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 Capital Markets

Schlumberger Ltd / Equity Capital Markets

<ul><li>Crude oil prices have had an excellent bull run for the past few quarters but the situation might change.</li><li>The shortage of natural gas and coal resulted an increasing demand for crude oil and resulted in a sure in the demand after the impact of the Covid-19 pandemic but the rising cases in Europe could result in waning demand and possible oversupply.</li><li>Schlumberger has capitalized on the rising oil prices and increased exploration activity and delivered a string of good results.</li></ul>

Crude oil prices have had an excellent bull run for the past few quarters but the situation might change.The shortage of natural gas and coal resulted an increasing demand for crude oil and resulted in a sure in the demand after the impact of the Covid-19 pandemic but the rising cases in Europe could result in waning demand and possible oversupply.Schlumberger has capitalized on the rising oil prices and increased exploration activity and delivered a string of good results.

Schlumberger Ltd - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/21

Amareos

Federico Bagiotti, CFA

Equity Bottom-Up

In our first research note on Halliburton, published last November<a href="#_ftn1" target="_blank">[1]</a> after Q3-17 earnings results, we argued that our crowd-sourced sentiment indicators suggested that the outlook for the stock was becoming increasingly constructive. This view has been validated by subsequent price action.Between early November and the recent market peak the stock gained more than 25%. Even allowing for the recent pullback, the stock remains 12% higher than the level it was at when we published the note, a…

In our first research note on Halliburton, published last November[1] after Q3-17 earnings results, we argued that our crowd-sourced sentiment indicators suggested that the outlook for the stock was becoming increasingly constructive. This view has been validated by subsequent price action.Between early November and the recent market peak the stock gained more than 25%. Even allowing for the recent pullback, the stock remains 12% higher than the level it was at when we published the note, a…

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller, Halliburton’s President and CEO remarked,“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment. These results demonstrate why Halliburton is the execution company.” Just two months earlier, the Company…

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller, Halliburton’s President and CEO remarked,“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment. These results demonstrate why Halliburton is the execution company.” Just two months earlier, the Company…

Transport Sector, China and Asia-focused Research

Charles De Trenck

Dennis Gartman, publisher of his eponymous investor newsletter, is known for making forceful comments on commodities. Increasingly, he has also been known for being wrong.  We can’t say he is always wrong. But over the years he’s proven to be a valid contrarian indicator much/most of the time. Dennis Gartman is a creature of CNBC. Always with a quick draw opinion. Always there to tell you that what is happening, ... is happening. And to try to get you to sell or buy as often as he changes his…

Dennis Gartman, publisher of his eponymous investor newsletter, is known for making forceful comments on commodities. Increasingly, he has also been known for being wrong.  We can’t say he is always wrong. But over the years he’s proven to be a valid contrarian indicator much/most of the time. Dennis Gartman is a creature of CNBC. Always with a quick draw opinion. Always there to tell you that what is happening, ... is happening. And to try to get you to sell or buy as often as he changes his…

The Gartman Indicator – Perhaps an Oil Bottom Is Nearer than We Think?

Senior Investment Analyst, Black Crane Investment Mgmt Ltd

Perry Tan, CFA, CAIA, FRM

Senior Investment Analyst

Black Crane Investment Mgmt Ltd

Credit

<ul><li> 2018s bond price 66%</li><li>Market cap: US$196.9m</li><li>Total Debt: US$379.1m</li></ul>Action &amp; Scenario Analysis<ul><li>Long credit</li><li>Under all 3 scenarios with a haircut, the recovery rate is higher than the current price </li><li>Target IRR: 19.4% (based on the weighted average return of the 3 scenarios and assuming a haircut on principal)</li></ul>

 2018s bond price 66%Market cap: US$196.9mTotal Debt: US$379.1mAction &amp; Scenario AnalysisLong creditUnder all 3 scenarios with a haircut, the recovery rate is higher than the current price Target IRR: 19.4% (based on the weighted average return of the 3 scenarios and assuming a haircut on principal) 

Anton Oilfield Services 7.5% 2018s - Asset Disposal Above BV Enough to Cover Indebtedness

United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

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Schlumberger Ltd (SLB US)

Schlumberger Ltd - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/21

Crude oil prices have had an excellent bull run for the past few quarters but the situation might change. The shortage of natural gas and coal...

Baptista Research

Halliburton: Do We Still Like It?

In our first research note on Halliburton, published last November[1] after Q3-17 earnings results, we argued that our crowd-sourced sentiment...

Amareos

Halliburton: Ripe For A Rebound

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller,...

Amareos

The Gartman Indicator – Perhaps an Oil Bottom Is Nearer than We Think?

Dennis Gartman, publisher of his eponymous investor newsletter, is known for making forceful comments on commodities. Increasingly, he has also...

Charles De Trenck

Anton Oilfield Services 7.5% 2018s - Asset Disposal Above BV Enough to Cover Indebtedness

2018s bond price 66% Market cap: US$196.9m Total Debt: US$379.1m Action & Scenario Analysis Long credit Under all 3 scenarios with a haircut,...

Perry Tan, CFA, CAIA, FRM

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