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>The results presented by Bell Canada Enterprises highlighted steady progress across its strategic priorities amid a competitive telecommunications environment.</li><li>Consolidated revenue increased by 4% year-over-year, driven notably by growth in Bell Business Markets and contributions from Ziply Fiber.</li><li>Adjusted EBITDA rose 2.9%, though the margin declined slightly by 40 basis points to 42.7%, reflecting a shift toward higher-growth yet lower-margin service segments.</li></ul>

The results presented by Bell Canada Enterprises highlighted steady progress across its strategic priorities amid a competitive telecommunications environment.Consolidated revenue increased by 4% year-over-year, driven notably by growth in Bell Business Markets and contributions from Ziply Fiber.Adjusted EBITDA rose 2.9%, though the margin declined slightly by 40 basis points to 42.7%, reflecting a shift toward higher-growth yet lower-margin service segments.

BCE’s 300-Megawatt AI Bet: Can Data Centers Reset Growth?

<ul><li>BCE Inc. exited 2025 having met its consolidated financial guidance, with service revenue up 0.6%, adjusted EBITDA up 0.7%, and margin expanding 20 basis points to 43.6%, the strongest annual level in over three decades.</li><li>Free cash flow increased 10% to $3.2 billion, supported by lower capital expenditures and improved working capital, while capital intensity declined to 15.1%.</li><li>However, adjusted EPS fell 7.9%, primarily reflecting higher depreciation and amortization tied to broadband investment and incremental interest expense following the Ziply Fiber acquisition.</li></ul>

BCE Inc. exited 2025 having met its consolidated financial guidance, with service revenue up 0.6%, adjusted EBITDA up 0.7%, and margin expanding 20 basis points to 43.6%, the strongest annual level in over three decades.Free cash flow increased 10% to $3.2 billion, supported by lower capital expenditures and improved working capital, while capital intensity declined to 15.1%.However, adjusted EPS fell 7.9%, primarily reflecting higher depreciation and amortization tied to broadband investment and incremental interest expense following the Ziply Fiber acquisition.

BCE Inc.: Transforming into a U.S. Fiber Powerhouse Through the Ziply Growth Engine!

<ul><li>BCE Inc.’s recent earnings call reveals both the challenges and opportunities the company is encountering as it navigates the telecommunications landscape in Canada and beyond.</li><li>The strategic initiatives and financial results reflect BCE’s adherence to a robust plan for growth and operational efficiency, yet also showcase areas where further focus is necessary.</li><li>On the positive side, BCE’s strategic alignment around its core assets in fiber, wireless, media, and enterprise are clearly paying dividends.</li></ul>

BCE Inc.’s recent earnings call reveals both the challenges and opportunities the company is encountering as it navigates the telecommunications landscape in Canada and beyond.The strategic initiatives and financial results reflect BCE’s adherence to a robust plan for growth and operational efficiency, yet also showcase areas where further focus is necessary.On the positive side, BCE’s strategic alignment around its core assets in fiber, wireless, media, and enterprise are clearly paying dividends.

BCE Powers Ahead as $900 Million in Canadian AI Funding; Is This An Explosive Opportunity?

<ul><li>BCE, also known as Bell Canada Enterprises, unveiled its Q2 2025 financial results, illustrating a varied performance across different business segments, all of which contribute to the company's overall outlook.</li><li>The quarter reflects a series of strategic maneuvers aimed at long-term growth, evident in their acquisition activities, expansion into emerging technological solutions, and continued investment in infrastructure.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

BCE, also known as Bell Canada Enterprises, unveiled its Q2 2025 financial results, illustrating a varied performance across different business segments, all of which contribute to the company's overall outlook.The quarter reflects a series of strategic maneuvers aimed at long-term growth, evident in their acquisition activities, expansion into emerging technological solutions, and continued investment in infrastructure.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

BCE: Initiation Of Coverage- Here Are the 6 Key Drivers Shaping Its Performance for 2025 & Beyond!

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

<p>Risk-on signals continue to pile up, which continues to support our constructive outlook. Building off of last week's report, growth Sectors such as Technology and Communications continue to improve and we recommend adding exposure (e.g., Bilibili BILI-US/9626-HK).</p>

Risk-on signals continue to pile up, which continues to support our constructive outlook. Building off of last week's report, growth Sectors such as Technology and Communications continue to improve and we recommend adding exposure (e.g., Bilibili BILI-US/9626-HK).

Global Equity Strategy: Growth Sectors Continue To Improve -- Add Exposure

Canada

BCE Inc., provides a full range of communication services to residential and business customers in Canada.  The Company's services includes local, long distance and wireless phone services, high speed and wireless Internet access, IP-broadband services, value-added business solutions and direct-to-home satellite and VDSL television services.

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BCE (BCE CN)

BCE’s 300-Megawatt AI Bet: Can Data Centers Reset Growth?

The results presented by Bell Canada Enterprises highlighted steady progress across its strategic priorities amid a competitive telecommunications...

Baptista Research

BCE Inc.: Transforming into a U.S. Fiber Powerhouse Through the Ziply Growth Engine!

BCE Inc. exited 2025 having met its consolidated financial guidance, with service revenue up 0.6%, adjusted EBITDA up 0.7%, and margin expanding...

Baptista Research

BCE Powers Ahead as $900 Million in Canadian AI Funding; Is This An Explosive Opportunity?

BCE Inc.’s recent earnings call reveals both the challenges and opportunities the company is encountering as it navigates the telecommunications...

Baptista Research

BCE: Initiation Of Coverage- Here Are the 6 Key Drivers Shaping Its Performance for 2025 & Beyond!

BCE, also known as Bell Canada Enterprises, unveiled its Q2 2025 financial results, illustrating a varied performance across different business...

Baptista Research

Global Equity Strategy: Growth Sectors Continue To Improve -- Add Exposure

Building off of last week's report, growth Sectors such as Technology and Communications continue to improve and we recommend adding exposure...

Vermilion Research

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