EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Thematic (Sector/Industry)

<ol><li>Align yourself with the Qatar government, $200bn in GDP, $200bn in assets for 200,000 civilians who own 96% of the stock market. Qatar Investment Fund, a $200m closed end fund listed in London run by Qatar Insurance giving you exposure to the Qatar index at a discount to NAV. Returned over 20% last year (dollar pegged) despite oil prices halving, will likely return double digits over the next 7-10 years annually. </li><li>Buy Iran as soon as it opens, currently under 6x PE with double digit dividends. I believe an Iran deal is likely in the next few months. One of the funds I advise hopes to have an easy to access listed fund to make things easier once SWIFT sanctions are removed </li><li>Buy oil for delivery in 2 years either direct or through options. You may not make as much as spot, but if I (and more importantly T Boone Pickens) are right, it should offer 20%+ return at the least with minimal downside risk unless someone decides to spend hundreds of billions in exploration or the world economy completely collapses. Buy Brent as the Brent-WTI spread will gap out into the middle of the year on Cushing inventory build due to the contango in the curve. </li></ol>

Align yourself with the Qatar government, $200bn in GDP, $200bn in assets for 200,000 civilians who own 96% of the stock market. Qatar Investment Fund, a $200m closed end fund listed in London run by Qatar Insurance giving you exposure to the Qatar index at a discount to NAV. Returned over 20% last year (dollar pegged) despite oil prices halving, will likely return double digits over the next 7-10 years annually. Buy Iran as soon as it opens, currently under 6x PE with double digit dividends. I believe an Iran deal is likely in the next few months. One of the funds I advise hopes to have an easy to access listed fund to make things easier once SWIFT sanctions are removed Buy oil for delivery in 2 years either direct or through options. You may not make as much as spot, but if I (and more importantly T Boone Pickens) are right, it should offer 20%+ return at the least with minimal downside risk unless someone decides to spend hundreds of billions in exploration or the world economy completely collapses. Buy Brent as the Brent-WTI spread will gap out into the middle of the year on Cushing inventory build due to the contango in the curve. 

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>Baker Hughes is reportedly nearing a $13.6 billion all-cash acquisition of Chart Industries, potentially derailing Chart's previously announced all-stock merger with Flowserve.</li><li>The proposed deal, which values Chart at $210 per share—a 22% premium to its latest closing price—marks a significant strategic pivot by Baker Hughes toward enhancing its footprint in liquefied natural gas (LNG), nuclear energy, and digital infrastructure, particularly data centers.</li><li>By superseding the $19 billion Flowserve-Chart merger agreement from June, Baker Hughes aims to consolidate its position in high-growth, energy-adjacent sectors through vertical integration and technology enhancement.</li></ul>

Baker Hughes is reportedly nearing a $13.6 billion all-cash acquisition of Chart Industries, potentially derailing Chart's previously announced all-stock merger with Flowserve.The proposed deal, which values Chart at $210 per share—a 22% premium to its latest closing price—marks a significant strategic pivot by Baker Hughes toward enhancing its footprint in liquefied natural gas (LNG), nuclear energy, and digital infrastructure, particularly data centers.By superseding the $19 billion Flowserve-Chart merger agreement from June, Baker Hughes aims to consolidate its position in high-growth, energy-adjacent sectors through vertical integration and technology enhancement.

Baker Hughes Eyes Chart Industries: A $13.6 Billion Bet On LNG & Digital Power

<ul><li>Baker Hughes Company demonstrated a strong performance in its second quarter of 2025, showing resilience and adaptability in a shifting macroeconomic and industry landscape.</li><li>The company's adjusted EBITDA rose to $1.21 billion, reflecting a 170 basis point improvement in margins compared to the previous year, driven by effective cost management and improved operational execution.</li><li>This marks the 10th consecutive quarter of meeting or exceeding midpoint EBITDA guidance, emphasizing a consistent streak of reliable financial performance which indicates strong execution across its segments despite broader industry challenges.</li></ul>

Baker Hughes Company demonstrated a strong performance in its second quarter of 2025, showing resilience and adaptability in a shifting macroeconomic and industry landscape.The company's adjusted EBITDA rose to $1.21 billion, reflecting a 170 basis point improvement in margins compared to the previous year, driven by effective cost management and improved operational execution.This marks the 10th consecutive quarter of meeting or exceeding midpoint EBITDA guidance, emphasizing a consistent streak of reliable financial performance which indicates strong execution across its segments despite broader industry challenges.

Baker Hughes Breaks Into Booming Data & Clean Energy Markets—Is Oil Just the Beginning?

<ul><li>Baker Hughes Company delivered strong results in the first quarter of 2025, with adjusted EBITDA reaching $1.04 billion, marking a 10% year-over-year increase.</li><li>The performance was driven primarily by the Industrial & Energy Technology (IET) segment, which experienced significant growth and contributed to the company's overall margin expansion.</li><li>Revenues for the quarter hit a record, supported by effective operational execution and strategic transformations, despite a challenging macroeconomic backdrop marked by geopolitical tensions, tariff uncertainties, and fluctuating oil prices.</li></ul>

Baker Hughes Company delivered strong results in the first quarter of 2025, with adjusted EBITDA reaching $1.04 billion, marking a 10% year-over-year increase.The performance was driven primarily by the Industrial & Energy Technology (IET) segment, which experienced significant growth and contributed to the company's overall margin expansion.Revenues for the quarter hit a record, supported by effective operational execution and strategic transformations, despite a challenging macroeconomic backdrop marked by geopolitical tensions, tariff uncertainties, and fluctuating oil prices.

Baker Hughes: Supply Chain Strategy & Tariff Mitigation to Safeguard Earnings Potential & Maintain Steady Operations!

<ul><li>Baker Hughes Company (Baker Hughes) presented a strong performance in the fourth quarter of 2024, showing notable growth across several financial metrics, yet managing challenges characteristic of the energy and industrial sectors.</li><li>The company exceeded the midpoint of its earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for the eighth consecutive quarter.</li><li>The fourth quarter set new records for revenue, free cash flow, adjusted earnings per share (EPS), and adjusted EBITDA and margins.</li></ul>

Baker Hughes Company (Baker Hughes) presented a strong performance in the fourth quarter of 2024, showing notable growth across several financial metrics, yet managing challenges characteristic of the energy and industrial sectors.The company exceeded the midpoint of its earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for the eighth consecutive quarter.The fourth quarter set new records for revenue, free cash flow, adjusted earnings per share (EPS), and adjusted EBITDA and margins.

Baker Hughes: Is Its Upstream Shift Enough to Counter Industry Cyclicality? - Major Drivers

United States

Baker Hughes Company provides oilfield products and services. The Company engages in surface logging, drilling, pipeline operations, petroleum engineering, and fertilizer solutions, as well as offers gas turbines, valves, actuators, pumps, flow meters, generators, and motors. Baker Hughes serves oil and gas industries worldwide.

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Baker Hughes (BHGE US)

Islam, Terror, Politics and Oil - Part 1

Align yourself with the Qatar government, $200bn in GDP, $200bn in assets for 200,000 civilians who own 96% of the stock market. Qatar Investment...

Emad Mostaque

Baker Hughes Eyes Chart Industries: A $13.6 Billion Bet On LNG & Digital Power

Baker Hughes is reportedly nearing a $13.6 billion all-cash acquisition of Chart Industries, potentially derailing Chart's previously announced...

Baptista Research

Baker Hughes Breaks Into Booming Data & Clean Energy Markets—Is Oil Just the Beginning?

Baker Hughes Company demonstrated a strong performance in its second quarter of 2025, showing resilience and adaptability in a shifting...

Baptista Research

Baker Hughes: Supply Chain Strategy & Tariff Mitigation to Safeguard Earnings Potential & Maintain Steady Operations!

Baker Hughes Company delivered strong results in the first quarter of 2025, with adjusted EBITDA reaching $1.04 billion, marking a 10%...

Baptista Research

Baker Hughes: Is Its Upstream Shift Enough to Counter Industry Cyclicality? - Major Drivers

Baker Hughes Company (Baker Hughes) presented a strong performance in the fourth quarter of 2024, showing notable growth across several financial...

Baptista Research

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