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>Federal Signal Corporation reported a strong second quarter with year-over-year improvements across key financial metrics, driven by robust demand and effective execution of strategic initiatives.</li><li>Consolidated net sales rose by 19% to $670 million, including 6% organic growth, while operating income increased by 21% to $118.2 million.</li><li>Adjusted EBITDA grew 22% to $144.4 million, representing a margin expansion of 60 basis points to 21.5%.</li></ul>

Federal Signal Corporation reported a strong second quarter with year-over-year improvements across key financial metrics, driven by robust demand and effective execution of strategic initiatives.Consolidated net sales rose by 19% to $670 million, including 6% organic growth, while operating income increased by 21% to $118.2 million.Adjusted EBITDA grew 22% to $144.4 million, representing a margin expansion of 60 basis points to 21.5%.

Federal Signal Corporation's 19% Sales Surge: Can Margins Keep Expanding With Growth?

<ul><li>Federal Signal Corporation reported record financial results for the fourth quarter and full year, reflecting strong demand across its environmental solutions and safety systems businesses as well as contributions from acquisitions and higher production levels.</li><li>Net sales for the year reached approximately $2.18 billion, representing a 17 percent increase from the prior year, while operating income rose more than 20 percent.</li><li>Adjusted EBITDA also expanded significantly, resulting in a margin exceeding 20 percent.</li></ul>

Federal Signal Corporation reported record financial results for the fourth quarter and full year, reflecting strong demand across its environmental solutions and safety systems businesses as well as contributions from acquisitions and higher production levels.Net sales for the year reached approximately $2.18 billion, representing a 17 percent increase from the prior year, while operating income rose more than 20 percent.Adjusted EBITDA also expanded significantly, resulting in a margin exceeding 20 percent.

Federal Signal Corporation Executes Bold Acquisition Strategy—How New Way And Mega Equipment Could Transform Its Portfolio!

<ul><li>Federal Signal Corporation's third-quarter results for 2025 demonstrated significant financial growth and strategic progress, balanced with certain challenges.</li><li>The conglomerate reported a 17% year-over-year increase in net sales, reaching $555 million.</li><li>This rise was driven by organic growth of 11% and contributions from recent acquisitions, namely Hog Technologies and Standard, which added a combined $30 million to the quarterly sales.</li></ul>

Federal Signal Corporation's third-quarter results for 2025 demonstrated significant financial growth and strategic progress, balanced with certain challenges.The conglomerate reported a 17% year-over-year increase in net sales, reaching $555 million.This rise was driven by organic growth of 11% and contributions from recent acquisitions, namely Hog Technologies and Standard, which added a combined $30 million to the quarterly sales.

Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?

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

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>The market remains in "lockout rally" mode, where prices continue to move higher with little-to-no pullbacks, while ignoring overbought readings.</li>
<li>We have discussed this on a weekly basis since 11/21/23. Still no reason to fight this bullish trend, and we continue to expect more upside into year-end and early 2024.</li>
<li>We highlight buys in Steel: NUE, STLD, RS, WOR, TMST, ZEUS, LatAm Banks: ITUB, BSBR, BBD, BAP, BCH, Industrials: ITT, FSS, SPXC, ATS, KAI, CR, BRC, SXI, and HSC</li>
</ul>


The market remains in "lockout rally" mode, where prices continue to move higher with little-to-no pullbacks, while ignoring overbought readings.
We have discussed this on a weekly basis since 11/21/23. Still no reason to fight this bullish trend, and we continue to expect more upside into year-end and early 2024.
We highlight buys in Steel: NUE, STLD, RS, WOR, TMST, ZEUS, LatAm Banks: ITUB, BSBR, BBD, BAP, BCH, Industrials: ITT, FSS, SPXC, ATS, KAI, CR, BRC, SXI, and HSC


Russell 2000 Testing 1.5+ Year Resistance; Downgrading Communications; Steel Buys $NUE $STLD $ZEUS

<ul>
<li>Over the past two weeks, we have been steadfast in our belief that this current rally/short squeeze is likely to fizzle in the 4100-4165 area on the S&amp;P 500.</li>
<li>There has yet to be any meaningful deterioration and we cannot rule out the SPX reaching higher, potentially for 4300-4325 (August 2022 highs).</li>
<li>We continue to preach caution and believe upside is limited on the market indexes. Any combination of a continued strong labor market or hotter-than-expected inflation could upset the market.</li>
</ul>


Over the past two weeks, we have been steadfast in our belief that this current rally/short squeeze is likely to fizzle in the 4100-4165 area on the S&amp;P 500.
There has yet to be any meaningful deterioration and we cannot rule out the SPX reaching higher, potentially for 4300-4325 (August 2022 highs).
We continue to preach caution and believe upside is limited on the market indexes. Any combination of a continued strong labor market or hotter-than-expected inflation could upset the market.


Downgrading Energy; SPX Final Reach Up to 4300-4325?; Buys in Restaurants, Retailers, Industrials

United States

Federal Signal Corporation manufactures and supplies safety, signaling, and communications equipment.  The Company's equipment includes fire rescue products, street sweeping and vacuum loader vehicles, parking control equipment, custom on-premise signage, carbide cutting tools, precision punches and dies, and plastic injection mold components.

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Federal Signal (FSS US)

Federal Signal Corporation's 19% Sales Surge: Can Margins Keep Expanding With Growth?

Federal Signal Corporation reported a strong second quarter with year-over-year improvements across key financial metrics, driven by robust demand...

Baptista Research

Federal Signal Corporation Executes Bold Acquisition Strategy—How New Way And Mega Equipment Could Transform Its Portfolio!

Federal Signal Corporation reported record financial results for the fourth quarter and full year, reflecting strong demand across its...

Baptista Research

Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?

Federal Signal Corporation's third-quarter results for 2025 demonstrated significant financial growth and strategic progress, balanced with...

Baptista Research

Russell 2000 Testing 1.5+ Year Resistance; Downgrading Communications; Steel Buys $NUE $STLD $ZEUS

Market remains in a "lockout rally" where prices continue to move higher with little-to-no pullbacks, while ignoring overbought readings -- as we...

Vermilion Research

Downgrading Energy; SPX Final Reach Up to 4300-4325?; Buys in Restaurants, Retailers, Industrials

We have expected this squeeze to fizzle in the 4100-4165 $SPX area, but with no meaningful deterioration, we could see the $SPX reach for 4300-4325...

Vermilion Research

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