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>Ecolab delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.</li><li>The company's performance was marked by a 7% organic sales growth and an 18% surge in adjusted earnings per share, reaching the high end of expectations.</li><li>Despite unpredictable macro conditions, the company demonstrated exceptional execution, achieving strong pricing, new business gains, accelerated volume trends, and continued robust margin expansion.</li></ul>

Ecolab delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.The company's performance was marked by a 7% organic sales growth and an 18% surge in adjusted earnings per share, reaching the high end of expectations.Despite unpredictable macro conditions, the company demonstrated exceptional execution, achieving strong pricing, new business gains, accelerated volume trends, and continued robust margin expansion.

Ecolab Inc.: Unexpected Earnings: A Sign of Resilience in Tough Times! - Major Drivers

<ul><li>Ecolab delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>The company's effective execution and easing inflationary pressures contributed to reaching the upper end of its projected Q2 earnings growth range.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Ecolab delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.The company's effective execution and easing inflationary pressures contributed to reaching the upper end of its projected Q2 earnings growth range.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Ecolab Inc.: Does It Have Any Kind Of Sustainable Competitive Advantage? - 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>Ever since our 5/30/23 ETF Pathfinder, our view has been that we cannot be bearish unless a key support level breaks (at the time, that was 4050 on the SPX).</li>
<li>The S&amp;P 500 is now above 4300-4325 -- a level that, in January this year, we had anticipated would cap upside for 2023.</li>
<li>We believe 4300-4325 will act as major support moving forward, and we are bullish as long as the SPX is above 4300; we discussed this in our 7/3/23 ETF Pathfinder.</li>
</ul>


Ever since our 5/30/23 ETF Pathfinder, our view has been that we cannot be bearish unless a key support level breaks (at the time, that was 4050 on the SPX).
The S&amp;P 500 is now above 4300-4325 -- a level that, in January this year, we had anticipated would cap upside for 2023.
We believe 4300-4325 will act as major support moving forward, and we are bullish as long as the SPX is above 4300; we discussed this in our 7/3/23 ETF Pathfinder.


DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX, Dow, and Russell 2000

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>Since January 2023 we have anticipated 4165-4200 would cap upside on the S&amp;P 500 for 2023, but that a rally to 4300-4325 is also possible; this remains our view.</li>
<li>So far there has not been much traction above 4200. Obvious problem is weak breadth, but this does not <em>have to</em> end badly if large-caps pause, and capital disperses elsewhere</li>
<li>To that end, we're watching the Russell 2000 (IWM) which is testing 2.5-month resistance at $180; a break above resistance would signal improving breadth and would be a positive development</li>
</ul>


Since January 2023 we have anticipated 4165-4200 would cap upside on the S&amp;P 500 for 2023, but that a rally to 4300-4325 is also possible; this remains our view.
So far there has not been much traction above 4200. Obvious problem is weak breadth, but this does not have to end badly if large-caps pause, and capital disperses elsewhere
To that end, we're watching the Russell 2000 (IWM) which is testing 2.5-month resistance at $180; a break above resistance would signal improving breadth and would be a positive development


Russell 2000 (IWM) Testing $180 Resistance; Rising Treasury Yields & DXY To Become a Problem?

<ul><li>Ecolab performed well in the third quarter and managed an all-around beat.</li><li>In the quarter, margins expanded significantly.</li><li>Organic sales had a solid improvement across all segments, increasing from 12% in the fourth quarter to 13% in the first.</li></ul>

Ecolab performed well in the third quarter and managed an all-around beat.In the quarter, margins expanded significantly.Organic sales had a solid improvement across all segments, increasing from 12% in the fourth quarter to 13% in the first.

Ecolab Inc.: Improved Data Visibility For Water & Other Drivers

United States

Ecolab Inc. is a global provider of water, hygiene, and energy technologies and services for customers in foodservice, food processing, hospitality, healthcare, industrial, and oil and gas markets. The Company's services include water treatments, cleaning and sanitizing solutions, pest elimination, and kitchen repair and maintenance services.

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Ecolab Inc (ECL US)

Ecolab Inc.: Unexpected Earnings: A Sign of Resilience in Tough Times! - Major Drivers

Ecolab delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in...

Baptista Research

Ecolab Inc.: Does It Have Any Kind Of Sustainable Competitive Advantage? - Major Drivers

Ecolab delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par...

Baptista Research

DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX, Dow, and Russell 2000

$DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX $RSP, Dow $DJI, and Russell 2000 $IWM $RTY. $SPX remains bullish as...

Vermilion Research

Russell 2000 (IWM) Testing $180 Resistance; Rising Treasury Yields & DXY To Become a Problem?

So far there has been little traction above $SPX 4200. Weak breadth remains an obvious problem. We are watching the $IWM which is testing $180; a...

Vermilion Research

Ecolab Inc.: Improved Data Visibility For Water & Other Drivers

Ecolab performed well in the third quarter and managed an all-around beat. In the quarter, margins expanded significantly. Organic sales had a...

Baptista Research

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