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

Archer Daniels Midland Co / Equity Bottom-Up

<ul><li>Archer Daniels Midland Company reported a solid financial performance in the second quarter of 2026, highlighted by adjusted earnings per share of $1.84 and a total segment operating profit of $1.5 billion.</li><li>The company’s trailing four-quarter adjusted return on invested capital reached 7.8%, while cash flow from operations before working capital changes totaled $1.8 billion during the first half of the year.</li><li>The results reflect favorable contributions from a constructive biofuels margin environment, strong commercial and operational execution, elevated global energy prices, and momentum in the Nutrition segment.</li></ul>

Archer Daniels Midland Company reported a solid financial performance in the second quarter of 2026, highlighted by adjusted earnings per share of $1.84 and a total segment operating profit of $1.5 billion.The company’s trailing four-quarter adjusted return on invested capital reached 7.8%, while cash flow from operations before working capital changes totaled $1.8 billion during the first half of the year.The results reflect favorable contributions from a constructive biofuels margin environment, strong commercial and operational execution, elevated global energy prices, and momentum in the Nutrition segment.

Archer Daniels Midland’s 129% Profit Surge: Is Biofuels The Next Big Catalyst!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>ADM's wide economic moat is built on its vast, integrated global agricultural supply chain, providing significant scale advantages and high barriers to entry.</li>
 <li>Despite a challenging growth track record with declining revenue and net income over the past decade, the company has demonstrated robust operating and free cash flow growth, supporting consistent dividend increases.</li>
 <li>A recent accounting investigation into the Nutrition segment has raised corporate governance concerns and created uncertainty, although the company is taking remedial action.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  ADM's wide economic moat is built on its vast, integrated global agricultural supply chain, providing significant scale advantages and high barriers to entry.
  Despite a challenging growth track record with declining revenue and net income over the past decade, the company has demonstrated robust operating and free cash flow growth, supporting consistent dividend increases.
  A recent accounting investigation into the Nutrition segment has raised corporate governance concerns and created uncertainty, although the company is taking remedial action.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Archer Daniels Midland Co (ADM US) - Aug 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> is coming up "cheap" to 90%-held <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings C (300999 CH)</a>; yet implied stub numbers suggests otherwise. </li>
<li>Preceding my comments on Wilmar are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Wilmar International (WIL SP) is coming up "cheap" to 90%-held Yihai Kerry Arawana Holdings C (300999 CH); yet implied stub numbers suggests otherwise. 
Preceding my comments on Wilmar are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Wilmar Trading "Cheap" To YKA. Understandably.

<ul><li>Archer Daniels Midland Company reported first-quarter 2026 adjusted earnings per share of $0.71 and total segment operating profit of $764 million, indicating solid operational performance amid a complex macro environment.</li><li>The company’s trailing 12-month adjusted return on invested capital was 6.4%, with cash flow from operations before working capital changes at $442 million.</li><li>The quarter showcased strengthening margins in soybean crushing and ethanol segments, driven by favorable commodity dynamics and the U.S. Environmental Protection Agency’s (EPA) finalization of renewable volume obligations (RVO) for 2026 and 2027, which support demand for domestic feedstocks such as corn and soybeans.</li></ul>

Archer Daniels Midland Company reported first-quarter 2026 adjusted earnings per share of $0.71 and total segment operating profit of $764 million, indicating solid operational performance amid a complex macro environment.The company’s trailing 12-month adjusted return on invested capital was 6.4%, with cash flow from operations before working capital changes at $442 million.The quarter showcased strengthening margins in soybean crushing and ethanol segments, driven by favorable commodity dynamics and the U.S. Environmental Protection Agency’s (EPA) finalization of renewable volume obligations (RVO) for 2026 and 2027, which support demand for domestic feedstocks such as corn and soybeans.

Archer Daniels Midland: Can $4.70 EPS Guidance Survive Commodity Volatility?

<ul><li>Archer-Daniels-Midland Company reported first quarter 2026 results with adjusted earnings per share (EPS) of $0.71 and total segment operating profit of $764 million.</li><li>The trailing four-quarter adjusted return on invested capital (ROIC) stood at 6.4%, while cash flow from operations before working capital changes was $442 million, roughly flat year-over-year.</li><li>The company raised its full-year 2026 adjusted EPS guidance range to $4.15-$4.70 from a previous $3.60-$4.25, citing continued margin improvements and execution against strategic priorities.</li></ul>

Archer-Daniels-Midland Company reported first quarter 2026 results with adjusted earnings per share (EPS) of $0.71 and total segment operating profit of $764 million.The trailing four-quarter adjusted return on invested capital (ROIC) stood at 6.4%, while cash flow from operations before working capital changes was $442 million, roughly flat year-over-year.The company raised its full-year 2026 adjusted EPS guidance range to $4.15-$4.70 from a previous $3.60-$4.25, citing continued margin improvements and execution against strategic priorities.

Archer-Daniels-Midland: 6.4% ROIC And A Crushing Loss Explain The Underperform Rating!

United States

Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities and products. The Company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland also processes produce products which have primarily two end uses including food or feed ingredients.

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Archer Daniels Midland Co (ADM US)

Archer Daniels Midland’s 129% Profit Surge: Is Biofuels The Next Big Catalyst!

Archer Daniels Midland Company reported a solid financial performance in the second quarter of 2026, highlighted by adjusted earnings per share of...

Baptista Research

Primer: Archer Daniels Midland Co (ADM US) - Aug 2026

ADM's wide economic moat is built on its vast, integrated global agricultural supply chain, providing significant scale advantages and high...

αSK Primers

StubWorld: Wilmar Trading "Cheap" To YKA. Understandably.

Wilmar is coming up "cheap" to YKA, yet the implied stub numbers suggests otherwise. I'd be reluctant to long Wilmar, short YKA right here. I would...

David Blennerhassett

Archer Daniels Midland: Can $4.70 EPS Guidance Survive Commodity Volatility?

Archer Daniels Midland Company reported first-quarter 2026 adjusted earnings per share of $0.71 and total segment operating profit of $764...

Baptista Research

Archer-Daniels-Midland: 6.4% ROIC And A Crushing Loss Explain The Underperform Rating!

Archer-Daniels-Midland Company reported first quarter 2026 results with adjusted earnings per share (EPS) of $0.71 and total segment operating...

Baptista Research

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