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 reported a solid start to 2026, driven by operational discipline and favorable market dynamics.</li><li>For the first quarter, adjusted EBITDA rose 9% to $447 million compared to the prior year, alongside gross profit margin expansion across all segments.</li><li>Aggregate shipments increased 5%, supported by improving demand conditions and fewer weather disruptions.</li></ul>

Vulcan Materials Company reported a solid start to 2026, driven by operational discipline and favorable market dynamics.For the first quarter, adjusted EBITDA rose 9% to $447 million compared to the prior year, alongside gross profit margin expansion across all segments.Aggregate shipments increased 5%, supported by improving demand conditions and fewer weather disruptions.

Vulcan Materials: Public Infrastructure Awards Up 17% In Its Markets Versus The National Pace

<ul><li>Vulcan Materials Company delivered a robust financial performance in 2025 despite some challenges in economic conditions.</li><li>The company reports a 13% increase in adjusted EBITDA to $2.3 billion, with an expansion in adjusted EBITDA margin to 29.3%.</li><li>This growth was propelled by increasing public demand and effective operating efficiency, highlighted by a 7% improvement in their aggregates cash gross profit per ton.</li></ul>

Vulcan Materials Company delivered a robust financial performance in 2025 despite some challenges in economic conditions.The company reports a 13% increase in adjusted EBITDA to $2.3 billion, with an expansion in adjusted EBITDA margin to 29.3%.This growth was propelled by increasing public demand and effective operating efficiency, highlighted by a 7% improvement in their aggregates cash gross profit per ton.

Vulcan Materials Company Shipments Outlook Hinges On 1% To 3% Growth

<ul><li>Vulcan Materials Company recently concluded its third quarter of 2025, showing significant progress in its operational and financial performance.</li><li>The company demonstrated strong execution across various segments, resulting in an expansion of gross margin and unit profitability.</li><li>Notably, adjusted EBITDA reached $735 million, marking an impressive 27% improvement compared to the previous year.</li></ul>

Vulcan Materials Company recently concluded its third quarter of 2025, showing significant progress in its operational and financial performance.The company demonstrated strong execution across various segments, resulting in an expansion of gross margin and unit profitability.Notably, adjusted EBITDA reached $735 million, marking an impressive 27% improvement compared to the previous year.

Vulcan Materials: Is The Infrastructure Spending and Public-Sector Demand Stability Here To Stay?

<ul><li>The recent earnings for Vulcan Materials Company reflected mixed results for the second quarter of 2025, providing several insights into the company's financial performance and operational dynamics.</li><li>On the positive side, Vulcan demonstrated strong financial improvements despite facing significant weatherrelated disruptions.</li><li>The company reported a 16% increase in adjusted EBITDA, with margins expanding by 260 basis points.</li></ul>

The recent earnings for Vulcan Materials Company reflected mixed results for the second quarter of 2025, providing several insights into the company's financial performance and operational dynamics.On the positive side, Vulcan demonstrated strong financial improvements despite facing significant weatherrelated disruptions.The company reported a 16% increase in adjusted EBITDA, with margins expanding by 260 basis points.

Vulcan Materials: How Are They Leveraging The Public & Private Demand for Infrastructure?

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.</li>
<li>We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.</li>
<li>We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics; the path of least resistance is higher.
We have discussed for the past two weeks (since our 10/22/24 Compass) how we would treat any pre-election pullback as a buying opportunity, and we are finally getting a pullback.
We expect SPX support at 5600-5670, and will remain bullish as long as 5600 support holds. Starting as early as today/tomorrow, we expect a strong end-of-year rally extending into early-2025


Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

United States

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vulcan Materials Co (VMC US)

Vulcan Materials: Public Infrastructure Awards Up 17% In Its Markets Versus The National Pace

Vulcan Materials Company reported a solid start to 2026, driven by operational discipline and favorable market dynamics. For the first quarter,...

Baptista Research

Vulcan Materials Company Shipments Outlook Hinges On 1% To 3% Growth

Vulcan Materials Company delivered a robust financial performance in 2025 despite some challenges in economic conditions. The company reports a...

Baptista Research

Vulcan Materials: Is The Infrastructure Spending and Public-Sector Demand Stability Here To Stay?

Vulcan Materials Company recently concluded its third quarter of 2025, showing significant progress in its operational and financial...

Baptista Research

Vulcan Materials: How Are They Leveraging The Public & Private Demand for Infrastructure?

The recent earnings for Vulcan Materials Company reflected mixed results for the second quarter of 2025, providing several insights into the...

Baptista Research

Buy the Pullback; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow

Buy the Pullback $SPX $QQQ $IWM $IJH $VXF; Expecting Significant End of Year Rally to Start as Soon as Today or Tomorrow as market dynamics to...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)