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>EchoStar’s recently amended agreement to sell its unpaired AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock represents a pivotal shift in its operational and strategic trajectory.</li><li>Building on a previous September deal where EchoStar committed to transferring AWS-4 and H-block licenses to SpaceX for up to $17 billion (half cash, half stock), this new AWS-3 transaction strengthens both firms’ long-term ambitions.</li><li>For EchoStar, this move not only unlocks immediate financial runway and positions it to operate more flexibly but also furthers its transformation from a spectrum-heavy, capital-intensive business into a leaner, investment-focused entity.</li></ul>

EchoStar’s recently amended agreement to sell its unpaired AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock represents a pivotal shift in its operational and strategic trajectory.Building on a previous September deal where EchoStar committed to transferring AWS-4 and H-block licenses to SpaceX for up to $17 billion (half cash, half stock), this new AWS-3 transaction strengthens both firms’ long-term ambitions.For EchoStar, this move not only unlocks immediate financial runway and positions it to operate more flexibly but also furthers its transformation from a spectrum-heavy, capital-intensive business into a leaner, investment-focused entity.

EchoStar Offloads Spectrum to SpaceX—Is This the End of Its Wireless Ambitions?

<ul><li>On September 8, 2025, EchoStar made headlines by announcing a landmark $17 billion agreement to sell its AWS-4 and H-block wireless spectrum licenses to Elon Musk’s SpaceX.</li><li>The deal, split evenly between cash and stock, marks SpaceX’s largest financial outlay to date and signals a dramatic push into the cellular connectivity space.</li><li>In addition to the spectrum acquisition, the agreement includes a long-term commercial arrangement between the two companies, enabling EchoStar’s Boost Mobile users to access Starlink’s Direct-to-Cell satellite services.</li></ul>

On September 8, 2025, EchoStar made headlines by announcing a landmark $17 billion agreement to sell its AWS-4 and H-block wireless spectrum licenses to Elon Musk’s SpaceX.The deal, split evenly between cash and stock, marks SpaceX’s largest financial outlay to date and signals a dramatic push into the cellular connectivity space.In addition to the spectrum acquisition, the agreement includes a long-term commercial arrangement between the two companies, enabling EchoStar’s Boost Mobile users to access Starlink’s Direct-to-Cell satellite services.

EchoStar Is Powering Up SpaceX’s Smartphone Dreams—& Inside The $17 Billion Shock Deal!

Podcast by Andrew Walker, a PM at Rangeley Capital, Yet Another Value Podcast

Yet Another Value Podcast

Podcast by Andrew Walker, a PM at Rangeley Capital

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

Event-Driven

<ul>
<li>AT&amp;T paid $22.7 billion for Spectrum from SATS, a third of their portfolio</li>
<li>Yummy Century Stocks discusses the significance of the Spectrum sale and the value trapped in SATS and DISH</li>
<li>Yummy Century Stocks estimated the value of the Spectrum to be around $8 billion, slightly higher than what AT&amp;T paid</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


AT&amp;T paid $22.7 billion for Spectrum from SATS, a third of their portfolio
Yummy Century Stocks discusses the significance of the Spectrum sale and the value trapped in SATS and DISH
Yummy Century Stocks estimated the value of the Spectrum to be around $8 billion, slightly higher than what AT&amp;T paid

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Yummy Century Egg's Guowei Zhang Echostar follow up $SATS

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Echostar is under review by the FCC regarding its spectrum licenses due to concerns over extended build-out deadlines.</li><li>The company aims to expand network coverage to 80% of the population by the end of 2025 amidst financial pressures.</li><li>The situation raises questions about potential implications for investors and the company's future viability.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Echostar is under review by the FCC regarding its spectrum licenses due to concerns over extended build-out deadlines.The company aims to expand network coverage to 80% of the population by the end of 2025 amidst financial pressures.The situation raises questions about potential implications for investors and the company's future viability.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Echostar Corp (SATS) - Wednesday, Jun 4, 2025

<ul><li>EchoStar Corporation's second quarter 2025 financial performance reflects a combination of strategic initiatives and significant challenges, particularly in its interaction with the Federal Communications Commission (FCC) and the communications market.</li><li>The company's overarching ambition is to maintain leadership in global communications through spectrum rights and technological advances, yet it is navigating regulatory complexities that impact these plans.</li><li>The company's primary setback stems from an FCC review of its spectrum licenses, including obligations related to 5G broadband service and its AWS-4 band rights.</li></ul>

EchoStar Corporation's second quarter 2025 financial performance reflects a combination of strategic initiatives and significant challenges, particularly in its interaction with the Federal Communications Commission (FCC) and the communications market.The company's overarching ambition is to maintain leadership in global communications through spectrum rights and technological advances, yet it is navigating regulatory complexities that impact these plans.The company's primary setback stems from an FCC review of its spectrum licenses, including obligations related to 5G broadband service and its AWS-4 band rights.

EchoStar Corporation: Initiation Of Coverage- Betting Big on LEO Satellites – Will Direct-to-Device Services Capture the Market First?

United States

EchoStar Corporation manufactures broadcast satellite receivers and antennas, and offers commercial satellite services.

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Echostar Corp A (SATS US)

EchoStar Offloads Spectrum to SpaceX—Is This the End of Its Wireless Ambitions?

EchoStar’s recently amended agreement to sell its unpaired AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock represents a pivotal...

Baptista Research

EchoStar Is Powering Up SpaceX’s Smartphone Dreams—& Inside The $17 Billion Shock Deal!

On September 8, 2025, EchoStar made headlines by announcing a landmark $17 billion agreement to sell its AWS-4 and H-block wireless spectrum...

Baptista Research

Yummy Century Egg's Guowei Zhang Echostar follow up $SATS

Host Andrew Walker welcomes back Wei from Yummy Century Stocks for a follow-up on EchoStar/Sats. They analyze the surprise $23 billion spectrum...

Yet Another Value Podcast

Echostar Corp (SATS) - Wednesday, Jun 4, 2025

The write-up examines Echostar's challenges following FCC Chairman Brendan Carr's concerns over its spectrum licenses and the pressure to expand...

Value Investors Club (VIC)

EchoStar Corporation: Initiation Of Coverage- Betting Big on LEO Satellites – Will Direct-to-Device Services Capture the Market First?

EchoStar Corporation's second quarter 2025 financial performance reflects a combination of strategic initiatives and significant challenges,...

Baptista Research

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