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>Constellation Energy Corporation reported second quarter results reflecting a continuation of operational strength and financial improvement.</li><li>The company posted GAAP earnings of $1.42 per share and adjusted operating earnings of $2.55 per share, representing a year-over-year increase driven primarily by contributions from the Calpine acquisition, higher capacity prices in the PJM market, and robust commercial performance through portfolio optimization and higher realized customer margins.</li><li>These positive factors were partially offset by higher planned nuclear refueling outages and timing differences related to Illinois’s Zero Emission Credit (ZEC) program revenue recognition, which is expected to have no impact on full-year results.</li></ul>

Constellation Energy Corporation reported second quarter results reflecting a continuation of operational strength and financial improvement.The company posted GAAP earnings of $1.42 per share and adjusted operating earnings of $2.55 per share, representing a year-over-year increase driven primarily by contributions from the Calpine acquisition, higher capacity prices in the PJM market, and robust commercial performance through portfolio optimization and higher realized customer margins.These positive factors were partially offset by higher planned nuclear refueling outages and timing differences related to Illinois’s Zero Emission Credit (ZEC) program revenue recognition, which is expected to have no impact on full-year results.

Constellation Energy Unlocks A New Nuclear Demand Story With Walmart!

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>As the largest producer of carbon-free energy in the U.S., Constellation is uniquely positioned to benefit from the increasing demand for reliable, 24/7 clean power, driven by factors like AI and data center growth.</li>
  <li>The company's large, irreplaceable nuclear fleet provides a significant competitive advantage, characterized by high operational efficiency and the potential for life extensions, supported by a favorable policy environment including the Inflation Reduction Act.</li>
  <li>While demonstrating strong recent growth in earnings and market capitalization, the company faces risks from power price volatility, the high costs and regulatory complexities of nuclear operations, and competition from other energy sources.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  As the largest producer of carbon-free energy in the U.S., Constellation is uniquely positioned to benefit from the increasing demand for reliable, 24/7 clean power, driven by factors like AI and data center growth.
  The company's large, irreplaceable nuclear fleet provides a significant competitive advantage, characterized by high operational efficiency and the potential for life extensions, supported by a favorable policy environment including the Inflation Reduction Act.
  While demonstrating strong recent growth in earnings and market capitalization, the company faces risks from power price volatility, the high costs and regulatory complexities of nuclear operations, and competition from other energy sources.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Constellation Energy  (CEG US) - Aug 2026

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.</li><li>Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.</li><li>This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. </li></ul>

Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. 

<ul><li>Constellation Energy Corporation reported first quarter 2026 GAAP earnings of $4.49 per share and adjusted operating earnings of $2.74 per share, marking a $0.60 per share improvement year-over-year primarily driven by earnings accretion from its Calpine acquisition.</li><li>The company affirmed its full-year adjusted operating earnings guidance range of $11 to $12 per share, reflecting confidence in ongoing operational performance and market conditions.</li><li>The first quarter results benefitted from higher capacity prices in the PJM market and reduced stock-based compensation expenses but faced headwinds including additional planned nuclear refueling outages, lower zero-emission credit pricing, and elevated costs linked to serving customer load during Winter Storm Fern.</li></ul>

Constellation Energy Corporation reported first quarter 2026 GAAP earnings of $4.49 per share and adjusted operating earnings of $2.74 per share, marking a $0.60 per share improvement year-over-year primarily driven by earnings accretion from its Calpine acquisition.The company affirmed its full-year adjusted operating earnings guidance range of $11 to $12 per share, reflecting confidence in ongoing operational performance and market conditions.The first quarter results benefitted from higher capacity prices in the PJM market and reduced stock-based compensation expenses but faced headwinds including additional planned nuclear refueling outages, lower zero-emission credit pricing, and elevated costs linked to serving customer load during Winter Storm Fern.

Constellation Energy’s $11 To $12 EPS Guide: Can Calpine Keep Driving Upside?

<ul><li>Constellation Energy posted strong third-quarter results, with GAAP EPS of $2.97 and adjusted operating EPS of $3.04, both up $0.30 from the prior year.</li><li>Growth was driven by higher generation output, stronger efficiency, and solid commercial execution.</li><li>Its nuclear fleet remained a core strength, operating at a 96.8% capacity factor, about 4% above the industry average and effectively producing the equivalent of an extra reactor each year.</li></ul>

Constellation Energy posted strong third-quarter results, with GAAP EPS of $2.97 and adjusted operating EPS of $3.04, both up $0.30 from the prior year.Growth was driven by higher generation output, stronger efficiency, and solid commercial execution.Its nuclear fleet remained a core strength, operating at a 96.8% capacity factor, about 4% above the industry average and effectively producing the equivalent of an extra reactor each year.

Constellation Energy Group Is Positioning Nuclear as the Backbone for Data Centers—Is a New Energy Supercycle Forming?

United States

Constellation Energy Corporation produces carbon-free energy and sustainable solutions. The Company generates and distributes nuclear, hydro, wind, and solar energy solutions. Constellation Energy serves homes, institutional customers, public sectors, community aggregations, and businesses in the United States.

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Constellation Energy (CEG US)

Constellation Energy Unlocks A New Nuclear Demand Story With Walmart!

Constellation Energy Corporation reported second quarter results reflecting a continuation of operational strength and financial improvement. The...

Baptista Research

Primer: Constellation Energy (CEG US) - Aug 2026

As the largest producer of carbon-free energy in the U.S., Constellation is uniquely positioned to benefit from the increasing demand for...

αSK Primers

Factors and Semiconductors

A friendly warning. Momentum is outperforming all factors this year, and Semiconductors are a large part of that. Markets always act erratically,...

Fabricated Knowledge

Constellation Energy’s $11 To $12 EPS Guide: Can Calpine Keep Driving Upside?

Constellation Energy Corporation reported first quarter 2026 GAAP earnings of $4.49 per share and adjusted operating earnings of $2.74 per share,...

Baptista Research

Constellation Energy Group Is Positioning Nuclear as the Backbone for Data Centers—Is a New Energy Supercycle Forming?

Constellation Energy posted strong third-quarter results, with GAAP EPS of $2.97 and adjusted operating EPS of $3.04, both up $0.30 from the prior...

Baptista Research

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