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

Martin Marietta Materials / Equity Bottom-Up

<ul><li>Martin Marietta's third-quarter 2024 earnings revealed a mix of challenges and strengths that investors should consider when evaluating the company's current position and future outlook.</li><li>The major challenge faced during this period was a series of extreme weather events that severely impacted operations, leading to project delays and financial shortfalls that necessitated a revision of the full year 2024 adjusted EBITDA guidance downwards to $2.07 billion.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Martin Marietta's third-quarter 2024 earnings revealed a mix of challenges and strengths that investors should consider when evaluating the company's current position and future outlook.The major challenge faced during this period was a series of extreme weather events that severely impacted operations, leading to project delays and financial shortfalls that necessitated a revision of the full year 2024 adjusted EBITDA guidance downwards to $2.07 billion.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Martin Marietta Materials: An Insight Into Its Pricing Strategy

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.</li>
<li>We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.</li>
<li>We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.
We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.
We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025


Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

<ul>
<li>Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.</li>
<li>We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.</li>
<li>We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).</li>
</ul>


Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.
We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.
We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).


Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

<ul><li>Martin Marietta's second quarter 2024 earnings highlighted several key developments and challenges that reflect both positive and negative aspects impacting its performance and future outlook.</li><li>The company experienced a decrease in product shipments primarily due to an unprecedented increase in rainfall, specifically in the Dallas Fort Worth area, which is a critical market for Martin Marietta.</li><li>Furthermore, the lagging effects of restrictive monetary policy also pressured demand for private construction, exacerbating the decrease in shipments.</li></ul>

Martin Marietta's second quarter 2024 earnings highlighted several key developments and challenges that reflect both positive and negative aspects impacting its performance and future outlook.The company experienced a decrease in product shipments primarily due to an unprecedented increase in rainfall, specifically in the Dallas Fort Worth area, which is a critical market for Martin Marietta.Furthermore, the lagging effects of restrictive monetary policy also pressured demand for private construction, exacerbating the decrease in shipments.

Martin Marietta Materials: Leveraging Long-Term Contracts and Increased DOT Spending! - Major Drivers

<ul><li>The Q1 2024 earnings for Martin Marietta showed some level of optimism for the company's growth prospects, though the transcript also raises some potential concerns.</li><li>Mr.</li><li>Ward Nye, the CEO, highlighted various positive aspects including steady product demand, favorable commercial dynamics, and recent transactions aimed at optimizing the company's portfolio.</li></ul>

The Q1 2024 earnings for Martin Marietta showed some level of optimism for the company's growth prospects, though the transcript also raises some potential concerns.Mr.Ward Nye, the CEO, highlighted various positive aspects including steady product demand, favorable commercial dynamics, and recent transactions aimed at optimizing the company's portfolio.

Martin Marietta Materials:  Growth Prospects Amidst U.S. Infrastructure Spending Surge! - Major Drivers

United States

Martin Marietta Materials, Inc. produces aggregates for the construction industry, including highways, infrastructure, commercial, and residential. The Company also manufactures and markets magnesia-based products, including heat-resistant refractory products for the steel industry, chemical products for industrial and environmental uses, and dolomitic lime.

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Martin Marietta Materials (MLM US)

Martin Marietta Materials: An Insight Into Its Pricing Strategy

Martin Marietta's third-quarter 2024 earnings revealed a mix of challenges and strengths that investors should consider when evaluating the...

Baptista Research

Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

Buy the Pullback $SPX $QQQ $IWM $IJH $VXF; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow as market dynamics to...

Vermilion Research

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX $QQQ $NDX $IWM; Bitcoin and Silver Breaking Out $IBIT $SLV. Pullbacks =...

Vermilion Research

Martin Marietta Materials: Leveraging Long-Term Contracts and Increased DOT Spending! - Major Drivers

Martin Marietta's second quarter 2024 earnings highlighted several key developments and challenges that reflect both positive and negative aspects...

Baptista Research

Martin Marietta Materials: Growth Prospects Amidst U.S. Infrastructure Spending Surge! - Major Drivers

The Q1 2024 earnings for Martin Marietta showed some level of optimism for the company's growth prospects, though the transcript also raises some...

Baptista Research

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