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

Allegheny Technologies / Equity Bottom-Up

<ul><li>Allegheny Technologies Incorporated's (ATI) third-quarter earnings for 2025 reflect a robust performance characterized by both significant gains and ongoing challenges.</li><li>The company's revenue increased by 7% year-over-year to exceed $1.1 billion, supported by a strong showing in its aerospace and defense (A&D) segments, particularly with record defense sales and sustained demand in jet engines.</li><li>Adjusted earnings per share (EPS) hit $0.85, surpassing the company’s projections.</li></ul>

Allegheny Technologies Incorporated's (ATI) third-quarter earnings for 2025 reflect a robust performance characterized by both significant gains and ongoing challenges.The company's revenue increased by 7% year-over-year to exceed $1.1 billion, supported by a strong showing in its aerospace and defense (A&D) segments, particularly with record defense sales and sustained demand in jet engines.Adjusted earnings per share (EPS) hit $0.85, surpassing the company’s projections.

ATI Bets Big on Differentiated Materials – Can This Move Redefine the Industry?

<ul><li>ATI reported robust first-quarter financial results for 2025, showing continued strong momentum.</li><li>Revenue grew by 10% year-over-year, reaching approximately $1.14 billion, mainly driven by high demand in aerospace and defense (A&D).</li><li>The company's adjusted EBITDA of $195 million exceeded expectations, with adjusted earnings per share also surpassing the top of guidance.</li></ul>

ATI reported robust first-quarter financial results for 2025, showing continued strong momentum.Revenue grew by 10% year-over-year, reaching approximately $1.14 billion, mainly driven by high demand in aerospace and defense (A&D).The company's adjusted EBITDA of $195 million exceeded expectations, with adjusted earnings per share also surpassing the top of guidance.

Allegheny Technologies Incorporated (ATI): Aerospace & Defense Sector Growth To Bolster Its Position & Capitalively Grow In Critical Markets!

<ul><li>Allegheny Technologies Inc. (ATI) reported robust financial results for the fourth quarter of 2024 and the full year.</li><li>Its performance highlights include a sequential revenue increase of 12% in the fourth quarter, reaching $1.2 billion, and adjusted EBITDA surpassing guidance at $210 million.</li><li>For the full year, ATI achieved nearly $4.4 billion in revenue, marking its highest since 2012, with a 5% year-over-year increase despite industry challenges.</li></ul>

Allegheny Technologies Inc. (ATI) reported robust financial results for the fourth quarter of 2024 and the full year.Its performance highlights include a sequential revenue increase of 12% in the fourth quarter, reaching $1.2 billion, and adjusted EBITDA surpassing guidance at $210 million.For the full year, ATI achieved nearly $4.4 billion in revenue, marking its highest since 2012, with a 5% year-over-year increase despite industry challenges.

ATI Inc.: Strategic Customer Partnerships & Capacity Utilization For Unmatched Impact!

<ul><li>Allegheny Technologies Incorporated (ATI) recently reported mixed results for its third quarter of 2024.</li><li>The company's performance recognized some bright spots but ultimately fell short of its financial guidance due to both external market dynamics and internal operational challenges.</li><li>Starting with the positives, ATI's segment-adjusted EBITDA margins met or exceeded expectations, with notable sequential improvement in its High-Performance Materials and Components (HPMC) segment margins, which edged closer to the mid-20s percent range.</li></ul>

Allegheny Technologies Incorporated (ATI) recently reported mixed results for its third quarter of 2024.The company's performance recognized some bright spots but ultimately fell short of its financial guidance due to both external market dynamics and internal operational challenges.Starting with the positives, ATI's segment-adjusted EBITDA margins met or exceeded expectations, with notable sequential improvement in its High-Performance Materials and Components (HPMC) segment margins, which edged closer to the mid-20s percent range.

ATI Inc. Has Sustained Aerospace & Defense Revenue But Will This Last? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 4 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 6 changes for the S&amp;P Midcap400 Index and 14 changes for the S&amp;P SmallCap600 Index at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a> was newly eligible after meeting the profitability criterion, while <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a>, <a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> and <a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers Group, Inc (IBKR US)</a> were overlooked again.</li>
<li>There will be more same-way flow for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> adds and deletes from the Select Sector index trackers.</li>
</ul>


There are 4 changes for the S&amp;P 500 INDEX, 6 changes for the S&amp;P Midcap400 Index and 14 changes for the S&amp;P SmallCap600 Index at the March rebalance.

DoorDash (DASH US) was newly eligible after meeting the profitability criterion, while AppLovin (APP US), Coinbase Global (COIN US) and Interactive Brokers Group, Inc (IBKR US) were overlooked again.
There will be more same-way flow for the S&amp;P 500 INDEX (SPX INDEX) adds and deletes from the Select Sector index trackers.


S&P500/400/600 Index Rebalance: DASH In as Stability Trumps Volatility

United States

Allegheny Technologies, Inc., produces specialty materials.  The Company's products include include titanium and titanium alloys, nickel-based alloys and superalloys, zirconium, hafnium and niobium, stainless and specialty steel alloys, grain-oriented electrical steel, tungsten-based materials and cutting tools, carbon alloy impression die forgings, and large grey and ductile iron.

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Allegheny Technologies (ATI US)

ATI Bets Big on Differentiated Materials – Can This Move Redefine the Industry?

Allegheny Technologies Incorporated's (ATI) third-quarter earnings for 2025 reflect a robust performance characterized by both significant gains...

Baptista Research

Allegheny Technologies Incorporated (ATI): Aerospace & Defense Sector Growth To Bolster Its Position & Capitalively Grow In Critical Markets!

ATI reported robust first-quarter financial results for 2025, showing continued strong momentum. Revenue grew by 10% year-over-year, reaching...

Baptista Research

ATI Inc.: Strategic Customer Partnerships & Capacity Utilization For Unmatched Impact!

Allegheny Technologies Inc. (ATI) reported robust financial results for the fourth quarter of 2024 and the full year. Its performance highlights...

Baptista Research

ATI Inc. Has Sustained Aerospace & Defense Revenue But Will This Last? - Major Drivers

Allegheny Technologies Incorporated (ATI) recently reported mixed results for its third quarter of 2024. The company's performance recognized some...

Baptista Research

S&P500/400/600 Index Rebalance: DASH In as Stability Trumps Volatility

There are many changes for the SnP500/400/600 indices in March. The index committee has overlooked high vol stocks. There will be more same-way...

Brian Freitas

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