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>Israel Chemicals Ltd. (ICL) reported its first quarter of 2025 financial results, showcasing modest growth amidst challenging global market conditions.</li><li>The company posted sales of $1.767 billion, representing a 2% increase year over year and a 10% rise compared to the previous quarter.</li><li>This performance was underpinned by solid execution of strategic initiatives across its divisions.</li></ul>

Israel Chemicals Ltd. (ICL) reported its first quarter of 2025 financial results, showcasing modest growth amidst challenging global market conditions.The company posted sales of $1.767 billion, representing a 2% increase year over year and a 10% rise compared to the previous quarter.This performance was underpinned by solid execution of strategic initiatives across its divisions.

ICL Group: An Insight Into The Potash Market Dynamics, Regional Expansion & Recent M&A!

<ul><li>Israel Chemicals Ltd (ICL) reported its financial results for the fourth quarter and full year of 2024, revealing the complexities of a demanding market environment.</li><li>The company demonstrated resilience by delivering certain financial achievements despite multifaceted challenges in 2024, including geopolitical tensions in Israel and fluctuating commodity prices.</li><li>For 2024, ICL’s revenues stood at $6.841 billion, with an adjusted EBITDA of $1.469 billion, reflecting a margin of 21%.</li></ul>

Israel Chemicals Ltd (ICL) reported its financial results for the fourth quarter and full year of 2024, revealing the complexities of a demanding market environment.The company demonstrated resilience by delivering certain financial achievements despite multifaceted challenges in 2024, including geopolitical tensions in Israel and fluctuating commodity prices.For 2024, ICL’s revenues stood at $6.841 billion, with an adjusted EBITDA of $1.469 billion, reflecting a margin of 21%.

ICL Struggles Amid Falling Phosphate Prices—Can Specialty Expansion Spark a Comeback?

<ul><li>ICL Group, a multinational company involved in the manufacturing of fertilizers, specialty chemicals, and functional food ingredients, released its third-quarter results for 2024.</li><li>The company reported sales of $1.753 billion, marking the third consecutive quarter of sales growth.</li><li>Adjusted EBITDA was $383 million, up 11% year-over-year.</li></ul>

ICL Group, a multinational company involved in the manufacturing of fertilizers, specialty chemicals, and functional food ingredients, released its third-quarter results for 2024.The company reported sales of $1.753 billion, marking the third consecutive quarter of sales growth.Adjusted EBITDA was $383 million, up 11% year-over-year.

ICL Group: Expanding Phosphate Solutions To Fortify Their Market Position! - Major Drivers

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>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.</li>
<li>Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.
Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).


Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

<ul>
<li>As discussed for two weeks, we see more and more signs leading us to believe SPX made a major bottom at 4800-4820, which was expected support from our 4/8/25 Compass.</li>
<li>We have been short-term bullish since our 4/22/25 Compass -- when the SPX was testing 5100-5120 support -- but now we are upgrading our intermediate-term outlook to bullish as well.</li>
<li>Our short- and intermediate-term outlook will remain bullish as long as the SPX is above 5500</li>
</ul>


As discussed for two weeks, we see more and more signs leading us to believe SPX made a major bottom at 4800-4820, which was expected support from our 4/8/25 Compass.
We have been short-term bullish since our 4/22/25 Compass -- when the SPX was testing 5100-5120 support -- but now we are upgrading our intermediate-term outlook to bullish as well.
Our short- and intermediate-term outlook will remain bullish as long as the SPX is above 5500


Lockout Rally Continues; Still Short-Term Bullish on SPX, Now Upgrading I.T. Outlook to Bullish Also

Israel

ICL Group Ltd manufactures agricultural chemicals. The Company offers various types of fertilizers. ICL Group serves customers in Asia.

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ICL Group (ICL US)

ICL Group: An Insight Into The Potash Market Dynamics, Regional Expansion & Recent M&A!

Israel Chemicals Ltd. (ICL) reported its first quarter of 2025 financial results, showcasing modest growth amidst challenging global market...

Baptista Research

ICL Struggles Amid Falling Phosphate Prices—Can Specialty Expansion Spark a Comeback?

Israel Chemicals Ltd (ICL) reported its financial results for the fourth quarter and full year of 2024, revealing the complexities of a demanding...

Baptista Research

ICL Group: Expanding Phosphate Solutions To Fortify Their Market Position! - Major Drivers

ICL Group, a multinational company involved in the manufacturing of fertilizers, specialty chemicals, and functional food ingredients, released...

Baptista Research

Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

Gap Supports Holding; Expecting Test of All-Time Highs $SPX $QQQ $NDX; 10- and 30-Year Treasury Yields Rolling Over?; Watching $209-210 resistance...

Vermilion Research

Lockout Rally Continues; Still Short-Term Bullish on SPX, Now Upgrading I.T. Outlook to Bullish Also

Lockout Rally Continues; Still Short-Term Bullish on $SPX, Now Also Upgrading Intermediate-Term Outlook to Bullish; Upgrading Technology $XLK $SMH...

Vermilion Research

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