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>GFL Environmental Inc. has entered 2026 with unusually strong financial momentum and a more flexible balance sheet just as it moves to deepen its position in one of the most attractive regional waste markets in North America.</li><li>After reporting record 2025 adjusted EBITDA margins of 30%, guiding to further margin expansion in 2026, and signaling capacity for another outsized year of acquisitions, GFL has now acquired Frontier Waste Solutions, a Dallas-based operator with 24 sites across Texas, a fleet of more than 650 vehicles, and nearly 1,000 employees.</li><li>The transaction fits squarely within management’s stated strategy of deploying capital into tuck-in and density-enhancing assets located in markets where GFL already has infrastructure.</li></ul>

GFL Environmental Inc. has entered 2026 with unusually strong financial momentum and a more flexible balance sheet just as it moves to deepen its position in one of the most attractive regional waste markets in North America.After reporting record 2025 adjusted EBITDA margins of 30%, guiding to further margin expansion in 2026, and signaling capacity for another outsized year of acquisitions, GFL has now acquired Frontier Waste Solutions, a Dallas-based operator with 24 sites across Texas, a fleet of more than 650 vehicles, and nearly 1,000 employees.The transaction fits squarely within management’s stated strategy of deploying capital into tuck-in and density-enhancing assets located in markets where GFL already has infrastructure.

GFL Environmental Takeover Of Frontier Could Reshape The Waste Industry Landscape!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Cleanaway Waste Management / Event-Driven

<ul>
<li>EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a> three times. Financing is well covered, and a SID looks likely.</li>
<li>Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.</li>
<li>The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.</li>
</ul>


EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for Cleanaway Waste Management (CWY AU) three times. Financing is well covered, and a SID looks likely.
Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.
The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.


Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

<ul><li>GFL Environmental Inc. delivered an impressive third-quarter performance in 2025, demonstrating both strong revenue growth and record-high adjusted EBITDA margins.</li><li>Highlighting key strengths in operations, GFL achieved an adjusted EBITDA margin of 31.6%, setting a new benchmark for the company.</li><li>This significant accomplishment came despite facing challenging macroeconomic conditions and headwinds from fluctuating commodity prices.</li></ul>

GFL Environmental Inc. delivered an impressive third-quarter performance in 2025, demonstrating both strong revenue growth and record-high adjusted EBITDA margins.Highlighting key strengths in operations, GFL achieved an adjusted EBITDA margin of 31.6%, setting a new benchmark for the company.This significant accomplishment came despite facing challenging macroeconomic conditions and headwinds from fluctuating commodity prices.

GFL Environmental Surges Ahead in Canada—The Growth Story No One Saw Coming!

<ul>
<li>
<a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a> disclosed a non-binding proposal from EQT at A$3.13, a 32.1% premium to the undisturbed price of A$2.37.</li>
<li>The Board has granted a nine-week exclusivity period. While the offer represents a 10-year high and is attractive compared to precedent transactions, it is light compared to peer multiples. </li>
<li>A restive shareholder base underscored by the last AGM results is a risk. However, with a turnaround remaining elusive (FY2027 EBIT downgrade), most shareholders will grudgingly accept it. </li>
</ul>



Cleanaway Waste Management (CWY AU) disclosed a non-binding proposal from EQT at A$3.13, a 32.1% premium to the undisturbed price of A$2.37.
The Board has granted a nine-week exclusivity period. While the offer represents a 10-year high and is attractive compared to precedent transactions, it is light compared to peer multiples. 
A restive shareholder base underscored by the last AGM results is a risk. However, with a turnaround remaining elusive (FY2027 EBIT downgrade), most shareholders will grudgingly accept it. 


Cleanaway (CWY AU): EQT’s Non-Binding Offer Provokes Mixed Feelings

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..</li>
<li>... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.</li>
<li>Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..
... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.
Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond


Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Canada

GFL Environmental Inc. provides waste management services. The Company offers identification, collection, transport, processing, recycling, and disposal of broad range of hazardous and non-hazardous liquid waste. GFL Environmental serves the industrial, commercial, municipal, and residential sectors in Canada.

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GFL Environmental (GFL US)

GFL Environmental Takeover Of Frontier Could Reshape The Waste Industry Landscape!

GFL Environmental Inc. has entered 2026 with unusually strong financial momentum and a more flexible balance sheet just as it moves to deepen its...

Baptista Research

Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

EQT's thrice-reconfirmed offer points to a SID, but shares fell 3.6% today to A$2.66. The scheme vote should pass if dissent stays contained.

Arun George

GFL Environmental Surges Ahead in Canada—The Growth Story No One Saw Coming!

GFL Environmental Inc. delivered an impressive third-quarter performance in 2025, demonstrating both strong revenue growth and record-high...

Baptista Research

Cleanaway (CWY AU): EQT’s Non-Binding Offer Provokes Mixed Feelings

The AFR reports that EQT’s Cleanaway takeover is progressing: 15 lenders, including major Australian, Japanese, French and Canadian banks, are...

Arun George

Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Ride the Trend Higher in MSCI $ACWI and $SPX; We are still bullish as Risk-On Signals Dominate. Ideas to buy/stay long in global Discretionary,...

Vermilion Research

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