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>Balchem Corporation reported strong financial results for the first quarter of 2026, demonstrating growth across its three main segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products.</li><li>Consolidated revenue reached a record $271 million, marking an 8.1% year-over-year increase, driven partly by a 2% favorable foreign currency exchange impact due to a stronger euro.</li><li>The company also delivered record adjusted EBITDA of $74 million, a 12.1% increase, and an adjusted net earnings of $43 million, up 7.4%, translating into adjusted diluted EPS of $1.33, a 9% rise.</li></ul>

Balchem Corporation reported strong financial results for the first quarter of 2026, demonstrating growth across its three main segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products.Consolidated revenue reached a record $271 million, marking an 8.1% year-over-year increase, driven partly by a 2% favorable foreign currency exchange impact due to a stronger euro.The company also delivered record adjusted EBITDA of $74 million, a 12.1% increase, and an adjusted net earnings of $43 million, up 7.4%, translating into adjusted diluted EPS of $1.33, a 9% rise.

Balchem: Inside The VitaCholine Breakthrough That Could Redefine Its Consumer Health Story!

<ul><li>Balchem Corporation concluded 2025 with a robust financial performance, characterized by record sales and earnings.</li><li>The company's revenue for the year exceeded $1 billion for the first time, representing an 8.8% rise compared to the prior year.</li><li>This growth was evenly reflected across all three of its business segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products.</li></ul>

Balchem Corporation concluded 2025 with a robust financial performance, characterized by record sales and earnings.The company's revenue for the year exceeded $1 billion for the first time, representing an 8.8% rise compared to the prior year.This growth was evenly reflected across all three of its business segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products.

Balchem Corporation: Europe’s Choline Reset Creates a Clear Runway for Feed-Grade Growth and Market Share Expansion!

<ul><li>Balchem Corporation reported robust financial performance for the third quarter of 2025, setting record figures across key financial metrics.</li><li>The company achieved consolidated sales of $268 million, which marked an 11.5% increase from the prior year, and delivered record earnings from operations at $55 million, reflecting a 13.7% rise.</li><li>This resulted in a net income of $40 million, up by 19.1%.</li></ul>

Balchem Corporation reported robust financial performance for the third quarter of 2025, setting record figures across key financial metrics.The company achieved consolidated sales of $268 million, which marked an 11.5% increase from the prior year, and delivered record earnings from operations at $55 million, reflecting a 13.7% rise.This resulted in a net income of $40 million, up by 19.1%.

Balchem Corporation: Human Nutrition & Specialty Products Can Drive Future Growth!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Financial Select Sector SPDR F / Technical Analysis

<p>We continue to see a steady flow of risk-on signals that have us moving toward an outright bullish outlook for the broad US equity market. Below we discuss several bullish developments that leads us to believe we are close to exiting the "mixed market environment" that we have referenced since late March.</p><p>Charts highlighted: XLF, KBE, Copper, US Dollar, IWD, XLY, Bitcoin, S&amp;P 500, APO, LPLA, ARCC, JHG, KKR, ALLY, CACC, OMF, CIT, WD, GATX, LC, CODI, WRLD, ATLC, BCPC, TROX, ASPN, ASIX, LXU, HWKN, MOS, CF, ICL, SQM, UAN, IPI</p>

We continue to see a steady flow of risk-on signals that have us moving toward an outright bullish outlook for the broad US equity market. Below we discuss several bullish developments that leads us to believe we are close to exiting the "mixed market environment" that we have referenced since late March.Charts highlighted: XLF, KBE, Copper, US Dollar, IWD, XLY, Bitcoin, S&amp;P 500, APO, LPLA, ARCC, JHG, KKR, ALLY, CACC, OMF, CIT, WD, GATX, LC, CODI, WRLD, ATLC, BCPC, TROX, ASPN, ASIX, LXU, HWKN, MOS, CF, ICL, SQM, UAN, IPI

Upgrading Financials To Overweight; Downgrading Communications To Market Weight

Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>It's time to break out the analysis on gold and silver miners</li><li>Some goldminers are trading well below P/B, with potential price moves of +4x just to get back to median P/B levels</li><li>Fed week: watch for dovishness; US GDP watch for a miss. Both of these plus coming up to month end could add to near-term equity bullish sentiment</li><li>Central bank meetings include Japan, New Zealand, South Africa, Russia and Nigeria</li></ul>

It's time to break out the analysis on gold and silver minersSome goldminers are trading well below P/B, with potential price moves of +4x just to get back to median P/B levelsFed week: watch for dovishness; US GDP watch for a miss. Both of these plus coming up to month end could add to near-term equity bullish sentimentCentral bank meetings include Japan, New Zealand, South Africa, Russia and Nigeria

The Macro Take: Get the Picks Out for Gold and Silver Miners

United States

Balchem Corporation develops, manufactures, and markets specialty performance ingredients for the food, feed, and medical sterilization industries. The Company micro-encapsulates performance ingredients, and also repackages and markets specialty gases. Balchem sells its products through its own sales force, independent distributors, and sales agents.

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Balchem Corp (BCPC US)

Balchem: Inside The VitaCholine Breakthrough That Could Redefine Its Consumer Health Story!

Balchem Corporation reported strong financial results for the first quarter of 2026, demonstrating growth across its three main segments: Human...

Baptista Research

Balchem Corporation: Human Nutrition & Specialty Products Can Drive Future Growth!

Balchem Corporation reported robust financial performance for the third quarter of 2025, setting record figures across key financial metrics. The...

Baptista Research

Upgrading Financials To Overweight; Downgrading Communications To Market Weight

We are upgrading Financials to overweight; Financial Sector ETFs (XLF, RYF), banks (KBE, KRE), and insurance stocks (KIE) are all breaking out to...

Vermilion Research

The Macro Take: Get the Picks Out for Gold and Silver Miners

It's time to break out the analysis on gold and silver miners Some goldminers are trading well below P/B, with potential price moves of +4x just...

Kay Van-Petersen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Balchem: Inside The VitaCholine Breakthrough That Could Redefine Its Consumer Health Story!

Balchem Corporation reported strong financial results for the first quarter of 2026, demonstrating growth across its three main segments: Human...

Baptista Research

Balchem Corporation: Europe’s Choline Reset Creates a Clear Runway for Feed-Grade Growth and Market Share Expansion!

Balchem Corporation concluded 2025 with a robust financial performance, characterized by record sales and earnings. The company's revenue for the...

Baptista Research

Balchem Corporation: Human Nutrition & Specialty Products Can Drive Future Growth!

Balchem Corporation reported robust financial performance for the third quarter of 2025, setting record figures across key financial metrics. The...

Baptista Research

Upgrading Financials To Overweight; Downgrading Communications To Market Weight

We are upgrading Financials to overweight; Financial Sector ETFs (XLF, RYF), banks (KBE, KRE), and insurance stocks (KIE) are all breaking out to...

Vermilion Research

The Macro Take: Get the Picks Out for Gold and Silver Miners

It's time to break out the analysis on gold and silver miners Some goldminers are trading well below P/B, with potential price moves of +4x just...

Kay Van-Petersen