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 entered 2023 with an improved financial, operational, and commercial position with increased R&D, new international and domestic capacity coming online as well as a new Series 7 product.</li><li>The company commenced initial production at its next-generation Series 7 factory in Ohio will continue to ramp this year.</li><li>Furthering its manufacturing program, First Solar recently announced an innovative 3.5-gigawatt Series 7 factory in Alabama and also a 0.9-gigawatt rise to nameplate capacity at its Ohio factories.</li></ul>

First Solar entered 2023 with an improved financial, operational, and commercial position with increased R&D, new international and domestic capacity coming online as well as a new Series 7 product.The company commenced initial production at its next-generation Series 7 factory in Ohio will continue to ramp this year.Furthering its manufacturing program, First Solar recently announced an innovative 3.5-gigawatt Series 7 factory in Alabama and also a 0.9-gigawatt rise to nameplate capacity at its Ohio factories.

First Solar Inc: A Strong Start To 2023 – Key Drivers

<ul><li>First Solar’s bull run was halted by a below par result in the last quarter as the company failed to meet Wall Street expectations with respect to revenues as well as earnings.</li><li>The company’s manufacturing plants produced 2.4 gigawatts of modules in the third quarter and sold 2.8 gigawatts.</li><li>Besides, their current fleet's manufacturing performance metrics remain consistent, and plans for the third manufacturing plant in Ohio are still on track.</li></ul>

First Solar’s bull run was halted by a below par result in the last quarter as the company failed to meet Wall Street expectations with respect to revenues as well as earnings.The company’s manufacturing plants produced 2.4 gigawatts of modules in the third quarter and sold 2.8 gigawatts.Besides, their current fleet's manufacturing performance metrics remain consistent, and plans for the third manufacturing plant in Ohio are still on track.

<ul><li>First Solar’s second quarter results were positive and it delivered an all-around beat.</li><li>During the quarter, the management kept up their booking pace, strengthening their backlog of anticipated future deliveries, which now totals a record 44.3 gigawatts.</li><li>The management is working on setting up the necessary supply chain to support the eventual launch of a bifacial CadTel module.</li></ul>

First Solar’s second quarter results were positive and it delivered an all-around beat.During the quarter, the management kept up their booking pace, strengthening their backlog of anticipated future deliveries, which now totals a record 44.3 gigawatts.The management is working on setting up the necessary supply chain to support the eventual launch of a bifacial CadTel module.

Equity Capital Markets

<ul><li>This is our first report on First Solar, one of the world’s largest players within the solar photovoltaic domain.</li><li>The company is undergoing a strategic shift back to its module manufacturing roots and managed to deliver a decent result.</li><li>The management is relying on their relationships with their devoted customers to growing in the highly competitive and commoditized market.</li></ul>

This is our first report on First Solar, one of the world’s largest players within the solar photovoltaic domain.The company is undergoing a strategic shift back to its module manufacturing roots and managed to deliver a decent result.The management is relying on their relationships with their devoted customers to growing in the highly competitive and commoditized market.

First Solar Inc.: Initiation of Coverage – Ongoing Strategic Shift & Other Growth 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.

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First Solar Inc (FSLR US)

First Solar Inc: A Strong Start To 2023 – Key Drivers

First Solar entered 2023 with an improved financial, operational, and commercial position with increased R&D, new international and domestic...

Baptista Research

First Solar Inc: Major Drivers

First Solar’s bull run was halted by a below par result in the last quarter as the company failed to meet Wall Street expectations with respect to...

Baptista Research

First Solar Inc: Major Drivers

First Solar’s second quarter results were positive and it delivered an all-around beat. During the quarter, the management kept up their booking...

Baptista Research

First Solar Inc.: Initiation of Coverage – Ongoing Strategic Shift & Other Growth Drivers

This is our first report on First Solar, one of the world’s largest players within the solar photovoltaic domain. The company is undergoing a...

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

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52-week Range

Market Cap (USDm)

P/E

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