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>SPIE's latest financial results showcase several notable aspects of its operational and strategic positioning within the industrial services sector, with both positive and negative elements to consider from an investment perspective.</li><li>From a positive standpoint, SPIE reported a revenue increase of 5.8% in the first half of 2025, amounting to EUR 4,979 million.</li><li>This growth was driven by a robust 2.4% organic growth rate and a substantial contribution from acquisitions, notably increasing their footprint in markets such as Poland, Switzerland, and the Netherlands.</li></ul>

SPIE's latest financial results showcase several notable aspects of its operational and strategic positioning within the industrial services sector, with both positive and negative elements to consider from an investment perspective.From a positive standpoint, SPIE reported a revenue increase of 5.8% in the first half of 2025, amounting to EUR 4,979 million.This growth was driven by a robust 2.4% organic growth rate and a substantial contribution from acquisitions, notably increasing their footprint in markets such as Poland, Switzerland, and the Netherlands.

SPIE’s Power Play: Strategic Acquisitions Are Fuelling Margin Explosion & Market Strength!

<ul><li>SPIE had a record-breaking year in its 2024 financial performance, showcasing significant advancements across multiple business segments.</li><li>The company achieved a revenue of EUR 9.9 billion, representing a 13.7% increase.</li><li>This growth was driven by strong organic growth of 4.3%, further complemented by an aggressive bolt on acquisition strategy that contributed 9.2% to overall revenue growth.</li></ul>

SPIE had a record-breaking year in its 2024 financial performance, showcasing significant advancements across multiple business segments.The company achieved a revenue of EUR 9.9 billion, representing a 13.7% increase.This growth was driven by strong organic growth of 4.3%, further complemented by an aggressive bolt on acquisition strategy that contributed 9.2% to overall revenue growth.

SPIE: Initiation of Coverage- Strategic Acquisitions Fueling An Unstoppable Expansion Engine!

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>We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.</li>
<li>Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish</li>
<li>200-Day MAs on ACWI-US and SPX are spots where they could roll over. This is just a lean; if we see no reason to sell at those levels, we won't.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.
Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish
200-Day MAs on ACWI-US and SPX are spots where they could roll over. This is just a lean; if we see no reason to sell at those levels, we won't.


Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - September 2024 - Lucror Analytics

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view SPIE’s ESG as “Strong”, in line with its Social and Governance scores. The company has an “Adequate” score for the Environmental pillar. Controversies are “Immaterial” and Disclosure is “Strong”.  SPIE was awarded a Gold rating by EcoVadis for the ninth consecutive year in 2023.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view SPIE’s ESG as “Strong”, in line with its Social and Governance scores. The company has an “Adequate” score for the Environmental pillar. Controversies are “Immaterial” and Disclosure is “Strong”.    SPIE was awarded a Gold rating by EcoVadis for the ninth consecutive year in 2023. 

France

SPIE SA provides engineering services. The Company designs, constructs, and maintains electrical and mechanical infrastructure, energy applications, communication systems as well as offers facilities management, industrial machinery installations, and security equipment. SPIE serves clients worldwide.

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SPIE SA (SPIE FP)

SPIE’s Power Play: Strategic Acquisitions Are Fuelling Margin Explosion & Market Strength!

SPIE's latest financial results showcase several notable aspects of its operational and strategic positioning within the industrial services...

Baptista Research

SPIE: Initiation of Coverage- Strategic Acquisitions Fueling An Unstoppable Expansion Engine!

SPIE had a record-breaking year in its 2024 financial performance, showcasing significant advancements across multiple business segments. The...

Baptista Research

Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

Invest As If the Lows Are In; EURO $STOXX 50 and $TOPIX Reclaim Key Levels; Still near-term bullish since our 4/22/25 Compass report. Possible...

Vermilion Research

Europe HY Trade Book - September 2024 - Lucror Analytics

The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

SPIE - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view SPIE’s ESG as “Strong”, in...

Lucror Analytics

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