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>Trane Technologies delivered robust performance in the third quarter of 2025, exhibiting significant growth in key business segments despite challenges in certain markets.</li>
<li>The company reported record quarterly bookings of $6 billion, reflecting a 13% year-over-year organic growth and expanding its adjusted operating margins by 170 basis points.</li>
<li>Additionally, Trane Technologies achieved a 15% growth in adjusted earnings per share (EPS) and demonstrated robust free cash flow generation.</li>
</ul>


Trane Technologies delivered robust performance in the third quarter of 2025, exhibiting significant growth in key business segments despite challenges in certain markets.
The company reported record quarterly bookings of $6 billion, reflecting a 13% year-over-year organic growth and expanding its adjusted operating margins by 170 basis points.
Additionally, Trane Technologies achieved a 15% growth in adjusted earnings per share (EPS) and demonstrated robust free cash flow generation.


Trane Technologies Is Powering Data Centers with NVIDIA — Could This Be a Game Changer?

<ul>
<li>Trane Technologies' second quarter of 2025 results reflect a combination of robust growth drivers and challenges that provide a nuanced picture for potential investors.</li>
<li>Positively, the company announced record bookings and revenues, with adjusted operating margins expanding by 90 basis points and adjusted EPS growing by 18%.</li>
<li>A key highlight was Trane's Americas Commercial HVAC business, which saw bookings increase by over 20%, driven particularly by a strong demand for Applied Solutions, which grew by over 60% year-over-year.</li>
</ul>


Trane Technologies' second quarter of 2025 results reflect a combination of robust growth drivers and challenges that provide a nuanced picture for potential investors.
Positively, the company announced record bookings and revenues, with adjusted operating margins expanding by 90 basis points and adjusted EPS growing by 18%.
A key highlight was Trane's Americas Commercial HVAC business, which saw bookings increase by over 20%, driven particularly by a strong demand for Applied Solutions, which grew by over 60% year-over-year.


Trane Technologies: Racing Ahead in the Electrification Boom With Breakthrough Heating Portfolio!

<ul>
<li>Trane Technologies reported strong first quarter results for 2025, showing resilience in a challenging macroeconomic environment.</li>
<li>They achieved an 11% organic revenue growth and a 26% increase in adjusted EPS, largely propelled by their innovations in sustainable solutions and a strategic focus on high-demand sectors like Commercial HVAC.</li>
<li>The company continues to benefit from its robust operating system and strategic direct sales force, which have driven significant market outperformance and growth in bookings across verticals such as data centers, healthcare, and higher education.</li>
</ul>


Trane Technologies reported strong first quarter results for 2025, showing resilience in a challenging macroeconomic environment.
They achieved an 11% organic revenue growth and a 26% increase in adjusted EPS, largely propelled by their innovations in sustainable solutions and a strategic focus on high-demand sectors like Commercial HVAC.
The company continues to benefit from its robust operating system and strategic direct sales force, which have driven significant market outperformance and growth in bookings across verticals such as data centers, healthcare, and higher education.


Trane Technologies: Resilient Residential HVAC Transition...

<ul>
<li>Trane Technologies reported robust financial results for the fourth quarter of 2024, reflecting strong execution across its business segments and demonstrating the benefits of its purpose-driven strategy focused on innovation and sustainability.</li>
<li>The company achieved 10% organic revenue growth, expanded adjusted EBITDA margins by 110 basis points, and increased adjusted earnings per share (EPS) by 20%.</li>
<li>For the full year, Trane Technologies reported 12% organic revenue growth and 24% adjusted EPS growth, affirming its ability to outperform peer groups in these critical financial metrics.</li>
</ul>


Trane Technologies reported robust financial results for the fourth quarter of 2024, reflecting strong execution across its business segments and demonstrating the benefits of its purpose-driven strategy focused on innovation and sustainability.
The company achieved 10% organic revenue growth, expanded adjusted EBITDA margins by 110 basis points, and increased adjusted earnings per share (EPS) by 20%.
For the full year, Trane Technologies reported 12% organic revenue growth and 24% adjusted EPS growth, affirming its ability to outperform peer groups in these critical financial metrics.


Trane Technologies: Can HVAC Service Revenue Outweigh Market Cyclicality? - 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>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and SPX is above 6028-6059 (up from 5700-5785 as it is highly unlikely to be tested).</li>
<li>Some will point to August seasonality as a reason to be cautious; we simply are not seeing any signs that suggest a meaningful pullback is imminent.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and SPX is above 6028-6059 (up from 5700-5785 as it is highly unlikely to be tested).
Some will point to August seasonality as a reason to be cautious; we simply are not seeing any signs that suggest a meaningful pullback is imminent.


Market Extended Entering Seasonally Weak August; Meaningful Pullback Imminent? Not Likely

United States

Trane Technologies Public Limited Company manufactures industrial equipment. The Company offers central heaters, air conditioners, electric vehicles, air cleaners, and fluid handling products. Trane Technologies serves customers worldwide.

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Trane Technologies (TT US)

Trane Technologies Is Powering Data Centers with NVIDIA — Could This Be a Game Changer?

Trane Technologies delivered robust performance in the third quarter of 2025, exhibiting significant growth in key business segments despite...

Baptista Research

Trane Technologies: Racing Ahead in the Electrification Boom With Breakthrough Heating Portfolio!

Trane Technologies' second quarter of 2025 results reflect a combination of robust growth drivers and challenges that provide a nuanced picture for...

Baptista Research

Trane Technologies: Resilient Residential HVAC Transition...

Trane Technologies reported strong first quarter results for 2025, showing resilience in a challenging macroeconomic environment.

Baptista Research

Trane Technologies: Can HVAC Service Revenue Outweigh Market Cyclicality? - Major Drivers

The company achieved 10% organic revenue growth, expanded adjusted EBITDA margins by 110 basis points, and increased adjusted earnings per share...

Baptista Research

Market Extended Entering Seasonally Weak August; Meaningful Pullback Imminent? Not Likely

Market Extended Entering Seasonally Weak August; Still Little Evidence that a Meaningful Pullback is Imminent. Still Bullish $SPX $QQQ since 4/22...

Vermilion Research

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