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>WM Waste Management, Inc. reported its second quarter 2026 financial results with mixed operational trends balanced by positive initiatives in pricing, cost management, and strategic investments.</li><li>The company achieved 5.5% growth in operating EBITDA, or 9.1% excluding prior-year wildfire cleanup contributions, along with a 40 basis point expansion in operating EBITDA margin despite facing headwinds from wildfire-related volumes and increased energy surcharges.</li><li>Collection and disposal activities contributed notably to margin improvement through disciplined pricing, cost optimization, and favorable business mix.</li></ul>

WM Waste Management, Inc. reported its second quarter 2026 financial results with mixed operational trends balanced by positive initiatives in pricing, cost management, and strategic investments.The company achieved 5.5% growth in operating EBITDA, or 9.1% excluding prior-year wildfire cleanup contributions, along with a 40 basis point expansion in operating EBITDA margin despite facing headwinds from wildfire-related volumes and increased energy surcharges.Collection and disposal activities contributed notably to margin improvement through disciplined pricing, cost optimization, and favorable business mix.

Waste Management Is Not Just A Trash Hauler — Recycling EBITDA Jumps 33%!

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

<ul><li>Waste Management delivered a broadly resilient first quarter, with the result characterized by strong margin execution, robust free cash flow generation, and continued progress across sustainability and Healthcare Solutions, partly offset by softer volumes, weather disruption, wildfire-related comparison issues, and higher corporate costs.</li><li>Operating EBITDA grew nearly 6%, while the Collection and Disposal business expanded operating EBITDA by more than 6% and improved margin by about 110 basis points, supported by disciplined pricing, cost controls, automation, fleet rightsizing, and lower repair and maintenance expenses.</li><li>Core price of 6.3% and yield of 3.9% exceeded internal expectations, with commercial and landfill pricing particularly strong and MSW yield reaching 6.9%.</li></ul>

Waste Management delivered a broadly resilient first quarter, with the result characterized by strong margin execution, robust free cash flow generation, and continued progress across sustainability and Healthcare Solutions, partly offset by softer volumes, weather disruption, wildfire-related comparison issues, and higher corporate costs.Operating EBITDA grew nearly 6%, while the Collection and Disposal business expanded operating EBITDA by more than 6% and improved margin by about 110 basis points, supported by disciplined pricing, cost controls, automation, fleet rightsizing, and lower repair and maintenance expenses.Core price of 6.3% and yield of 3.9% exceeded internal expectations, with commercial and landfill pricing particularly strong and MSW yield reaching 6.9%.

Waste Management: The Stress Test Is Healthcare Revenue Recovery Not The $920 Million FCF!

<ul><li>Waste Management (WM) has produced outstanding financial results for 2025, reflecting strengths in operational performance, strategic investments, and business integration.</li><li>The company's disciplined approach and integration of the Healthcare Solutions segment were instrumental in achieving record results and positioning for growth in 2026.</li><li>There is significant momentum seen in both its core operations and sustainability-focused ventures, juxtaposed alongside challenges in certain revenue streams and detailed strategic goals adherence.</li></ul>

Waste Management (WM) has produced outstanding financial results for 2025, reflecting strengths in operational performance, strategic investments, and business integration.The company's disciplined approach and integration of the Healthcare Solutions segment were instrumental in achieving record results and positioning for growth in 2026.There is significant momentum seen in both its core operations and sustainability-focused ventures, juxtaposed alongside challenges in certain revenue streams and detailed strategic goals adherence.

Inside Waste Management’s Recycling Flywheel: Automation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Cleanaway Waste Management / Event-Driven

<ul>
<li>EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a> three times. Financing is well covered, and a SID looks likely.</li>
<li>Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.</li>
<li>The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.</li>
</ul>


EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for Cleanaway Waste Management (CWY AU) three times. Financing is well covered, and a SID looks likely.
Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.
The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.


Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

United States

Waste Management, Inc. provides waste management services including collection, transfer, recycling, resource recovery and disposal services, and operates waste-to-energy facilities.  The Company serves municipal, commercial, industrial, and residential customers throughout North America.

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Waste Management (WM US)

Waste Management Is Not Just A Trash Hauler — Recycling EBITDA Jumps 33%!

WM Waste Management, Inc. reported its second quarter 2026 financial results with mixed operational trends balanced by positive initiatives in...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Waste Management: The Stress Test Is Healthcare Revenue Recovery Not The $920 Million FCF!

Waste Management delivered a broadly resilient first quarter, with the result characterized by strong margin execution, robust free cash flow...

Baptista Research

Inside Waste Management’s Recycling Flywheel: Automation

Waste Management (WM) has produced outstanding financial results for 2025, reflecting strengths in operational performance, strategic investments,...

Baptista Research

Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

EQT's thrice-reconfirmed offer points to a SID, but shares fell 3.6% today to A$2.66. The scheme vote should pass if dissent stays contained.

Arun George

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