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>Vulcan Materials Company provided a comprehensive outlook on the company's performance and future expectations in its earnings.</li><li>The company reported an exceptional year in 2023 as they achieved significant milestones; generating over $2 billion in adjusted EBITDA and surpassing $9 of aggregate cash gross profit per ton.</li><li>They also reported a 27% year-over-year improvement in adjusted EBITDA in the fourth quarter, apart from margin expansion across their three primary product lines.</li></ul>

Vulcan Materials Company provided a comprehensive outlook on the company's performance and future expectations in its earnings.The company reported an exceptional year in 2023 as they achieved significant milestones; generating over $2 billion in adjusted EBITDA and surpassing $9 of aggregate cash gross profit per ton.They also reported a 27% year-over-year improvement in adjusted EBITDA in the fourth quarter, apart from margin expansion across their three primary product lines.

Vulcan Materials Company: Continued Investment in Expense Management

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>Vulcan Materials is America's largest producer of construction aggregates, providing the foundation for buildings, roads, and infrastructure.</li><li>The company owns over 400 quarries located within 60% of the US population, producing aggregates used in asphalt and concrete.</li><li>The industry structure involves owning quarries and crushing rocks down to create materials used in various construction projects, with a market size of around $35 billion.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Vulcan Materials is America's largest producer of construction aggregates, providing the foundation for buildings, roads, and infrastructure.The company owns over 400 quarries located within 60% of the US population, producing aggregates used in asphalt and concrete.The industry structure involves owning quarries and crushing rocks down to create materials used in various construction projects, with a market size of around $35 billion.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Vulcan Materials: Rock On - [Business Breakdowns, EP.151]

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>While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback.</li>
<li>Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&amp;P 500 due to a multitude of reasons</li>
<li>We view the latest pullback to 100-day MA on SPX as healthy/normal within the ongoing bull market. Pullbacks to the 100-day provided ideal entry points throughout the 2021 bull market</li>
</ul>


While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback.
Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&amp;P 500 due to a multitude of reasons
We view the latest pullback to 100-day MA on SPX as healthy/normal within the ongoing bull market. Pullbacks to the 100-day provided ideal entry points throughout the 2021 bull market


Are the Lows "In" For This Pullback?; Market Dynamics Remain Bullish; Key Supports Holding

<ul><li>Vulcan Materials Company delivered a positive result and managed an all-around beat in the quarter.</li><li>Vulcan has increased its gross margin and strictly managed SAG costs to increase its adjusted EBITDA margin by 350 basis points year-to-date.</li><li>With excellent price growth and restrained cost increases over the previous year, cash gross profit per ton increased.</li></ul>

Vulcan Materials Company delivered a positive result and managed an all-around beat in the quarter.Vulcan has increased its gross margin and strictly managed SAG costs to increase its adjusted EBITDA margin by 350 basis points year-to-date.With excellent price growth and restrained cost increases over the previous year, cash gross profit per ton increased.

Vulcan Materials Company: Solidifying Its Base with Surging Gross Margins! - Major Drivers

Equity Capital Markets

Vulcan Materials Co / Equity Capital Markets

<ul><li>It was a successful Q1 for Vulcan Materials as they delivered an all-around beat and projected attractive growth for 2023.</li><li>Despite lower volumes in significant product lines, gross profit improved by 12%, and gross margin expanded by 90 basis points.</li><li>We give Vulcan Materials Company a 'Hold' rating with a revised target price.</li></ul>

It was a successful Q1 for Vulcan Materials as they delivered an all-around beat and projected attractive growth for 2023.Despite lower volumes in significant product lines, gross profit improved by 12%, and gross margin expanded by 90 basis points.We give Vulcan Materials Company a 'Hold' rating with a revised target price.

Vulcan Materials Company: Does It Have A Significant Competitive Advantage? – Key Drivers

United States

Vulcan Materials Company produces construction aggregates.  The Company principal product lines are aggregates, asphalt mix and concrete, and cement.

Vulcan Materials Co (VMC US)

Vulcan Materials Company: Continued Investment in Expense Management

Vulcan Materials Company provided a comprehensive outlook on the company's performance and future expectations in its earnings. The company...

Baptista Research

Vulcan Materials: Rock On - [Business Breakdowns, EP.151]

Vulcan Materials is America's largest producer of construction aggregates, providing the foundation for buildings, roads, and infrastructure.

Business Breakdowns

Are the Lows "In" For This Pullback?; Market Dynamics Remain Bullish; Key Supports Holding

Are the Lows "In" for this Pullback?; Market Dynamics Remain Bullish (RS for defensives $XLP, $XLU, $XLV below October 2023 lows among many other...

Vermilion Research

Vulcan Materials Company: Solidifying Its Base with Surging Gross Margins! - Major Drivers

Vulcan Materials Company delivered a positive result and managed an all-around beat in the quarter. Vulcan has increased its gross margin and...

Baptista Research

Vulcan Materials Company: Does It Have A Significant Competitive Advantage? – Key Drivers

It was a successful Q1 for Vulcan Materials as they delivered an all-around beat and projected attractive growth for 2023. Despite lower volumes...

Baptista Research