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

Casella Waste Systems Inc A / Equity Bottom-Up

<ul><li>Casella Waste Systems delivered a quarter that reflected solid underlying execution, although reported margin progression was restrained by fuel-related revenue gross-ups, acquisition dilution, and weaker Resource Solutions comparisons.</li><li>Management indicated that the base business generated more than 50 basis points of margin expansion after excluding acquisition effects, supported by pricing, higher landfill volumes, and positive price-cost performance.</li><li>This suggests that the core operating model remains healthy, even though consolidated adjusted EBITDA margin declined year over year.</li></ul>

Casella Waste Systems delivered a quarter that reflected solid underlying execution, although reported margin progression was restrained by fuel-related revenue gross-ups, acquisition dilution, and weaker Resource Solutions comparisons.Management indicated that the base business generated more than 50 basis points of margin expansion after excluding acquisition effects, supported by pricing, higher landfill volumes, and positive price-cost performance.This suggests that the core operating model remains healthy, even though consolidated adjusted EBITDA margin declined year over year.

Casella Waste’s Landfill Surge — C&D Volumes Jump Roughly 17%!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Casella Waste Systems is a regional leader in the northeastern U.S. solid waste industry, pursuing a growth-through-acquisition strategy to increase market density and vertical integration.</li>
  <li>Revenue growth is robust, driven by a combination of strategic acquisitions and consistent pricing power in its collection and disposal segments.  However, this growth has been accompanied by margin pressure and volatile net income, partly due to integration costs and macroeconomic factors.</li>
  <li>The company is focused on expanding its 'resource solutions' services, including recycling and organics, positioning itself to capitalize on increasing demand for sustainable waste management, though this segment is exposed to commodity price fluctuations.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Casella Waste Systems is a regional leader in the northeastern U.S. solid waste industry, pursuing a growth-through-acquisition strategy to increase market density and vertical integration.
  Revenue growth is robust, driven by a combination of strategic acquisitions and consistent pricing power in its collection and disposal segments.  However, this growth has been accompanied by margin pressure and volatile net income, partly due to integration costs and macroeconomic factors.
  The company is focused on expanding its 'resource solutions' services, including recycling and organics, positioning itself to capitalize on increasing demand for sustainable waste management, though this segment is exposed to commodity price fluctuations.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Casella Waste Systems Inc A (CWST US) - Aug 2026

<ul><li>Casella Waste Systems, Inc. reported a solid financial performance in the first quarter of 2026, marked by revenue growth, margin expansion, and strategic progress despite certain operational challenges.</li><li>Revenues increased 9.6% year-over-year to $457.3 million, driven by acquisitions contributing $23.9 million and same-store growth of 3.9%.</li><li>The company attributed revenue growth primarily to strong pricing gains across its collection and disposal segments, with solid waste pricing rising 5.1% overall—5.3% in collection and 4.7% in disposal.</li></ul>

Casella Waste Systems, Inc. reported a solid financial performance in the first quarter of 2026, marked by revenue growth, margin expansion, and strategic progress despite certain operational challenges.Revenues increased 9.6% year-over-year to $457.3 million, driven by acquisitions contributing $23.9 million and same-store growth of 3.9%.The company attributed revenue growth primarily to strong pricing gains across its collection and disposal segments, with solid waste pricing rising 5.1% overall—5.3% in collection and 4.7% in disposal.

Casella Waste Systems: The $150 Million Acquisition Test Behind Raised Guidance!

<ul><li>Casella Waste Systems, Inc. reported its financial results for the fourth quarter and full year 2025, highlighting significant achievements and ongoing strategic initiatives.</li><li>The company demonstrated sustained growth with revenues increasing by 18% for the full year, while Adjusted EBITDA and adjusted free cash flow rose by 17% and 14%, respectively.</li><li>This marks the fifth consecutive year of double-digit growth for Casella, underscoring the durability of its business model and effective strategic planning.</li></ul>

Casella Waste Systems, Inc. reported its financial results for the fourth quarter and full year 2025, highlighting significant achievements and ongoing strategic initiatives.The company demonstrated sustained growth with revenues increasing by 18% for the full year, while Adjusted EBITDA and adjusted free cash flow rose by 17% and 14%, respectively.This marks the fifth consecutive year of double-digit growth for Casella, underscoring the durability of its business model and effective strategic planning.

Casella Waste Systems: How Landfill Shifts and Expansion Plans Are Reshaping Cash Flow Quality!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Cleanaway Waste Management / Event-Driven

<ul>
<li>EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a> three times. Financing is well covered, and a SID looks likely.</li>
<li>Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.</li>
<li>The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.</li>
</ul>


EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for Cleanaway Waste Management (CWY AU) three times. Financing is well covered, and a SID looks likely.
Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.
The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.


Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

United States

Casella Waste Systems, Inc. provides integrated, non-hazardous solid waste services throughout the eastern United States.  The Company provides collection, transfer, disposal, and recycling services, generates steam, and manufactures finished products utilizing recyclable materials primarily throughout the eastern portion of the United States.

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Casella Waste Systems Inc A (CWST US)

Casella Waste’s Landfill Surge — C&D Volumes Jump Roughly 17%!

Casella Waste Systems delivered a quarter that reflected solid underlying execution, although reported margin progression was restrained by...

Baptista Research

Primer: Casella Waste Systems Inc A (CWST US) - Aug 2026

Casella Waste Systems is a regional leader in the northeastern U.S. solid waste industry, pursuing a growth-through-acquisition strategy to...

αSK Primers

Casella Waste Systems: The $150 Million Acquisition Test Behind Raised Guidance!

Casella Waste Systems, Inc. reported a solid financial performance in the first quarter of 2026, marked by revenue growth, margin expansion, and...

Baptista Research

Casella Waste Systems: How Landfill Shifts and Expansion Plans Are Reshaping Cash Flow Quality!

Casella Waste Systems, Inc. reported its financial results for the fourth quarter and full year 2025, highlighting significant achievements and...

Baptista Research

Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

EQT's thrice-reconfirmed offer points to a SID, but shares fell 3.6% today to A$2.66. The scheme vote should pass if dissent stays contained.

Arun George

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