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>MPLX's second quarter 2024 earnings reveal a company navigating its expansions and capital allocations with a steadfast focus on growth, particularly in robust regions such as the Marcellus, Utica, and Permian basins.</li><li>MPLX reported a year-over-year increase in adjusted EBITDA by 8% and a 7% rise in distributable cash flow.</li><li>These results underline the company’s robust operational efficiency and strategic asset utilizations, particularly in zones with rich liquid-natural gas intersections.</li></ul>

MPLX's second quarter 2024 earnings reveal a company navigating its expansions and capital allocations with a steadfast focus on growth, particularly in robust regions such as the Marcellus, Utica, and Permian basins.MPLX reported a year-over-year increase in adjusted EBITDA by 8% and a 7% rise in distributable cash flow.These results underline the company’s robust operational efficiency and strategic asset utilizations, particularly in zones with rich liquid-natural gas intersections.

MPLX LP: Expansion in Natural Gas and NGL Infrastructure! - 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>Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.</li>
<li>This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.</li>
<li>We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass</li>
</ul>


Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.
This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.
We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass


Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

<ul><li>MPLX reported year-over-year growth in adjusted EBITDA, which attained $1.6 billion and distributable cash flow peaked at $1.4 billion, the latter being an increase of 8% from the previous year.</li><li>This significant financial performance underpins the company's commitment to return on and return of capital with an expectation for steady growth in the partnership through strict capital discipline.</li><li>This progress has seen MPLX yield a peer-leading return on invested capital over the past three years.</li></ul>

MPLX reported year-over-year growth in adjusted EBITDA, which attained $1.6 billion and distributable cash flow peaked at $1.4 billion, the latter being an increase of 8% from the previous year.This significant financial performance underpins the company's commitment to return on and return of capital with an expectation for steady growth in the partnership through strict capital discipline.This progress has seen MPLX yield a peer-leading return on invested capital over the past three years.

MPLX LP: A Tale Of Financial Discipline and Organic Growth!  - Major Drivers

<ul><li>MPLX revealed their fourth quarter results for fiscal 2023, accompanied by an updated outlook for 2024.</li><li>Moreover, the commentary also discussed recent growth executed in strategic priorities as well as minor potential acquisitions.</li><li>In terms of 2023 results, MPLX had a strong year throughout, successfully executing its strategic priorities.</li></ul>

MPLX revealed their fourth quarter results for fiscal 2023, accompanied by an updated outlook for 2024.Moreover, the commentary also discussed recent growth executed in strategic priorities as well as minor potential acquisitions.In terms of 2023 results, MPLX had a strong year throughout, successfully executing its strategic priorities.

MPLX LP: Strategic Asset Leverage & Competitive Positioning! - Major Drivers

<ul><li>MPLX LP delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.</li><li>Looking ahead, MPLX is diligently advancing its 2023 capital program, projected at $950 million, encompassing $800 million in growth capital and $150 million in maintenance capital.</li><li>Simultaneously, MPLX is expanding the BANGL pipeline in the NGL value chain, aiming for completion in the first half of 2025.</li></ul>

MPLX LP delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.Looking ahead, MPLX is diligently advancing its 2023 capital program, projected at $950 million, encompassing $800 million in growth capital and $150 million in maintenance capital.Simultaneously, MPLX is expanding the BANGL pipeline in the NGL value chain, aiming for completion in the first half of 2025.

MPLX LP: Is Their Expansion in Permian and Marcellus Basins a Game Changer? - Major Drivers

United States

MPLX LP acquires, owns, operates and develops crude oil, refined products and other hydrocarbon-based product pipelines and other midstream assets. The Company's assets consist of a network of common carrier crude oil and product pipeline systems and associated storage assets in the Midwest and Gulf Coast regions of the United States.

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MPLX LP (MPLX US)

MPLX LP: Expansion in Natural Gas and NGL Infrastructure! - Major Drivers

MPLX's second quarter 2024 earnings reveal a company navigating its expansions and capital allocations with a steadfast focus on growth,...

Baptista Research

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

MPLX LP: A Tale Of Financial Discipline and Organic Growth! - Major Drivers

MPLX reported year-over-year growth in adjusted EBITDA, which attained $1.6 billion and distributable cash flow peaked at $1.4 billion, the latter...

Baptista Research

MPLX LP: Strategic Asset Leverage & Competitive Positioning! - Major Drivers

MPLX revealed their fourth quarter results for fiscal 2023, accompanied by an updated outlook for 2024. Moreover, the commentary also discussed...

Baptista Research

MPLX LP: Is Their Expansion in Permian and Marcellus Basins a Game Changer? - Major Drivers

MPLX LP delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus. Looking ahead, MPLX is diligently...

Baptista Research

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