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>During the third quarter earnings of Schlumberger Limited (SLB), the Chief Executive Officer, Olivier Le Peuch, discussed a performance marked by strong margin expansion and robust free cash flow generation.</li><li>While the company reported flat sequential revenue growth, it achieved a significant increase in adjusted EBITDA margin, demonstrating improved operational efficiency.</li><li>Particularly noteworthy was the free cash flow figure, which stood at $1.81 billion for the quarter, highlighting the company’s strong cash-generating capability.</li></ul>

During the third quarter earnings of Schlumberger Limited (SLB), the Chief Executive Officer, Olivier Le Peuch, discussed a performance marked by strong margin expansion and robust free cash flow generation.While the company reported flat sequential revenue growth, it achieved a significant increase in adjusted EBITDA margin, demonstrating improved operational efficiency.Particularly noteworthy was the free cash flow figure, which stood at $1.81 billion for the quarter, highlighting the company’s strong cash-generating capability.

Schlumberger Limited: Will Its Expansion of Deepwater Operations Help Catalyze The Top-Line Growth? - Major Drivers

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

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Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Schlumberger’s revenue grew 10.2% YoY and missed estimates by 1.2%, while its net profit rose by 5.6% YoY and beat estimates by 0.6%.</li>
<li>Despite modest revenue growth, the company achieved its highest adjusted EBITDA margin since 2016 at 25.6%, driven by strong margin expansion in the digital and production systems segments.</li>
<li>SLB expects low to mid-single-digit growth in international upstream spending for 2025, while North American spending is forecasted to remain flat or slightly decrease.</li>
</ul>


Schlumberger’s revenue grew 10.2% YoY and missed estimates by 1.2%, while its net profit rose by 5.6% YoY and beat estimates by 0.6%.
Despite modest revenue growth, the company achieved its highest adjusted EBITDA margin since 2016 at 25.6%, driven by strong margin expansion in the digital and production systems segments.
SLB expects low to mid-single-digit growth in international upstream spending for 2025, while North American spending is forecasted to remain flat or slightly decrease.


[Earnings Review] SLB Delivers Robust Earnings Amid Sluggish Revenue Growth

<ul>
<li>Schlumberger’s Q3 2024 revenue is projected to increase by 12% YoY and EPS by 15.4%, driven by international growth, digital sales, and cost-efficiency programs.</li>
<li>Management expects 2024 EBITDA margin to reach or exceed 25%, driven by stronger H2 performance led by seasonally higher year-end digital and product sales.</li>
<li>Schlumberger announced a milestone in sustainable lithium production and secured significant contracts through its carbon capture and OneSubsea joint ventures.</li>
</ul>


Schlumberger’s Q3 2024 revenue is projected to increase by 12% YoY and EPS by 15.4%, driven by international growth, digital sales, and cost-efficiency programs.
Management expects 2024 EBITDA margin to reach or exceed 25%, driven by stronger H2 performance led by seasonally higher year-end digital and product sales.
Schlumberger announced a milestone in sustainable lithium production and secured significant contracts through its carbon capture and OneSubsea joint ventures.


[Earnings Preview] Schlumberger Set for Q3 Growth on Global Demand and Seasonal Boost

<ul><li>In the second quarter of 2024, Schlumberger showcased a strong ability to capitalize on the ongoing growth cycle while driving efficiency throughout its operations.</li><li>The company reported a 5% increase in revenue compared to the first quarter.</li><li>Schlumberger's adjusted EBITDA grew 11%, and its adjusted EBITDA margin expanded 142 basis points.</li></ul>

In the second quarter of 2024, Schlumberger showcased a strong ability to capitalize on the ongoing growth cycle while driving efficiency throughout its operations.The company reported a 5% increase in revenue compared to the first quarter.Schlumberger's adjusted EBITDA grew 11%, and its adjusted EBITDA margin expanded 142 basis points.

Schlumberger Limited: Shift Toward Natural Gas & Offshore Performance Driving Growth! - Major Drivers

<ul>
<li>Schlumberger’s revenue grew 12.9% YoY and beat estimates by 0.7%, while its net profit rose by 7.65% YoY and beat estimates by 2.9%.</li>
<li>Revenue from North America grew 3% sequentially but fell 6% YoY due to lower drilling activity in the US.</li>
<li>Management expects low single-digit sequential revenue growth in Q3 2024 and free cash flow in H2 2024 to be higher than in H1 2024.</li>
</ul>


Schlumberger’s revenue grew 12.9% YoY and beat estimates by 0.7%, while its net profit rose by 7.65% YoY and beat estimates by 2.9%.
Revenue from North America grew 3% sequentially but fell 6% YoY due to lower drilling activity in the US.
Management expects low single-digit sequential revenue growth in Q3 2024 and free cash flow in H2 2024 to be higher than in H1 2024.


[Earnings Review] Schlumberger Beats Estimates as International Operations Shine

United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

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Schlumberger Ltd (SLB US)

Schlumberger Limited: Will Its Expansion of Deepwater Operations Help Catalyze The Top-Line Growth? - Major Drivers

During the third quarter earnings of Schlumberger Limited (SLB), the Chief Executive Officer, Olivier Le Peuch, discussed a performance marked by...

Baptista Research

[Earnings Review] SLB Delivers Robust Earnings Amid Sluggish Revenue Growth

SLB shares fell on 18/Oct despite an EPS beat, as weak revenue growth disappointed the market. SLB posted its highest adj. EBITDA margin since 2016...

Mint Finance

[Earnings Preview] Schlumberger Set for Q3 Growth on Global Demand and Seasonal Boost

SLB's international operations are set to drive Q3 growth, offsetting North American weakness. Key advancements in carbon capture and lithium...

Mint Finance

Schlumberger Limited: Shift Toward Natural Gas & Offshore Performance Driving Growth! - Major Drivers

In the second quarter of 2024, Schlumberger showcased a strong ability to capitalize on the ongoing growth cycle while driving efficiency...

Baptista Research

[Earnings Review] Schlumberger Beats Estimates as International Operations Shine

Schlumberger beat Q2 estimates due to strong international growth, with significant contributions from the Middle East and Asia. Management...

Mint Finance

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