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>Nextracker's Fourth Quarter and Full Fiscal Year 2024 conference detailed a period of significant achievement and robust performance, balanced by a practical outlook on the evolving challenges and opportunities in the solar industry.</li>
<li>The company reported a strong year with highlights including a 40% annual increase in Q4 revenue to $737 million and a doubling of adjusted EBITDA to $160 million for the same period.</li>
<li>This capped a fiscal year where revenue soared over 30% to hit $2.5 billion with adjusted EDBITA more than doubling to $521 million.</li>
</ul>


Nextracker's Fourth Quarter and Full Fiscal Year 2024 conference detailed a period of significant achievement and robust performance, balanced by a practical outlook on the evolving challenges and opportunities in the solar industry.
The company reported a strong year with highlights including a 40% annual increase in Q4 revenue to $737 million and a doubling of adjusted EBITDA to $160 million for the same period.
This capped a fiscal year where revenue soared over 30% to hit $2.5 billion with adjusted EDBITA more than doubling to $521 million.


Nextracker Inc.: A Competitive Advantage Through Global Expansion and Market Diversification!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.</li>
<li>There is huge size to trade in <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> and <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings (CRWD US)</a> and both stocks were up big in the after-hours market.</li>
<li>There has been positioning in some stocks recently but stocks including <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co</a>, <a href="https://www.smartkarma.com/entities/rb-global-inc" target="_blank" data-smartkarma-citation="entities:25475:1" rel="noopener">RB Global</a> and <a href="https://www.smartkarma.com/entities/texas-pacific-land-corp" target="_blank" data-smartkarma-citation="entities:28693:1" rel="noopener">Texas Pacific Land</a> could see further positioning in the next week.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.
There is huge size to trade in KKR &amp; Co (KKR US) and Crowdstrike Holdings (CRWD US) and both stocks were up big in the after-hours market.
There has been positioning in some stocks recently but stocks including KKR &amp; Co, RB Global and Texas Pacific Land could see further positioning in the next week.


S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

<ul>
<li>Nextracker, Inc. posted strong third-quarter results for the fiscal year 2024.</li>
<li>The company achieved record revenue, profits and backlog data for the quarter, with year-over-year revenue growth of 38% surpassing $700 million.</li>
<li>Nextracker's adjusted EBITDA also increased significantly to $168 million, doubling from the same period in the previous year.</li>
</ul>


Nextracker, Inc. posted strong third-quarter results for the fiscal year 2024.
The company achieved record revenue, profits and backlog data for the quarter, with year-over-year revenue growth of 38% surpassing $700 million.
Nextracker's adjusted EBITDA also increased significantly to $168 million, doubling from the same period in the previous year.


Nextracker: A Deep Dive Into Its Core Business Strategy & Its Competitive Positioning

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextracker-inc" target="_blank" data-smartkarma-citation="entities:36731:1" rel="noopener">NEXTracker (NXT US)</a> , a leading solar tracker and software solutions provider for utility-scale and distributed generation projects, filed for an IPO.</li>
<li>According to Crunchbase, <a href="https://www.smartkarma.com/entities/nextracker-inc" target="_blank" data-smartkarma-citation="entities:36731:1" rel="noopener">NEXTracker (NXT US)</a>  has raised ~$548M in funding over four rounds, and investors include Sigma Partners, DBL Partners, SJF Ventures, and American private equity firm TPG.</li>
<li>We have a favorable view of the upcoming Nextracker IPO and see upside potential to the last round valuation of ~$3B, when the company announced a strategic investment from TPG. </li>
</ul>



NEXTracker (NXT US) , a leading solar tracker and software solutions provider for utility-scale and distributed generation projects, filed for an IPO.
According to Crunchbase, NEXTracker (NXT US)  has raised ~$548M in funding over four rounds, and investors include Sigma Partners, DBL Partners, SJF Ventures, and American private equity firm TPG.
We have a favorable view of the upcoming Nextracker IPO and see upside potential to the last round valuation of ~$3B, when the company announced a strategic investment from TPG. 


United States

Nextpower Inc. designs and develops measuring machines. The Company offers integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects. Nextpower serves customers worldwide.

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Nextpower (NXT US)

Nextracker Inc.: A Competitive Advantage Through Global Expansion and Market Diversification!

The company reported a strong year with highlights including a 40% annual increase in Q4 revenue to $737 million and a doubling of adjusted EBITDA...

Baptista Research

S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

KKR, Crowdstrike and GoDaddy will be added to the SP500 at the close on 21 June. There are a bunch of changes for the SP400/600 indices too. There...

Brian Freitas

Nextracker: A Deep Dive Into Its Core Business Strategy & Its Competitive Positioning

Nextracker, Inc. posted strong third-quarter results for the fiscal year 2024. The company achieved record revenue, profits and backlog data for...

Baptista Research

Nextracker IPO Valuation Analysis

We have a favorable view of the upcoming Nextracker IPO, the leading global provider of integrated solar tracker and software solutions. The...

Andrei Zakharov

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