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>Tesla Inc.'s accomplishments in 2023 were substantial, with record production and shipments of approximately 1.8 million vehicles, per the company's Q4 2023 earnings call transcript.</li><li>As well, in Q4, it was manufacturing vehicles at nearly 2 million cars per year, a remarkable achievement.</li><li>Tesla's Fremont factory alone produced 560,000 cars, solidifying its status as the highest production automotive plant in North America.</li></ul>

Tesla Inc.'s accomplishments in 2023 were substantial, with record production and shipments of approximately 1.8 million vehicles, per the company's Q4 2023 earnings call transcript.As well, in Q4, it was manufacturing vehicles at nearly 2 million cars per year, a remarkable achievement.Tesla's Fremont factory alone produced 560,000 cars, solidifying its status as the highest production automotive plant in North America.

Tesla Inc: What Factors Will Help It Survive The Rising Competition & Tapering EV Demand? - Major Drivers

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

<ul>
<li>As I warned, troubled Q4 results were worse than investors expected, even with further drops in already plunging market expectations following disappointing deliveries dubiously called a "beat."</li>
<li>Even numbers as reported were weaker than reported when I stripped out subsidies and accounting boosts which mask underlying trouble—as is typical with Tesla (see attached model).</li>
<li>Tesla continues to foster the false impression that it's healthier, more profitable and more successful than it is, which greatly overstates its ability to weather the storm already upon it.</li>
</ul>


As I warned, troubled Q4 results were worse than investors expected, even with further drops in already plunging market expectations following disappointing deliveries dubiously called a "beat."
Even numbers as reported were weaker than reported when I stripped out subsidies and accounting boosts which mask underlying trouble—as is typical with Tesla (see attached model).
Tesla continues to foster the false impression that it's healthier, more profitable and more successful than it is, which greatly overstates its ability to weather the storm already upon it.


Tesla: Moving The Goalposts Works Until It Doesn't

<ul><li>Tesla delivered a highly disappointing set of results and failed to meet the revenue and earnings expectations of Wall Street.</li><li>The focus on AI development is crucial, as it has the potential to make Tesla a leader in the autonomous vehicle market.</li><li>In terms of energy storage, Tesla deployed 4 gigawatt-hours of storage products in Q3, and the energy division is becoming a highly profitable business for the company.</li></ul>

Tesla delivered a highly disappointing set of results and failed to meet the revenue and earnings expectations of Wall Street.The focus on AI development is crucial, as it has the potential to make Tesla a leader in the autonomous vehicle market.In terms of energy storage, Tesla deployed 4 gigawatt-hours of storage products in Q3, and the energy division is becoming a highly profitable business for the company.

Tesla Inc: A Disappointing Performance Despite The Solid Developments In AI & Autopilot! - Key Drivers

Credit

<ul>
<li>Tesla's Q3 10-Q reveals CFO Zach Kirkhorn was suddenly out because he was fired.</li>
<li>The company also made Kirkhorn reveal any whistleblower efforts he pursued—and then declare Tesla broke no laws. Tesla threatened "legal action" if he talks to the press. </li>
<li>Is Tesla setting up its ex-CFO to take a fall?</li>
</ul>


Tesla's Q3 10-Q reveals CFO Zach Kirkhorn was suddenly out because he was fired.
The company also made Kirkhorn reveal any whistleblower efforts he pursued—and then declare Tesla broke no laws. Tesla threatened "legal action" if he talks to the press. 
Is Tesla setting up its ex-CFO to take a fall?


What Really Happened to Tesla's Latest Ex-CFO?

<ul>
<li>Factory shutdowns for "updates" doesn't explain Tesla's huge Q3 miss on deliveries.</li>
<li>Why? Because bloated excess inventory was enough to cover the 20k "miss" some 3-5x. </li>
<li>A better explanation: Tesla's accelerating demand erosion, which I have been tracking since last year in every major market.</li>
</ul>


Factory shutdowns for "updates" doesn't explain Tesla's huge Q3 miss on deliveries.
Why? Because bloated excess inventory was enough to cover the 20k "miss" some 3-5x. 
A better explanation: Tesla's accelerating demand erosion, which I have been tracking since last year in every major market.


Tesla's Problem Is Fading Demand, Not Disruptive Factory "Updates"

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Tesla Inc: What Factors Will Help It Survive The Rising Competition & Tapering EV Demand? - Major Drivers

Tesla Inc.'s accomplishments in 2023 were substantial, with record production and shipments of approximately 1.8 million vehicles, per the...

Baptista Research

Tesla: Moving The Goalposts Works Until It Doesn't

As I warned, troubled Q4 results tracked my ests but were worse than even plunging market ests following disappointing deliveries dubiously called...

Vicki Bryan

Tesla Inc: A Disappointing Performance Despite The Solid Developments In AI & Autopilot! - Key Drivers

Tesla delivered a highly disappointing set of results and failed to meet the revenue and earnings expectations of Wall Street. The focus on AI...

Baptista Research

What Really Happened to Tesla's Latest Ex-CFO?

Tesla's Q3 10-Q reveals CFO Zach Kirkhorn was fired. It also made Kirkhorn reveal any whistleblower efforts, threatened him if he talks—then...

Vicki Bryan

Tesla's Problem Is Fading Demand, Not Disruptive Factory "Updates"

Tesla reports earnings this week: As I expected. Plunging market consensus estimates now approach my previously below market estimates for Q3...

Vicki Bryan

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