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

Royal Dutch Shell Plc (Adr) / Equity Bottom-Up

<ul><li>Despite a less favorable macro environment, Shell produced a decent result where it managed to surpass the revenue expectations of Wall Street but missed out on earnings.</li><li>The Integrated Gas business had a good operating performance at Pearl GTL, enhanced utilization, strong performance in Australia, and excellent trading and optimization results.</li><li>They also helped to secure gas supplies for Europe by storing 50% more gas than the previous year.</li></ul>

Despite a less favorable macro environment, Shell produced a decent result where it managed to surpass the revenue expectations of Wall Street but missed out on earnings.The Integrated Gas business had a good operating performance at Pearl GTL, enhanced utilization, strong performance in Australia, and excellent trading and optimization results.They also helped to secure gas supplies for Europe by storing 50% more gas than the previous year.

Shell PLC: Interesting Advancements In Low Carbon Portfolio & Other Developments

<ul><li>Shell produced a mixed set of results in the quarter, meeting the revenue expectations of Wall Street but missing out on earnings.</li><li>The company’s working capital situation has improved significantly and working capital was a substantial cash inflow in the quarter.</li><li>The improved cash flow position in the quarter enabled Shell to enhance its distributors to shareholders.</li></ul>

Shell produced a mixed set of results in the quarter, meeting the revenue expectations of Wall Street but missing out on earnings.The company’s working capital situation has improved significantly and working capital was a substantial cash inflow in the quarter.The improved cash flow position in the quarter enabled Shell to enhance its distributors to shareholders.

Shell PLC: New Solar Energy Projects & Other Drivers

<ul><li>This is our first report on energy major, Shell.</li><li>Amid volatile energy prices, the company’s performance in the quarter was decent as it surpassed the revenue expectations of Wall Street but missed out on earnings.</li><li>The current energy sector outlook appears to be positive and it has been the best performing sector on Wall Street for the past year which has benefitted Shell.</li></ul>

This is our first report on energy major, Shell.Amid volatile energy prices, the company’s performance in the quarter was decent as it surpassed the revenue expectations of Wall Street but missed out on earnings.The current energy sector outlook appears to be positive and it has been the best performing sector on Wall Street for the past year which has benefitted Shell.

Shell plc ADR: Initiation of Coverage – Improving Cost Structure & Other Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn, could be sold in early June.</li>
<li>As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. </li>
<li>In this note, we will look at the possible deal dynamics and the overall background of the deal.</li>
</ul>


BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn, could be sold in early June.
As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. 
In this note, we will look at the possible deal dynamics and the overall background of the deal.


BHP Woodside Distribution - Could Be a Large Block (~US$1bn) In Early June

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>Premiums of selected DLC's have generally tightened during December, following the unification of BHP : BHP/BLT 1.3%; Rio Tinto AU/LN, 9.9% (widened); Shell, nil premium.</li>
<li>Discounts to NAV of holdcos have shown mixed performance: Alba, 42.7%; GBL, 30%; Heineken Holdings, 17.9%; Industrivärden, 14.4%; Investor AB, 7.5%; Kinnevik B, 22.4% (premium).</li>
<li>Recommended trades: BHP/BLT, GBL vs. listed assets, Industrivärden vs. listed assets.</li>
</ul>


Premiums of selected DLC's have generally tightened during December, following the unification of BHP : BHP/BLT 1.3%; Rio Tinto AU/LN, 9.9% (widened); Shell, nil premium.
Discounts to NAV of holdcos have shown mixed performance: Alba, 42.7%; GBL, 30%; Heineken Holdings, 17.9%; Industrivärden, 14.4%; Investor AB, 7.5%; Kinnevik B, 22.4% (premium).
Recommended trades: BHP/BLT, GBL vs. listed assets, Industrivärden vs. listed assets.


Selected European Holdcos and DLCs: December '21 Report

Netherlands

Shell PLC explores and refines petroleum products. The Company produces and imports fuels, chemicals, and lubricants, as well as operates service station networks. Shell serves clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shell (RDSA NA)

Shell PLC: Interesting Advancements In Low Carbon Portfolio & Other Developments

Despite a less favorable macro environment, Shell produced a decent result where it managed to surpass the revenue expectations of Wall Street but...

Baptista Research

Shell PLC: New Solar Energy Projects & Other Drivers

Shell produced a mixed set of results in the quarter, meeting the revenue expectations of Wall Street but missing out on earnings. The company’s...

Baptista Research

Shell plc ADR: Initiation of Coverage – Improving Cost Structure & Other Drivers

This is our first report on energy major, Shell. Amid volatile energy prices, the company’s performance in the quarter was decent as it surpassed...

Baptista Research

BHP Woodside Distribution - Could Be a Large Block (~US$1bn) In Early June

BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn,...

Sumeet Singh

Selected European Holdcos and DLCs: December '21 Report

Premiums of selected DLC's have generally tightened during December. Discount to NAV of holdcos have shown mixed trends.

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)