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>Equinor ASA's third-quarter results offer a mixed picture of the company’s operational strengths and the financial environment it navigates.</li><li>The company reported strong operational performance, marked by a notable 7% increase in production compared to the previous year.</li><li>Key contributors to this performance were the high regularity of Johan Sverdrup and Johan Castberg's premium production.</li></ul>

Equinor ASA's third-quarter results offer a mixed picture of the company’s operational strengths and the financial environment it navigates.The company reported strong operational performance, marked by a notable 7% increase in production compared to the previous year.Key contributors to this performance were the high regularity of Johan Sverdrup and Johan Castberg's premium production.

Equinor’s Renewable Revolution: Is the Offshore Wind Bet About to Pay Off Big?

<ul><li>Equinor reported a robust financial performance for the first quarter with notable achievements, as well as challenges, particularly concerning their Empire Wind project.</li><li>The company announced an adjusted operating income of $8.6 billion before tax and a net income of $2.6 billion under IFRS.</li><li>Cash flow from operations post-tax was $7.4 billion, with an adjusted earnings per share of $0.66 and $0.97 on GAAP terms.</li></ul>

Equinor reported a robust financial performance for the first quarter with notable achievements, as well as challenges, particularly concerning their Empire Wind project.The company announced an adjusted operating income of $8.6 billion before tax and a net income of $2.6 billion under IFRS.Cash flow from operations post-tax was $7.4 billion, with an adjusted earnings per share of $0.66 and $0.97 on GAAP terms.

Equinor’s Bacalhau Project Is On Track—Could This Brazilian Oil Field Be a Game-Changer for 2025?

<ul><li>Equinor ASA's Q3 earnings report presents mixed signals, with both promising and challenging aspects evident in its operational and financial activities.</li><li>On the positive side, Equinor delivered solid financial results despite a challenging environment with numerous planned turnarounds.</li><li>The company reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.</li></ul>

Equinor ASA's Q3 earnings report presents mixed signals, with both promising and challenging aspects evident in its operational and financial activities.On the positive side, Equinor delivered solid financial results despite a challenging environment with numerous planned turnarounds.The company reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.

Equinor Doubles Down on European Gas Volatility – Will This Strategy Pay Off?

<ul><li>Equinor ASA's recent performance for the third quarter highlights several noteworthy financial and operational metrics, reflecting both strengths and challenges in its strategic execution.</li><li>For the quarter, Equinor reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.</li><li>Year-to-date, the company has generated $14 billion in cash flow from operations after tax.</li></ul>

Equinor ASA's recent performance for the third quarter highlights several noteworthy financial and operational metrics, reflecting both strengths and challenges in its strategic execution.For the quarter, Equinor reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.Year-to-date, the company has generated $14 billion in cash flow from operations after tax.

Equinor ASA: Will The Increased Gas Exposure in Europe Decision Ignite a Breakthrough? - Major Drivers

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
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Thematic (Sector/Industry)

<ul><li>Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li><li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li><li>If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!</li></ul>

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

Norway

Equinor ASA operates as an energy company. The Company develops oil, gas, wind, and solar energy projects, as well as focuses on offshore operations and exploration services. Equinor serves customers worldwide.

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Equinor ASA (EQNR US)

Equinor’s Renewable Revolution: Is the Offshore Wind Bet About to Pay Off Big?

Equinor ASA's third-quarter results offer a mixed picture of the company’s operational strengths and the financial environment it navigates. The...

Baptista Research

Equinor’s Bacalhau Project Is On Track—Could This Brazilian Oil Field Be a Game-Changer for 2025?

Equinor reported a robust financial performance for the first quarter with notable achievements, as well as challenges, particularly concerning...

Baptista Research

Equinor Doubles Down on European Gas Volatility – Will This Strategy Pay Off?

Equinor ASA's Q3 earnings report presents mixed signals, with both promising and challenging aspects evident in its operational and financial...

Baptista Research

Equinor ASA: Will The Increased Gas Exposure in Europe Decision Ignite a Breakthrough? - Major Drivers

Equinor ASA's recent performance for the third quarter highlights several noteworthy financial and operational metrics, reflecting both strengths...

Baptista Research

Monday Delight: 29/09/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help...

Contrarian Cashflows

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