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>Coeur Mining reported record second-quarter financial results, largely driven by the full quarter contribution from its recently acquired New Afton and Rainy River operations.</li><li>The company achieved quarterly revenue exceeding $1 billion for the first time, along with record adjusted EBITDA of $478 million and free cash flow of $388 million.</li><li>The ending cash balance surpassed $1 billion, highlighting a strengthened balance sheet that supports ongoing exploration and organic growth investments.</li></ul>

Coeur Mining reported record second-quarter financial results, largely driven by the full quarter contribution from its recently acquired New Afton and Rainy River operations.The company achieved quarterly revenue exceeding $1 billion for the first time, along with record adjusted EBITDA of $478 million and free cash flow of $388 million.The ending cash balance surpassed $1 billion, highlighting a strengthened balance sheet that supports ongoing exploration and organic growth investments.

Coeur Mining’s New Afton Bottleneck — Can 16,000 Tonnes Per Day Unlock The Next Leg?

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>
<a href="https://smartkarma.com/entities/coeur-mining-inc">Coeur Mining</a> has demonstrated a significant operational and financial turnaround, posting record revenue and free cash flow in early 2026, driven by increased production and contributions from new assets.</li>
  <li>The company's valuation trades at a notable discount to its direct peers across all key metrics, which, combined with a strong growth trajectory, may present a compelling value proposition.</li>
  <li>Key risks to the outlook include the inherent volatility of gold and silver prices, operational execution on new assets, and a significant near-term stock overhang from an anticipated US$175 million outflow due to an index rebalance.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Coeur Mining has demonstrated a significant operational and financial turnaround, posting record revenue and free cash flow in early 2026, driven by increased production and contributions from new assets.
  The company's valuation trades at a notable discount to its direct peers across all key metrics, which, combined with a strong growth trajectory, may present a compelling value proposition.
  Key risks to the outlook include the inherent volatility of gold and silver prices, operational execution on new assets, and a significant near-term stock overhang from an anticipated US$175 million outflow due to an index rebalance.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 27 adds, 3 deletes and 3 listing changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in March. There are capping and float changes too.</li>
<li>Estimated one-way turnover is 17.4% resulting in a round-trip trade of US$3.8bn. There is a lot of stock to buy in the inclusions.</li>
<li>Capping results in some big flows for the other stocks in the index, mainly <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a>, <a href="https://www.smartkarma.com/entities/endeavour-mining-plc" target="_blank" data-smartkarma-citation="entities:40926:1" rel="noopener">Endeavour Mining (EDV LN)</a>, <a href="https://www.smartkarma.com/entities/coeur-mining-inc" target="_blank" data-smartkarma-citation="entities:2622:1" rel="noopener">Coeur Mining (CDE US)</a> and <a href="https://www.smartkarma.com/entities/equinox-gold-corp" target="_blank" data-smartkarma-citation="entities:38705:1" rel="noopener">Equinox Gold (EQX US)</a>. </li>
</ul>


There are 27 adds, 3 deletes and 3 listing changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in March. There are capping and float changes too.
Estimated one-way turnover is 17.4% resulting in a round-trip trade of US$3.8bn. There is a lot of stock to buy in the inclusions.
Capping results in some big flows for the other stocks in the index, mainly Evolution Mining (EVN AU), Endeavour Mining (EDV LN), Coeur Mining (CDE US) and Equinox Gold (EQX US). 


MV Global Junior Gold Miners Index Rebalance: 27 Adds; 3 Deletes; US$3.8bn Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world.</li>
<li>We like it because it is a little complicated and there is significant tracking. There will be no index changes for the June 2026 rebal event. It's a Mar/Sep review.</li>
<li>We expect a one-way flow of US$375mm for June 2026, which translates to a turnover of 4.3%. September will be bigger. </li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world.
We like it because it is a little complicated and there is significant tracking. There will be no index changes for the June 2026 rebal event. It's a Mar/Sep review.
We expect a one-way flow of US$375mm for June 2026, which translates to a turnover of 4.3%. September will be bigger. 


[Quiddity Index] MV Junior Gold Miners Jun26 Rebal Results: Limited Flows

<ul><li>Coeur Mining reported strong first quarter results in 2026, despite the inherent seasonality of Q1 being their softest quarter.</li><li>The quarter’s performance included record revenue of $856 million and EBITDA of $475 million, reflecting increases of 18% in silver production and 11% in gold production year-over-year.</li><li>These improvements were partially driven by contributions from newly acquired assets—specifically, 11 days of production from the New Afton and Rainy River mines following the acquisition of New Gold.</li></ul>

Coeur Mining reported strong first quarter results in 2026, despite the inherent seasonality of Q1 being their softest quarter.The quarter’s performance included record revenue of $856 million and EBITDA of $475 million, reflecting increases of 18% in silver production and 11% in gold production year-over-year.These improvements were partially driven by contributions from newly acquired assets—specifically, 11 days of production from the New Afton and Rainy River mines following the acquisition of New Gold.

Coeur Mining’s $856 Million Record Quarter: Can New Gold Assets Unlock More Upside?

United States

Coeur Mining, Inc., through its subsidiaries, explores, develops, operates, and/or owns silver and gold mining properties and companies.  The Company's properties are located primarily in the United States, Australia, and South America.

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Coeur Mining (CDE US)

Coeur Mining’s New Afton Bottleneck — Can 16,000 Tonnes Per Day Unlock The Next Leg?

Coeur Mining reported record second-quarter financial results, largely driven by the full quarter contribution from its recently acquired New...

Baptista Research

Primer: Coeur Mining (CDE US) - Aug 2026

Coeur Mining has demonstrated a significant operational and financial turnaround, posting record revenue and free cash flow in early 2026,...

αSK Primers

MV Global Junior Gold Miners Index Rebalance: 27 Adds; 3 Deletes; US$3.8bn Trade

There are 27 adds, 3 deletes and 3 listing changes for the GDXJ. Estimated one-way turnover is 17.4% and round-trip trade is US$3.8bn. Capping...

Brian Freitas

[Quiddity Index] MV Junior Gold Miners Jun26 Rebal Results: Limited Flows

The MV Junior Gold Mining Index is an interesting index by construction. It has semiannual reviews in Mar/Sep but it has interesting capping events...

Travis Lundy

Coeur Mining’s $856 Million Record Quarter: Can New Gold Assets Unlock More Upside?

Coeur Mining reported strong first quarter results in 2026, despite the inherent seasonality of Q1 being their softest quarter. The quarter’s...

Baptista Research

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