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>Darling Ingredients has announced a definitive agreement to merge its Rousselot collagen and gelatin business with Tessenderlo Group’s PB Leiner unit, forming a new joint venture expected to close in 2026.</li><li>This deal—structured with no upfront cash or investment—will see Darling holding an 85% stake and Tessenderlo the remaining 15%.</li><li>The combined entity will command approximately $1.5 billion in annual revenue and boast a 200,000 metric ton capacity across 22 facilities worldwide.</li></ul>

Darling Ingredients has announced a definitive agreement to merge its Rousselot collagen and gelatin business with Tessenderlo Group’s PB Leiner unit, forming a new joint venture expected to close in 2026.This deal—structured with no upfront cash or investment—will see Darling holding an 85% stake and Tessenderlo the remaining 15%.The combined entity will command approximately $1.5 billion in annual revenue and boast a 200,000 metric ton capacity across 22 facilities worldwide.

Darling Ingredients Ditches Diesel Drama for Collagen Control—Smart Move?

<ul><li>Darling Ingredients Inc. recently shared its third-quarter results for 2025, presenting a mixed picture of its financial and operational performance.</li><li>The company's Global Ingredients business showed resilience with solid demand driving its strongest performance in over 18 months.</li><li>The core ingredients segment, consisting of Feed, Food, and the Global Ingredients division, exhibited improved year-over-year performance, but operational challenges in the renewables sector, especially in the Diamond Green Diesel (DGD) joint venture, weighed down the overall picture.</li></ul>

Darling Ingredients Inc. recently shared its third-quarter results for 2025, presenting a mixed picture of its financial and operational performance.The company's Global Ingredients business showed resilience with solid demand driving its strongest performance in over 18 months.The core ingredients segment, consisting of Feed, Food, and the Global Ingredients division, exhibited improved year-over-year performance, but operational challenges in the renewables sector, especially in the Diamond Green Diesel (DGD) joint venture, weighed down the overall picture.

Darling Ingredients: Is a Tightening RIN Market About to Rewrite the Company’s Future?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Global clean energy trends show accelerating momentum with regional divergences.</li><li>UBS forecasts a five-year boom in energy storage as AI-driven data center demand surges, while US solar project delays continue to ease with 32 GW expected through late 2026.</li><li>EV markets split sharply, China and Europe posted strong October sales, but US demand plunged after tax credits expired. T</li></ul>

Global clean energy trends show accelerating momentum with regional divergences.UBS forecasts a five-year boom in energy storage as AI-driven data center demand surges, while US solar project delays continue to ease with 32 GW expected through late 2026.EV markets split sharply, China and Europe posted strong October sales, but US demand plunged after tax credits expired. T

Sustainable Investing Surveyor : Focus on Darling Ingredients, Inc. - 17 November 2025

<div><ul><li>We are initiating coverage of Darling Ingredients, Inc. (NYSE: DAR), which is a global leader in sustainable solutions. </li><li>The company’s business model is rooted in the circular economy, transforming animal by-products, used cooking oil (UCO), and other waste streams into valuable ingredients for animal and human nutrition, and renewable fuel. </li><li>The company’s Diamond Green Diesel (DGD) joint venture (JV) with Valero Energy Corporation (VLO) is the largest renewable diesel (RD) producer in the US, with 1.2 billion gallons of combined RD and sustainable aviation fuel (SAF) capacity.</li></ul></div>

We are initiating coverage of Darling Ingredients, Inc. (NYSE: DAR), which is a global leader in sustainable solutions. The company’s business model is rooted in the circular economy, transforming animal by-products, used cooking oil (UCO), and other waste streams into valuable ingredients for animal and human nutrition, and renewable fuel. The company’s Diamond Green Diesel (DGD) joint venture (JV) with Valero Energy Corporation (VLO) is the largest renewable diesel (RD) producer in the US, with 1.2 billion gallons of combined RD and sustainable aviation fuel (SAF) capacity.

DAR: Leveraging "Sustainable Oil Field" For Feed and Food; Renewable Fuels-Led Recovery Ahead

<ul><li>Darling Ingredients Inc. reported its second-quarter 2025 financial results, offering a mixed picture of performance and outlook.</li><li>On the positive side, the company demonstrated resilience across its core businesses amid a challenging renewable fuel environment, maintaining strong earnings and capital discipline.</li><li>Darling locked in borrowing costs for the next five years, enhancing financial flexibility through a successful refinancing process.</li></ul>

Darling Ingredients Inc. reported its second-quarter 2025 financial results, offering a mixed picture of performance and outlook.On the positive side, the company demonstrated resilience across its core businesses amid a challenging renewable fuel environment, maintaining strong earnings and capital discipline.Darling locked in borrowing costs for the next five years, enhancing financial flexibility through a successful refinancing process.

Darling Ingredients: Initiation Of Coverage- How Its Recent Acquisitions Are Powering Global Expansion!

United States

Darling Ingredients Inc. collects and recycles animal processing by-products and used restaurant cooking oil.  The Company also provides grease trap collection services to restaurants.  Darling processes such raw materials into finished products such as tallow, meat and bone meal, and yellow grease for sale in the United States and overseas.

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Darling Ingredients (DAR US)

Darling Ingredients Ditches Diesel Drama for Collagen Control—Smart Move?

Darling Ingredients has announced a definitive agreement to merge its Rousselot collagen and gelatin business with Tessenderlo Group’s PB Leiner...

Baptista Research

Darling Ingredients: Is a Tightening RIN Market About to Rewrite the Company’s Future?

Darling Ingredients Inc. recently shared its third-quarter results for 2025, presenting a mixed picture of its financial and operational...

Baptista Research

Sustainable Investing Surveyor : Focus on Darling Ingredients, Inc. - 17 November 2025

UBS forecasts a five-year boom in energy storage as AI-driven data center demand surges, while US solar project delays continue to ease with 32 GW...

Water Tower Research

DAR: Leveraging "Sustainable Oil Field" For Feed and Food; Renewable Fuels-Led Recovery Ahead

We are initiating coverage of Darling Ingredients, Inc. (NYSE: DAR), which is a global leader in sustainable solutions. The company’s business...

Water Tower Research

Darling Ingredients: Initiation Of Coverage- How Its Recent Acquisitions Are Powering Global Expansion!

Darling Ingredients Inc. reported its second-quarter 2025 financial results, offering a mixed picture of performance and outlook. On the positive...

Baptista Research

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