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>Peloton Interactive has shared its Q2 2025 financial results, highlighting a mix of achievements and challenges.</li><li>The company's strategic focus has been on stabilizing its financial position, improving unit economics, and fostering a solid base for future growth.</li><li>Peloton's approach centers around enhancing its product and service offerings.</li></ul>

Peloton Interactive has shared its Q2 2025 financial results, highlighting a mix of achievements and challenges.The company's strategic focus has been on stabilizing its financial position, improving unit economics, and fostering a solid base for future growth.Peloton's approach centers around enhancing its product and service offerings.

Peloton Interactive: Subscription Business Growth & Financial Deleveraging Are Key Positive Developments!

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>On February 24, 2025, Western Digital (WDC) will spin-off 80.1% of its stake in Sandisk (SNDK).</li><li>Sandisk is trading in the when issued market at $48.26. At that share price, SNDK is trading at an EV/ annualized revenue of 1.0x and a price to annualized earnings of 9.9x.</li><li>This price looks relatively attractive given Sandisk’s NAND flash memory partner, Xioxia, is trading at 1.3x TTM revenue.</li></ul>

On February 24, 2025, Western Digital (WDC) will spin-off 80.1% of its stake in Sandisk (SNDK).Sandisk is trading in the when issued market at $48.26. At that share price, SNDK is trading at an EV/ annualized revenue of 1.0x and a price to annualized earnings of 9.9x.This price looks relatively attractive given Sandisk’s NAND flash memory partner, Xioxia, is trading at 1.3x TTM revenue.

<ul><li>Western Digital Corporation delivered a mixed performance in its second fiscal quarter of 2025, reflecting both strengths and challenges across its two major business units, HDD and Flash.</li><li>Revenue reached $4.3 billion, supported by strong growth in HDD, but tempered by challenges in the Flash segment, which is facing significant pricing pressures.</li><li>On the positive side, the HDD business showed impressive results, characterized by record high revenues and strong adoption of high-capacity enterprise drives.</li></ul>

Western Digital Corporation delivered a mixed performance in its second fiscal quarter of 2025, reflecting both strengths and challenges across its two major business units, HDD and Flash.Revenue reached $4.3 billion, supported by strong growth in HDD, but tempered by challenges in the Flash segment, which is facing significant pricing pressures.On the positive side, the HDD business showed impressive results, characterized by record high revenues and strong adoption of high-capacity enterprise drives.

Western Digital Corporation: 7 Crucial Factors That Will Define Its Success in 2025 & Beyond! - Major Drivers

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alnylam Pharmaceuticals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>, <a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> and <a href="https://www.smartkarma.com/entities/seagate-technology-holdings-pl" target="_blank" data-smartkarma-citation="entities:9129:1" rel="noopener">Seagate Technology Holdings (STX US)</a> are the top 3 addition candidates with ALNY at the top.</li>
<li>
<a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a>, <a href="https://www.smartkarma.com/entities/cdw-corp-de" target="_blank" data-smartkarma-citation="entities:2244:1" rel="noopener">CDW Corp (CDW US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen (BIIB US)</a> are the top 3 deletion candidates with GFS at the bottom.</li>
<li>Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.</li>
</ul>



Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.

GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.


Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

<ul><li>Today, investors received shares in the new SanDisk spin-off.</li><li>Shares are currently slightly up due to buying pressure ahead of the stock being added to the S&amp;P 600 index effective tomorrow.</li><li>SanDisk is trading at 1.1x revenue which is a reasonable valuation (Xioxia, Sandisk’s JV partner, trades at 1.3x LTM revenue).<figure class="editor-figure mceNonEditable"></figure></li></ul>

Today, investors received shares in the new SanDisk spin-off.Shares are currently slightly up due to buying pressure ahead of the stock being added to the S&amp;P 600 index effective tomorrow.SanDisk is trading at 1.1x revenue which is a reasonable valuation (Xioxia, Sandisk’s JV partner, trades at 1.3x LTM revenue).

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Peloton Interactive: Subscription Business Growth & Financial Deleveraging Are Key Positive Developments!

Peloton Interactive has shared its Q2 2025 financial results, highlighting a mix of achievements and challenges. The company's strategic focus has...

Baptista Research

Sandisk Spin-off Overview

On February 24, 2025, Western Digital (WDC) will spin-off 80.1% of its stake in Sandisk (SNDK). Sandisk is trading in the when issued market at...

Richard Howe

Western Digital Corporation: 7 Crucial Factors That Will Define Its Success in 2025 & Beyond! - Major Drivers

Western Digital Corporation delivered a mixed performance in its second fiscal quarter of 2025, reflecting both strengths and challenges across...

Baptista Research

Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

[Alert] Sell Sandisk Spin-off

Today, investors received shares in the new SanDisk spin-off. Shares are currently slightly up due to buying pressure ahead of the stock...

Richard Howe

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