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

First American Financial / Equity Bottom-Up

<ul><li>First American Financial Corporation reported its financial results for the first quarter of 2025, highlighting several key points across its segments and offering insight into its future strategy amidst recent leadership changes.</li><li>The financial performance indicates strong growth in certain segments but also poses challenges, particularly in the core title and escrow business impacted by broader market conditions.</li><li>The company reported GAAP earnings of $0.71 per diluted share and adjusted earnings of $0.84 per diluted share, indicating a robust financial position despite some revenue pressures.</li></ul>

First American Financial Corporation reported its financial results for the first quarter of 2025, highlighting several key points across its segments and offering insight into its future strategy amidst recent leadership changes.The financial performance indicates strong growth in certain segments but also poses challenges, particularly in the core title and escrow business impacted by broader market conditions.The company reported GAAP earnings of $0.71 per diluted share and adjusted earnings of $0.84 per diluted share, indicating a robust financial position despite some revenue pressures.

First American Financial Corporation Thriving Despite Rate Shocks—What’s Fueling Its Breakout Potential?

<ul><li>First American Financial Corporation reported its fourth quarter and full year 2024 financial results, highlighting a year that continued to challenge the residential purchase and refinance markets due to high mortgage rates and low inventory levels.</li><li>The company's performance demonstrated both resilience and strategic growth, particularly in its commercial business segment, despite the broader real estate market struggles.</li><li>For 2024, First American achieved an adjusted pretax title margin of 10.3%, with the fourth quarter marking a particularly strong performance.</li></ul>

First American Financial Corporation reported its fourth quarter and full year 2024 financial results, highlighting a year that continued to challenge the residential purchase and refinance markets due to high mortgage rates and low inventory levels.The company's performance demonstrated both resilience and strategic growth, particularly in its commercial business segment, despite the broader real estate market struggles.For 2024, First American achieved an adjusted pretax title margin of 10.3%, with the fourth quarter marking a particularly strong performance.

First American Financial Corporation: An Insight Into The 5 Biggest Challenges In Its Path!

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>In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common</li>
<li>And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area</li>
</ul>


In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common
And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area


Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

<ul><li>First American Financial Corporation recently disclosed its financial results for the second quarter of 2024, navigating a market fraught with challenges yet buoyed temporarily by a seasonal uplift in demand.</li><li>The company reported a total revenue of $1.6 billion with an adjusted earnings per diluted share of $1.27.</li><li>The title segment, a primary revenue generator for the company, saw an adjusted pretax margin of 11.9%, a slight decrease from the previous year’s 12.6%.</li></ul>

First American Financial Corporation recently disclosed its financial results for the second quarter of 2024, navigating a market fraught with challenges yet buoyed temporarily by a seasonal uplift in demand.The company reported a total revenue of $1.6 billion with an adjusted earnings per diluted share of $1.27.The title segment, a primary revenue generator for the company, saw an adjusted pretax margin of 11.9%, a slight decrease from the previous year’s 12.6%.

First American Financial Corporation: Managing Technological Advancements In Title Underwriting & The Challenges Related To The Same! - Major Drivers

<ul><li>First American Financial Corporation recently reported its first quarter earnings for 2023, facing distinctly challenging conditions within the mortgage and real estate sectors marked by elevated interest rates and low housing inventory levels.</li><li>These external pressures have maintained transaction volumes at historically low levels, which has had a direct impact on the company's financial performance for the quarter.</li><li>However, there were early signs in March and April showing a potential rise in resale orders, suggesting an initial recovery phase, which could hint at a slow yet positive shift in market dynamics.</li></ul>

First American Financial Corporation recently reported its first quarter earnings for 2023, facing distinctly challenging conditions within the mortgage and real estate sectors marked by elevated interest rates and low housing inventory levels.These external pressures have maintained transaction volumes at historically low levels, which has had a direct impact on the company's financial performance for the quarter.However, there were early signs in March and April showing a potential rise in resale orders, suggesting an initial recovery phase, which could hint at a slow yet positive shift in market dynamics.

First American Financial Corporation: Initiation of Coverage - These Are The 4 Pivotal Factors Driving Their Performance In 2024 & Beyond!  - Major Drivers

United States

First American Financial Corporation provides insurance services. The Company offers title, lenders, and property and casualty insurance, as well as foreclosure, asset disposition, commercial due diligence, and trustee services. First American Financial serves individuals and businesses throughout the United States.

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First American Financial (FAF US)

First American Financial Corporation Thriving Despite Rate Shocks—What’s Fueling Its Breakout Potential?

First American Financial Corporation reported its financial results for the first quarter of 2025, highlighting several key points across its...

Baptista Research

First American Financial Corporation: An Insight Into The 5 Biggest Challenges In Its Path!

First American Financial Corporation reported its fourth quarter and full year 2024 financial results, highlighting a year that continued to...

Baptista Research

Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

Major Low Likely in Place on $SPX; Bullish Outlook Intact if Above 5500-5600. 5670-5718 is short-term gap support; Power in hands of bulls if...

Vermilion Research

First American Financial Corporation: Initiation of Coverage - These Are The 4 Pivotal Factors Driving Their Performance In 2024 & Beyond! - Major Drivers

First American Financial Corporation recently reported its first quarter earnings for 2023, facing distinctly challenging conditions within the...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

First American Financial Corporation Thriving Despite Rate Shocks—What’s Fueling Its Breakout Potential?

First American Financial Corporation reported its financial results for the first quarter of 2025, highlighting several key points across its...

Baptista Research

First American Financial Corporation: An Insight Into The 5 Biggest Challenges In Its Path!

First American Financial Corporation reported its fourth quarter and full year 2024 financial results, highlighting a year that continued to...

Baptista Research

Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

Major Low Likely in Place on $SPX; Bullish Outlook Intact if Above 5500-5600. 5670-5718 is short-term gap support; Power in hands of bulls if...

Vermilion Research

First American Financial Corporation: Managing Technological Advancements In Title Underwriting & The Challenges Related To The Same! - Major Drivers

First American Financial Corporation recently disclosed its financial results for the second quarter of 2024, navigating a market fraught with...

Baptista Research

First American Financial Corporation: Initiation of Coverage - These Are The 4 Pivotal Factors Driving Their Performance In 2024 & Beyond! - Major Drivers

First American Financial Corporation recently reported its first quarter earnings for 2023, facing distinctly challenging conditions within the...

Baptista Research