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>Transocean's recent quarterly earnings results present a dual narrative with strong operational performance reflecting positively on the company's strategic initiatives and market positioning, while also highlighting areas of concern that potential investors should consider.</li><li>In terms of positive developments, Transocean reported adjusted EBITDA of $284 million with contract drilling revenues of $861 million, translating to an impressive EBITDA margin of approximately 33%.</li><li>This strong performance is a testament to the company's operational efficiency, marked by a revenue efficiency of approximately 97% in the quarter.</li></ul>

Transocean's recent quarterly earnings results present a dual narrative with strong operational performance reflecting positively on the company's strategic initiatives and market positioning, while also highlighting areas of concern that potential investors should consider.In terms of positive developments, Transocean reported adjusted EBITDA of $284 million with contract drilling revenues of $861 million, translating to an impressive EBITDA margin of approximately 33%.This strong performance is a testament to the company's operational efficiency, marked by a revenue efficiency of approximately 97% in the quarter.

Transocean Ltd.: Advanced Drilling Technology Adoption & Other Major Developments! - Financial Forecasts

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

China Oilfield Services H / Equity Bottom-Up

<ul>
<li>Business continues to grow as sales, profits and margins rise</li>
<li>The overall industry supply demand dynamics continue to be supportive</li>
<li>Key business drivers such as capacity utilisation and rates moving in the right direction</li>
</ul>


Business continues to grow as sales, profits and margins rise
The overall industry supply demand dynamics continue to be supportive
Key business drivers such as capacity utilisation and rates moving in the right direction


China Oilfield Services (2883.HK) – Interim Results Show Continued Strong Growth

<ul><li>Transocean reported adjusted EBITDA of $199 million on $767 million of adjusted contract drilling revenues for the first quarter, achieving an adjusted EBITDA margin of approximately 26%.</li><li>Despite a slowdown in contract awards compared to last year, demand for high-specification ultra-deepwater drillships and harsh environment semisubmersibles remains robust, with improving day rates and longer contract terms.</li><li>The company announced a 365-day contract extension for the Deepwater Asgard in the U.S. Gulf of Mexico, valued at approximately $195 million, and a contract for additional wells on the Deepwater Atlas at a day rate of $505,000.</li></ul>

Transocean reported adjusted EBITDA of $199 million on $767 million of adjusted contract drilling revenues for the first quarter, achieving an adjusted EBITDA margin of approximately 26%.Despite a slowdown in contract awards compared to last year, demand for high-specification ultra-deepwater drillships and harsh environment semisubmersibles remains robust, with improving day rates and longer contract terms.The company announced a 365-day contract extension for the Deepwater Asgard in the U.S. Gulf of Mexico, valued at approximately $195 million, and a contract for additional wells on the Deepwater Atlas at a day rate of $505,000.

Transocean Ltd.: Demand for High-Specification Ultra-Deepwater Drillships & 3 Critical Factors Impacting Its Performance! - Financial Forecasts

<ul>
<li>The largest player in Asia in the offshore oil services sector with limited competition</li>
<li>Business dynamics trending up as offshore exploration is the focus of many energy majors</li>
<li>Recent sell-off due to concerns over Aramco drilling delays provide a good entry point</li>
</ul>


The largest player in Asia in the offshore oil services sector with limited competition
Business dynamics trending up as offshore exploration is the focus of many energy majors
Recent sell-off due to concerns over Aramco drilling delays provide a good entry point


China Oilfield Services 2883.HK - Capitalising on the Boom in Offshore Exploration

<ul><li>Transocean made notable progress in 2023, delivering robust performance, with adjusted EBITDA of $738 million on $2.9 billion of adjusted contract drilling revenues, reflecting an adjusted EBITDA margin of approximately 26%.</li><li>Further, it strategically refinanced 4 senior secured notes averaging to about $1.2 billion and raised $525 million from debt investors, enhancing its liquidity position and garnering positive investor reception.</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>

Transocean made notable progress in 2023, delivering robust performance, with adjusted EBITDA of $738 million on $2.9 billion of adjusted contract drilling revenues, reflecting an adjusted EBITDA margin of approximately 26%.Further, it strategically refinanced 4 senior secured notes averaging to about $1.2 billion and raised $525 million from debt investors, enhancing its liquidity position and garnering positive investor reception.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.

Transocean Ltd.: Initiation Of Coverage - Are Their Growth Prospects Good Enough? - Major Drivers

Switzerland

Transocean Ltd. is an offshore drilling contractor.  The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services.

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Transocean Ltd (RIG US)

Transocean Ltd.: Advanced Drilling Technology Adoption & Other Major Developments! - Financial Forecasts

Transocean's recent quarterly earnings results present a dual narrative with strong operational performance reflecting positively on the company's...

Baptista Research

China Oilfield Services (2883.HK) – Interim Results Show Continued Strong Growth

The company shows strong business growth with rising sales, profits, and margins driven by favorable industry supply-demand dynamics and key...

Rikki Malik

Transocean Ltd.: Demand for High-Specification Ultra-Deepwater Drillships & 3 Critical Factors Impacting Its Performance! - Financial Forecasts

Transocean reported adjusted EBITDA of $199 million on $767 million of adjusted contract drilling revenues for the first quarter, achieving an...

Baptista Research

China Oilfield Services 2883.HK - Capitalising on the Boom in Offshore Exploration

Asia's top offshore oil services player poised for growth with increased focus on offshore exploration and limited competition in vessel supply.

Rikki Malik

Transocean Ltd.: Initiation Of Coverage - Are Their Growth Prospects Good Enough? - Major Drivers

Transocean made notable progress in 2023, delivering robust performance, with adjusted EBITDA of $738 million on $2.9 billion of adjusted contract...

Baptista Research

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Market Cap (USDm)

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Dividend (Yield)

Transocean Ltd.: Advanced Drilling Technology Adoption & Other Major Developments! - Financial Forecasts

Transocean's recent quarterly earnings results present a dual narrative with strong operational performance reflecting positively on the company's...

Baptista Research

China Oilfield Services (2883.HK) – Interim Results Show Continued Strong Growth

The company shows strong business growth with rising sales, profits, and margins driven by favorable industry supply-demand dynamics and key...

Rikki Malik

Transocean Ltd.: Demand for High-Specification Ultra-Deepwater Drillships & 3 Critical Factors Impacting Its Performance! - Financial Forecasts

Transocean reported adjusted EBITDA of $199 million on $767 million of adjusted contract drilling revenues for the first quarter, achieving an...

Baptista Research

China Oilfield Services 2883.HK - Capitalising on the Boom in Offshore Exploration

​Asia's top offshore oil services player poised for growth with increased focus on offshore exploration and limited competition in vessel supply.

Rikki Malik

Transocean Ltd.: Initiation Of Coverage - Are Their Growth Prospects Good Enough? - Major Drivers

Transocean made notable progress in 2023, delivering robust performance, with adjusted EBITDA of $738 million on $2.9 billion of adjusted contract...

Baptista Research

Asia's top offshore oil services player poised for growth with increased focus on offshore exploration and limited competition in vessel supply.