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>Carvana Co.'s latest earnings for Q1 2025 highlighted several key achievements as well as ongoing challenges.</li><li>The company reported robust growth across several financial metrics, reflecting the effectiveness of its business model in a competitive and fragmented automotive retail industry.</li><li>On the positive side, Carvana achieved record retail units sold at 133,898, representing a 46% increase year over-year.</li></ul>

Carvana Co.'s latest earnings for Q1 2025 highlighted several key achievements as well as ongoing challenges.The company reported robust growth across several financial metrics, reflecting the effectiveness of its business model in a competitive and fragmented automotive retail industry.On the positive side, Carvana achieved record retail units sold at 133,898, representing a 46% increase year over-year.

Carvana Co.: Is The Third-Party Marketplace Expansion Its Secret Weapon For Growth?

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>A weak 20-year note auction last Wednesday sparked the first semi-meaningful pullback since this lockout rally began April 22nd, when we turned short-term bullish (4/22/25Compass) as SPX was testing 5100-5120.</li>
<li>We will be watching the 10- and 30-year Treasury yields closely, as both are approaching important resistance levels (more on that below).</li>
<li>Unsurprisingly, SPX only tested short-term gap support on the pullback at 5700-5785, where we said to expect support in last week's Compass (5/20/25). Expect this gap support to hold.</li>
</ul>


A weak 20-year note auction last Wednesday sparked the first semi-meaningful pullback since this lockout rally began April 22nd, when we turned short-term bullish (4/22/25Compass) as SPX was testing 5100-5120.
We will be watching the 10- and 30-year Treasury yields closely, as both are approaching important resistance levels (more on that below).
Unsurprisingly, SPX only tested short-term gap support on the pullback at 5700-5785, where we said to expect support in last week's Compass (5/20/25). Expect this gap support to hold.


Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

Podcast by Andrew Walker, a PM at Rangeley Capital, Yet Another Value Podcast

Yet Another Value Podcast

Podcast by Andrew Walker, a PM at Rangeley Capital

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

<ul><li>Carvana is the largest e-commerce-only used auto retailer in the US, launched in 2012 by Ernie Garcia Jr.</li><li>The company is fully vertically integrated, handling financing, operations, logistics, delivery, reconditioning, and inspection in-house.</li><li>Carvana disrupts the traditional car-buying experience, offering a user-friendly process that can be completed in under an hour, compared to the typical several hours at a dealership.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Carvana is the largest e-commerce-only used auto retailer in the US, launched in 2012 by Ernie Garcia Jr.The company is fully vertically integrated, handling financing, operations, logistics, delivery, reconditioning, and inspection in-house.Carvana disrupts the traditional car-buying experience, offering a user-friendly process that can be completed in under an hour, compared to the typical several hours at a dealership.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Recurve Capital's Aaron Chan on the scalability of Carvana's $CVNA business model

<ul><li>In a dramatic turn of events, Hindenburg Research has publicly disclosed a short position against Carvana, intensifying the scrutiny on the online used-car retailer.</li><li>The latest report from Hindenburg, titled “Carvana: A Father-Son Accounting Grift for the Ages,” accuses the company of financial manipulation and unsustainable growth driven by a precarious subprime loan portfolio.</li><li>This revelation has sent ripples through the stock market, causing Carvana’s shares to dip by 1.9% in New York, marking a significant shift after a remarkable 284% surge in the previous year.</li></ul>

In a dramatic turn of events, Hindenburg Research has publicly disclosed a short position against Carvana, intensifying the scrutiny on the online used-car retailer.The latest report from Hindenburg, titled “Carvana: A Father-Son Accounting Grift for the Ages,” accuses the company of financial manipulation and unsustainable growth driven by a precarious subprime loan portfolio.This revelation has sent ripples through the stock market, causing Carvana’s shares to dip by 1.9% in New York, marking a significant shift after a remarkable 284% surge in the previous year.

Carvana Under Fire: Hindenburg Unveils Explosive Allegations!

<ul><li>Carvana Co. reported an outstanding performance in the third quarter of 2024, with significant financial achievements that attested both to their operational efficiency and market penetration.</li><li>The company registered a record net income of $148 million, with the adjusted EBITDA reaching $429 million, corresponding to an adjusted EBITDA margin of 11.7%.</li><li>These figures represent not only a record for Carvana Co. but also, as noted by CEO Ernie Garcia, mark the most profitable quarter among automotive public retailers ever.</li></ul>

Carvana Co. reported an outstanding performance in the third quarter of 2024, with significant financial achievements that attested both to their operational efficiency and market penetration.The company registered a record net income of $148 million, with the adjusted EBITDA reaching $429 million, corresponding to an adjusted EBITDA margin of 11.7%.These figures represent not only a record for Carvana Co. but also, as noted by CEO Ernie Garcia, mark the most profitable quarter among automotive public retailers ever.

Carvana Co.: Enhanced Online Marketplace Growth & Other Major Drivers

United States

Carvana Co. operates an online platform for buying used cars. The Company offers test drives, vehicle financing, and car reviews. Carvana serves customers in the United States.

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Carvana (CVNA US)

Carvana Co.: Is The Third-Party Marketplace Expansion Its Secret Weapon For Growth?

Carvana Co.'s latest earnings for Q1 2025 highlighted several key achievements as well as ongoing challenges. The company reported robust growth...

Baptista Research

Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

Upgrading Consumer Discretionary $XLY to Overweight; 5700-5785 $SPX Gap Support Holding as we expected/discussed last week. 4.7-4.8% on 10y...

Vermilion Research

Recurve Capital's Aaron Chan on the scalability of Carvana's $CVNA business model

Carvana is a rapidly growing e-commerce used auto retailer disrupting the traditional industry with a user-friendly buying experience and...

Yet Another Value Podcast

Carvana Under Fire: Hindenburg Unveils Explosive Allegations!

In a dramatic turn of events, Hindenburg Research has publicly disclosed a short position against Carvana, intensifying the scrutiny on the online...

Baptista Research

Carvana Co.: Enhanced Online Marketplace Growth & Other Major Drivers

Carvana Co. reported an outstanding performance in the third quarter of 2024, with significant financial achievements that attested both to their...

Baptista Research

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