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>EnerSys reported its fourth quarter and full year fiscal 2025 results, reflecting both strengths and challenges that are integral to its ongoing business strategy and market environment.</li><li>The company achieved a notable 7% increase in revenue for the fourth quarter, marking its second-highest revenue quarter ever, with a record adjusted diluted EPS of $1.86.</li><li>A significant contribution came from the Motive Power segment, which exhibited strong margin growth, and overall, EnerSys reported solid contributions from the recently acquired Bren-Tronics.</li></ul>

EnerSys reported its fourth quarter and full year fiscal 2025 results, reflecting both strengths and challenges that are integral to its ongoing business strategy and market environment.The company achieved a notable 7% increase in revenue for the fourth quarter, marking its second-highest revenue quarter ever, with a record adjusted diluted EPS of $1.86.A significant contribution came from the Motive Power segment, which exhibited strong margin growth, and overall, EnerSys reported solid contributions from the recently acquired Bren-Tronics.

EnerSys Just Unlocked a Multi-Billion Dollar Opportunity With Its Motive Power Breakthrough; What Lies Ahead?

<ul><li>EnerSys reported a mixed but promising outlook for their fiscal third quarter of 2025.</li><li>Revenue increased by 5% year-over-year, reaching approximately $906 million, though this growth was mildly under expectations due to foreign exchange pressures, slower U.S. communication market recovery, and a disruption at a motive power customer's facility in EMEA.</li><li>A key positive for the quarter was the notable margin expansion driven by a strong price/mix across all business lines, operational improvements in Energy Systems, and contributions from the recent Bren-Tronics acquisition.</li></ul>

EnerSys reported a mixed but promising outlook for their fiscal third quarter of 2025.Revenue increased by 5% year-over-year, reaching approximately $906 million, though this growth was mildly under expectations due to foreign exchange pressures, slower U.S. communication market recovery, and a disruption at a motive power customer's facility in EMEA.A key positive for the quarter was the notable margin expansion driven by a strong price/mix across all business lines, operational improvements in Energy Systems, and contributions from the recent Bren-Tronics acquisition.

Enersys - EnerSys: Electrification & Digitization Trends Can Shape The Future Of Energy Management!

<ul><li>EnerSys' fiscal second-quarter 2025 earnings reveal a mixed but strategic outlook for the company.</li><li>Under the backdrop of CEO David Shaffer's impending retirement and the appointment of Shawn O'Connell as his successor, EnerSys reported revenues of $884 million, a slight decline of 2% year-over-year, reflecting challenges in communications and transportation markets, particularly Class 8 truck OEMs. This was somewhat offset by growth in the Aerospace and Defense (A&D) sector and the integration of the Bren-Tronics acquisition, which contributed positively to their specialty business segment.</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>

EnerSys' fiscal second-quarter 2025 earnings reveal a mixed but strategic outlook for the company.Under the backdrop of CEO David Shaffer's impending retirement and the appointment of Shawn O'Connell as his successor, EnerSys reported revenues of $884 million, a slight decline of 2% year-over-year, reflecting challenges in communications and transportation markets, particularly Class 8 truck OEMs. This was somewhat offset by growth in the Aerospace and Defense (A&D) sector and the integration of the Bren-Tronics acquisition, which contributed positively to their specialty business segment.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.

EnerSys Powers Ahead with 50% Growth in Data Center Demand: The Future of Storage is Here! - Major Drivers

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 review results for the Global Lithium Index. There are two additions for the index and there will also be capping changes for some stocks.</li>
<li>Estimated one-way turnover is 26.3% and will result in a round-trip trade of US$813m. There are some stocks with over 0.5x ADV to trade.</li>
<li>The index has broken out of the secular downtrend, but investors continue to redeem units from the ETFs tracking the index.</li>
</ul>


Solactive has announced the review results for the Global Lithium Index. There are two additions for the index and there will also be capping changes for some stocks.
Estimated one-way turnover is 26.3% and will result in a round-trip trade of US$813m. There are some stocks with over 0.5x ADV to trade.
The index has broken out of the secular downtrend, but investors continue to redeem units from the ETFs tracking the index.


Solactive Global Lithium Index Rebalance: Two Adds and Capping Changes

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>After 5.5-months, SPX broke below its 20-dayMA in decisive fashion on Friday.6569 has been our level that needs to break in order for us to believe a pullback has begun</li>
<li>SPX made a low of 6551 on Friday (less than 20 points or 0.3% from our 6569 level), meaning it was NOT a decisive breakdown (in time or price).</li>
<li>As a result, our near-term bullish outlook since our 4/22/25 Compass remains intact, and it will stay that way as long as the SPX holds above 6550-6569.</li>
</ul>


After 5.5-months, SPX broke below its 20-dayMA in decisive fashion on Friday.6569 has been our level that needs to break in order for us to believe a pullback has begun
SPX made a low of 6551 on Friday (less than 20 points or 0.3% from our 6569 level), meaning it was NOT a decisive breakdown (in time or price).
As a result, our near-term bullish outlook since our 4/22/25 Compass remains intact, and it will stay that way as long as the SPX holds above 6550-6569.


6550-6569 S&P 500 Support Holding For Now; Still Bullish, But Late-October Consolidation Possible

United States

EnerSys manufactures, markets, and distributes industrial batteries.  The Company also manufactures, markets, and distributes related products such as chargers, power equipment, and battery accessories.  EnerSys provides related after-market and customer-support services for lead-acid industrial batteries.

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Enersys (ENS US)

EnerSys Just Unlocked a Multi-Billion Dollar Opportunity With Its Motive Power Breakthrough; What Lies Ahead?

EnerSys reported its fourth quarter and full year fiscal 2025 results, reflecting both strengths and challenges that are integral to its ongoing...

Baptista Research

Enersys - EnerSys: Electrification & Digitization Trends Can Shape The Future Of Energy Management!

EnerSys reported a mixed but promising outlook for their fiscal third quarter of 2025. Revenue increased by 5% year-over-year, reaching...

Baptista Research

EnerSys Powers Ahead with 50% Growth in Data Center Demand: The Future of Storage is Here! - Major Drivers

EnerSys' fiscal second-quarter 2025 earnings reveal a mixed but strategic outlook for the company. Under the backdrop of CEO David Shaffer's...

Baptista Research

Solactive Global Lithium Index Rebalance: Two Adds and Capping Changes

There are 2 adds and capping changes for the Global Lithium Index next week. Estimated one-way turnover is 26.3% and the round-trip trade is...

Brian Freitas

6550-6569 S&P 500 Support Holding For Now; Still Bullish, But Late-October Consolidation Possible

6550-6569 $SPX Support Holding For Now; Still Bullish Near-Term and Intermediate-Term, But late-October Consolidation Possible Before Year-End...

Vermilion Research

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