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>Franco-Nevada Corporation reported record financial results in the third quarter of 2025, driven primarily by high gold prices, strong operational performance, strategic acquisitions, and the sale of Cobre Panama stockpiles.</li><li>The financial metrics were robust, with total Gold Equivalent Ounces (GEOs) sold increasing by 26% year-overyear, and adjusted EBITDA rising by 81% to reach $427.3 million.</li><li>Revenue rose by 77% to $487.7 million, with 85% being derived from precious metals.</li></ul>

Franco-Nevada Corporation reported record financial results in the third quarter of 2025, driven primarily by high gold prices, strong operational performance, strategic acquisitions, and the sale of Cobre Panama stockpiles.The financial metrics were robust, with total Gold Equivalent Ounces (GEOs) sold increasing by 26% year-overyear, and adjusted EBITDA rising by 81% to reach $427.3 million.Revenue rose by 77% to $487.7 million, with 85% being derived from precious metals.

Franco-Nevada's Expansion Efforts: Is Its Australian Gold Push the Company’s Next Big Jackpot?

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Late 2024 <a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN)</a> announced it won its arbitration against <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>. The vote by the three judges was unanimously in favor of Entree. </li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> held its investor day in early December 2024 where almost its entire growth plan for 2025-2030 is predicated on Oyu Tolgoi's (OT) performance.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> is now backed into a corner to find a solution for OT's minority shareholder Entree Resources. The most logical outcome? RIO buys ETG in 2025.</li>
</ul>


Late 2024 Entree Resources (ETG CN) announced it won its arbitration against Rio Tinto Ltd (RIO AU). The vote by the three judges was unanimously in favor of Entree. 

Rio Tinto Ltd (RIO AU) held its investor day in early December 2024 where almost its entire growth plan for 2025-2030 is predicated on Oyu Tolgoi's (OT) performance.

Rio Tinto Ltd (RIO AU) is now backed into a corner to find a solution for OT's minority shareholder Entree Resources. The most logical outcome? RIO buys ETG in 2025.


Rio Tinto Loses Arbitration Against Entree Resources; Now What?

<ul>
<li>The acquisition of <a href="https://www.smartkarma.com/entities/filo-corp" target="_blank" data-smartkarma-citation="entities:42545:1" rel="noopener">Filo (FIL CN)</a> by <a href="https://www.smartkarma.com/entities/lundin-mining-corp-92352503-3781-4fcb-a4db-62e6f6343783" target="_blank" data-smartkarma-citation="entities:25356:1" rel="noopener">Lundin Mining (LUN CN)</a> and <a href="https://www.smartkarma.com/entities/bhp-group-ltd-832e22a7-7a1d-49cf-b992-c6347084cbf8" target="_blank" data-smartkarma-citation="entities:21840:1" rel="noopener">BHP Group Ltd (BHP LN) could be the start of a much larger M&amp;A wave.</a>
</li>
<li>Many juniors trade at 0.1x to 0.2x NAV while transactions typically happen at 0.8x-1x NAV. Filo was acquired at 0.81x NAV so right within this range.</li>
<li>We continue to like a basket of junior copper mines to get exposure to M&amp;A copper dynamics</li>
</ul>


The acquisition of Filo (FIL CN) by Lundin Mining (LUN CN) and BHP Group Ltd (BHP LN) could be the start of a much larger M&amp;A wave.

Many juniors trade at 0.1x to 0.2x NAV while transactions typically happen at 0.8x-1x NAV. Filo was acquired at 0.81x NAV so right within this range.
We continue to like a basket of junior copper mines to get exposure to M&amp;A copper dynamics


Rio Tinto: Open to Major Copper M&A; Entree Resources Logical Target

Thematic (Sector/Industry)

<ul>
<li>Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "<strong>Copper is the New Oil"</strong>
</li>
<li>Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.</li>
<li>Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?</li>
</ul>


Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "Copper is the New Oil"

Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.
Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?


<ul>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> has one of its most prized assets in Mongolia. The Oyu Tolgoi mine has an 80-year mine-life and will ramp up significantly in coming years.</li>
<li>
<a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN)</a> is the last remaining hurdle to acquire after the successful integration of Turquoise Hill in late 2022.</li>
<li>Entree just released a batch of 2022 (!) drilling results, one month before an arbitration deadline. Why was it released now? Will Rio finally move on Entree before the deadline?</li>
</ul>



Rio Tinto Ltd (RIO AU) has one of its most prized assets in Mongolia. The Oyu Tolgoi mine has an 80-year mine-life and will ramp up significantly in coming years.

Entree Resources (ETG CN) is the last remaining hurdle to acquire after the successful integration of Turquoise Hill in late 2022.
Entree just released a batch of 2022 (!) drilling results, one month before an arbitration deadline. Why was it released now? Will Rio finally move on Entree before the deadline?


Rio: JV Partner in Mongolia Releases Incredible Copper Grades One Month Before Arbitration Deadline

Canada

Franco-Nevada Corporation is a resource royalty and investment company. The Company owns a diversified portfolio of precious and base metal royalties, oil and natural gas royalties and other interests, including assets in production, under development or in the exploration phase mostly located in geopolitically secure countries.

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Franco-Nevada (FNV CN)

Franco-Nevada's Expansion Efforts: Is Its Australian Gold Push the Company’s Next Big Jackpot?

Franco-Nevada Corporation reported record financial results in the third quarter of 2025, driven primarily by high gold prices, strong operational...

Baptista Research

Rio Tinto Loses Arbitration Against Entree Resources; Now What?

Entree Resources wins arbitration against Rio Tinto, leading to speculation that Rio may acquire Entree in 2025 due to reliance on Oyu Tolgoi's...

Nicolas Van Broekhoven

Rio Tinto: Open to Major Copper M&A; Entree Resources Logical Target

The acquisition of Filo by Lundin Mining and BHP Group could signal the beginning of a significant M&A wave in the mining industry, with potential...

Nicolas Van Broekhoven

Junior Copper Miners: Time for Lift-Off?

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Rio: JV Partner in Mongolia Releases Incredible Copper Grades One Month Before Arbitration Deadline

Rio Tinto still has an "annoying" third partner in its world-class Oyu Tolgoi mining project in Mongolia. Entree Resources is a prime takeover target.

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

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Franco-Nevada's Expansion Efforts: Is Its Australian Gold Push the Company’s Next Big Jackpot?

Franco-Nevada Corporation reported record financial results in the third quarter of 2025, driven primarily by high gold prices, strong operational...

Baptista Research

Rio Tinto Loses Arbitration Against Entree Resources; Now What?

​Entree Resources wins arbitration against Rio Tinto, leading to speculation that Rio may acquire Entree in 2025 due to reliance on Oyu Tolgoi's...

Nicolas Van Broekhoven

Rio Tinto: Open to Major Copper M&A; Entree Resources Logical Target

​The acquisition of Filo by Lundin Mining and BHP Group could signal the beginning of a significant M&A wave in the mining industry, with potential...

Nicolas Van Broekhoven

Junior Copper Miners: Time for Lift-Off?

​Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Rio: JV Partner in Mongolia Releases Incredible Copper Grades One Month Before Arbitration Deadline

Rio Tinto still has an "annoying" third partner in its world-class Oyu Tolgoi mining project in Mongolia. Entree Resources is a prime takeover target.

Nicolas Van Broekhoven

Entree Resources wins arbitration against Rio Tinto, leading to speculation that Rio may acquire Entree in 2025 due to reliance on Oyu Tolgoi's...

The acquisition of Filo by Lundin Mining and BHP Group could signal the beginning of a significant M&A wave in the mining industry, with potential...

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...