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>Cameco Corporation's recent earnings provided a detailed overview of the company's strong performance in the nuclear energy sector, bolstered by a favorable market environment.</li><li>The corporation maintained its disciplined approach to operations and financial management, demonstrating resilience amidst the evolving geopolitical landscape and growing interest in nuclear energy as a clean energy solution.</li><li>The positives from the earnings call highlighted Cameco's strategic positioning and robust financial health.</li></ul>

Cameco Corporation's recent earnings provided a detailed overview of the company's strong performance in the nuclear energy sector, bolstered by a favorable market environment.The corporation maintained its disciplined approach to operations and financial management, demonstrating resilience amidst the evolving geopolitical landscape and growing interest in nuclear energy as a clean energy solution.The positives from the earnings call highlighted Cameco's strategic positioning and robust financial health.

Cameco Corporation: Initiation of Coverage- McArthur River & Cigar Lake Developments AS a Crucial Factor Influencing The Company's Outlook!

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>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index with implementation at the close on 31 July.</li>
<li>Nano Nuclear Energy (NNE US) and Atha Energy Corp (ATHA CN) will be added to the index. Estimated one-way turnover is 16.3% resulting in a round-trip trade of US$1.36bn.</li>
<li>There are only 3 trading days to implementation of the changes and we'd watch out for big moves on stocks that have more than 2x ADV to trade.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index with implementation at the close on 31 July.
Nano Nuclear Energy (NNE US) and Atha Energy Corp (ATHA CN) will be added to the index. Estimated one-way turnover is 16.3% resulting in a round-trip trade of US$1.36bn.
There are only 3 trading days to implementation of the changes and we'd watch out for big moves on stocks that have more than 2x ADV to trade.


Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Cameco’s earnings have rebounded strongly with operating leverage from higher uranium prices and conversion margins.</li>
<li>The company is scaling its uranium volumes, upgrading fuel assets, and leveraging its 49% stake in Westinghouse to gain downstream exposure to SMRs and nuclear services.</li>
<li>While valuations appear stretched in the near term, Cameco’s integrated nuclear platform offers attractive long-term optionality, albeit with execution and geopolitical risks.</li>
</ul>


Cameco’s earnings have rebounded strongly with operating leverage from higher uranium prices and conversion margins.
The company is scaling its uranium volumes, upgrading fuel assets, and leveraging its 49% stake in Westinghouse to gain downstream exposure to SMRs and nuclear services.
While valuations appear stretched in the near term, Cameco’s integrated nuclear platform offers attractive long-term optionality, albeit with execution and geopolitical risks.


Cameco (TSX: CCO) – Strong Earnings, Westinghouse Expansion, Long-Term Tailwinds in Nuclear Cycle

<ul>
<li>Paladin reported a Q3 FY25 net loss of US$38M, impacted by non-cash impairments and ramp-up costs, though production at Langer Heinrich hit post-restart highs.</li>
<li>Management targets steady-state output of ~6 Mlb by FY27, with uranium demand set to outpace supply driven by new reactor builds and SMR adoption.</li>
<li>At core EV/EBITDA of ~2.8x on US$70/lb uranium, valuations appear undemanding relative to long-life assets and sector-leading leverage to uranium prices.</li>
</ul>


Paladin reported a Q3 FY25 net loss of US$38M, impacted by non-cash impairments and ramp-up costs, though production at Langer Heinrich hit post-restart highs.
Management targets steady-state output of ~6 Mlb by FY27, with uranium demand set to outpace supply driven by new reactor builds and SMR adoption.
At core EV/EBITDA of ~2.8x on US$70/lb uranium, valuations appear undemanding relative to long-life assets and sector-leading leverage to uranium prices.


Paladin Energy (ASX: PDN) – Ramp-Up Progressing Amid Strong Uranium Tailwinds & Optionality

<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

Canada

Cameco Corporation explores, develops, mines, refines, converts, and fabricates uranium. The Company offers uranium for sale as fuel for generating electricity in nuclear power reactors. Cameco operates worldwide.

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Cameco Corp (CCO CN)

Cameco Corporation: Initiation of Coverage- McArthur River & Cigar Lake Developments AS a Crucial Factor Influencing The Company's Outlook!

Cameco Corporation's recent earnings provided a detailed overview of the company's strong performance in the nuclear energy sector, bolstered by a...

Baptista Research

Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade

There are 2 adds and capping changes in July for an estimated one-way turnover of 16.3% and a round-trip trade of US$1.4bn. Only 3 days to...

Brian Freitas

Cameco (TSX: CCO) – Strong Earnings, Westinghouse Expansion, Long-Term Tailwinds in Nuclear Cycle

Cameco's strong earnings rebound driven by higher uranium prices and strategic growth initiatives, offering long-term potential despite near-term...

Rahul Jain

Paladin Energy (ASX: PDN) – Ramp-Up Progressing Amid Strong Uranium Tailwinds & Optionality

Management targets steady-state output of ~6 Mlb by FY27, with uranium demand set to outpace supply. Valuations appear undemanding with core EV...

Rahul Jain

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

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52-week Range

Market Cap (USDm)

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Cameco Corporation: Initiation of Coverage- McArthur River & Cigar Lake Developments AS a Crucial Factor Influencing The Company's Outlook!

Cameco Corporation's recent earnings provided a detailed overview of the company's strong performance in the nuclear energy sector, bolstered by a...

Baptista Research

Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade

There are 2 adds and capping changes in July for an estimated one-way turnover of 16.3% and a round-trip trade of US$1.4bn. Only 3 days to...

Brian Freitas

Cameco (TSX: CCO) – Strong Earnings, Westinghouse Expansion, Long-Term Tailwinds in Nuclear Cycle

​Cameco's strong earnings rebound driven by higher uranium prices and strategic growth initiatives, offering long-term potential despite near-term...

Rahul Jain

Paladin Energy (ASX: PDN) – Ramp-Up Progressing Amid Strong Uranium Tailwinds & Optionality

Management targets steady-state output of ~6 Mlb by FY27, with uranium demand set to outpace supply. Valuations appear undemanding with core EV...

Rahul Jain

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

Cameco's strong earnings rebound driven by higher uranium prices and strategic growth initiatives, offering long-term potential despite near-term...