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>W.R. Berkley Corporation concluded 2024 with record-breaking financial performance in both revenue and profit metrics.</li><li>The key highlights from the earnings discussion reveal that the company achieved a remarkable return on equity of 23.6% for the year, with operating return on equity at 22.4%.</li><li>The fourth quarter operating earnings increased by 15.5% to $453 million, translating to $1.13 per share, highlighting strong overall business performance.</li></ul>

W.R. Berkley Corporation concluded 2024 with record-breaking financial performance in both revenue and profit metrics.The key highlights from the earnings discussion reveal that the company achieved a remarkable return on equity of 23.6% for the year, with operating return on equity at 22.4%.The fourth quarter operating earnings increased by 15.5% to $453 million, translating to $1.13 per share, highlighting strong overall business performance.

W.R. Berkley: The Top 6 Influences on Its Performance for 2025 & the Future!

<ul><li>W.</li><li>R.</li><li>Berkley Corporation demonstrated solid financial performance in its third quarter of 2024, despite sector-wide challenges, notably from natural catastrophes.</li></ul>

W.R.Berkley Corporation demonstrated solid financial performance in its third quarter of 2024, despite sector-wide challenges, notably from natural catastrophes.

W.R. Berkley Corporation:  It’s Efforts Towards Investment Strategy & Yield Optimization & Other Major Drivers

<ul><li>W.R. Berkart Corporation began the year 2024 with exceptionally strong quarterly financial performance, marked by record levels of operating income, net investment income, and underwriting income.</li><li>The positive outcomes from this first quarter reveal a company that is harnessing its capabilities effectively across various areas of its operations.</li><li>During the quarter, W.R. Berkley Corporation manifested a commendable growth in net premiums written, which escalated to nearly $2.9 billion, marking an increase of 10.7% over the previous period.</li></ul>

W.R. Berkart Corporation began the year 2024 with exceptionally strong quarterly financial performance, marked by record levels of operating income, net investment income, and underwriting income.The positive outcomes from this first quarter reveal a company that is harnessing its capabilities effectively across various areas of its operations.During the quarter, W.R. Berkley Corporation manifested a commendable growth in net premiums written, which escalated to nearly $2.9 billion, marking an increase of 10.7% over the previous period.

W. R. Berkley Corporation: A Bear's Perspective! - Major Drivers

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Aspen Insurance Holdings / Equity Capital Markets

<ul>
<li>According to guidance that the deal is multiple-times oversubscribed with high-quality 1-on-1 conversions.</li>
<li>Aspen is selling itself at or slightly below the $30.73 per share book value of comps.</li>
<li>Apollo Global has done a fair job of cleaning up Aspen and making it increasingly more profitable while reducing exposure to reinsurance and property in vulnerable areas.</li>
</ul>


According to guidance that the deal is multiple-times oversubscribed with high-quality 1-on-1 conversions.
Aspen is selling itself at or slightly below the $30.73 per share book value of comps.
Apollo Global has done a fair job of cleaning up Aspen and making it increasingly more profitable while reducing exposure to reinsurance and property in vulnerable areas.


Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO

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

Microstrategy Inc Cl A / Technical Analysis

<ul>
<li>In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common</li>
<li>And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area</li>
</ul>


In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common
And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area


Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

United States

W. R. Berkley Corporation, an insurance holding company, conducts operations in various segments of the property casualty insurance business.  Segments include specialty lines of insurance, alternative markets, reinsurance, regional property casualty insurance, and international.

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Wr Berkley Corp (WRB US)

W.R. Berkley: The Top 6 Influences on Its Performance for 2025 & the Future!

W.R. Berkley Corporation concluded 2024 with record-breaking financial performance in both revenue and profit metrics. The key highlights from the...

Baptista Research

W.R. Berkley Corporation: It’s Efforts Towards Investment Strategy & Yield Optimization & Other Major Drivers

W. R. Berkley Corporation demonstrated solid financial performance in its third quarter of 2024, despite sector-wide challenges, notably from...

Baptista Research

W. R. Berkley Corporation: A Bear's Perspective! - Major Drivers

W.R. Berkart Corporation began the year 2024 with exceptionally strong quarterly financial performance, marked by record levels of operating...

Baptista Research

Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO

Aspen's deal is oversubscribed with high-quality conversions, selling below book value, and Apollo Global has improved profitability by reducing...

IPO Boutique

Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

Major Low Likely in Place on $SPX; Bullish Outlook Intact if Above 5500-5600. 5670-5718 is short-term gap support; Power in hands of bulls if...

Vermilion Research

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W.R. Berkley: The Top 6 Influences on Its Performance for 2025 & the Future!

W.R. Berkley Corporation concluded 2024 with record-breaking financial performance in both revenue and profit metrics. The key highlights from the...

Baptista Research

W.R. Berkley Corporation: It’s Efforts Towards Investment Strategy & Yield Optimization & Other Major Drivers

W. R. Berkley Corporation demonstrated solid financial performance in its third quarter of 2024, despite sector-wide challenges, notably from...

Baptista Research

W. R. Berkley Corporation: A Bear's Perspective! - Major Drivers

W.R. Berkart Corporation began the year 2024 with exceptionally strong quarterly financial performance, marked by record levels of operating...

Baptista Research

Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO

​Aspen's deal is oversubscribed with high-quality conversions, selling below book value, and Apollo Global has improved profitability by reducing...

IPO Boutique

Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

Major Low Likely in Place on $SPX; Bullish Outlook Intact if Above 5500-5600. 5670-5718 is short-term gap support; Power in hands of bulls if...

Vermilion Research

Aspen's deal is oversubscribed with high-quality conversions, selling below book value, and Apollo Global has improved profitability by reducing...