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>Spotify's recent earnings call highlighted both strong performance and notable challenges in the fourth quarter and throughout 2025.</li><li>This discussion encapsulates an investment thesis that indicates cautious optimism mixed with careful consideration for future strategic moves.</li><li>On the performance front, Spotify showcased impressive metrics.</li></ul>

Spotify's recent earnings call highlighted both strong performance and notable challenges in the fourth quarter and throughout 2025.This discussion encapsulates an investment thesis that indicates cautious optimism mixed with careful consideration for future strategic moves.On the performance front, Spotify showcased impressive metrics.

Spotify: Beyond Music—How New Verticals and AI Are Shaping the Next Earnings Phase!

<ul><li>Spotify Technology is increasing the price of its U.S. Premium subscription by $1 to $12.99 per month starting February 2026.</li><li>This marks the fourth consecutive year of annual $1 price hikes in the U.S., positioning the streaming platform to further enhance its gross margins and subscription ARPU (Average Revenue Per User).</li><li>While this move comes amid a broader slowdown in the company’s revenue growth guidance—Q4 2025 revenue is expected to rise just 6%, down sharply from prior periods—it reflects a deliberate strategy to prioritize long-term profitability over short-term top-line expansion.</li></ul>

Spotify Technology is increasing the price of its U.S. Premium subscription by $1 to $12.99 per month starting February 2026.This marks the fourth consecutive year of annual $1 price hikes in the U.S., positioning the streaming platform to further enhance its gross margins and subscription ARPU (Average Revenue Per User).While this move comes amid a broader slowdown in the company’s revenue growth guidance—Q4 2025 revenue is expected to rise just 6%, down sharply from prior periods—it reflects a deliberate strategy to prioritize long-term profitability over short-term top-line expansion.

Spotify Hikes Premium to $12.99: Smart Move or Subscriber Backlash Incoming?

<ul><li>Spotify's third-quarter performance in 2025 shows a mix of strengths and challenges, setting the stage for its future trajectory.</li><li>The company achieved a significant milestone by surpassing 700 million monthly active users (MAUs), highlighting strong user growth and engagement across music, podcasts, video, and audiobooks.</li><li>This marks a notable achievement, exceeding the company's guidance and reflecting positively on Spotify's multi-format strategy.</li></ul>

Spotify's third-quarter performance in 2025 shows a mix of strengths and challenges, setting the stage for its future trajectory.The company achieved a significant milestone by surpassing 700 million monthly active users (MAUs), highlighting strong user growth and engagement across music, podcasts, video, and audiobooks.This marks a notable achievement, exceeding the company's guidance and reflecting positively on Spotify's multi-format strategy.

Spotify's Audiophile-Level Upgrade Changes Everything—Is the Platform Becoming the Next Multimedia Giant?

<ul><li>Spotify’s recent partnership with Netflix to distribute its top video podcasts marks a significant pivot in the company’s media distribution strategy and raises critical implications for its stock.</li><li>Beginning in 2026, popular shows from Spotify Studios and The Ringer—including The Bill Simmons Podcast, The Rewatchables, and Conspiracy Theories—will be published simultaneously on Spotify and Netflix.</li><li>While video podcasts will remain monetized with ads on Spotify, Netflix will stream them ad-free for its premium subscribers.</li></ul>

Spotify’s recent partnership with Netflix to distribute its top video podcasts marks a significant pivot in the company’s media distribution strategy and raises critical implications for its stock.Beginning in 2026, popular shows from Spotify Studios and The Ringer—including The Bill Simmons Podcast, The Rewatchables, and Conspiracy Theories—will be published simultaneously on Spotify and Netflix.While video podcasts will remain monetized with ads on Spotify, Netflix will stream them ad-free for its premium subscribers.

Spotify’s Video Podcasts Are Hitting Netflix—Here’s the Shocking Impact on Its Valuation!

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.</li>
<li>Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands</li>
<li>Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.</li>
</ul>


Regional rotation places DM Europe as clear consensus overweight among active Global equity funds.
Seventy-Five percent of funds are overweight UK stocks, with 69.6% overweight France and 70.2% overweight the Netherlands
Novo Nordisk, ASML, Schneider Electric, and AstraZeneca remain key holdings, while a resurgence from European banks and select names like Spotify and LSEG is also starting to stand out.


Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Luxembourg

Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

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Spotify (SPOT US)

Spotify: Beyond Music—How New Verticals and AI Are Shaping the Next Earnings Phase!

Spotify's recent earnings call highlighted both strong performance and notable challenges in the fourth quarter and throughout 2025. This...

Baptista Research

Spotify Hikes Premium to $12.99: Smart Move or Subscriber Backlash Incoming?

Spotify Technology is increasing the price of its U.S. Premium subscription by $1 to $12.99 per month starting February 2026. This marks the...

Baptista Research

Spotify's Audiophile-Level Upgrade Changes Everything—Is the Platform Becoming the Next Multimedia Giant?

Spotify's third-quarter performance in 2025 shows a mix of strengths and challenges, setting the stage for its future trajectory. The company...

Baptista Research

Spotify’s Video Podcasts Are Hitting Netflix—Here’s the Shocking Impact on Its Valuation!

Spotify’s recent partnership with Netflix to distribute its top video podcasts marks a significant pivot in the company’s media distribution...

Baptista Research

Europe Reasserted: Consensus Builds as Europe Reclaims Ground from the U.S.

Regional rotation places Developed Europe as a clear consensus overweight among active Global equity funds, with over 90% of funds positioned ahead...

Steven Holden

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