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>Comcast Corporation's latest earnings discussion presents a mixed picture of strategic initiatives, financial outcomes, and future outlooks, emphasizing both challenges and strategic opportunities.</li><li>The company announced a significant leadership transition, with Steve Croney set to become the CEO of the Connectivity & Platforms (C&P) business in 2026, following Dave Watson's shift to Vice Chairman of Comcast.</li><li>This move suggests a strong emphasis on continuity and strategic evolution within the organization.</li></ul>

Comcast Corporation's latest earnings discussion presents a mixed picture of strategic initiatives, financial outcomes, and future outlooks, emphasizing both challenges and strategic opportunities.The company announced a significant leadership transition, with Steve Croney set to become the CEO of the Connectivity & Platforms (C&P) business in 2026, following Dave Watson's shift to Vice Chairman of Comcast.This move suggests a strong emphasis on continuity and strategic evolution within the organization.

Comcast Corporation: Is The Growth In Peacock & Sports Content Here To Stay?

<ul><li>Comcast Corporation's latest earnings results provide a mixed yet comprehensive picture of its performance across various operational segments.</li><li>A few key areas of focus include broadband, theme parks, and media—all crucial components of its business strategy.</li><li>In the broadband sector, Comcast is adopting a competitive approach amid fierce competition from fixed wireless and fiber providers.</li></ul>

Comcast Corporation's latest earnings results provide a mixed yet comprehensive picture of its performance across various operational segments.A few key areas of focus include broadband, theme parks, and media—all crucial components of its business strategy.In the broadband sector, Comcast is adopting a competitive approach amid fierce competition from fixed wireless and fiber providers.

Comcast Makes a Bold Play for ITV: What’s Really at Stake?

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Comcast’s planned spin-off of Versant Media creates two sharper investment profiles - broadband and infrastructure (Comcast ex-Versant) versus content and networks (Versant) - enabling clearer strategic focus and capital discipline.</li>
<li>Post-Spin, Comcast retains $117B revenue and 30% margins, while Versant will have $7B media portfolio with 40% EBITDA margins.</li>
<li>Our sum-of-the-parts (SOTP) valuation assigns 6.0× to Comcast and 8.4× to Versant, implying combined equity value of $146.5B, or $39 per share.</li>
</ul>


Comcast’s planned spin-off of Versant Media creates two sharper investment profiles - broadband and infrastructure (Comcast ex-Versant) versus content and networks (Versant) - enabling clearer strategic focus and capital discipline.
Post-Spin, Comcast retains $117B revenue and 30% margins, while Versant will have $7B media portfolio with 40% EBITDA margins.
Our sum-of-the-parts (SOTP) valuation assigns 6.0× to Comcast and 8.4× to Versant, implying combined equity value of $146.5B, or $39 per share.


Comcast (Nasdaq: CMCSA) To Spin-Off Versant: SOTP Favors the Breakup

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

<ul>
<li>We previously discussed our belief that equities were in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area on S&amp;P 500</li>
<li>And, as you will see below, countless other indexes and Sectors are testing important resistance levels. We continue to expect 4100-4165 on the S&amp;P 500 to cap upside</li>
<li>Buy ideas highlighted within defensives, including Consumer Staples, Health Care, and Communications: CMCSA, CHTR, UL, KHC, CAG, SJM, CPB, LLY, MRK, and NVO</li>
</ul>


We previously discussed our belief that equities were in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area on S&amp;P 500
And, as you will see below, countless other indexes and Sectors are testing important resistance levels. We continue to expect 4100-4165 on the S&amp;P 500 to cap upside
Buy ideas highlighted within defensives, including Consumer Staples, Health Care, and Communications: CMCSA, CHTR, UL, KHC, CAG, SJM, CPB, LLY, MRK, and NVO


Many Indexes/Sectors Testing Resistance; Limited Upside From Here; Buys in Staples and Health Care

Communication Services Select Sector SPDR Fund / Technical Analysis

Communication Services Select Sector SPDR Fund (XLC US)

Communication Services Select Sector SPDR Fund

<ul>
<li>In our January 10th Compass, we discussed a break above 3910 on SPX would signal a tradable rally, with 4100-4165 our target, the top-end of our expected 2023 trading range.</li>
<li>We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area.</li>
<li>After being underweight Communications (XLC) since Nov 2021, sidestepping 20% underperformance vs. SPX, we now see signs of price and RS bottoms, and we are upgrading to market weight. Buy.</li>
</ul>


In our January 10th Compass, we discussed a break above 3910 on SPX would signal a tradable rally, with 4100-4165 our target, the top-end of our expected 2023 trading range.
We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area.
After being underweight Communications (XLC) since Nov 2021, sidestepping 20% underperformance vs. SPX, we now see signs of price and RS bottoms, and we are upgrading to market weight. Buy.


Upgrading Communications, Downgrading Staples - Both to Market Weight; US Dollar Major Top

United States

Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

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Comcast Corp Class A (CMCSA US)

Comcast Corporation: Is The Growth In Peacock & Sports Content Here To Stay?

Comcast Corporation's latest earnings discussion presents a mixed picture of strategic initiatives, financial outcomes, and future outlooks,...

Baptista Research

Comcast Makes a Bold Play for ITV: What’s Really at Stake?

Comcast Corporation's latest earnings results provide a mixed yet comprehensive picture of its performance across various operational segments. A...

Baptista Research

Comcast (Nasdaq: CMCSA) To Spin-Off Versant: SOTP Favors the Breakup

Comcast's spin-off of Versant Media creates two distinct investment profiles, with Comcast focusing on broadband and infrastructure and Versant on...

GSBR Research

Many Indexes/Sectors Testing Resistance; Limited Upside From Here; Buys in Staples and Health Care

We continue to expect 4100-4165 on the $SPX to cap upside. Many other indexes and Sectors are also testing important resistance levels dating back...

Vermilion Research

Upgrading Communications, Downgrading Staples - Both to Market Weight; US Dollar Major Top

We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the $SPX 4100-4165 area. Upgrading...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

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Comcast Corporation: Is The Growth In Peacock & Sports Content Here To Stay?

Comcast Corporation's latest earnings discussion presents a mixed picture of strategic initiatives, financial outcomes, and future outlooks,...

Baptista Research

Comcast Makes a Bold Play for ITV: What’s Really at Stake?

Comcast Corporation's latest earnings results provide a mixed yet comprehensive picture of its performance across various operational segments. A...

Baptista Research

Comcast (Nasdaq: CMCSA) To Spin-Off Versant: SOTP Favors the Breakup

​Comcast's spin-off of Versant Media creates two distinct investment profiles, with Comcast focusing on broadband and infrastructure and Versant on...

GSBR Research

Many Indexes/Sectors Testing Resistance; Limited Upside From Here; Buys in Staples and Health Care

We continue to expect 4100-4165 on the $SPX to cap upside. Many other indexes and Sectors are also testing important resistance levels dating back...

Vermilion Research

Upgrading Communications, Downgrading Staples - Both to Market Weight; US Dollar Major Top

We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the $SPX 4100-4165 area. Upgrading...

Vermilion Research

Comcast's spin-off of Versant Media creates two distinct investment profiles, with Comcast focusing on broadband and infrastructure and Versant on...