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>Corteva Agriscience's recent earnings update reveals a nuanced picture of the company's performance and future outlook.</li><li>For 2025, Corteva reported sales growth and a notable increase in operating EBITDA, which reflected margin expansion.</li><li>The positive results were driven by strong demand for Corteva's differentiated agricultural technologies, alongside effective cost management strategies in both the Seed and Crop Protection segments.</li></ul>

Corteva Agriscience's recent earnings update reveals a nuanced picture of the company's performance and future outlook.For 2025, Corteva reported sales growth and a notable increase in operating EBITDA, which reflected margin expansion.The positive results were driven by strong demand for Corteva's differentiated agricultural technologies, alongside effective cost management strategies in both the Seed and Crop Protection segments.

Corteva Is Quietly Building a Seed Powerhouse—Here’s What the Market Is Missing!

<ul><li>Corteva Agriscience has reported its performance for the third quarter of 2025, showcasing a blend of strategic realignment and solid financial results.</li><li>The company is planning a strategic separation into two independent public companies by the second half of 2026, dividing its Seed and Crop Protection businesses.</li><li>The rationale behind this move is to enable each unit to optimize their individual growth trajectories amid evolving agricultural market conditions.</li></ul>

Corteva Agriscience has reported its performance for the third quarter of 2025, showcasing a blend of strategic realignment and solid financial results.The company is planning a strategic separation into two independent public companies by the second half of 2026, dividing its Seed and Crop Protection businesses.The rationale behind this move is to enable each unit to optimize their individual growth trajectories amid evolving agricultural market conditions.

Corteva Inside: How a Bold Barter Strategy Is Reinventing Its Power in Latin America!

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>IDT reported record Q4 and full-year fiscal 2026 results this week, and the numbers were strong across the board.</li><li>FY2026 revenue rose 5% to $1.30BN and adjusted EBITDA grew 17% to $154.6MM, beating the raised $150-152MM guide, while non-GAAP EPS climbed 20% to $3.82.</li><li>The three growth businesses did the heavy lifting again, with full-year adjusted EBITDA up 30% at NRS, 41% at Fintech (BOSS Money), and 33% at net2phone.</li></ul>

IDT reported record Q4 and full-year fiscal 2026 results this week, and the numbers were strong across the board.FY2026 revenue rose 5% to $1.30BN and adjusted EBITDA grew 17% to $154.6MM, beating the raised $150-152MM guide, while non-GAAP EPS climbed 20% to $3.82.The three growth businesses did the heavy lifting again, with full-year adjusted EBITDA up 30% at NRS, 41% at Fintech (BOSS Money), and 33% at net2phone.

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.</li>
<li>We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.
We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.


Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>Intra-Review changes from two M&amp;A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.</li>
<li>We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
Intra-Review changes from two M&amp;A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.
We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.


Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow

United States

Corteva, Inc. provides agricultural products. The Company offers seeds and crop protection products, as well as software solutions and digital services. Corteva serves customers worldwide.

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Corteva (CTVA US)

Corteva Is Quietly Building a Seed Powerhouse—Here’s What the Market Is Missing!

Corteva Agriscience's recent earnings update reveals a nuanced picture of the company's performance and future outlook. For 2025, Corteva reported...

Baptista Research

Corteva Inside: How a Bold Barter Strategy Is Reinventing Its Power in Latin America!

Corteva Agriscience has reported its performance for the third quarter of 2025, showcasing a blend of strategic realignment and solid financial...

Baptista Research

Weekly Update (IDT, VYLR, CTVA)

IDT reported record Q4 and full-year fiscal 2026 results this week, and the numbers were strong across the board. FY2026 revenue rose...

Richard Howe

Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

SP DJI could announce the addition of Vylor (VYLR US), the seed business spun off from Corteva (CTVA US), to the SP 500 within this week. Our...

Anjana Amarasuriya

Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow

Intra-review changes from two M&A deals and a spin-off could trigger early flows in the Select Sector indices, while the December rebalance one-way...

Anjana Amarasuriya

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