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>CDW's third-quarter performance in 2024 highlighted both challenges and areas of resilience amidst a tough market landscape.</li><li>The financial results show mixed signals with some underwhelming outcomes paired with areas of growth indicating a complex operational environment.</li><li>Gross profit amounted to $1.2 billion, marking a 2% decline from the previous year, while net sales decreased by 3.5% on an average daily sales basis to $5.5 billion.</li></ul>

CDW's third-quarter performance in 2024 highlighted both challenges and areas of resilience amidst a tough market landscape.The financial results show mixed signals with some underwhelming outcomes paired with areas of growth indicating a complex operational environment.Gross profit amounted to $1.2 billion, marking a 2% decline from the previous year, while net sales decreased by 3.5% on an average daily sales basis to $5.5 billion.

CDW Corporation: Enhanced Cloud and SaaS Focus Driving Our Optimism! - Major Drivers

<ul><li>CDW's earnings for the second quarter of 2024 indicated a cautious consumer behavior resulting in elongated sales cycles and a preference to prioritize immediate needs over expansion endeavors.</li><li>CDW has witnessed a hesitation in capital investments, particularly those tied to data center and network modernization, alongside a significant interaction with client device refresh activities.</li><li>Additionally, unexpected market-specific dynamics, such as escalated challenges in the UK market and concerns around federal funding in the US, were cited as influencing factors.</li></ul>

CDW's earnings for the second quarter of 2024 indicated a cautious consumer behavior resulting in elongated sales cycles and a preference to prioritize immediate needs over expansion endeavors.CDW has witnessed a hesitation in capital investments, particularly those tied to data center and network modernization, alongside a significant interaction with client device refresh activities.Additionally, unexpected market-specific dynamics, such as escalated challenges in the UK market and concerns around federal funding in the US, were cited as influencing factors.

CDW Corporation: Focus on Emerging Technologies & Other Factors Driving Our Optimism! - Financial Forecasts

<ul><li>CDW Corporation has reported its Q1 2024 earnings.</li><li>Despite a challenging market environment, gross profit came in at $1.1 billion, while non-GAAP operating income stood at $404 million.</li><li>Gross margin for the period was a Q1 record, demonstrating the resilience of CDW's underlying profitability and strategic integrity.</li></ul>

CDW Corporation has reported its Q1 2024 earnings.Despite a challenging market environment, gross profit came in at $1.1 billion, while non-GAAP operating income stood at $404 million.Gross margin for the period was a Q1 record, demonstrating the resilience of CDW's underlying profitability and strategic integrity.

CDW Corporation: How Is The Assessment and Experimentation Stage of AI Progressing? - Major Drivers

<ul><li>CDW Corporation's fourth-quarter monetary 2023 outcomes highlight both its ability to deliver strong outcomes in an uneven market environment and a greater strategic emphasis on its role as a trusted advisor to customers navigating complex technologies.</li><li>The IT hardware and solutions company’s net sales for the quarter were $5 billion, 7.7% lower than the corresponding period in 2022, yet the company reported gross profit of $1.15 billion (a decrease of 2% year-on-year).</li><li>Proportional non-GAAP operating income and non-GAAP net income per share rose by 1% and 3% year-on-year respectively.</li></ul>

CDW Corporation's fourth-quarter monetary 2023 outcomes highlight both its ability to deliver strong outcomes in an uneven market environment and a greater strategic emphasis on its role as a trusted advisor to customers navigating complex technologies.The IT hardware and solutions company’s net sales for the quarter were $5 billion, 7.7% lower than the corresponding period in 2022, yet the company reported gross profit of $1.15 billion (a decrease of 2% year-on-year).Proportional non-GAAP operating income and non-GAAP net income per share rose by 1% and 3% year-on-year respectively.

CDW Corporation: Continued Focus on AI Investments & 5 Major Catalysts For Future Growth - Financial Forecasts

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 were 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. Then another ad hoc change was added on top of that.</li>
<li>Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.</li>
<li>Apart from the constituent changes, there are expected to be inflows in <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors</a> and <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a> and outflows from <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>.</li>
</ul>


There were 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. Then another ad hoc change was added on top of that.
Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.
Apart from the constituent changes, there are expected to be inflows in Tesla Motors and Broadcom and outflows from Apple, Microsoft, Amazon.com and NVIDIA.


NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

United States

CDW Corporation of Delaware provides information technology products and services. The Company offers hardware, software, computer peripherals, cloud computing, mobile devices, network communication, and security solutions. CDW serves business, government, education, and healthcare customers throughout North America.

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Cdw Corp/De (CDW US)

CDW Corporation: Enhanced Cloud and SaaS Focus Driving Our Optimism! - Major Drivers

CDW's third-quarter performance in 2024 highlighted both challenges and areas of resilience amidst a tough market landscape. The financial results...

Baptista Research

CDW Corporation: Focus on Emerging Technologies & Other Factors Driving Our Optimism! - Financial Forecasts

CDW's earnings for the second quarter of 2024 indicated a cautious consumer behavior resulting in elongated sales cycles and a preference to...

Baptista Research

CDW Corporation: How Is The Assessment and Experimentation Stage of AI Progressing? - Major Drivers

CDW Corporation has reported its Q1 2024 earnings. Despite a challenging market environment, gross profit came in at $1.1 billion, while non-GAAP...

Baptista Research

CDW Corporation: Continued Focus on AI Investments & 5 Major Catalysts For Future Growth - Financial Forecasts

CDW Corporation's fourth-quarter monetary 2023 outcomes highlight both its ability to deliver strong outcomes in an uneven market environment and...

Baptista Research

NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

There are 7 changes at the close on 15 December with an estimated one-way trade of US$18.7bn. Impact on the constituent changes varies from 1-8...

Brian Freitas

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