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

Royal Caribbean Cruises / Equity Bottom-Up

<ul><li>Royal Caribbean Group has reported a robust set of results for the second quarter of 2024, showcasing strong demand and positive momentum across its portfolio of offerings.</li><li>The company's success is evident in the achievement of its 'Trifecta' financial targets 18 months ahead of schedule.</li><li>This three-year financial performance program aimed to deliver triple-digit adjusted EBITDA per APCD, double-digit adjusted earnings per share (EPS), and a return on invested capital in the teens, all of which have been met.</li></ul>

Royal Caribbean Group has reported a robust set of results for the second quarter of 2024, showcasing strong demand and positive momentum across its portfolio of offerings.The company's success is evident in the achievement of its 'Trifecta' financial targets 18 months ahead of schedule.This three-year financial performance program aimed to deliver triple-digit adjusted EBITDA per APCD, double-digit adjusted earnings per share (EPS), and a return on invested capital in the teens, all of which have been met.

Royal Caribbean Group: Expansion into New Markets and Destinations & Key Factors Driving Our 'Buy' Rating! - Financial Forecasts

<ul><li>Royal Caribbean Group has made impressive strides in reshaping the business in the first quarter of 2024.</li><li>The company described its Q1 2024 as robust and experiencing an upward trajectory in business operations, bolstered by the consumers' demand for vacation experiences.</li><li>The results of Q1 2024 were significantly better than anticipated, with the company's brands being stronger than ever and demand for vacation experiences showing consistent acceleration.</li></ul>

Royal Caribbean Group has made impressive strides in reshaping the business in the first quarter of 2024.The company described its Q1 2024 as robust and experiencing an upward trajectory in business operations, bolstered by the consumers' demand for vacation experiences.The results of Q1 2024 were significantly better than anticipated, with the company's brands being stronger than ever and demand for vacation experiences showing consistent acceleration.

Royal Caribbean Group: Focus on Millennial Customers and New Cruise Experiences! - Major Drivers

<ul><li>The latest earnings of the Royal Caribbean Group exhibited an optimistic financial position for the Q4 and full-year 2023 and the company flourished particularly with the debut of the revolutionary product, Icon of the Seas.</li><li>By delivering the best vacation experiences, 2023 marked an exceptional year with net yields up by 13.5% compared to 2019 levels, thereby boosting net income by approximately $1 billion.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

The latest earnings of the Royal Caribbean Group exhibited an optimistic financial position for the Q4 and full-year 2023 and the company flourished particularly with the debut of the revolutionary product, Icon of the Seas.By delivering the best vacation experiences, 2023 marked an exceptional year with net yields up by 13.5% compared to 2019 levels, thereby boosting net income by approximately $1 billion.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Royal Caribbean Cruises Ltd.: How They're Sailing Towards Improved Profitability With These Strategies! - Major Drivers

<ul><li>Royal Caribbean Cruises delivered a solid result and managed an all-around beat in the last quarter, outperforming expectations in various critical aspects of their business.</li><li>The company successfully managed net cruise costs, achieving better-than-expected results and contributing to a remarkable EBITDA margin on par with 2019 levels.</li><li>Furthermore, Royal Caribbean Cruises looks ahead to 2024 with great optimism, anticipating an 8% increase in capacity as they introduce new ships and expand their offerings.</li></ul>

Royal Caribbean Cruises delivered a solid result and managed an all-around beat in the last quarter, outperforming expectations in various critical aspects of their business.The company successfully managed net cruise costs, achieving better-than-expected results and contributing to a remarkable EBITDA margin on par with 2019 levels.Furthermore, Royal Caribbean Cruises looks ahead to 2024 with great optimism, anticipating an 8% increase in capacity as they introduce new ships and expand their offerings.

Royal Caribbean Cruises Ltd.: Improving Demand

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>Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.</li>
<li>We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.</li>
<li>We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).</li>
</ul>


Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.
We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.
We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).


Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

United States

Royal Caribbean Cruises Ltd. is a global cruise company operating a fleet of vessels in the cruise vacation industry. The Company operates through brands which primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments.

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Royal Caribbean Cruises (RCL US)

Royal Caribbean Group: Expansion into New Markets and Destinations & Key Factors Driving Our 'Buy' Rating! - Financial Forecasts

Royal Caribbean Group has reported a robust set of results for the second quarter of 2024, showcasing strong demand and positive momentum across...

Baptista Research

Royal Caribbean Group: Focus on Millennial Customers and New Cruise Experiences! - Major Drivers

Royal Caribbean Group has made impressive strides in reshaping the business in the first quarter of 2024. The company described its Q1 2024 as...

Baptista Research

Royal Caribbean Cruises Ltd.: How They're Sailing Towards Improved Profitability With These Strategies! - Major Drivers

The latest earnings of the Royal Caribbean Group exhibited an optimistic financial position for the Q4 and full-year 2023 and the company...

Baptista Research

Royal Caribbean Cruises Ltd.: Improving Demand

Royal Caribbean Cruises delivered a solid result and managed an all-around beat in the last quarter, outperforming expectations in various...

Baptista Research

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

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