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>AT&T’s $5.75 billion acquisition of Lumen Technologies’ Mass Markets fiber business is poised to be one of the most significant telecom deals in recent years.</li><li>Expected to close in the first half of 2026, the transaction will transfer approximately 1 million subscribers and 4 million fiber-enabled locations across 11 key states—including markets such as Denver, Seattle, Salt Lake City, Phoenix, and Minneapolis—into AT&T’s growing fiber footprint.</li><li>The move is part of a broader strategy by AT&T to double its fiber coverage to 60 million locations by 2030.</li></ul>

AT&T’s $5.75 billion acquisition of Lumen Technologies’ Mass Markets fiber business is poised to be one of the most significant telecom deals in recent years.Expected to close in the first half of 2026, the transaction will transfer approximately 1 million subscribers and 4 million fiber-enabled locations across 11 key states—including markets such as Denver, Seattle, Salt Lake City, Phoenix, and Minneapolis—into AT&T’s growing fiber footprint.The move is part of a broader strategy by AT&T to double its fiber coverage to 60 million locations by 2030.

AT&T Just Snatched the Deal of the Decade—Here’s Why The $5.75B Lumen Acquisition Could Reshape U.S. Fiber Access!

<ul><li>AT&T's performance in the first quarter of 2025 showcases its continued momentum following a strong 2024.</li><li>The company reported growth in consolidated service revenue and adjusted EBITDA, underpinned by robust gains in postpaid phone and fiber net additions.</li><li>Despite an early slowdown in the quarter, AT&T fine-tuned its promotional strategies to remain competitive in a maturing market, particularly in its fiber footprint, which is seeing substantial growth.</li></ul>

AT&T's performance in the first quarter of 2025 showcases its continued momentum following a strong 2024.The company reported growth in consolidated service revenue and adjusted EBITDA, underpinned by robust gains in postpaid phone and fiber net additions.Despite an early slowdown in the quarter, AT&T fine-tuned its promotional strategies to remain competitive in a maturing market, particularly in its fiber footprint, which is seeing substantial growth.

AT&T: 5G Network Expansion & Modernization to Strengthen Its Footprint & Revenue Streams!

<ul><li>AT&T's latest financial performance in the fourth quarter of 2024 shows a balanced overview of strengths and challenges that shape its investment profile.</li><li>Positively, the company has demonstrated solid growth in its core operations, particularly in the Mobility and Consumer Wireline segments.</li><li>Postpaid phone net additions totaled approximately 1.7 million with a service revenue growth of 3.5% for Mobility, contributing to AT&T likely leading the industry in postpaid phone churn for most of the past sixteen quarters.</li></ul>

AT&T's latest financial performance in the fourth quarter of 2024 shows a balanced overview of strengths and challenges that shape its investment profile.Positively, the company has demonstrated solid growth in its core operations, particularly in the Mobility and Consumer Wireline segments.Postpaid phone net additions totaled approximately 1.7 million with a service revenue growth of 3.5% for Mobility, contributing to AT&T likely leading the industry in postpaid phone churn for most of the past sixteen quarters.

AT&T: Will Its Fiber Infrastructure Expansion Be A Game-Changer Or A Costly Mistake? - Major Drivers

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Our estimations for FY 2024 annual revenue range at around $124,142 million and for FY 2025 at around $126,625 million.</li><li>The company’s annual revenue reached $122,428 million in FY 2023 compared to $120,741 million in FY 2022, posting an increase by 1.40%.</li><li>AT&amp;T gross profit for FY 2023 was $72,305 million, increased by 3.45% compared to $69,893 million for the corresponding period of 2022.</li></ul>

Our estimations for FY 2024 annual revenue range at around $124,142 million and for FY 2025 at around $126,625 million.The company’s annual revenue reached $122,428 million in FY 2023 compared to $120,741 million in FY 2022, posting an increase by 1.40%.AT&amp;T gross profit for FY 2023 was $72,305 million, increased by 3.45% compared to $69,893 million for the corresponding period of 2022.

Equity Research Flash Note: AT&T LNC. - December 18, 2024

<ul><li>AT&T's Q3 2024 earnings painted a picture of a company strategically holding firm on its path, aimed at leadership in converged connectivity achieved through its investments in 5G and fiber networks.</li><li>The earnings report underscored AT&T’s focus on sustainable subscriber growth in its mobility segment and continued strong additions in its broadband offerings, particularly fiber.</li><li>Positively, the company reported robust growth in the 5G subscriber base, with 403,000 postpaid phone net adds.</li></ul>

AT&T's Q3 2024 earnings painted a picture of a company strategically holding firm on its path, aimed at leadership in converged connectivity achieved through its investments in 5G and fiber networks.The earnings report underscored AT&T’s focus on sustainable subscriber growth in its mobility segment and continued strong additions in its broadband offerings, particularly fiber.Positively, the company reported robust growth in the 5G subscriber base, with 403,000 postpaid phone net adds.

AT&T Inc.: An Insight Into Its Fixed-Line Network Synergies

United States

AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

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At&T Inc (T US)

AT&T Just Snatched the Deal of the Decade—Here’s Why The $5.75B Lumen Acquisition Could Reshape U.S. Fiber Access!

AT&T’s $5.75 billion acquisition of Lumen Technologies’ Mass Markets fiber business is poised to be one of the most significant telecom deals...

Baptista Research

AT&T: 5G Network Expansion & Modernization to Strengthen Its Footprint & Revenue Streams!

AT&T's performance in the first quarter of 2025 showcases its continued momentum following a strong 2024. The company reported growth in...

Baptista Research

AT&T: Will Its Fiber Infrastructure Expansion Be A Game-Changer Or A Costly Mistake? - Major Drivers

AT&T's latest financial performance in the fourth quarter of 2024 shows a balanced overview of strengths and challenges that shape its...

Baptista Research

Equity Research Flash Note: AT&T LNC. - December 18, 2024

The company’s annual revenue reached $122,428 million in FY 2023 compared to $120,741 million in FY 2022, posting an increase by 1.40%.

VRS (Valuation & Research Specialists)

AT&T Inc.: An Insight Into Its Fixed-Line Network Synergies

AT&T's Q3 2024 earnings painted a picture of a company strategically holding firm on its path, aimed at leadership in converged connectivity...

Baptista Research

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