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>Atkore, a prominent player in the construction and electrical solutions sector, delivered a mixed fiscal third-quarter performance amidst challenging market dynamics and competitive pressures.</li><li>During the quarter, Atkore experienced flat year-over-year organic growth, which highlighted a balance between gains from solar energy projects and its construction services against broad pricing declines across its Electrical business.</li><li>This period did not witness the usual summer surge in construction demand, which generally bolsters performance.</li></ul>

Atkore, a prominent player in the construction and electrical solutions sector, delivered a mixed fiscal third-quarter performance amidst challenging market dynamics and competitive pressures.During the quarter, Atkore experienced flat year-over-year organic growth, which highlighted a balance between gains from solar energy projects and its construction services against broad pricing declines across its Electrical business.This period did not witness the usual summer surge in construction demand, which generally bolsters performance.

Atkore Inc.: Initiation Of Coverage - How Are They Executing The Expansion into Renewable Energy Sectors? - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This presentation runs through six current short ideas presented on a Smartkarma webinar on 22nd December.</li>
<li>These are:  Atkore (ATKR), Danaher (DHR), Service Corp International (SCI), ABM Industries (ABM), Monro (MNRO), and Renewable Fuels (REGI).</li>
<li>The presentation also summarizes Two Rivers' short idea generation process.</li>
</ul>


This presentation runs through six current short ideas presented on a Smartkarma webinar on 22nd December.
These are:  Atkore (ATKR), Danaher (DHR), Service Corp International (SCI), ABM Industries (ABM), Monro (MNRO), and Renewable Fuels (REGI).
The presentation also summarizes Two Rivers' short idea generation process.


Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Webinar, we are delighted to welcome <a href="https://www.smartkarma.com/profiles/eric-fernandez-cfa" target="_blank" data-smartkarma-citation="accounts:28390" rel="noopener">Eric Fernandez, CFA</a>. Eric will outline some of his top short trade ideas in the US market, based on his unique and comprehensive framework for identifying short sale candidates. </p>
<h3>The webinar was hosted on Wednesday, 22 December 2021, 17:00 SGT/HKT.</h3>
<p>Watch the session here:</p>
<p><iframe src="https://www.youtube.com/embed/4Fg8BY_AB30" width="560" height="315" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen"></iframe></p>
<p>Or subscribe to our podcast feed and listen on the go:</p>
<p><iframe src="https://open.spotify.com/embed/episode/3VTVMP16LaF4qNADYdHsb7?utm_source=generator" width="100%" height="232" style="border-radius: 12px;" frameborder="0" allowfullscreen="allowfullscreen" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture"></iframe></p>
<p>Eric Fernandez has 30+ years of research and investment banking experience in company modeling, equity valuation, and credit, which forms the backbone of Two Rivers Analytics' analytical approach. He founded Two Rivers to remedy a shortfall of traditional short idea generation which relies primarily on thematic, top-down processes. Instead, Two Rivers combines a methodical framework to sift through the universe looking for markers of various types of short candidates, which are subsequently vetted via traditional fundamental analysis.</p>

For our next Webinar, we are delighted to welcome Eric Fernandez, CFA. Eric will outline some of his top short trade ideas in the US market, based on his unique and comprehensive framework for identifying short sale candidates. 
The webinar was hosted on Wednesday, 22 December 2021, 17:00 SGT/HKT.
Watch the session here:

Or subscribe to our podcast feed and listen on the go:

Eric Fernandez has 30+ years of research and investment banking experience in company modeling, equity valuation, and credit, which forms the backbone of Two Rivers Analytics' analytical approach. He founded Two Rivers to remedy a shortfall of traditional short idea generation which relies primarily on thematic, top-down processes. Instead, Two Rivers combines a methodical framework to sift through the universe looking for markers of various types of short candidates, which are subsequently vetted via traditional fundamental analysis.

Smartkarma Webinar | Short Trade Ideas in the US

<ul>
<li>Atkore's key products retained their unusually high prices last quarter, resulting in another strong quarter and raised guidance.</li>
<li>But key PVC prices are starting to weaken with the resumption of production in the US Gulf Coast.  Prices will fall much further.</li>
<li>Record high margins will contract meaningfully.  Estimates and valuations continue to be unrealistic leading us to maintain our short.</li>
</ul>


Atkore's key products retained their unusually high prices last quarter, resulting in another strong quarter and raised guidance.
But key PVC prices are starting to weaken with the resumption of production in the US Gulf Coast.  Prices will fall much further.
Record high margins will contract meaningfully.  Estimates and valuations continue to be unrealistic leading us to maintain our short.


<ul>
<li>ATKR saw a spike in the sales price of key PVC products and was able to extract large price increases from customers.  Sales rose by 122% and EBITDA quadrupled.</li>
<li>Now, upstream PVC resin plants are coming back online.  Atkore’s competitors will become relevant again as supply and demand rebalance over the seasonal slowdown.</li>
<li>Multiples nearly ignore the upcoming reversion.  The stock trades at record multiples of FY2 and FY3 sales, EBITDA and earnings, long past when PVC prices and margins should normalize.</li>
</ul>


ATKR saw a spike in the sales price of key PVC products and was able to extract large price increases from customers.  Sales rose by 122% and EBITDA quadrupled.
Now, upstream PVC resin plants are coming back online.  Atkore’s competitors will become relevant again as supply and demand rebalance over the seasonal slowdown.
Multiples nearly ignore the upcoming reversion.  The stock trades at record multiples of FY2 and FY3 sales, EBITDA and earnings, long past when PVC prices and margins should normalize.


United States

Atkore Inc. manufactures and supplies metal products and electrical raceway solutions. The Company offers steel tubes and pipes, electrical conduit, armored wire and cable, cable trays, metal framing systems, and building components. Atkore International Group serves customers globally.

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Atkore Inc (ATKR US)

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Baptista Research

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Eric Fernandez, CFA

Smartkarma Webinar | Short Trade Ideas in the US

On 22 December, 5pm SGT, join our webinar on US short trade ideas. Insight Provider Eric Fernandez, CFA will outline his top ideas based on his...

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Atkore Inc (ATKR): Stay Short

An Atkore short provides great opportunity created by a spike in product prices which will be resolved over the coming quarters. Estimates and...

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Atkore Inc (ATKR): Sell Short

Atkore is overearning due to a temporary supply shock which will reverse shortly. Sales & margins will drop. Estimates & valuations have not...

Eric Fernandez, CFA

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