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>Xcel Energy's third-quarter 2024 earnings revealed several key areas of interest for investors assessing the company's financial performance and growth prospects.</li><li>The company's ongoing earnings were reported at $1.25 per share, slightly higher than the $1.23 per share in the third quarter of the previous year.</li><li>This modest increase in earnings was driven by rate cases and non-fuel riders, alongside higher Allowance for Funds Used During Construction (AFUDC).</li></ul>

Xcel Energy's third-quarter 2024 earnings revealed several key areas of interest for investors assessing the company's financial performance and growth prospects.The company's ongoing earnings were reported at $1.25 per share, slightly higher than the $1.23 per share in the third quarter of the previous year.This modest increase in earnings was driven by rate cases and non-fuel riders, alongside higher Allowance for Funds Used During Construction (AFUDC).

Xcel Energy: Revenue Growth from Data Centers & Electrification & Other Major Drivers

<ul><li>Xcel Energy recently announced their results for the second quarter of 2024, revealing a mix of strengths and challenges shaping their financial and operational trajectory.</li><li>The company reported solid operational and financial performance, with earnings per share of $0.54, reflecting disciplined execution and a robust business model.</li><li>Their commitment to upgrading energy infrastructure is evident in the $1.7 billion spent during the quarter, aimed at enhancing the reliability and resilience of their systems.</li></ul>

Xcel Energy recently announced their results for the second quarter of 2024, revealing a mix of strengths and challenges shaping their financial and operational trajectory.The company reported solid operational and financial performance, with earnings per share of $0.54, reflecting disciplined execution and a robust business model.Their commitment to upgrading energy infrastructure is evident in the $1.7 billion spent during the quarter, aimed at enhancing the reliability and resilience of their systems.

Xcel Energy Inc.: A Story Of Infrastructure Modernization for Enhanced Resilience! - Major Drivers

<ul><li>Xcel Energy recently held a discussion regarding their first quarter earnings for 2024, where they announced an increased earnings per share compared to the prior year.</li><li>During the quarter, the company experienced various operational challenges and opportunities, extensively detailed in their public statements.</li><li>Xcel Energy continues to emphasize its commitment towards enhancing system resiliency, particularly against wildfire risks, and advancing its clean energy initiatives.</li></ul>

Xcel Energy recently held a discussion regarding their first quarter earnings for 2024, where they announced an increased earnings per share compared to the prior year.During the quarter, the company experienced various operational challenges and opportunities, extensively detailed in their public statements.Xcel Energy continues to emphasize its commitment towards enhancing system resiliency, particularly against wildfire risks, and advancing its clean energy initiatives.

Xcel Energy Inc.: Initiation of Coverage - Will Its Investments In Clean Energy & Grid Modernization Pay Off? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

EDP - Energias de Portugal SA / Event-Driven

The changes to the S&amp;P Global Clean Energy Index have been announced. There are 52 additions to the index to take the number of index constituents up to 82. The changes are effective after the close of trading on 16 April.The 52 additions and capping changes will result in a one-way turnover of close to 55% and will require the ETFs tracking the index to trade US$12bn to rebalance their portfolios.The largest buying impact in terms of ADV to trade will be on <a href="https://www.smartkarma.com/entities/edp-energias-de-portugal-sa" target="_blank" data-smartkarma-citation="entities:21362:1" rel="noopener">Edp - Energias De Portugal Sa (EDP PL)</a>, <a href="https://www.smartkarma.com/entities/sse-plc" target="_blank" data-smartkarma-citation="entities:22163:1" rel="noopener">SSE PLC (SSE LN)</a>, <a href="https://www.smartkarma.com/entities/northland-power-inc" target="_blank" data-smartkarma-citation="entities:25480:1" rel="noopener">Northland Power (NPI CN)</a>, <a href="https://www.smartkarma.com/entities/enel-americas-sa-c3a67f8a-ad13-45ff-a676-cbc513b8c458" target="_blank" data-smartkarma-citation="entities:25965:1" rel="noopener">Enel Americas SA (ENIA US)</a>, <a href="https://www.smartkarma.com/entities/drax-group-plc" target="_blank" data-smartkarma-citation="entities:21911:1" rel="noopener">Drax Group PLC (DRX LN)</a>, <a href="https://www.smartkarma.com/entities/meyer-burger-technology-ag" target="_blank" data-smartkarma-citation="entities:25013:1" rel="noopener">Meyer Burger Technology Ag (MBTN SW)</a> and <a href="https://www.smartkarma.com/entities/centrais-eletricas-br-sp-adr" target="_blank" data-smartkarma-citation="entities:28638:1" rel="noopener">Centrais Eletricas Br-Sp Adr (EBR US)</a>.The largest selling impact will be on <a href="https://www.smartkarma.com/entities/meridian-ener-partly-paid-sh" target="_blank" data-smartkarma-citation="entities:4327:1" rel="noopener">Meridian Energy (MEL NZ)</a>, <a href="https://www.smartkarma.com/entities/contact-energy-ltd" target="_blank" data-smartkarma-citation="entities:13136:1" rel="noopener">Contact Energy (CEN NZ)</a>, <a href="https://www.smartkarma.com/entities/verbund-ag" target="_blank" data-smartkarma-citation="entities:22563:1" rel="noopener">Verbund AG (VER AV)</a>, <a href="https://www.smartkarma.com/entities/innergex-renewable-energy-inc" target="_blank" data-smartkarma-citation="entities:25479:1" rel="noopener">Innergex Renewable Energy (INE CN)</a>, <a href="https://www.smartkarma.com/entities/cia-energetica-de-spon-adr" target="_blank" data-smartkarma-citation="entities:28644:1" rel="noopener">Cia Energetica De-Spon Adr (CIG US)</a>, <a href="https://www.smartkarma.com/entities/boralex-inc" target="_blank" data-smartkarma-citation="entities:25478:1" rel="noopener">Boralex Inc (BLX CN)</a> and <a href="https://www.smartkarma.com/entities/scatec-solar-asa" target="_blank" data-smartkarma-citation="entities:25120:1" rel="noopener">Scatec Solar ASA (SSO NO)</a>.Among the current index constituents, there will be buying on <a href="https://www.smartkarma.com/entities/orsted-a-s" target="_blank" data-smartkarma-citation="entities:24765:1" rel="noopener">Orsted A/S (ORSTED DC)</a> and <a href="https://www.smartkarma.com/entities/vestas-wind-systems-a-s" target="_blank" data-smartkarma-citation="entities:22524:1" rel="noopener">Vestas Wind Systems A/S (VWS DC)</a>.We recommend buying the surprise inclusions and unwinding the positions by implementation date. A lot of the stocks that will have a reduction in index weight have been sold off over the last few months and the active positions will be covered leading up to implementation date - we recommend buying these stocks in the days leading up to implementation date since the stocks could rally once the overhang of passive selling has been removed.

The changes to the S&amp;P Global Clean Energy Index have been announced. There are 52 additions to the index to take the number of index constituents up to 82. The changes are effective after the close of trading on 16 April.The 52 additions and capping changes will result in a one-way turnover of close to 55% and will require the ETFs tracking the index to trade US$12bn to rebalance their portfolios.The largest buying impact in terms of ADV to trade will be on Edp - Energias De Portugal Sa (EDP PL), SSE PLC (SSE LN), Northland Power (NPI CN), Enel Americas SA (ENIA US), Drax Group PLC (DRX LN), Meyer Burger Technology Ag (MBTN SW) and Centrais Eletricas Br-Sp Adr (EBR US).The largest selling impact will be on Meridian Energy (MEL NZ), Contact Energy (CEN NZ), Verbund AG (VER AV), Innergex Renewable Energy (INE CN), Cia Energetica De-Spon Adr (CIG US), Boralex Inc (BLX CN) and Scatec Solar ASA (SSO NO).Among the current index constituents, there will be buying on Orsted A/S (ORSTED DC) and Vestas Wind Systems A/S (VWS DC).We recommend buying the surprise inclusions and unwinding the positions by implementation date. A lot of the stocks that will have a reduction in index weight have been sold off over the last few months and the active positions will be covered leading up to implementation date - we recommend buying these stocks in the days leading up to implementation date since the stocks could rally once the overhang of passive selling has been removed.

Global Clean Energy Index: 52 Adds, 55% Index Turnover, US$12bn to Trade

United States

Xcel Energy, Inc. provides electric and natural gas services.  The Company offers a variety of energy-related services, including generation, transmission, and distribution of electricity and natural gas throughout the United States. Xcel utilities serve customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin.

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Xcel Energy Inc (XEL US)

Xcel Energy: Revenue Growth from Data Centers & Electrification & Other Major Drivers

Xcel Energy's third-quarter 2024 earnings revealed several key areas of interest for investors assessing the company's financial performance and...

Baptista Research

Xcel Energy Inc.: A Story Of Infrastructure Modernization for Enhanced Resilience! - Major Drivers

Xcel Energy recently announced their results for the second quarter of 2024, revealing a mix of strengths and challenges shaping their financial...

Baptista Research

Xcel Energy Inc.: Initiation of Coverage - Will Its Investments In Clean Energy & Grid Modernization Pay Off? - Major Drivers

Xcel Energy recently held a discussion regarding their first quarter earnings for 2024, where they announced an increased earnings per share...

Baptista Research

Global Clean Energy Index: 52 Adds, 55% Index Turnover, US$12bn to Trade

There are 52 additions to the S&P Global Clean Energy Index. One-way turnover is nearly 55% and the ETF benchmarked to the index will need to trade...

Brian Freitas

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