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>Enphase Energy, a leading provider of energy management solutions, reported its first quarter 2024 financial results.</li><li>For the quarter ending March 31, 2024, the company reported a total revenue of $263.3 million, a slight decrease compared with the previous quarter.</li><li>The company also managed to ship approximately 1.4 million microinverters and 75.5 megawatt hours of batteries during this period, leading to a free cash flow of $41.8 million.</li></ul>

Enphase Energy, a leading provider of energy management solutions, reported its first quarter 2024 financial results.For the quarter ending March 31, 2024, the company reported a total revenue of $263.3 million, a slight decrease compared with the previous quarter.The company also managed to ship approximately 1.4 million microinverters and 75.5 megawatt hours of batteries during this period, leading to a free cash flow of $41.8 million.

Enphase Energy: Are Its Solar-Plus-Storage Products A Critical Growth Catalyst? - Major Drivers

<ul><li>Enphase Energy Inc.'s fourth quarter 2023 financial results show a quarterly revenue of $302.6 million, a considerable shipment of 1.6 million microinverters and 80.7 megawatt hours of battery, along with a generation of free cash flow of $15.4 million.</li><li>The company also achieved a reduction of $147 million in Q4, and met their goal of reducing channel inventory.</li><li>The quarter saw a 50% gross margin, 29% operating expenses, and 22% operating income.</li></ul>

Enphase Energy Inc.'s fourth quarter 2023 financial results show a quarterly revenue of $302.6 million, a considerable shipment of 1.6 million microinverters and 80.7 megawatt hours of battery, along with a generation of free cash flow of $15.4 million.The company also achieved a reduction of $147 million in Q4, and met their goal of reducing channel inventory.The quarter saw a 50% gross margin, 29% operating expenses, and 22% operating income.

Enphase Energy: The 4th-Gen Battery Breakthrough You Can't Miss! - Major Drivers

<ul><li>Enphase delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus in earnings.</li><li>Enphase shipped 50,000 microinverters in the quarter from two of its contract manufacturers, Foxconn in Wisconsin and Flex in South Carolina.</li><li>This was a solid quarter for the company's international revenue mainly due to the growth in Australia and Europe.</li></ul>

Enphase delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus in earnings.Enphase shipped 50,000 microinverters in the quarter from two of its contract manufacturers, Foxconn in Wisconsin and Flex in South Carolina.This was a solid quarter for the company's international revenue mainly due to the growth in Australia and Europe.

Enphase Energy Inc.: Expanded Distribution In Germany & Other Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>S&amp;P DJI Global Indices on Friday announced the changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P 600 to be implement at the close on 17 December. </li>
<li>There were no surprises and the whole exercise is one of rearranging the deckchairs. Stocks move up an index, or down an index, but nothing moves out of the three.</li>
<li>The proprietary S&amp;P data suggests little opportunity, but empirical data suggests otherwise, and as in most cases, the interesting trades are the smaller ones.</li>
</ul>


S&amp;P DJI Global Indices on Friday announced the changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P 600 to be implement at the close on 17 December. 
There were no surprises and the whole exercise is one of rearranging the deckchairs. Stocks move up an index, or down an index, but nothing moves out of the three.
The proprietary S&amp;P data suggests little opportunity, but empirical data suggests otherwise, and as in most cases, the interesting trades are the smaller ones.


S&P500 Rebalance for December 2021 - Rearranging the Deckchairs

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Gridwiz is getting ready to complete its IPO on KOSDAQ in June. Gridwiz focuses on the power demand resource management (DR) business, involving utilities, energy storage system, and solar power.</li>
<li>The IPO price range is from 34,000 won to 40,000 won. The IPO offering amount ranges from 47.6 billion won to 56 billion won. </li>
<li>According to the bankers' valuation, the market capitalization post listing is expected to reach 285 billion won to 335 billion won. </li>
</ul>


Gridwiz is getting ready to complete its IPO on KOSDAQ in June. Gridwiz focuses on the power demand resource management (DR) business, involving utilities, energy storage system, and solar power.
The IPO price range is from 34,000 won to 40,000 won. The IPO offering amount ranges from 47.6 billion won to 56 billion won. 
According to the bankers' valuation, the market capitalization post listing is expected to reach 285 billion won to 335 billion won. 


United States

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

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Enphase Energy (ENPH US)

Enphase Energy: Are Its Solar-Plus-Storage Products A Critical Growth Catalyst? - Major Drivers

Enphase Energy, a leading provider of energy management solutions, reported its first quarter 2024 financial results. For the quarter ending March...

Baptista Research

Enphase Energy: The 4th-Gen Battery Breakthrough You Can't Miss! - Major Drivers

Enphase Energy Inc.'s fourth quarter 2023 financial results show a quarterly revenue of $302.6 million, a considerable shipment of 1.6 million...

Baptista Research

Enphase Energy Inc.: Expanded Distribution In Germany & Other Drivers

Enphase delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus in...

Baptista Research

S&P500 Rebalance for December 2021 - Rearranging the Deckchairs

The S&P announced its changes to the S&P500, S&P Midcap 400, and S&P Small 600 Indices. All names moving in and out of these indices are coming...

Travis Lundy

Gridwiz IPO Preview

Gridwiz is getting ready to complete its IPO on KOSDAQ in June. Gridwiz focuses on the power demand resource management (DR) business, involving...

Douglas Kim

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