings per share were $1.45 and the adjusted free cash flow produced was $535 million.</li></ul>

Republic Services, during their first quarter 2024 earnings, highlighted strong financial results underpinned by profit-oriented growth.During the quarter, they saw revenue growth of 8%, an adjusted EBITDA growth of 12%, an expansion of adjusted EBITDA margin by 120 basis points.The adjusted earnings per share were $1.45 and the adjusted free cash flow produced was $535 million.

Republic Services Inc.: Continued Growth Poised by Pricing! - Major Drivers

<ul><li>Republic Services (RSG) had a strong finish to 2023 highlighting its successful strategy designed for business growth.</li><li>The company's revenue for the year grew by 11%, which includes a 5% increase from its acquisitions.</li><li>RSG generated 13% adjusted EBITDA growth and margin expansion of 60 basis points, as well as reporting adjusted earnings per share of $5.61.</li></ul>

Republic Services (RSG) had a strong finish to 2023 highlighting its successful strategy designed for business growth.The company's revenue for the year grew by 11%, which includes a 5% increase from its acquisitions.RSG generated 13% adjusted EBITDA growth and margin expansion of 60 basis points, as well as reporting adjusted earnings per share of $5.61.

Republic Services Inc.: Solid Trends In Service Volume Business As A Major Growth Catalyst! - Other Key Drivers

<ul><li>Republic Services exceeded analyst expectations in revenue and earnings.</li><li>The company is improving profitability while successfully expanding its business both organically and through acquisitions.</li><li>The company produced a revenue increase of 9% throughout the quarter, including more than 4% via acquisitions.</li></ul>

Republic Services exceeded analyst expectations in revenue and earnings.The company is improving profitability while successfully expanding its business both organically and through acquisitions.The company produced a revenue increase of 9% throughout the quarter, including more than 4% via acquisitions.

Republic Services Inc.: Advancement of Sustainable Packaging Solutions & Other Drivers

<ul><li>Republic Services managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>They achieved revenue growth of 21%, including acquisitions and acquisition investments remain a priority for the management as they see significant opportunities in the recycling, solid waste, and environmental solutions sectors.</li><li>Their commitment to delivering exceptional customer experiences is reflected in their high customer retention rate and positive trends in Net Promoter Score.</li></ul>

Republic Services managed to exceed analyst expectations in terms of revenue as well as earnings.They achieved revenue growth of 21%, including acquisitions and acquisition investments remain a priority for the management as they see significant opportunities in the recycling, solid waste, and environmental solutions sectors.Their commitment to delivering exceptional customer experiences is reflected in their high customer retention rate and positive trends in Net Promoter Score.

Republic Services Inc.: Unlocking Profitability through Acquisitions! – Key Drivers

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>Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).</li>
<li>The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.</li>
<li>If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership</li>
</ul>


Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).
The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.
If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership


Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

United States

Republic Services, Inc. provides non-hazardous solid waste collection and disposal services in the United States.  The Company provides solid waste collection services for commercial, industrial, municipal, and residential customers.  Republic also operates transfer stations, landfills, and recycling facilities.

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Republic Services (RSG US)

Republic Services Inc.: Continued Growth Poised by Pricing! - Major Drivers

Republic Services, during their first quarter 2024 earnings, highlighted strong financial results underpinned by profit-oriented growth. During...

Baptista Research

Republic Services Inc.: Solid Trends In Service Volume Business As A Major Growth Catalyst! - Other Key Drivers

Republic Services (RSG) had a strong finish to 2023 highlighting its successful strategy designed for business growth. The company's revenue for...

Baptista Research

Republic Services Inc.: Advancement of Sustainable Packaging Solutions & Other Drivers

Republic Services exceeded analyst expectations in revenue and earnings. The company is improving profitability while successfully expanding its...

Baptista Research

Republic Services Inc.: Unlocking Profitability through Acquisitions! – Key Drivers

Republic Services managed to exceed analyst expectations in terms of revenue as well as earnings. They achieved revenue growth of 21%, including...

Baptista Research

Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Rotation is the Lifeblood of a Bull Market; Bullish Outlook Intact; Expecting Short-term Support at $SPX 5370-5380 and $QQQ $468-469 (20-day MAs...

Vermilion Research

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