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

<ul><li>Sunrun delivered strong results in the last quarter as it continued expanding net subscriber value and delivering cost efficiency.</li><li>During the quarter, Lunar Energy unveiled the clean energy company where Sunrun invested for accelerating whole-home electrification.</li><li>Ford’s partnership with Sunrun continues to deliver strong results.</li></ul>

Sunrun delivered strong results in the last quarter as it continued expanding net subscriber value and delivering cost efficiency.During the quarter, Lunar Energy unveiled the clean energy company where Sunrun invested for accelerating whole-home electrification.Ford’s partnership with Sunrun continues to deliver strong results.

Sunrun Inc: Collaboration With The Enel Group & Other Drivers

Equity Bottom-Up

<ul><li>Sunrun delivered a solid result, surpassing Wall Street expectations on all counts.</li><li>The company exceeded its volume projection and had almost 34,400 additional customers in the second quarter, including over 25,000 new subscribers.</li><li>Sunrun’s subscriber additions increased from almost 72% in Q1 to nearly 74% of its overall customer additions for the time period.</li></ul>

Sunrun delivered a solid result, surpassing Wall Street expectations on all counts.The company exceeded its volume projection and had almost 34,400 additional customers in the second quarter, including over 25,000 new subscribers.Sunrun’s subscriber additions increased from almost 72% in Q1 to nearly 74% of its overall customer additions for the time period.

Sunrun Inc: New Level 2 EV Charger & Other Drivers

<ul><li>This is our first report on Sunrun and the company continues its strong momentum of penetrating the residential solar market.</li><li>In the last quarter alone, Sunrun added over 29,000 customers, representing over 213 megawatts of solar energy capacity installed, a 27% increase over the previous quarter.</li><li>Their focus on multifamily housing for increased penetration of the residential market is a key driver.</li></ul>

This is our first report on Sunrun and the company continues its strong momentum of penetrating the residential solar market.In the last quarter alone, Sunrun added over 29,000 customers, representing over 213 megawatts of solar energy capacity installed, a 27% increase over the previous quarter.Their focus on multifamily housing for increased penetration of the residential market is a key driver.

Sunrun Inc.: Initiation of Coverage – Focus On Multifamily Housing & Other Drivers

Credit

<ul><li>Sunrun Inc has witnessed strong momentum and continues to penetrate the fast-growing residential solar market in the United States.</li><li>In the last quarter alone, Sunrun added over 29,000 customers, representing over 213 megawatts of solar energy capacity installed, a 27% increase over the previous quarter.</li><li>Their focus on multifamily housing for increased penetration of the residential market is a key driver.</li></ul>

Sunrun Inc has witnessed strong momentum and continues to penetrate the fast-growing residential solar market in the United States.In the last quarter alone, Sunrun added over 29,000 customers, representing over 213 megawatts of solar energy capacity installed, a 27% increase over the previous quarter.Their focus on multifamily housing for increased penetration of the residential market is a key driver.

Sunrun Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

EDP - Energias de Portugal SA / Event-Driven

The changes to the S&amp;P Global Clean Energy Index have been announced. There are 52 additions to the index to take the number of index constituents up to 82. The changes are effective after the close of trading on 16 April.The 52 additions and capping changes will result in a one-way turnover of close to 55% and will require the ETFs tracking the index to trade US$12bn to rebalance their portfolios.The largest buying impact in terms of ADV to trade will be on <a href="https://www.smartkarma.com/entities/edp-energias-de-portugal-sa" target="_blank" data-smartkarma-citation="entities:21362:1" rel="noopener">Edp - Energias De Portugal Sa (EDP PL)</a>, <a href="https://www.smartkarma.com/entities/sse-plc" target="_blank" data-smartkarma-citation="entities:22163:1" rel="noopener">SSE PLC (SSE LN)</a>, <a href="https://www.smartkarma.com/entities/northland-power-inc" target="_blank" data-smartkarma-citation="entities:25480:1" rel="noopener">Northland Power (NPI CN)</a>, <a href="https://www.smartkarma.com/entities/enel-americas-sa-c3a67f8a-ad13-45ff-a676-cbc513b8c458" target="_blank" data-smartkarma-citation="entities:25965:1" rel="noopener">Enel Americas SA (ENIA US)</a>, <a href="https://www.smartkarma.com/entities/drax-group-plc" target="_blank" data-smartkarma-citation="entities:21911:1" rel="noopener">Drax Group PLC (DRX LN)</a>, <a href="https://www.smartkarma.com/entities/meyer-burger-technology-ag" target="_blank" data-smartkarma-citation="entities:25013:1" rel="noopener">Meyer Burger Technology Ag (MBTN SW)</a> and <a href="https://www.smartkarma.com/entities/centrais-eletricas-br-sp-adr" target="_blank" data-smartkarma-citation="entities:28638:1" rel="noopener">Centrais Eletricas Br-Sp Adr (EBR US)</a>.The largest selling impact will be on <a href="https://www.smartkarma.com/entities/meridian-ener-partly-paid-sh" target="_blank" data-smartkarma-citation="entities:4327:1" rel="noopener">Meridian Energy (MEL NZ)</a>, <a href="https://www.smartkarma.com/entities/contact-energy-ltd" target="_blank" data-smartkarma-citation="entities:13136:1" rel="noopener">Contact Energy (CEN NZ)</a>, <a href="https://www.smartkarma.com/entities/verbund-ag" target="_blank" data-smartkarma-citation="entities:22563:1" rel="noopener">Verbund AG (VER AV)</a>, <a href="https://www.smartkarma.com/entities/innergex-renewable-energy-inc" target="_blank" data-smartkarma-citation="entities:25479:1" rel="noopener">Innergex Renewable Energy (INE CN)</a>, <a href="https://www.smartkarma.com/entities/cia-energetica-de-spon-adr" target="_blank" data-smartkarma-citation="entities:28644:1" rel="noopener">Cia Energetica De-Spon Adr (CIG US)</a>, <a href="https://www.smartkarma.com/entities/boralex-inc" target="_blank" data-smartkarma-citation="entities:25478:1" rel="noopener">Boralex Inc (BLX CN)</a> and <a href="https://www.smartkarma.com/entities/scatec-solar-asa" target="_blank" data-smartkarma-citation="entities:25120:1" rel="noopener">Scatec Solar ASA (SSO NO)</a>.Among the current index constituents, there will be buying on <a href="https://www.smartkarma.com/entities/orsted-a-s" target="_blank" data-smartkarma-citation="entities:24765:1" rel="noopener">Orsted A/S (ORSTED DC)</a> and <a href="https://www.smartkarma.com/entities/vestas-wind-systems-a-s" target="_blank" data-smartkarma-citation="entities:22524:1" rel="noopener">Vestas Wind Systems A/S (VWS DC)</a>.We recommend buying the surprise inclusions and unwinding the positions by implementation date. A lot of the stocks that will have a reduction in index weight have been sold off over the last few months and the active positions will be covered leading up to implementation date - we recommend buying these stocks in the days leading up to implementation date since the stocks could rally once the overhang of passive selling has been removed.

The changes to the S&amp;P Global Clean Energy Index have been announced. There are 52 additions to the index to take the number of index constituents up to 82. The changes are effective after the close of trading on 16 April.The 52 additions and capping changes will result in a one-way turnover of close to 55% and will require the ETFs tracking the index to trade US$12bn to rebalance their portfolios.The largest buying impact in terms of ADV to trade will be on Edp - Energias De Portugal Sa (EDP PL), SSE PLC (SSE LN), Northland Power (NPI CN), Enel Americas SA (ENIA US), Drax Group PLC (DRX LN), Meyer Burger Technology Ag (MBTN SW) and Centrais Eletricas Br-Sp Adr (EBR US).The largest selling impact will be on Meridian Energy (MEL NZ), Contact Energy (CEN NZ), Verbund AG (VER AV), Innergex Renewable Energy (INE CN), Cia Energetica De-Spon Adr (CIG US), Boralex Inc (BLX CN) and Scatec Solar ASA (SSO NO).Among the current index constituents, there will be buying on Orsted A/S (ORSTED DC) and Vestas Wind Systems A/S (VWS DC).We recommend buying the surprise inclusions and unwinding the positions by implementation date. A lot of the stocks that will have a reduction in index weight have been sold off over the last few months and the active positions will be covered leading up to implementation date - we recommend buying these stocks in the days leading up to implementation date since the stocks could rally once the overhang of passive selling has been removed.

Global Clean Energy Index: 52 Adds, 55% Index Turnover, US$12bn to Trade

United States

Sunrun Inc. provides solar energy solutions. The Company installs, monitors, and maintains solar panels on homeowners' roofs to supply solar electricity. Sunrun serves customers in the United States.

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Sunrun Inc (RUN US)

Sunrun Inc: Collaboration With The Enel Group & Other Drivers

Sunrun delivered strong results in the last quarter as it continued expanding net subscriber value and delivering cost efficiency. During the...

Baptista Research

Sunrun Inc: New Level 2 EV Charger & Other Drivers

Sunrun delivered a solid result, surpassing Wall Street expectations on all counts. The company exceeded its volume projection and had almost...

Baptista Research

Sunrun Inc.: Initiation of Coverage – Focus On Multifamily Housing & Other Drivers

This is our first report on Sunrun and the company continues its strong momentum of penetrating the residential solar market. In the last quarter...

Baptista Research

Sunrun Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Sunrun Inc has witnessed strong momentum and continues to penetrate the fast-growing residential solar market in the United States. In the last...

Baptista Research

Global Clean Energy Index: 52 Adds, 55% Index Turnover, US$12bn to Trade

There are 52 additions to the S&P Global Clean Energy Index. One-way turnover is nearly 55% and the ETF benchmarked to the index will need to trade...

Brian Freitas

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