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 Materials delivered an all-around beat in the most recent quarterly results.</li><li>Martin Marietta achieved robust results across many areas, which includes an increase in consolidated total revenues, consolidated gross profit, adjusted EBITDA, and aggregates gross profit.</li><li>We give Martin Marietta Materials a 'Hold' rating with a revised target price.</li></ul>

Martin Marietta Materials delivered an all-around beat in the most recent quarterly results.Martin Marietta achieved robust results across many areas, which includes an increase in consolidated total revenues, consolidated gross profit, adjusted EBITDA, and aggregates gross profit.We give Martin Marietta Materials a 'Hold' rating with a revised target price.

Martin Marietta Materials Inc.: 5 Critical Highlights From The Recent Financial Performance! - Financial Forecasts

Equity Capital Markets

Martin Marietta Materials / Equity Capital Markets

<ul><li>Martin Marietta had a solid start to the year and managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Financially, Martin Marietta reported increased revenues, gross profit, earnings per share, and adjusted EBITDA.</li><li>Solid aggregate demand was observed across their footprint, with attractive pricing fundamentals.</li></ul>

Martin Marietta had a solid start to the year and managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.Financially, Martin Marietta reported increased revenues, gross profit, earnings per share, and adjusted EBITDA.Solid aggregate demand was observed across their footprint, with attractive pricing fundamentals.

Martin Marietta Materials Inc.: 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 continue believe that upside is limited with the S&amp;P 500 testing the top-end of our anticipated 2023 trading range (4165-4200).</li>
<li>Our gameplan remains unchanged; reduce risk near resistance (where we are now) and add risk near support (the December 2022 lows at 3765 and/or the 2022 lows at 3490).</li>
<li>A break above 4200 on the SPX would likely mean a test of 4300-4325, which we would view as a selling opportunity. A break below 4050 would kickstart a pullback.</li>
</ul>


We continue believe that upside is limited with the S&amp;P 500 testing the top-end of our anticipated 2023 trading range (4165-4200).
Our gameplan remains unchanged; reduce risk near resistance (where we are now) and add risk near support (the December 2022 lows at 3765 and/or the 2022 lows at 3490).
A break above 4200 on the SPX would likely mean a test of 4300-4325, which we would view as a selling opportunity. A break below 4050 would kickstart a pullback.


SPX Forming Coiled Spring Between 4200 and 4050; 10Y/2Y Treasury Spread Suggests Recession Close

Credit

<ul><li>This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.</li><li>As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Martin Marietta Materials Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.</li><li>The company delivered a mixed performance in the quarter and surpassed the revenue expectations with decent growth.</li><li>As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.</li></ul>

This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.The company delivered a mixed performance in the quarter and surpassed the revenue expectations with decent growth.As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.

Martin Marietta Materials Inc.: Initiation of Coverage – Business Strategy & Recent Developments

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 Inc.: 5 Critical Highlights From The Recent Financial Performance! - Financial Forecasts

Martin Marietta Materials delivered an all-around beat in the most recent quarterly results. Martin Marietta achieved robust results across many...

Baptista Research

Martin Marietta Materials Inc.: Major Drivers

Martin Marietta had a solid start to the year and managed to surpass the revenue expectations as well as the earnings expectations of Wall...

Baptista Research

SPX Forming Coiled Spring Between 4200 and 4050; 10Y/2Y Treasury Spread Suggests Recession Close

We continue believe that upside is limited with the $SPX testing the top-end of our anticipated 2023 trading range (4165-4200). On the off chance...

Vermilion Research

Martin Marietta Materials Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates. As pricing...

Baptista Research

Martin Marietta Materials Inc.: Initiation of Coverage – Business Strategy & Recent Developments

This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates. The company...

Baptista Research

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