Independent Research, Food Delivery Space, Newmoon Capital

Newmoon Capital

Independent Research, Food Delivery Space

We look for owner-operators in what we believe are either highly defensible assets or soon to be highly defensible assets, trading at a fraction of their future potential.

Equity Bottom-Up

<ul><li>ENR should do 15.4% EBITDA margin in FY26 versus GEV at 13.6%, or 180bps higher.</li><li>Also remember that ENR has a 100bps penalty from the Siemens AG royalty payments that will sunset in a few years and so the real margin delta is actually 280bps.</li><li>Far higher margin.</li></ul>

ENR should do 15.4% EBITDA margin in FY26 versus GEV at 13.6%, or 180bps higher.Also remember that ENR has a 100bps penalty from the Siemens AG royalty payments that will sunset in a few years and so the real margin delta is actually 280bps.Far higher margin.

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.

<ul><li>General Electric Vernova reported strong second quarter 2026 results highlighted by robust order growth, expanding backlog, margin improvement, and substantial free cash flow generation.</li><li>Equipment orders more than doubled year-over-year, supported by significant demand in the Power and Electrification segments.</li><li>The company’s total backlog increased to $176 billion, up $13 billion sequentially, driven by Gas Power orders and electrification equipment, with a goal to reach $200 billion by 2027.</li></ul>

General Electric Vernova reported strong second quarter 2026 results highlighted by robust order growth, expanding backlog, margin improvement, and substantial free cash flow generation.Equipment orders more than doubled year-over-year, supported by significant demand in the Power and Electrification segments.The company’s total backlog increased to $176 billion, up $13 billion sequentially, driven by Gas Power orders and electrification equipment, with a goal to reach $200 billion by 2027.

General Electric Vernova’s Next Big Catalyst: Electrification Revenue Surges 68%!

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>GE Vernova participates across the electricity value chain and is one of only three companies capable of manufacturing large-scale gas turbines.</li>
<li>Beyond turbines, GE Vernova is benefiting from rising demand for grid equipment, allowing it to participate in both electricity generation and delivery.</li>
<li>Despite strong fundamentals, the stock's recent correction highlights that elevated expectations can create valuation risk even for high-quality businesses.</li>
</ul>


GE Vernova participates across the electricity value chain and is one of only three companies capable of manufacturing large-scale gas turbines.
Beyond turbines, GE Vernova is benefiting from rising demand for grid equipment, allowing it to participate in both electricity generation and delivery.
Despite strong fundamentals, the stock's recent correction highlights that elevated expectations can create valuation risk even for high-quality businesses.


From Turbines to Transformers: The GE Vernova AI Thesis

<ul><li>General Electric Vernova reported a solid start to 2026 marked by strong order growth, expanding backlogs, revenue increases, improved margins, and significant free cash flow generation.</li><li>The company’s total backlog grew to $163 billion, up from $116 billion at the spin-off, with equipment backlog increasing 80% and an improved margin profile.</li><li>Orders of $18.3 billion in Q1 reflected a 71% year-over-year rise, led by substantial strength in Power and Electrification segments.</li></ul>

General Electric Vernova reported a solid start to 2026 marked by strong order growth, expanding backlogs, revenue increases, improved margins, and significant free cash flow generation.The company’s total backlog grew to $163 billion, up from $116 billion at the spin-off, with equipment backlog increasing 80% and an improved margin profile.Orders of $18.3 billion in Q1 reflected a 71% year-over-year rise, led by substantial strength in Power and Electrification segments.

GE Vernova: What Matters Now Is $163 Billion Backlog Converting To Cash Flow!

<ul><li>GE Vernova concluded its 2025 financial year with notable achievements and challenges, showcased by significant growth metrics alongside hurdles in its wind operations.</li><li>The company's financial performance was marked by a robust increase in its backlog to $150 billion, an over 25% surge, affirming its substantial growth trajectory.</li><li>In particular, the Power segment stood out with exceptional orders growth, aided by strong demand for gas equipment and services.</li></ul>

GE Vernova concluded its 2025 financial year with notable achievements and challenges, showcased by significant growth metrics alongside hurdles in its wind operations.The company's financial performance was marked by a robust increase in its backlog to $150 billion, an over 25% surge, affirming its substantial growth trajectory.In particular, the Power segment stood out with exceptional orders growth, aided by strong demand for gas equipment and services.

GE Vernova: How Gas Power Orders Are Quietly Rebuilding Earnings Power!

United States

GE Vernova Inc is an electric power company. The Company designs, manufactures, and delivers electric power systems and services that generate, transfer, orchestrate, convert, and store electricity. GE Vernova serves customers globally.

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GE Vernova (GEV US)

Bigger, Better, Faster

Also remember that ENR has a 100bps penalty from the Siemens AG royalty payments that will sunset in a few years and so the real margin delta is...

Newmoon Capital

General Electric Vernova’s Next Big Catalyst: Electrification Revenue Surges 68%!

General Electric Vernova reported strong second quarter 2026 results highlighted by robust order growth, expanding backlog, margin improvement,...

Baptista Research

From Turbines to Transformers: The GE Vernova AI Thesis

GE Vernova is a key player in the electricity value chain. It is benefiting from the demand for grid equipment. Still, a recent stock correction...

Mint Finance

GE Vernova: What Matters Now Is $163 Billion Backlog Converting To Cash Flow!

General Electric Vernova reported a solid start to 2026 marked by strong order growth, expanding backlogs, revenue increases, improved margins,...

Baptista Research

GE Vernova: How Gas Power Orders Are Quietly Rebuilding Earnings Power!

GE Vernova concluded its 2025 financial year with notable achievements and challenges, showcased by significant growth metrics alongside hurdles...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bigger, Better, Faster

Also remember that ENR has a 100bps penalty from the Siemens AG royalty payments that will sunset in a few years and so the real margin delta is...

Newmoon Capital

General Electric Vernova’s Next Big Catalyst: Electrification Revenue Surges 68%!

General Electric Vernova reported strong second quarter 2026 results highlighted by robust order growth, expanding backlog, margin improvement,...

Baptista Research

From Turbines to Transformers: The GE Vernova AI Thesis

​GE Vernova is a key player in the electricity value chain. It is benefiting from the demand for grid equipment. Still, a recent stock correction...

Mint Finance

GE Vernova: What Matters Now Is $163 Billion Backlog Converting To Cash Flow!

General Electric Vernova reported a solid start to 2026 marked by strong order growth, expanding backlogs, revenue increases, improved margins,...

Baptista Research

GE Vernova: How Gas Power Orders Are Quietly Rebuilding Earnings Power!

GE Vernova concluded its 2025 financial year with notable achievements and challenges, showcased by significant growth metrics alongside hurdles...

Baptista Research

GE Vernova is a key player in the electricity value chain. It is benefiting from the demand for grid equipment. Still, a recent stock correction...