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>Ormat Technologies showcased robust results in the first quarter of 2024, reflecting significant financial and operational progress.</li><li>The company, which operates across electricity, product, and energy storage segments, reported a 21% increase in total revenues and a 25.5% rise in earnings per diluted share year-over-year.</li><li>The adjusted EBITDA also increased by 14.4%, fueled by organic growth, efficiency improvements at operational facilities, and contributions from newly acquired assets from Enel Green Power North America.</li></ul>

Ormat Technologies showcased robust results in the first quarter of 2024, reflecting significant financial and operational progress.The company, which operates across electricity, product, and energy storage segments, reported a 21% increase in total revenues and a 25.5% rise in earnings per diluted share year-over-year.The adjusted EBITDA also increased by 14.4%, fueled by organic growth, efficiency improvements at operational facilities, and contributions from newly acquired assets from Enel Green Power North America.

Ormat Technologies Inc.: Initiation of Coverage - Can They Capitalize On The  Advancements in Energy Storage Solutions? - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Sprouts Farmers Market / Equity Bottom-Up

<ul>
<li>Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. </li>
<li>Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. </li>
<li>Today we are flagging Weight Watchers, Triumph Grp, Sprouts, Ormat Tech .</li>
</ul>


Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. 
Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. 
Today we are flagging Weight Watchers, Triumph Grp, Sprouts, Ormat Tech .


Declining Business Short Candidates: Weight Watchers, Triumph Grp, Sprouts, Ormat Tech

Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.

Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.

Declining Business Short Candidates: Sprouts, Plexus, Ormat, Itron

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The S&amp;P Global Clean Energy Index is designed to measure the performance of 30 companies from around the world that are involved in clean energy-related businesses, comprising a diversified mix of clean energy production and clean energy equipment and technology companies.There are two ETFs that are benchmarked to the index and these ETFs have seen massive inflows over the last year. This has caused liquidity issues in the underlying stocks and has led to S&amp;P having multiple market consultations to reduce constituent concentration, easy liquidity limitations and improve index replication.The changes due to these market consultations will cause large passive flows on the stocks. A few stocks have moved substantially over the last couple of months but there could be more in store for a few of them.Depending on the which proposals are implemented, one-way turnover for the review could be in the range of 30-50% and there are a lot of stocks that will have more than 10 days of ADV to trade.In this Insight we look at the index, the inflows on the ETFs, the various market consultations and the impact on the stocks that constitute the index and those that could be added to the index in the April rebalance.

The S&amp;P Global Clean Energy Index is designed to measure the performance of 30 companies from around the world that are involved in clean energy-related businesses, comprising a diversified mix of clean energy production and clean energy equipment and technology companies.There are two ETFs that are benchmarked to the index and these ETFs have seen massive inflows over the last year. This has caused liquidity issues in the underlying stocks and has led to S&amp;P having multiple market consultations to reduce constituent concentration, easy liquidity limitations and improve index replication.The changes due to these market consultations will cause large passive flows on the stocks. A few stocks have moved substantially over the last couple of months but there could be more in store for a few of them.Depending on the which proposals are implemented, one-way turnover for the review could be in the range of 30-50% and there are a lot of stocks that will have more than 10 days of ADV to trade.In this Insight we look at the index, the inflows on the ETFs, the various market consultations and the impact on the stocks that constitute the index and those that could be added to the index in the April rebalance.

Global Clean Energy Index: MASSIVE Changes Coming Up; 30-50% One-Way Turnover

United States

Ormat Technologies, Inc. develops and operates renewable energy projects. The Company offers geothermal, recovered energy, and energy management and storage solutions. Ormat Technologies serves customers worldwide.

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Ormat Technologies (ORA US)

Ormat Technologies Inc.: Initiation of Coverage - Can They Capitalize On The Advancements in Energy Storage Solutions? - Major Drivers

Ormat Technologies showcased robust results in the first quarter of 2024, reflecting significant financial and operational progress. The company,...

Baptista Research

Declining Business Short Candidates: Weight Watchers, Triumph Grp, Sprouts, Ormat Tech

Declining business shorts pursue profit riding negative business momentum. Today we are flagging Weight Watchers, Triumph Grp, Sprouts, Ormat Tech.

Eric Fernandez, CFA

Declining Business Short Candidates: Sprouts, Plexus, Ormat, Itron

Declining Business Short Candidates... Our model list of secular decliners, "melting ice cubes", flawed business model candidates featuring...

Eric Fernandez, CFA

Global Clean Energy Index: MASSIVE Changes Coming Up; 30-50% One-Way Turnover

The huge inflows into ETFs tracking the S&P Global Clean Energy Index have led to many market consultations and there will be massive flows in/out...

Brian Freitas

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