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>BWX Technologies, Inc. recorded a strong performance for its fourth quarter and full year 2024, with earnings exceeding initial projections and a significant backlog increase.</li><li>The company achieved records in several financial metrics, including revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow.</li><li>The strategic focus on nuclear technology across various sectors, including national security, clean energy, and medicine, positioned BWX Technologies to harness growing market demand.</li></ul>

BWX Technologies, Inc. recorded a strong performance for its fourth quarter and full year 2024, with earnings exceeding initial projections and a significant backlog increase.The company achieved records in several financial metrics, including revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow.The strategic focus on nuclear technology across various sectors, including national security, clean energy, and medicine, positioned BWX Technologies to harness growing market demand.

BWX Technologies Powers Ahead with Revolutionary Reactor Development Breakthroughs!

<ul><li>BWX Technologies (BWXT) reported robust results in its third-quarter 2024 earnings, showing strong organic revenue growth of 14%.</li><li>This growth, combined with solid operational performance, led to a 19% increase in adjusted EBITDA and a 24% rise in adjusted earnings per share (EPS).</li><li>These results exceeded expectations, prompting the company to raise its 2024 adjusted EPS guidance to around $3.20, the upper limit of its previous range, while maintaining its free cash flow guidance of $225 million to $250 million.</li></ul>

BWX Technologies (BWXT) reported robust results in its third-quarter 2024 earnings, showing strong organic revenue growth of 14%.This growth, combined with solid operational performance, led to a 19% increase in adjusted EBITDA and a 24% rise in adjusted earnings per share (EPS).These results exceeded expectations, prompting the company to raise its 2024 adjusted EPS guidance to around $3.20, the upper limit of its previous range, while maintaining its free cash flow guidance of $225 million to $250 million.

BWX Technologies Inc.: Can Its Microreactors & Small Modular Reactors Market Opportunities Up Their Game? - Major Drivers

<ul><li>BWX Technologies reported robust achievements in the second quarter of 2024, surpassing expectations with organic revenue growth of 11%, adjusted EBITDA growth of 18%, and a 26% increase in adjusted earnings per share.</li><li>These encouraging developments stem from proficient executions across business lines and favorable timing in the first half, prompting the company to raise the lower end of its adjusted earnings per share guidance to a new range of $3.10 to $3.20 and to reaffirm expectations for mid-single-digit growth in both revenue and adjusted EBITDA for the full year.</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>

BWX Technologies reported robust achievements in the second quarter of 2024, surpassing expectations with organic revenue growth of 11%, adjusted EBITDA growth of 18%, and a 26% increase in adjusted earnings per share.These encouraging developments stem from proficient executions across business lines and favorable timing in the first half, prompting the company to raise the lower end of its adjusted earnings per share guidance to a new range of $3.10 to $3.20 and to reaffirm expectations for mid-single-digit growth in both revenue and adjusted EBITDA for the full year.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.

BWX Technologies Inc.: Initiation Of Coverage - Microreactor Development and Deployment

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 is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:6426:1" rel="noopener">Cgn Mining (1164 HK)</a> is an add to both indices. <a href="https://www.smartkarma.com/entities/endesa-sa" target="_blank" data-smartkarma-citation="entities:21264:1" rel="noopener">Endesa SA</a> is a delete from the Uranium&amp;Nuclear Energy Index, <a href="https://www.smartkarma.com/entities/encore-energy-corp" target="_blank" data-smartkarma-citation="entities:39218:1" rel="noopener">Encore Energy</a> is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.</li>
<li>The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.</li>
</ul>


There is 1 add/delete for each of the MVIS Global Uranium &amp; Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.

Cgn Mining (1164 HK) is an add to both indices. Endesa SA is a delete from the Uranium&amp;Nuclear Energy Index, Encore Energy is a delete from the Uranium&amp;Nuclear Energy Infrastructure Index.
The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.


MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.</li>
<li>We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.</li>
<li>We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.
We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.
We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025


Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

United States

BWX Technologies, Inc. supplies nuclear components and fuel to the U.S. government. The Company offers precision manufactured components and services for the commercial nuclear power industry. BWX Technologies also provides technical, management, and site services to support governments in the operation of complex facilities and environmental remediation activities.

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Bwx Technologies (BWXT US)

BWX Technologies Powers Ahead with Revolutionary Reactor Development Breakthroughs!

BWX Technologies, Inc. recorded a strong performance for its fourth quarter and full year 2024, with earnings exceeding initial projections and a...

Baptista Research

BWX Technologies Inc.: Can Its Microreactors & Small Modular Reactors Market Opportunities Up Their Game? - Major Drivers

BWX Technologies (BWXT) reported robust results in its third-quarter 2024 earnings, showing strong organic revenue growth of 14%. This growth,...

Baptista Research

BWX Technologies Inc.: Initiation Of Coverage - Microreactor Development and Deployment

BWX Technologies reported robust achievements in the second quarter of 2024, surpassing expectations with organic revenue growth of 11%, adjusted...

Baptista Research

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

CGN Mining is a double add, while Endesa and enCore Energy are deletes. Estimated net round-trip trade across both indices is US$560m.

Brian Freitas

Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

Buy the Pullback $SPX $QQQ $IWM $IJH $VXF; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow as market dynamics to...

Vermilion Research

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