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 Management, Inc. has successfully delivered a strong end to 2023, with a 15% increase in fourth quarter operating EBITDA. This has resulted in full year operating EBITDA exceeding the company's most recent guidance range by Waste Management Inc. (WM) witnessed robust financial performance for Q1 2024, underscored by outstanding operational performance in the collection and disposal business.</li><li>Operating EBITDA witnessed a growth of 15% for this quarter, with margins expanding by 240 basis points.</li><li>This was propelled primarily by significant momentum in cost-effective efforts and disciplined execution of pricing programs.</li></ul>

Waste Management, Inc. has successfully delivered a strong end to 2023, with a 15% increase in fourth quarter operating EBITDA. This has resulted in full year operating EBITDA exceeding the company's most recent guidance range by Waste Management Inc. (WM) witnessed robust financial performance for Q1 2024, underscored by outstanding operational performance in the collection and disposal business.Operating EBITDA witnessed a growth of 15% for this quarter, with margins expanding by 240 basis points.This was propelled primarily by significant momentum in cost-effective efforts and disciplined execution of pricing programs.

Waste Management Inc.: A Competitive Edge Through Exclusive Landfill Assets & 5 Key Growth Drivers

<ul><li>Waste Management, Inc.</li><li>has successfully delivered a strong end to 2023, with a 15% increase in fourth quarter operating EBITDA. This has resulted in full year operating EBITDA exceeding the company's most recent guidance range by nearly $25 million, affirming the company's original expectations at the start of the year.</li><li>However, despite this impressive performance, there are still risks ahead given uncertain economic conditions.</li></ul>

Waste Management, Inc.has successfully delivered a strong end to 2023, with a 15% increase in fourth quarter operating EBITDA. This has resulted in full year operating EBITDA exceeding the company's most recent guidance range by nearly $25 million, affirming the company's original expectations at the start of the year.However, despite this impressive performance, there are still risks ahead given uncertain economic conditions.

Waste Management Inc.: Is There A Negative Impact Of Inflation and The Changing Dynamic Of Sustainability-Related Capital Expenditures? - Major Drivers

<ul><li>Waste Management delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst consensus regarding earnings.</li><li>The solid waste business was the driving force behind this achievement, with organic revenue growth in collection and disposal aligning well with expectations.</li><li>The resilience of solid waste volumes, with positive trends in commercial volumes and special waste growth, stood out.</li></ul>

Waste Management delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst consensus regarding earnings.The solid waste business was the driving force behind this achievement, with organic revenue growth in collection and disposal aligning well with expectations.The resilience of solid waste volumes, with positive trends in commercial volumes and special waste growth, stood out.

Waste Management: Recycling Tech Transforms Business! Inside their Next-Gen Sustainability Approach! - Major Drivers

<ul><li>Waste Management's results were a major disappointment as the company failed to meet the revenue and earnings expectations of Wall Street.</li><li>Their adjusted operating EBITDA margin increased in the second quarter due to careful SG&A cost management and pricing in the collection and disposal sector.</li><li>With ongoing momentum in price, reduced optimization costs, and increased efficiency, Waste Management is overcoming the margin pressure caused by this transient change in volume mix.</li></ul>

Waste Management's results were a major disappointment as the company failed to meet the revenue and earnings expectations of Wall Street.Their adjusted operating EBITDA margin increased in the second quarter due to careful SG&A cost management and pricing in the collection and disposal sector.With ongoing momentum in price, reduced optimization costs, and increased efficiency, Waste Management is overcoming the margin pressure caused by this transient change in volume mix.

Waste Management Inc: Are They Failing To Handle The Margin Pressures? – Key Drivers

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've discussed for months that we'll need to see SPX and NDX (QQQ) close below their 20-day MAs/21-dayEMAs for more than 2-3 consecutive days in order to get more cautious.</li>
<li>Today (Tuesday) marks 3 consecutive days as the DXY climbs to test major $106 resistance, and amid 10- and 30-year Treasury yields breaking above long-term resistances. Caution is warranted.</li>
<li>Still, in order for there to be a meaningful pullback, important 2-month supports <em>that are currently being tested</em> would need to break, including 4983-5050 on SPX and $425-$433 on QQQ.</li>
</ul>


We've discussed for months that we'll need to see SPX and NDX (QQQ) close below their 20-day MAs/21-dayEMAs for more than 2-3 consecutive days in order to get more cautious.
Today (Tuesday) marks 3 consecutive days as the DXY climbs to test major $106 resistance, and amid 10- and 30-year Treasury yields breaking above long-term resistances. Caution is warranted.
Still, in order for there to be a meaningful pullback, important 2-month supports that are currently being tested would need to break, including 4983-5050 on SPX and $425-$433 on QQQ.


The Pullback Finally Begins; SPX and NDX Testing 2-Month Supports; Market Dynamics Shifting

United States

Waste Management, Inc. provides waste management services including collection, transfer, recycling, resource recovery and disposal services, and operates waste-to-energy facilities.  The Company serves municipal, commercial, industrial, and residential customers throughout North America.

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Waste Management (WM US)

Waste Management Inc.: A Competitive Edge Through Exclusive Landfill Assets & 5 Key Growth Drivers

Waste Management, Inc. has successfully delivered a strong end to 2023, with a 15% increase in fourth quarter operating EBITDA. This has resulted...

Baptista Research

Waste Management: Recycling Tech Transforms Business! Inside their Next-Gen Sustainability Approach! - Major Drivers

Waste Management delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst consensus...

Baptista Research

Waste Management Inc: Are They Failing To Handle The Margin Pressures? – Key Drivers

Waste Management's results were a major disappointment as the company failed to meet the revenue and earnings expectations of Wall Street. Their...

Baptista Research

The Pullback Finally Begins; SPX and NDX Testing 2-Month Supports; Market Dynamics Shifting

The Pullback Finally Begins; $SPX and $NDX $QQQ Testing 2-Month Supports at 4983-5050 and $425-$433 (2/22/24 gap supports); Market Dynamics...

Vermilion Research

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