Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

<ul>
<li>Toyota is famous for conservative guidance, but today's FY3/23 estimates of a 22% decline in pretax profit raised some eyebrows. Raw materials &amp; logistics are to blame. </li>
<li>Adjusting for various conservative assumptions by Toyota for FY3/23, flat profits are possible, but margin deterioration appears unavoidable.  </li>
<li>On flat profits in FY3/23, the 12x PER &amp; 5.5x EV/EBITDA are not particularly cheap. Toyota is in the "Guidance Dog House" until it can produce a significant beat. </li>
</ul>


Toyota is famous for conservative guidance, but today's FY3/23 estimates of a 22% decline in pretax profit raised some eyebrows. Raw materials &amp; logistics are to blame. 
Adjusting for various conservative assumptions by Toyota for FY3/23, flat profits are possible, but margin deterioration appears unavoidable.  
On flat profits in FY3/23, the 12x PER &amp; 5.5x EV/EBITDA are not particularly cheap. Toyota is in the "Guidance Dog House" until it can produce a significant beat. 


Toyota Guides for a 22% Profit Drop--Tough to Buy This Dip For Now

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.

Credit

<ul><li>Ford Motors has had an interesting turnaround story over the years.</li><li>Ford also announced significant investments in South Africa and Thailand to modernize production and launch the next-generation Ranger from four assembly plants later this year.</li><li>Based on our credit analysis, the company merits a Credit Evaluation Score of Bβ with a stable outlook and as per our Financial Strength Indicator, its performance is 2.83/ 5.</li></ul>

Ford Motors has had an interesting turnaround story over the years.Ford also announced significant investments in South Africa and Thailand to modernize production and launch the next-generation Ranger from four assembly plants later this year.Based on our credit analysis, the company merits a Credit Evaluation Score of Bβ with a stable outlook and as per our Financial Strength Indicator, its performance is 2.83/ 5.

Ford Motor Company.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>Ford Motors has continued to move forward with its Ford+ plan, which included finishing its global redesign, strengthening its product portfolio, and investing in exciting new opportunities critical to growth and value creation, despite ongoing challenges with semiconductor constraints and industrywide supply chain disruptions.</li><li>The company met its guidance range right in the middle, adjusting for the reclassification of its first-quarter Rivian game to a special item.</li><li>Overall, we are optimistic about Ford and give the stock a 'Buy' rating with a revised target price.</li></ul>

Ford Motors has continued to move forward with its Ford+ plan, which included finishing its global redesign, strengthening its product portfolio, and investing in exciting new opportunities critical to growth and value creation, despite ongoing challenges with semiconductor constraints and industrywide supply chain disruptions.The company met its guidance range right in the middle, adjusting for the reclassification of its first-quarter Rivian game to a special item.Overall, we are optimistic about Ford and give the stock a 'Buy' rating with a revised target price.

Ford Motors: A Turnaround In Progress (02/2022)

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>This year the market presents investors with opportunities, especially in the technology sector, and we believe VC-backed Amplitude is one of them. </li>
<li>The market cap of the leading product and data analytics unicorn fell to ~$2.3B, keeping in mind last private round valuation was ~$4B in June of 2021. </li>
<li>$21 valuation, based on ~10x 2022E EV/Revenue and ~8x 2023E EV/Revenue, applies to our bear case revenue estimates of $226M in CY22 and $287M in CY23.</li>
</ul>


This year the market presents investors with opportunities, especially in the technology sector, and we believe VC-backed Amplitude is one of them. 
The market cap of the leading product and data analytics unicorn fell to ~$2.3B, keeping in mind last private round valuation was ~$4B in June of 2021. 
$21 valuation, based on ~10x 2022E EV/Revenue and ~8x 2023E EV/Revenue, applies to our bear case revenue estimates of $226M in CY22 and $287M in CY23.


Amplitude – Our Stock Pick With Huge Upside Potential

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>Reuters confirmed the latest delay until mid-2023 for Cybertruck's rollout. </li>
<li>This is the latest in a string of pushed targets—won't likely be the last.</li>
<li>I suspect exciting new competition from more credible truck-makers may have chased Tesla back to the drawing board.</li>
</ul>


Reuters confirmed the latest delay until mid-2023 for Cybertruck's rollout. 
This is the latest in a string of pushed targets—won't likely be the last.
I suspect exciting new competition from more credible truck-makers may have chased Tesla back to the drawing board.


Tesla Cybertruck Delay Confirmed to Mid-2023—at Least.

United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

Toyota Guides for a 22% Profit Drop--Tough to Buy This Dip For Now

Toyota is dead money until they provide a huge beat. Earnings call raised more questions than management was willing to answer. Quite surprisingly...

SC Capital

Ford Motor Company.: Detailed Credit Analysis & Financial Strength Evaluation Report

Ford Motors has had an interesting turnaround story over the years. Ford also announced significant investments in South Africa and Thailand to...

Baptista Research

Ford Motors: A Turnaround In Progress (02/2022)

Ford Motors has continued to move forward with its Ford+ plan, which included finishing its global redesign, strengthening its product portfolio,...

Baptista Research

Amplitude – Our Stock Pick With Huge Upside Potential

Our fundamental analysis suggests that Amplitude stock has a limited downside potential and is trading at a significant discount valuation to peers.

Andrei Zakharov

Tesla Cybertruck Delay Confirmed to Mid-2023—at Least.

Reuters confirmed the latest delay until mid-2023 for Cybertruck rollout, the latest in a string of pushed targets. Won't likely be the last as...

Vicki Bryan

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