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>Atmos Energy Corporation reported a strong fiscal 2025 performance, achieving a diluted earnings per share (EPS) of $7.46, marking the 23rd consecutive year of EPS growth and the 41st consecutive year of dividend growth.</li><li>The company's results signify successful execution of its strategy focusing on modernization and reliability of its natural gas systems, coupled with a commitment to safety and service expansion.</li><li>Positive outcomes of the fiscal year include substantial customer growth, with approximately 57,000 new residential customers and expansions in the commercial and industrial sectors, suggesting increased demand and confidence in natural gas as a key energy source.</li></ul>

Atmos Energy Corporation reported a strong fiscal 2025 performance, achieving a diluted earnings per share (EPS) of $7.46, marking the 23rd consecutive year of EPS growth and the 41st consecutive year of dividend growth.The company's results signify successful execution of its strategy focusing on modernization and reliability of its natural gas systems, coupled with a commitment to safety and service expansion.Positive outcomes of the fiscal year include substantial customer growth, with approximately 57,000 new residential customers and expansions in the commercial and industrial sectors, suggesting increased demand and confidence in natural gas as a key energy source.

Atmos Energy: Is Texas House Bill 4384 the Game-Changer Investors Have Waited For?

<ul><li>Atmos Energy Corporation, a prominent player in the U.S. natural gas sector, recently shared its fiscal 2025 thirdquarter results, presenting a mixed picture of both positive strides and challenges.</li><li>The company reported a yearto-date net income of $1 billion, translating to $6.40 per diluted share and adjusted their annual earnings per share guidance to a range of $7.35 to $7.45, reflecting operational achievements and forward-looking adjustments.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Atmos Energy Corporation, a prominent player in the U.S. natural gas sector, recently shared its fiscal 2025 thirdquarter results, presenting a mixed picture of both positive strides and challenges.The company reported a yearto-date net income of $1 billion, translating to $6.40 per diluted share and adjusted their annual earnings per share guidance to a range of $7.35 to $7.45, reflecting operational achievements and forward-looking adjustments.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Atmos Energy: An Analysis of its Recent Strategic Planning & Major Growth Drivers!

<ul><li>Atmos Energy Corporation reported impressive fiscal 2025 first-quarter results with a net income of $352 million, translating into $2.23 per diluted share, a 7.2% increase compared to the previous year's quarter.</li><li>The company's operating income rose by 15% to $459 million, buoyed by rate increases across its operating segments, which contributed $69 million, and customer growth.</li><li>The organization added over 59,000 new customers over the past year, with substantial growth noted in Texas.</li></ul>

Atmos Energy Corporation reported impressive fiscal 2025 first-quarter results with a net income of $352 million, translating into $2.23 per diluted share, a 7.2% increase compared to the previous year's quarter.The company's operating income rose by 15% to $459 million, buoyed by rate increases across its operating segments, which contributed $69 million, and customer growth.The organization added over 59,000 new customers over the past year, with substantial growth noted in Texas.

Atmos Energy: An Insight Into Its Robust Financing Strategy

<ul><li>Atmos Energy Corporation's fiscal 2024 fourth-quarter results highlight a consistent growth trajectory marked by robust capital investments, enhanced operational strategies, and expanding customer base.</li><li>The company reported earnings per share (EPS) of $6.83, marking its 22nd consecutive year of EPS growth, alongside its 40th consecutive year of dividend growth.</li><li>The fiscal year achievements reflect Atmos Energy's successful execution of its strategy to operate safely and reliably while modernizing its natural gas distribution, transmission, and storage systems.</li></ul>

Atmos Energy Corporation's fiscal 2024 fourth-quarter results highlight a consistent growth trajectory marked by robust capital investments, enhanced operational strategies, and expanding customer base.The company reported earnings per share (EPS) of $6.83, marking its 22nd consecutive year of EPS growth, alongside its 40th consecutive year of dividend growth.The fiscal year achievements reflect Atmos Energy's successful execution of its strategy to operate safely and reliably while modernizing its natural gas distribution, transmission, and storage systems.

Atmos Energy Corporation: Will Its Capital Investments Towards System Modernization Be A Critical Growth Accelerator? - Major 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>Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.</li>
<li>Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.</li>
<li>SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).</li>
</ul>


Price action on SPX is extremely similar to prior major topping patterns in April 2000 and August 2007, which is why we recommended reducing risk near 5670-5783 last week.
Additional similarities to 2000/2007 (other than price action) include the Fed cutting rates, recession indicators such as the Sahm rule and Schannep Recession Indicator (SRI) triggered, and yield curve un-inverting.
SPX resistance is in the 5670-5783 range; if a major top is happening, that is where it would start from (using the 2000 and 2007 tops as comparisons).


Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

United States

Atmos Energy Corporation distributes natural gas to utility customers in several states.  The Company's non-utility operations span various states and provide natural gas marketing and procurement services to large customers.  Atmos Energy also manages company-owned natural gas storage and pipeline assets, including an intrastate natural gas pipeline in Texas.

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Atmos Energy (ATO US)

Atmos Energy: Is Texas House Bill 4384 the Game-Changer Investors Have Waited For?

Atmos Energy Corporation reported a strong fiscal 2025 performance, achieving a diluted earnings per share (EPS) of $7.46, marking the 23rd...

Baptista Research

Atmos Energy: An Analysis of its Recent Strategic Planning & Major Growth Drivers!

Atmos Energy Corporation, a prominent player in the U.S. natural gas sector, recently shared its fiscal 2025 thirdquarter results, presenting a...

Baptista Research

Atmos Energy: An Insight Into Its Robust Financing Strategy

Atmos Energy Corporation reported impressive fiscal 2025 first-quarter results with a net income of $352 million, translating into $2.23 per...

Baptista Research

Atmos Energy Corporation: Will Its Capital Investments Towards System Modernization Be A Critical Growth Accelerator? - Major Drivers

Atmos Energy Corporation's fiscal 2024 fourth-quarter results highlight a consistent growth trajectory marked by robust capital investments,...

Baptista Research

Recessionary Signals as SPX Tests Resistance; Downgrading Energy to Underweight

Recessionary Signals as $SPX Tests Resistance; Downgrading Energy $XLE to Underweight; WTI Crude Oil Breakdown. Still expecting more downside. $XLB...

Vermilion Research

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