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>Valmont Industries, Inc. reported its second quarter 2026 results demonstrating growth driven primarily by its Infrastructure segment, particularly within the North America Utility and Coatings businesses, while the Agriculture segment continued to face challenging market conditions.</li><li>Consolidated net sales rose 6.5% year-over-year to $1.12 billion, with Infrastructure sales up 14.8% to $879 million, led by a 33.9% increase in North America Utility due to volume and pricing growth amid robust demand for grid modernization and electrification projects.</li><li>North America Coatings also benefited from infrastructure activity, delivering a 16.6% sales increase.</li></ul>

Valmont Industries, Inc. reported its second quarter 2026 results demonstrating growth driven primarily by its Infrastructure segment, particularly within the North America Utility and Coatings businesses, while the Agriculture segment continued to face challenging market conditions.Consolidated net sales rose 6.5% year-over-year to $1.12 billion, with Infrastructure sales up 14.8% to $879 million, led by a 33.9% increase in North America Utility due to volume and pricing growth amid robust demand for grid modernization and electrification projects.North America Coatings also benefited from infrastructure activity, delivering a 16.6% sales increase.

Valmont Industries Is Not Just An Agriculture Play — Grid Modernization Changes The Story!

<ul><li>Valmont Industries reported a robust start to fiscal year 2026, with sales growth and record first-quarter earnings per share that reflect execution discipline and strategic focus across its business segments.</li><li>The company’s strategy emphasizes prioritizing high-value offerings, reinforcing core businesses, and improving operational performance, underscored by its focus on markets with stable and durable demand drivers, particularly utility infrastructure.</li><li>The Infrastructure segment notably drove the positive results, with net sales increasing 14.1% year-over-year to $806 million.</li></ul>

Valmont Industries reported a robust start to fiscal year 2026, with sales growth and record first-quarter earnings per share that reflect execution discipline and strategic focus across its business segments.The company’s strategy emphasizes prioritizing high-value offerings, reinforcing core businesses, and improving operational performance, underscored by its focus on markets with stable and durable demand drivers, particularly utility infrastructure.The Infrastructure segment notably drove the positive results, with net sales increasing 14.1% year-over-year to $806 million.

Valmont Industries: A 15.1% Agriculture Drop Weighs On Mix And Margins!

<ul><li>Valmont Industries reported a mixed finish to 2025 with Infrastructure strength offset by a sharp decline in Agriculture, while management positioned 2026 as a year of accelerating growth driven primarily by Utility.</li><li>Infrastructure trends were supported by multiple demand drivers including electrification, data centers and AI-related buildout, industrial onshoring, and replacement of aging grid assets.</li><li>Management cited frequent customer engagement and visibility into multiyear capital plans extending into 2030, reinforced by roughly $1.5 billion of backlog that is being booked into 2027.</li></ul>

Valmont Industries reported a mixed finish to 2025 with Infrastructure strength offset by a sharp decline in Agriculture, while management positioned 2026 as a year of accelerating growth driven primarily by Utility.Infrastructure trends were supported by multiple demand drivers including electrification, data centers and AI-related buildout, industrial onshoring, and replacement of aging grid assets.Management cited frequent customer engagement and visibility into multiyear capital plans extending into 2030, reinforced by roughly $1.5 billion of backlog that is being booked into 2027.

Valmont Industries: How Electrification and Data Centers Are Reshaping the Growth Profile!

<ul><li>Valmont Industries, Inc. reported a mixed set of financial data for the third quarter of 2025, demonstrating both strengths and challenges in its diversified operations.</li><li>The company achieved a 2.5% year-over-year increase in net sales, benefiting from remarkable performance in its Utility and Telecom segments.</li><li>Operating margin saw a substantial improvement of 120 basis points, and diluted earnings per share grew by an impressive 21% from the same period last year.</li></ul>

Valmont Industries, Inc. reported a mixed set of financial data for the third quarter of 2025, demonstrating both strengths and challenges in its diversified operations.The company achieved a 2.5% year-over-year increase in net sales, benefiting from remarkable performance in its Utility and Telecom segments.Operating margin saw a substantial improvement of 120 basis points, and diluted earnings per share grew by an impressive 21% from the same period last year.

Valmont Industries: A Tale Of Agricultural Market Opportunities & Some Solid Financial Discipline!

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 are seeing a broad-based snap-back rally after the S&amp;P 500 found support at our 5100-5191 target/bounce area which we discussed in our 7/30/24 and 8/6/24 Compass reports</li>
<li>We are not out of the woods as we still see the $SPX and $QQQ going through a 1- to 4-month pullback/consolidation period, and market dynamics remain far from perfect.</li>
<li>Apr. 2000, Aug. 2007, Feb. 2022 $SPX top comparisons are why we expected SPX to find support at 5100, AND THEN test YTD highs (8/13/24 Compass report).</li>
</ul>


We are seeing a broad-based snap-back rally after the S&amp;P 500 found support at our 5100-5191 target/bounce area which we discussed in our 7/30/24 and 8/6/24 Compass reports
We are not out of the woods as we still see the $SPX and $QQQ going through a 1- to 4-month pullback/consolidation period, and market dynamics remain far from perfect.
Apr. 2000, Aug. 2007, Feb. 2022 $SPX top comparisons are why we expected SPX to find support at 5100, AND THEN test YTD highs (8/13/24 Compass report).


Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play

United States

Valmont Industries, Inc. designs and manufactures poles, towers, and structures for lighting, communication, and utility markets and provides protective coating services for infrastructure.  The Company also manufactures and distributes industrial and agricultural irrigation products in addition to a wide variety of fabricated products for commercial and industrial applications.

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Valmont Industries (VMI US)

Valmont Industries Is Not Just An Agriculture Play — Grid Modernization Changes The Story!

Valmont Industries, Inc. reported its second quarter 2026 results demonstrating growth driven primarily by its Infrastructure segment,...

Baptista Research

Valmont Industries: A 15.1% Agriculture Drop Weighs On Mix And Margins!

Valmont Industries reported a robust start to fiscal year 2026, with sales growth and record first-quarter earnings per share that reflect...

Baptista Research

Valmont Industries: How Electrification and Data Centers Are Reshaping the Growth Profile!

Valmont Industries reported a mixed finish to 2025 with Infrastructure strength offset by a sharp decline in Agriculture, while management...

Baptista Research

Valmont Industries: A Tale Of Agricultural Market Opportunities & Some Solid Financial Discipline!

Valmont Industries, Inc. reported a mixed set of financial data for the third quarter of 2025, demonstrating both strengths and challenges in its...

Baptista Research

Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play

Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play. These comparisons are why we expected support...

Vermilion Research

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