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>In evaluating FirstEnergy Corp.'s third-quarter 2025 results, several key aspects inform an investment thesis.</li><li>On the positive side, the company reported increases in both GAAP and core earnings per share, underscoring strong operational performance.</li><li>Specifically, FirstEnergy's core earnings saw a rise to $0.83 per share from $0.76 the previous year, while year-to-date core earnings jumped 15% to $2.02 per share, driven by effective execution of customer-focused investments and base rate adjustments in Pennsylvania.</li></ul>

In evaluating FirstEnergy Corp.'s third-quarter 2025 results, several key aspects inform an investment thesis.On the positive side, the company reported increases in both GAAP and core earnings per share, underscoring strong operational performance.Specifically, FirstEnergy's core earnings saw a rise to $0.83 per share from $0.76 the previous year, while year-to-date core earnings jumped 15% to $2.02 per share, driven by effective execution of customer-focused investments and base rate adjustments in Pennsylvania.

FirstEnergy Executes a High-Stakes Capital Plan—Is Wall Street Underestimating the Upside?

<ul><li>FirstEnergy Corp's second quarter 2025 earnings call reveals a mix of positive performance data and potential challenges moving forward.</li><li>The company reported GAAP earnings of $0.46 per share for the quarter, a significant increase from $0.08 in the second quarter of 2024, while core earnings were $0.52 per share, marginally up from $0.51 in the previous year.</li><li>This highlights stable performance, particularly bolstered by new base rates in Pennsylvania and increased investments in their transmission systems.</li></ul>

FirstEnergy Corp's second quarter 2025 earnings call reveals a mix of positive performance data and potential challenges moving forward.The company reported GAAP earnings of $0.46 per share for the quarter, a significant increase from $0.08 in the second quarter of 2024, while core earnings were $0.52 per share, marginally up from $0.51 in the previous year.This highlights stable performance, particularly bolstered by new base rates in Pennsylvania and increased investments in their transmission systems.

FirstEnergy: Initiation Of Coverage- Renewed Growth With Bold Push Into Data Centers & Transmission Expansion!

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index was down by 4.0% W/W versus the S&amp;P 500 Index (up 1.2%), the Russell 2000 Index (down 0.3%), and the Nasdaq Index (up 2.9%).</li><li>Energy Technology (13.0% of the index) was down by 6.0%, while Industrial Climate and Ag Technology (54.6% of the index) was down 0.2%, ClimateTech Mining was down 8.5%, and Advanced Transportation Solutions was down 10.0%.</li><li>Top 10 Performers: FE, CPWHF, GPHOF, WUC, EGT, BRDS, EOSE, BNET, GCEI, VECO</li></ul>

The WTR Sustainable Index was down by 4.0% W/W versus the S&amp;P 500 Index (up 1.2%), the Russell 2000 Index (down 0.3%), and the Nasdaq Index (up 2.9%).Energy Technology (13.0% of the index) was down by 6.0%, while Industrial Climate and Ag Technology (54.6% of the index) was down 0.2%, ClimateTech Mining was down 8.5%, and Advanced Transportation Solutions was down 10.0%.Top 10 Performers: FE, CPWHF, GPHOF, WUC, EGT, BRDS, EOSE, BNET, GCEI, VECO

Weekly Sustainable Investing Surveyor - Week Ended January 19, 2024

<ul><li>The WTR Sustainable Index was down by 0.4% W/W versus the S&amp;P 500 Index (up 0.2%), the Russell 2000 Index (up 1.0%), and the Nasdaq Index (up 0.5%).</li><li>Energy Technology (13.2% of the index) was down by 3.8%, while Industrial Climate and Ag Technology (50.5% of the index) was up 1.1%, ClimateTech Mining was down 1.6%, and Advanced Transportation Solutions was down 1.8%.</li><li>Top 10 Performers<span style="font-size: var(--content-font-size);">: VIEW, CPTN, LILM, ALTA, SPI, FE, WBX, PEV, EGT, CMC</span></li></ul>

The WTR Sustainable Index was down by 0.4% W/W versus the S&amp;P 500 Index (up 0.2%), the Russell 2000 Index (up 1.0%), and the Nasdaq Index (up 0.5%).Energy Technology (13.2% of the index) was down by 3.8%, while Industrial Climate and Ag Technology (50.5% of the index) was up 1.1%, ClimateTech Mining was down 1.6%, and Advanced Transportation Solutions was down 1.8%.Top 10 Performers: VIEW, CPTN, LILM, ALTA, SPI, FE, WBX, PEV, EGT, CMC

Weekly Sustainable Investing Surveyor - Week Ended December 8, 2023

<ul><li>The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&amp;P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%), but in line with the Russell 2000 Index (down 3.6%).</li><li>Energy Technology (14.9% of the index) contributed to the index’s underperformance, falling 3.7%, while Industrial Climate and Ag Technology (6.5% of the index) was down 2.4%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions was down 5.3%.</li><li>Top 10 Performers: ALLIF, NILI, GTEC, HYSR, FE, ETL, LNZA, LBNK, NGPHF, FNI</li></ul>

The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&amp;P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%), but in line with the Russell 2000 Index (down 3.6%).Energy Technology (14.9% of the index) contributed to the index’s underperformance, falling 3.7%, while Industrial Climate and Ag Technology (6.5% of the index) was down 2.4%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions was down 5.3%.Top 10 Performers: ALLIF, NILI, GTEC, HYSR, FE, ETL, LNZA, LBNK, NGPHF, FNI

Weekly Sustainable Investing Surveyor - Week Ended September 8, 2023

United States

FirstEnergy Corp. is a public utility holding company. The Company's subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, exploration and production of oil and natural gas, transmission and marketing of natural gas, and energy management and other energy-related services.

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Firstenergy Corp (FE US)

FirstEnergy Executes a High-Stakes Capital Plan—Is Wall Street Underestimating the Upside?

In evaluating FirstEnergy Corp.'s third-quarter 2025 results, several key aspects inform an investment thesis. On the positive side, the company...

Baptista Research

FirstEnergy: Initiation Of Coverage- Renewed Growth With Bold Push Into Data Centers & Transmission Expansion!

FirstEnergy Corp's second quarter 2025 earnings call reveals a mix of positive performance data and potential challenges moving forward. The...

Baptista Research

Weekly Sustainable Investing Surveyor - Week Ended January 19, 2024

The WTR Sustainable Index was down by 4.0% W/W versus the S&P 500 Index (up 1.2%), the Russell 2000 Index (down 0.3%), and the Nasdaq Index (up 2.9%).

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended December 8, 2023

The WTR Sustainable Index was down by 0.4% W/W versus the S&P 500 Index (up 0.2%), the Russell 2000 Index (up 1.0%), and the Nasdaq Index (up 0.5%).

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended September 8, 2023

The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%)

Water Tower Research

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