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>American Tower Corporation's recent financial performance displays a solid operational trajectory with balanced outcomes.</li><li>During the third quarter of 2025, the company reported significant profitability and revenue growth, with noteworthy highlights across its core segments – tower leasing and data centers.</li><li>The quarter showcased a robust 8% increase in total revenue, driven by consistent organic growth in the midsingle digits and a strong contribution from U.S. services and CoreSite, their data center segment.</li></ul>

American Tower Corporation's recent financial performance displays a solid operational trajectory with balanced outcomes.During the third quarter of 2025, the company reported significant profitability and revenue growth, with noteworthy highlights across its core segments – tower leasing and data centers.The quarter showcased a robust 8% increase in total revenue, driven by consistent organic growth in the midsingle digits and a strong contribution from U.S. services and CoreSite, their data center segment.

American Tower Corporation: International Expansion Amid Growing Mobile Data Demand But Is It Enough?

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Capitaland India Trust / Equity Bottom-Up

<ul><li>Robert Ng, a significant figure at Sino, is implicated in Singapore's foreign political interference law due to his involvement with children.</li><li>Cuscaden Peak secures approval for the $2.1B privatization deal of Singapore's Paragon REIT, marking a significant milestone in the real estate industry.</li><li>PAG DCU appoints Sanjay Goel, formerly of American Tower, as their new CEO, signaling a strategic move in their leadership team.</li></ul>

Robert Ng, a significant figure at Sino, is implicated in Singapore's foreign political interference law due to his involvement with children.Cuscaden Peak secures approval for the $2.1B privatization deal of Singapore's Paragon REIT, marking a significant milestone in the real estate industry.PAG DCU appoints Sanjay Goel, formerly of American Tower, as their new CEO, signaling a strategic move in their leadership team.

Asia Real Estate Tracker (23-Apr-2025): Sino's Robert Ng, kids tagged under SG foreign interference law

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Share Repurchase Programme: EUR 800M buyback (4% of market cap) aims to cancel shares, boosting EPS and shareholder value, funded by non-core asset sales.</li>
<li>Valuation Insight: Current market price significantly undervalued versus EUR 42.68 consensus target and EUR 43.80 DCF valuation, offering substantial upside potential.</li>
<li>Strategic Alignment: Ensures financial discipline (DFN/EBITDA 5–6x target by 2025/2026) while enhancing returns via repurchase programme and increased dividend payouts from 2026 onward.</li>
</ul>


Share Repurchase Programme: EUR 800M buyback (4% of market cap) aims to cancel shares, boosting EPS and shareholder value, funded by non-core asset sales.
Valuation Insight: Current market price significantly undervalued versus EUR 42.68 consensus target and EUR 43.80 DCF valuation, offering substantial upside potential.
Strategic Alignment: Ensures financial discipline (DFN/EBITDA 5–6x target by 2025/2026) while enhancing returns via repurchase programme and increased dividend payouts from 2026 onward.


Cellnex Share Repurchase Programme: Valuation and Potential Impact on Stock Price

<ul>
<li>Cellnex plans to sell its 72% Swiss subsidiary stake, potentially generating €1.1 billion, as part of a broader strategy to divest non-core assets and reduce debt.</li>
<li>Recent divestments in Austria, Ireland, and Scandinavia enable Cellnex to focus on strategic markets, targeting a debt-to-EBITDA ratio of 5-6x by 2025/2026.</li>
<li>Optimizing its portfolio, Cellnex aims to boost shareholder returns via buybacks, higher dividends (which should attract income funds), and leveraging its strong market position in core European markets.</li>
</ul>


Cellnex plans to sell its 72% Swiss subsidiary stake, potentially generating €1.1 billion, as part of a broader strategy to divest non-core assets and reduce debt.
Recent divestments in Austria, Ireland, and Scandinavia enable Cellnex to focus on strategic markets, targeting a debt-to-EBITDA ratio of 5-6x by 2025/2026.
Optimizing its portfolio, Cellnex aims to boost shareholder returns via buybacks, higher dividends (which should attract income funds), and leveraging its strong market position in core European markets.


Cellnex's Strategic Divestment of Swiss Subsidiary

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>Alpha Sense provides tools for making high conviction decisions with confidence</li><li>Public.com offers a way to lock in a 6% or higher yield on a diversified portfolio of corporate bonds</li><li>American Tower is a critical infrastructure asset that enables wireless communication through physical tower structures.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Alpha Sense provides tools for making high conviction decisions with confidencePublic.com offers a way to lock in a 6% or higher yield on a diversified portfolio of corporate bondsAmerican Tower is a critical infrastructure asset that enables wireless communication through physical tower structures.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

American Tower: Signals and Stability - [Business Breakdowns, EP.188]

United States

American Tower Corp. is a real estate investment trust that owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries, including personal communications services, paging, and cellular.

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American Tower (AMT US)

American Tower Corporation: International Expansion Amid Growing Mobile Data Demand But Is It Enough?

American Tower Corporation's recent financial performance displays a solid operational trajectory with balanced outcomes. During the third quarter...

Baptista Research

Asia Real Estate Tracker (23-Apr-2025): Sino's Robert Ng, kids tagged under SG foreign interference law

Robert Ng of Sino implicated in foreign political interference, Cuscaden Peak secures $2.1B for Paragon REIT privatization, PAG DCU appoints Sanjay...

Asia Real Estate Tracker

Cellnex's Strategic Divestment of Swiss Subsidiary

Cellnex plans to sell Swiss subsidiary stake to generate €1.1 billion, part of strategy to divest non-core assets and reduce debt, focusing on key...

Jesus Rodriguez Aguilar

American Tower: Signals and Stability - [Business Breakdowns, EP.188]

Alpha Sense tools aid in high conviction decision making, listeners can get a free trial at alpha-sense.com, while Public.com offers a high yield...

Business Breakdowns

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

American Tower Corporation: International Expansion Amid Growing Mobile Data Demand But Is It Enough?

American Tower Corporation's recent financial performance displays a solid operational trajectory with balanced outcomes. During the third quarter...

Baptista Research

Asia Real Estate Tracker (23-Apr-2025): Sino's Robert Ng, kids tagged under SG foreign interference law

Robert Ng of Sino implicated in foreign political interference, Cuscaden Peak secures $2.1B for Paragon REIT privatization, PAG DCU appoints Sanjay...

Asia Real Estate Tracker

Cellnex Share Repurchase Programme: Valuation and Potential Impact on Stock Price

​Company initiates EUR 800M buyback to boost EPS and shareholder value, undervalued stock offers substantial upside potential, financial discipline...

Jesus Rodriguez Aguilar

Cellnex's Strategic Divestment of Swiss Subsidiary

​Cellnex plans to sell Swiss subsidiary stake to generate €1.1 billion, part of strategy to divest non-core assets and reduce debt, focusing on key...

Jesus Rodriguez Aguilar

American Tower: Signals and Stability - [Business Breakdowns, EP.188]

Alpha Sense tools aid in high conviction decision making, listeners can get a free trial at alpha-sense.com, while Public.com offers a high yield...

Business Breakdowns

Company initiates EUR 800M buyback to boost EPS and shareholder value, undervalued stock offers substantial upside potential, financial discipline...

Cellnex plans to sell Swiss subsidiary stake to generate €1.1 billion, part of strategy to divest non-core assets and reduce debt, focusing on key...