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>First Solar, a leading solar module manufacturer, saw a monumental year in 2023 with expanded manufacturing capacity, a record volume of modules produced and shipped, and increased investments in R&D. The company also added 10 new customers and secured 28.3 gigawatts of net bookings, bolstering its contracted backlog to historic levels, and remaining cumulatively oversold through 2026.</li><li>Importantly, First Solar has recognized the value of maintaining a balanced business model, focusing on growth, profitability, and liquidity.</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>

First Solar, a leading solar module manufacturer, saw a monumental year in 2023 with expanded manufacturing capacity, a record volume of modules produced and shipped, and increased investments in R&D. The company also added 10 new customers and secured 28.3 gigawatts of net bookings, bolstering its contracted backlog to historic levels, and remaining cumulatively oversold through 2026.Importantly, First Solar has recognized the value of maintaining a balanced business model, focusing on growth, profitability, and liquidity.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.

First Solar Inc: Can The Expansion Into The Indian Market Be A Game Changer? - Major Drivers

<ul><li>First Solar, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.</li><li>Manufacturing updates underline their prowess, with Series 6 modules achieving 2.5 gigawatts in Q3 and the Ohio factory showcasing the potential for high-volume Series 7 manufacturing at 97% of nameplate throughput.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

First Solar, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus.Manufacturing updates underline their prowess, with Series 6 modules achieving 2.5 gigawatts in Q3 and the Ohio factory showcasing the potential for high-volume Series 7 manufacturing at 97% of nameplate throughput.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

First Solar Inc.: Poised to Dominate the Solar Industry by 2026? - Major Drivers

<ul><li>First Solar delivered an all-around beat in the most recent quarterly results.</li><li>Driven by supportive industrial and trade policies, compelling market fundamentals, and robust customer demand, First Solar continued investing and expanding in U.S. domestic manufacturing.</li><li>First Solar purchases Evolar AB in the search for next-generation solar cells.</li></ul>

First Solar delivered an all-around beat in the most recent quarterly results.Driven by supportive industrial and trade policies, compelling market fundamentals, and robust customer demand, First Solar continued investing and expanding in U.S. domestic manufacturing.First Solar purchases Evolar AB in the search for next-generation solar cells.

First Solar Inc.: Can The New Bifacial Solar Panel Power The Future? - Major Drivers

<ul><li>First Solar had a very disappointing result in the last quarter as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.</li><li>With their CadTel technology, vertically integrated manufacturing process, and commitment to Responsible Solar, First Solar could stand out from competitors and maintains long-term competitiveness.</li><li>The recent acquisition of the European perovskite company, Evolar AB was also a part of the expansion strategy.</li></ul>

First Solar had a very disappointing result in the last quarter as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.With their CadTel technology, vertically integrated manufacturing process, and commitment to Responsible Solar, First Solar could stand out from competitors and maintains long-term competitiveness.The recent acquisition of the European perovskite company, Evolar AB was also a part of the expansion strategy.

First Solar Inc.: The Evolar AB Acquisition May Be Small But Is Key For Future Growth – Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model uncovers companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.</li>
<li>The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. </li>
<li>Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: UiPath, EchoStar, Stitch Fix, First Solar</li>
</ul>


This model uncovers companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.
The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. 
Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: UiPath, EchoStar, Stitch Fix, First Solar


Breaking Estimate Short Candidates: UiPath, EchoStar, Stitch Fix, First Solar

United States

First Solar, Inc. designs and manufactures solar modules.  The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

First Solar Inc (FSLR US)

First Solar Inc: Can The Expansion Into The Indian Market Be A Game Changer? - Major Drivers

First Solar, a leading solar module manufacturer, saw a monumental year in 2023 with expanded manufacturing capacity, a record volume of modules...

Baptista Research

First Solar Inc.: Poised to Dominate the Solar Industry by 2026? - Major Drivers

First Solar, Inc. delivered mixed results for the previous quarter, with revenues below the analyst consensus. Manufacturing updates underline...

Baptista Research

First Solar Inc.: Can The New Bifacial Solar Panel Power The Future? - Major Drivers

First Solar delivered an all-around beat in the most recent quarterly results. Driven by supportive industrial and trade policies, compelling...

Baptista Research

First Solar Inc.: The Evolar AB Acquisition May Be Small But Is Key For Future Growth – Major Drivers

First Solar had a very disappointing result in the last quarter as it failed to meet the revenue expectations as well as the earnings expectations...

Baptista Research

Breaking Estimate Short Candidates: UiPath, EchoStar, Stitch Fix, First Solar

This model uncovers companies facing recent declines in estimates. This week we flag: UiPath, EchoStar, Stitch Fix, First Solar

Eric Fernandez, CFA