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 their First Quarter 2024 Earnings Results Lockheed Martin gave an outline of their strong financial performance and offered an insight into some key initiatives that are currently in progress.</li><li>Their results reflect a robust growth in revenue across the company, and a stable backlog amounting to $159 billion, an indication of the alignment between the firm's advanced technology solutions and the missions and priorities of their customers.</li><li>The highlights of the FY '24 defense budget reflect well on Lockheed Martin with robust funding earmarked for munitions multiyear procurement, ongoing investments into hypersonics and classified activities, and consistent support for long term initiatives such as Black Hawk, CH-53K heavy lift helicopter, the fleet ballistic missile, C-130, and F-35.</li></ul>

In their First Quarter 2024 Earnings Results Lockheed Martin gave an outline of their strong financial performance and offered an insight into some key initiatives that are currently in progress.Their results reflect a robust growth in revenue across the company, and a stable backlog amounting to $159 billion, an indication of the alignment between the firm's advanced technology solutions and the missions and priorities of their customers.The highlights of the FY '24 defense budget reflect well on Lockheed Martin with robust funding earmarked for munitions multiyear procurement, ongoing investments into hypersonics and classified activities, and consistent support for long term initiatives such as Black Hawk, CH-53K heavy lift helicopter, the fleet ballistic missile, C-130, and F-35.

Lockheed Martin Corporation: Will Its Recent Acquisition & Its Investments in Next-gen Interceptor Bear Fruit? - Major Drivers

<ul><li>Lockheed Martin Corporation held its fourth quarter and year-end earnings conference call for 2023, outlining its performance, financial results, and future expectations.</li><li>The company emphasized strong performance in 2023, driven by considerable demand for its aircraft, helicopters, satellites, radar systems, and other products and services.</li><li>Lockheed Martin reported a record backlog of $161 billion, with sales for the full year of $67.6 billion, reflecting a 2% year-on year growth.</li></ul>

Lockheed Martin Corporation held its fourth quarter and year-end earnings conference call for 2023, outlining its performance, financial results, and future expectations.The company emphasized strong performance in 2023, driven by considerable demand for its aircraft, helicopters, satellites, radar systems, and other products and services.Lockheed Martin reported a record backlog of $161 billion, with sales for the full year of $67.6 billion, reflecting a 2% year-on year growth.

Lockheed Martin: How Bad Is The Impact of Delays in Government Budget? - Major Drivers

<ul><li>Lockheed Martin Corporation delivered an all-around beat and has shown resilience in an uncertain market environment with its strong financial performance in the third quarter of 2023.</li><li>The company reported a 2% increase in sales year-over-year, reaching $16.9 billion, and delivered a robust free cash flow of $2.5 billion.</li><li>Lockheed Martin's solid backlog of $156 billion reflects the relevance and importance of its portfolio in the face of increasing global geopolitical tensions.</li></ul>

Lockheed Martin Corporation delivered an all-around beat and has shown resilience in an uncertain market environment with its strong financial performance in the third quarter of 2023.The company reported a 2% increase in sales year-over-year, reaching $16.9 billion, and delivered a robust free cash flow of $2.5 billion.Lockheed Martin's solid backlog of $156 billion reflects the relevance and importance of its portfolio in the face of increasing global geopolitical tensions.

Lockheed Martin: Its Portfolio Is Setting the Stage For Potential Growth! - Key Drivers

<ul><li>Lockheed Martin Corporation delivered a positive result and managed an all-around beat in the last quarter.</li><li>Lockheed had revenues of $16.7 billion, an increase of 8% year on year, and double-digit growth in both Aeronautics and Space.</li><li>We give Lockheed Martin Corporation a 'Hold' rating with a revised target price.</li></ul>

Lockheed Martin Corporation delivered a positive result and managed an all-around beat in the last quarter.Lockheed had revenues of $16.7 billion, an increase of 8% year on year, and double-digit growth in both Aeronautics and Space.We give Lockheed Martin Corporation a 'Hold' rating with a revised target price.

Lockheed Martin Corporation: 4 Reasons Behind Lockheed Martin's Successful Quarter! - Financial Forecasts

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

The interest shown by the richest and some of the most influential investors and the success of public-private partnerships in space programs are a reflection of an industry poised for strong growth over the next several years.  The space-tech landscape covers various technologies, but in this note, we focus only on the cosmonautic vehicle and propulsion systems. 
The current top players in propulsion are Ariane Group (<a href="https://www.smartkarma.com/entities/airbus-group-se" target="_blank" data-smartkarma-citation="entities:21380:1" rel="noopener">Airbus Group SE (AIR FP)</a> &amp; <a href="https://www.smartkarma.com/entities/safran-sa" target="_blank" data-smartkarma-citation="entities:21540:1" rel="noopener">Safran SA (SAF FP)</a> joint venture),<a href="https://www.smartkarma.com/entities/aerojet-rocketdyne-holdings" target="_blank" data-smartkarma-citation="entities:19120:1" rel="noopener">Aerojet Rocketdyne (AJRD US)</a>, <a href="https://www.smartkarma.com/entities/boeing-co" target="_blank" data-smartkarma-citation="entities:11957:1" rel="noopener">Boeing Co (BA US)</a>, <a href="https://www.smartkarma.com/entities/raytheon-company" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Company (RTN US)</a>, &amp; <a href="https://www.smartkarma.com/entities/united-technologies-corp" target="_blank" data-smartkarma-citation="entities:12750:1" rel="noopener">United Technologies (UTX US)</a>. The current top players in space vehicles and equipment are <a href="https://www.smartkarma.com/entities/boeing-co" target="_blank" data-smartkarma-citation="entities:11957:1" rel="noopener">Boeing Co (BA US)</a>, <a href="https://www.smartkarma.com/entities/maxar-technologies-inc" target="_blank" data-smartkarma-citation="entities:28796:1" rel="noopener">Maxar Technologies Inc (MAXR US)</a>, <a href="https://www.smartkarma.com/entities/airbus-group-se" target="_blank" data-smartkarma-citation="entities:21380:1" rel="noopener">Airbus Group SE (AIR FP)</a>, <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet Inc Cl C (GOOG US)</a> &amp; <a href="https://www.smartkarma.com/entities/lockheed-martin-corp" target="_blank" data-smartkarma-citation="entities:20372:1" rel="noopener">Lockheed Martin (LMT US)</a>. 
The two new preeminent private players SpaceX and Blue Origin don't feature in the top five players listed above, we discuss the reasons later in the report. 
Unlike e-commerce or software-driven startups, space vehicles and propulsion are relatively capital intensive. So unless the start-ups are led by founders with deep pockets (like Blue Origin) or founders with the ability to raise innovation capital (like SpaceX) it is best to stick to the established names and hope they evolve their business model to adjust for the democratization and marketization of the space industry. That said two private names that screen well are Redwire (vehicles) and Mountain Aerospace Research (propulsion).<a href="https://www.smartkarma.com/entities/avio-spa" target="_blank" data-smartkarma-citation="entities:34833:1" rel="noopener">Avio SPA (AVIO IM)</a>is a small-cap listed company in the top ten for propulsion

The interest shown by the richest and some of the most influential investors and the success of public-private partnerships in space programs are a reflection of an industry poised for strong growth over the next several years.  The space-tech landscape covers various technologies, but in this note, we focus only on the cosmonautic vehicle and propulsion systems. 
The current top players in propulsion are Ariane Group (Airbus Group SE (AIR FP) &amp; Safran SA (SAF FP) joint venture),Aerojet Rocketdyne (AJRD US), Boeing Co (BA US), Raytheon Company (RTN US), &amp; United Technologies (UTX US). The current top players in space vehicles and equipment are Boeing Co (BA US), Maxar Technologies Inc (MAXR US), Airbus Group SE (AIR FP), Thales SA (HO FP), Alphabet Inc Cl C (GOOG US) &amp; Lockheed Martin (LMT US). 
The two new preeminent private players SpaceX and Blue Origin don't feature in the top five players listed above, we discuss the reasons later in the report. 
Unlike e-commerce or software-driven startups, space vehicles and propulsion are relatively capital intensive. So unless the start-ups are led by founders with deep pockets (like Blue Origin) or founders with the ability to raise innovation capital (like SpaceX) it is best to stick to the established names and hope they evolve their business model to adjust for the democratization and marketization of the space industry. That said two private names that screen well are Redwire (vehicles) and Mountain Aerospace Research (propulsion).Avio SPA (AVIO IM)is a small-cap listed company in the top ten for propulsion

Ideas from Data Mining Technical Publications: Space Vehicles and Propulsion Systems

United States

Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services.  The Company's businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration.  Lockheed Martin operates worldwide.

Lockheed Martin (LMT US)

Lockheed Martin Corporation: Will Its Recent Acquisition & Its Investments in Next-gen Interceptor Bear Fruit? - Major Drivers

In their First Quarter 2024 Earnings Results Lockheed Martin gave an outline of their strong financial performance and offered an insight into...

Baptista Research

Lockheed Martin: How Bad Is The Impact of Delays in Government Budget? - Major Drivers

Lockheed Martin Corporation held its fourth quarter and year-end earnings conference call for 2023, outlining its performance, financial results,...

Baptista Research

Lockheed Martin: Its Portfolio Is Setting the Stage For Potential Growth! - Key Drivers

Lockheed Martin Corporation delivered an all-around beat and has shown resilience in an uncertain market environment with its strong financial...

Baptista Research

Lockheed Martin Corporation: 4 Reasons Behind Lockheed Martin's Successful Quarter! - Financial Forecasts

Lockheed Martin Corporation delivered a positive result and managed an all-around beat in the last quarter. Lockheed had revenues of $16.7...

Baptista Research

Ideas from Data Mining Technical Publications: Space Vehicles and Propulsion Systems

The space economy is seeing much more private sector participation. This sets up the sector for strong growth. In this report, we screen for...

Pyari Menon