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>CSX Corporation's third quarter results present a nuanced picture of the company's current operations, underlying challenges, and future prospects.</li><li>During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.</li><li>The company's operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.</li></ul>

CSX Corporation's third quarter results present a nuanced picture of the company's current operations, underlying challenges, and future prospects.During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.The company's operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?

<ul><li>Carnival Corporation & plc's third-quarter 2025 earnings reflect a solid financial performance, marked by record revenues, yields, operating income, EBITDA, and net income.</li><li>CEO Josh Weinstein highlighted that the quarter's net income reached $2 billion, a notable achievement considering a nearly 600% increase in net interest expense compared to 2019.</li><li>This showcases strong operational execution with Carnival operating on 2.5% less capacity than the same period last year and still managing to increase yields by 4.6% on a same-ship basis.</li></ul>

Carnival Corporation & plc's third-quarter 2025 earnings reflect a solid financial performance, marked by record revenues, yields, operating income, EBITDA, and net income.CEO Josh Weinstein highlighted that the quarter's net income reached $2 billion, a notable achievement considering a nearly 600% increase in net interest expense compared to 2019.This showcases strong operational execution with Carnival operating on 2.5% less capacity than the same period last year and still managing to increase yields by 4.6% on a same-ship basis.

Carnival Corporation’s Smart Pricing Approach: Can It Turn Demand Into Record Revenue?

<ul><li>Carnival Corporation & plc delivered its eighth consecutive quarter of record revenue and yields, highlighting a robust financial performance.</li><li>The company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was up 26% year-over-year with operating income increasing by 67%, and net income more than tripled.</li><li>Yield growth was recorded at almost 6.5%, exceeding expectations by 200 basis points, driven by strong close-in demand for tickets and onboard expenditure.</li></ul>

Carnival Corporation & plc delivered its eighth consecutive quarter of record revenue and yields, highlighting a robust financial performance.The company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was up 26% year-over-year with operating income increasing by 67%, and net income more than tripled.Yield growth was recorded at almost 6.5%, exceeding expectations by 200 basis points, driven by strong close-in demand for tickets and onboard expenditure.

Carnival Corporation Is Reinventing Cruising with Lower Debt

<ul><li>Carnival Corporation & plc recently reported strong results for the fourth quarter of 2024, closing an exceptional year marked by solid financial performance.</li><li>The company achieved record revenues and customer deposits, with net income improving significantly year-over-year.</li><li>This performance was driven by robust demand, reflecting a continuation of the momentum observed over the past two years.</li></ul>

Carnival Corporation & plc recently reported strong results for the fourth quarter of 2024, closing an exceptional year marked by solid financial performance.The company achieved record revenues and customer deposits, with net income improving significantly year-over-year.This performance was driven by robust demand, reflecting a continuation of the momentum observed over the past two years.

Carnival Corporation: Will These 3 Key Forces Make or Break Its Market Position by 2028?

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sparebank-1-sr-bank-asa" target="_blank" data-smartkarma-citation="entities:22255:1" rel="noopener">SpareBank 1 Sr-Bank (SRBANK NO)</a> is the number one addition candidate following the merger with SpareBank 1 Sørøst-Norge which increased the security's float shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/schibsted-asa" target="_blank" data-smartkarma-citation="entities:22250:1" rel="noopener">Schibsted ASA (SCHB NO)</a> - Class B - is estimated to have surpassed Class A in liquidity which deems it eligible for selection with a high conviction.  </li>
<li>
<a href="https://www.smartkarma.com/entities/carnival-plc" target="_blank" data-smartkarma-citation="entities:21869:1" rel="noopener">Carnival PLC (CCL LN)</a> is one of the top three addition candidates after experiencing a ~50% price rally over the last three months. </li>
</ul>



SpareBank 1 Sr-Bank (SRBANK NO) is the number one addition candidate following the merger with SpareBank 1 Sørøst-Norge which increased the security's float shares.

Schibsted ASA (SCHB NO) - Class B - is estimated to have surpassed Class A in liquidity which deems it eligible for selection with a high conviction.  

Carnival PLC (CCL LN) is one of the top three addition candidates after experiencing a ~50% price rally over the last three months. 


STOXX 600 EU December 2024 Forecast: A Schibsted Gamble, a SpareBank Surge, and a Carnival Party

United States

Carnival Corporation owns and operates cruise ships offering cruises to all major vacation destinations including North America, the United Kingdom, Germany, Southern  Europe, South America and Asia/Pacific. The Company, through a subsidiary also owns and operates hotels and lodges.  Dually-listed company with CCL LN.

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Carnival Corp (CCL US)

CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?

CSX Corporation's third quarter results present a nuanced picture of the company's current operations, underlying challenges, and future...

Baptista Research

Carnival Corporation’s Smart Pricing Approach: Can It Turn Demand Into Record Revenue?

Carnival Corporation & plc's third-quarter 2025 earnings reflect a solid financial performance, marked by record revenues, yields, operating...

Baptista Research

Carnival Corporation Is Reinventing Cruising with Lower Debt

Carnival Corporation & plc delivered its eighth consecutive quarter of record revenue and yields, highlighting a robust financial...

Baptista Research

Carnival Corporation: Will These 3 Key Forces Make or Break Its Market Position by 2028?

Carnival Corporation & plc recently reported strong results for the fourth quarter of 2024, closing an exceptional year marked by solid...

Baptista Research

STOXX 600 EU December 2024 Forecast: A Schibsted Gamble, a SpareBank Surge, and a Carnival Party

The top addition candidates are SpareBank 1 Sr-Bank post-merger, Schibsted ASA Class B after surpassing Class A in liquidity, and Carnival PLC...

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

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CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?

CSX Corporation's third quarter results present a nuanced picture of the company's current operations, underlying challenges, and future...

Baptista Research

Carnival Corporation’s Smart Pricing Approach: Can It Turn Demand Into Record Revenue?

Carnival Corporation & plc's third-quarter 2025 earnings reflect a solid financial performance, marked by record revenues, yields, operating...

Baptista Research

Carnival Corporation Is Reinventing Cruising with Lower Debt

Carnival Corporation & plc delivered its eighth consecutive quarter of record revenue and yields, highlighting a robust financial...

Baptista Research

Carnival Corporation: Will These 3 Key Forces Make or Break Its Market Position by 2028?

Carnival Corporation & plc recently reported strong results for the fourth quarter of 2024, closing an exceptional year marked by solid...

Baptista Research

STOXX 600 EU December 2024 Forecast: A Schibsted Gamble, a SpareBank Surge, and a Carnival Party

​The top addition candidates are SpareBank 1 Sr-Bank post-merger, Schibsted ASA Class B after surpassing Class A in liquidity, and Carnival PLC...

Dimitris Ioannidis

The top addition candidates are SpareBank 1 Sr-Bank post-merger, Schibsted ASA Class B after surpassing Class A in liquidity, and Carnival PLC...