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>The latest earnings for Tetra Tech presented a mix of positive developments and notable challenges, providing investors with a nuanced view of the company's current financial health and strategic direction.</li>
<li>The quarter was extraordinary in terms of revenue and profitability, achieved despite the unexpected loss of the largest client, which marks a significant test for Tetra Tech's client diversification strategy.</li>
<li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li>
</ul>


The latest earnings for Tetra Tech presented a mix of positive developments and notable challenges, providing investors with a nuanced view of the company's current financial health and strategic direction.
The quarter was extraordinary in terms of revenue and profitability, achieved despite the unexpected loss of the largest client, which marks a significant test for Tetra Tech's client diversification strategy.
Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.


Tetra Tech: Will Its Investments In Infrastructure & Water Management Projects Yield Results...

<ul>
<li>Tetra Tech, a global provider of consulting and engineering services, reported robust financial results for the fourth quarter and fiscal year 2024, achieving record highs in multiple key financial metrics.</li>
<li>The company’s revenue increased by 15% to $4.32 billion, with operating income surpassing $0.5 billion for the first time, reflecting a 22% year-over-year increase.</li>
<li>Earnings per share also rose by 21% to $1.26 for the year on a post split basis.</li>
</ul>


Tetra Tech, a global provider of consulting and engineering services, reported robust financial results for the fourth quarter and fiscal year 2024, achieving record highs in multiple key financial metrics.
The company’s revenue increased by 15% to $4.32 billion, with operating income surpassing $0.5 billion for the first time, reflecting a 22% year-over-year increase.
Earnings per share also rose by 21% to $1.26 for the year on a post split basis.


Tetra Tech Inc.: A Diversified Portfolio Of Government Contracts For A Sustained Competitive Edge!

<ul>
<li>Tetra Tech's third quarter earnings for fiscal year 2024 presented a robust picture of the company's financial health and operational achievements.</li>
<li>The company reported a significant increase in net revenue, up 12% reaching $1.11 billion, setting a record for any quarter in the company's history.</li>
<li>Additionally, Tetra Tech marked a substantial EBITDA growth of 32% to $129 million, evidencing a stronger margin improvement relative to revenue growth.</li>
</ul>


Tetra Tech's third quarter earnings for fiscal year 2024 presented a robust picture of the company's financial health and operational achievements.
The company reported a significant increase in net revenue, up 12% reaching $1.11 billion, setting a record for any quarter in the company's history.
Additionally, Tetra Tech marked a substantial EBITDA growth of 32% to $129 million, evidencing a stronger margin improvement relative to revenue growth.


Tetra Tech Inc.- A Tale Of International Market Expansion and Diversification! - Major Drivers

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>Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).</li>
<li>The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.</li>
<li>If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership</li>
</ul>


Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).
The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.
If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership


Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>On 24 September, Tetra Tech outbid WSP with a recommended 222p/share cash offer, a 7.8% increase vs. WSP's and 110% premium to the start of the offer period.</li>
<li>The new offer represents 19.1x EV/Fwd EBIT and 25.7x Fwd P/E, and seems dilutive for Tetra Tech. Irrevocables and letters of intent amount to 27.53%.</li>
<li>Expect the shares to quickly close the spread at the beginning of the 26 September trading session and the market to possibly await a counterbid.</li>
</ul>


On 24 September, Tetra Tech outbid WSP with a recommended 222p/share cash offer, a 7.8% increase vs. WSP's and 110% premium to the start of the offer period.
The new offer represents 19.1x EV/Fwd EBIT and 25.7x Fwd P/E, and seems dilutive for Tetra Tech. Irrevocables and letters of intent amount to 27.53%.
Expect the shares to quickly close the spread at the beginning of the 26 September trading session and the market to possibly await a counterbid.


United States

Tetra Tech, Inc. provides specialized management consulting and technical services primarily in resource management, infrastructure, and communications. The Company's clients include a diverse base of public and private sector organizations.  Tetra Tech operates offices in the United States and internationally.

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Tetra Tech Inc (TTEK US)

Tetra Tech: Will Its Investments In Infrastructure & Water Management Projects Yield Results...

The latest earnings for Tetra Tech presented a mix of positive developments and notable challenges, providing investors with a nuanced view of the...

Baptista Research

Tetra Tech Inc.: A Diversified Portfolio Of Government Contracts For A Sustained Competitive Edge!

Tetra Tech, a global provider of consulting and engineering services, reported robust financial results for the fourth quarter and fiscal year 2024

Baptista Research

Tetra Tech Inc.- A Tale Of International Market Expansion and Diversification! - Major Drivers

Tetra Tech's third quarter earnings for fiscal year 2024 presented a robust picture of the company's financial health and operational achievements.

Baptista Research

Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Rotation is the Lifeblood of a Bull Market; Bullish Outlook Intact; Expecting Short-term Support at $SPX 5370-5380 and $QQQ $468-469 (20-day MAs...

Vermilion Research

Tetra Tech Outbids WSP

Tetra Tech trumps WSP's offer for RPS. Consolidation is ongoing within civil engineering. Both companies aim to capture market share in ESG...

Jesus Rodriguez Aguilar

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