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>Equinor reported a robust financial performance for the first quarter with notable achievements, as well as challenges, particularly concerning their Empire Wind project.</li><li>The company announced an adjusted operating income of $8.6 billion before tax and a net income of $2.6 billion under IFRS.</li><li>Cash flow from operations post-tax was $7.4 billion, with an adjusted earnings per share of $0.66 and $0.97 on GAAP terms.</li></ul>

Equinor reported a robust financial performance for the first quarter with notable achievements, as well as challenges, particularly concerning their Empire Wind project.The company announced an adjusted operating income of $8.6 billion before tax and a net income of $2.6 billion under IFRS.Cash flow from operations post-tax was $7.4 billion, with an adjusted earnings per share of $0.66 and $0.97 on GAAP terms.

Equinor’s Bacalhau Project Is On Track—Could This Brazilian Oil Field Be a Game-Changer for 2025?

<ul><li>Equinor ASA's Q3 earnings report presents mixed signals, with both promising and challenging aspects evident in its operational and financial activities.</li><li>On the positive side, Equinor delivered solid financial results despite a challenging environment with numerous planned turnarounds.</li><li>The company reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.</li></ul>

Equinor ASA's Q3 earnings report presents mixed signals, with both promising and challenging aspects evident in its operational and financial activities.On the positive side, Equinor delivered solid financial results despite a challenging environment with numerous planned turnarounds.The company reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.

Equinor Doubles Down on European Gas Volatility – Will This Strategy Pay Off?

<ul><li>Equinor ASA's recent performance for the third quarter highlights several noteworthy financial and operational metrics, reflecting both strengths and challenges in its strategic execution.</li><li>For the quarter, Equinor reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.</li><li>Year-to-date, the company has generated $14 billion in cash flow from operations after tax.</li></ul>

Equinor ASA's recent performance for the third quarter highlights several noteworthy financial and operational metrics, reflecting both strengths and challenges in its strategic execution.For the quarter, Equinor reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.Year-to-date, the company has generated $14 billion in cash flow from operations after tax.

Equinor ASA: Will The Increased Gas Exposure in Europe Decision Ignite a Breakthrough? - Major Drivers

<ul><li>Equinor’s recent performance reflects a company navigating a complex energy landscape while making strategic progress across its diverse portfolio, including upstream oil and gas, renewables, and low-carbon solutions.</li><li>At the outset, the company reported adjusted operating income of $7.5 billion before tax and an IFRS net income of $1.9 billion for the second quarter.</li><li>These numbers suggest a substantial financial capacity, driven by strong operational performance and backed by solid strategic decisions in both traditional and renewable sectors.</li></ul>

Equinor’s recent performance reflects a company navigating a complex energy landscape while making strategic progress across its diverse portfolio, including upstream oil and gas, renewables, and low-carbon solutions.At the outset, the company reported adjusted operating income of $7.5 billion before tax and an IFRS net income of $1.9 billion for the second quarter.These numbers suggest a substantial financial capacity, driven by strong operational performance and backed by solid strategic decisions in both traditional and renewable sectors.

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>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121


Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Norway

Equinor ASA operates as an energy company. The Company develops oil, gas, wind, and solar energy projects, as well as focuses on offshore operations and exploration services. Equinor serves customers worldwide.

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Equinor ASA (EQNR US)

Equinor’s Bacalhau Project Is On Track—Could This Brazilian Oil Field Be a Game-Changer for 2025?

Equinor reported a robust financial performance for the first quarter with notable achievements, as well as challenges, particularly concerning...

Baptista Research

Equinor Doubles Down on European Gas Volatility – Will This Strategy Pay Off?

Equinor ASA's Q3 earnings report presents mixed signals, with both promising and challenging aspects evident in its operational and financial...

Baptista Research

Equinor ASA: Will The Increased Gas Exposure in Europe Decision Ignite a Breakthrough? - Major Drivers

Equinor ASA's recent performance for the third quarter highlights several noteworthy financial and operational metrics, reflecting both strengths...

Baptista Research

Equinor ASA: Leveraging Dominance

Equinor’s recent performance reflects a company navigating a complex energy landscape while making strategic progress across its diverse...

Baptista Research

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

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