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>Waste Connections Inc. reported robust results for Q3 2024, which exceeded expectations and prompted an upward revision of the full-year outlook for the year.</li><li>The positive momentum is largely attributed to strong solid waste growth bolstered by a 6.8% core pricing increase, supplemented by incremental contributions from acquisitions, and an improvement in solid waste volumes.</li><li>The company showcased a commendable operational execution with an adjusted EBITDA margin of 33.7%, reflecting a year-over-year increase of 120 basis points.</li></ul>

Waste Connections Inc. reported robust results for Q3 2024, which exceeded expectations and prompted an upward revision of the full-year outlook for the year.The positive momentum is largely attributed to strong solid waste growth bolstered by a 6.8% core pricing increase, supplemented by incremental contributions from acquisitions, and an improvement in solid waste volumes.The company showcased a commendable operational execution with an adjusted EBITDA margin of 33.7%, reflecting a year-over-year increase of 120 basis points.

Waste Connections Inc.: Renewable Natural Gas (RNG) Project Contributions & Other Major Developments! - Financial Forecasts

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Waste Connections (WCN) is the third largest solid waste company in North America with strong EBITDA margins and free cash flow conversion</li><li>WCN strategically targets less competitive secondary or rural markets to achieve dominant market shares</li><li>WCN operates in monopolistic or oligopolistic market structures in 90% of its markets, making it a solid all-weather investment option despite its premium valuation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Waste Connections (WCN) is the third largest solid waste company in North America with strong EBITDA margins and free cash flow conversionWCN strategically targets less competitive secondary or rural markets to achieve dominant market sharesWCN operates in monopolistic or oligopolistic market structures in 90% of its markets, making it a solid all-weather investment option despite its premium valuationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Waste Connections Inc (WCN.) - Thursday, Jul 11, 2024

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>We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...</li>
<li>We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.</li>
<li>Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.</li>
</ul>


We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...
We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.
Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.


MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

TSE Tokyo Price Index TOPIX / Technical Analysis

<ul>
<li>We continue to believe a 1-4-month pullback/consolidation is ongoing. Important supports have been violated, including $110 on MSCI ACWI (ACWI-US) and $41 on MSCI EM (EEM-US).</li>
<li>We're shifting our outlook to neutral on $ACWI after being bullish since early-November 2023. Major price breakdowns combined with deteriorating market dynamics have increased the odds of a topping pattern.</li>
<li>Also downgrading Japan to market weight. 7/25/24 we said "Japan's TOPIX breaking below 2800-2815 is near-term bearish, suggests it could pull back to its long-term uptrend, or worse."</li>
</ul>


We continue to believe a 1-4-month pullback/consolidation is ongoing. Important supports have been violated, including $110 on MSCI ACWI (ACWI-US) and $41 on MSCI EM (EEM-US).
We're shifting our outlook to neutral on $ACWI after being bullish since early-November 2023. Major price breakdowns combined with deteriorating market dynamics have increased the odds of a topping pattern.
Also downgrading Japan to market weight. 7/25/24 we said "Japan's TOPIX breaking below 2800-2815 is near-term bearish, suggests it could pull back to its long-term uptrend, or worse."


Downgrading Japan; Stay Defensive; Downgrading Outlook on Global Equities $ACWI to Neutral

<ul><li>Waste Connections demonstrated strong financial performance in the latest quarter, driven by solid waste pricing and effective cost management.</li><li>The company's revenue grew by over 11%, with core solid waste pricing contributing significantly to this growth.</li><li>Despite a slight decline in volumes, the company’s strategic approach to pricing and contract renewals has maintained revenue quality, offsetting the negative impact of lower special waste volumes and other cyclical challenges.</li></ul>

Waste Connections demonstrated strong financial performance in the latest quarter, driven by solid waste pricing and effective cost management.The company's revenue grew by over 11%, with core solid waste pricing contributing significantly to this growth.Despite a slight decline in volumes, the company’s strategic approach to pricing and contract renewals has maintained revenue quality, offsetting the negative impact of lower special waste volumes and other cyclical challenges.

Waste Connections Inc.: Expansion of Core Solid Waste Pricing & Other Major Drivers

United States

Waste Connections, Inc. provides non-hazardous solid waste collection services for commercial, industrial and residential customers. The Company offers collection, landfill disposal, and recycling services for various recyclable materials, including compost, cardboard, office paper, plastic containers, glass bottles, and ferrous and aluminum metals.

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Waste Connections (WCN US)

Waste Connections Inc.: Renewable Natural Gas (RNG) Project Contributions & Other Major Developments! - Financial Forecasts

Waste Connections Inc. reported robust results for Q3 2024, which exceeded expectations and prompted an upward revision of the full-year outlook...

Baptista Research

Waste Connections Inc (WCN.) - Thursday, Jul 11, 2024

Waste Connections (WCN) is the third largest solid waste company in North America with strong EBITDA margins and free cash flow conversion

Value Investors Club (VIC)

MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

MSCI $ACWI Consolidation Continues; Outlook Remains Neutral; Snap-Back Rallies in Japan $Nikkei $TOPIX, U.S. $SPX, Europe $STOXX fits with our view...

Vermilion Research

Downgrading Japan; Stay Defensive; Downgrading Outlook on Global Equities $ACWI to Neutral

Downgrading Japan TOPIX, Nikkei; Stay Defensive; Downgrading Outlook on Global Equities $ACWI $EEM to Neutral; Many Risk-Off Signals increase odds...

Vermilion Research

Waste Connections Inc.: Expansion of Core Solid Waste Pricing & Other Major Drivers

Waste Connections demonstrated strong financial performance in the latest quarter, driven by solid waste pricing and effective cost...

Baptista Research

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