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>The International Chemicals Limited (ICL) reported its second quarter 2026 results, evidencing growth in sales, adjusted EBITDA, and net income despite elevated raw material costs and currency headwinds.</li><li>Consolidated sales increased by 17% year-over-year to $2.1 billion, supported by higher prices across potash, bromine, phosphate fertilizers, and specialty food ingredients.</li><li>Adjusted EBITDA rose 28% to $448 million, reflecting improved operational efficiency amid a challenging cost environment, including a significant surge in sulfur prices—a key raw material for phosphate products—by over 200% annually.</li></ul>

The International Chemicals Limited (ICL) reported its second quarter 2026 results, evidencing growth in sales, adjusted EBITDA, and net income despite elevated raw material costs and currency headwinds.Consolidated sales increased by 17% year-over-year to $2.1 billion, supported by higher prices across potash, bromine, phosphate fertilizers, and specialty food ingredients.Adjusted EBITDA rose 28% to $448 million, reflecting improved operational efficiency amid a challenging cost environment, including a significant surge in sulfur prices—a key raw material for phosphate products—by over 200% annually.

ICL Group Unlocks $350 Million In EBITDA Improvements By 2028; What's Next?

<ul><li>The International Chemicals Limited (ICL) reported a strong start to 2026, with first quarter sales reaching $2 billion, representing a 14% increase year-over-year.</li><li>This growth was reflected across all business segments and was accompanied by a 26% rise in adjusted net income to $139 million, a 15% increase in adjusted EBITDA to $412 million, and a 22% improvement in adjusted earnings per share to $0.11.</li><li>Operating cash flow improved by 18% to $195 million, and free cash flow totaled $61 million.</li></ul>

The International Chemicals Limited (ICL) reported a strong start to 2026, with first quarter sales reaching $2 billion, representing a 14% increase year-over-year.This growth was reflected across all business segments and was accompanied by a 26% rise in adjusted net income to $139 million, a 15% increase in adjusted EBITDA to $412 million, and a 22% improvement in adjusted earnings per share to $0.11.Operating cash flow improved by 18% to $195 million, and free cash flow totaled $61 million.

ICL’s 2026 Setup: Higher Guidance, Strong Potash And Cost Risk!

<ul><li>ICL Group's financial performance for the third quarter of 2025 showed resilience and strategic foresight.</li><li>The company reported sales of $1.853 billion, reflecting a 6% increase year-over-year, with specialty-driven businesses contributing $1.461 billion of this total, up 3%.</li><li>The consolidated adjusted EBITDA reached $398 million, up 4% from the previous year, indicating a strong operational performance despite regional variations.</li></ul>

ICL Group's financial performance for the third quarter of 2025 showed resilience and strategic foresight.The company reported sales of $1.853 billion, reflecting a 6% increase year-over-year, with specialty-driven businesses contributing $1.461 billion of this total, up 3%.The consolidated adjusted EBITDA reached $398 million, up 4% from the previous year, indicating a strong operational performance despite regional variations.

ICL: Functional Food Ingredients Is the Bigger Prize—And ICL Is Moving In!

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>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.</li>
<li>Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.
Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).


Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

<ul>
<li>As discussed for two weeks, we see more and more signs leading us to believe SPX made a major bottom at 4800-4820, which was expected support from our 4/8/25 Compass.</li>
<li>We have been short-term bullish since our 4/22/25 Compass -- when the SPX was testing 5100-5120 support -- but now we are upgrading our intermediate-term outlook to bullish as well.</li>
<li>Our short- and intermediate-term outlook will remain bullish as long as the SPX is above 5500</li>
</ul>


As discussed for two weeks, we see more and more signs leading us to believe SPX made a major bottom at 4800-4820, which was expected support from our 4/8/25 Compass.
We have been short-term bullish since our 4/22/25 Compass -- when the SPX was testing 5100-5120 support -- but now we are upgrading our intermediate-term outlook to bullish as well.
Our short- and intermediate-term outlook will remain bullish as long as the SPX is above 5500


Lockout Rally Continues; Still Short-Term Bullish on SPX, Now Upgrading I.T. Outlook to Bullish Also

Israel

ICL Group Ltd manufactures agricultural chemicals. The Company offers various types of fertilizers. ICL Group serves customers in Asia.

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ICL Group (ICL US)

ICL Group Unlocks $350 Million In EBITDA Improvements By 2028; What's Next?

The International Chemicals Limited (ICL) reported its second quarter 2026 results, evidencing growth in sales, adjusted EBITDA, and net income...

Baptista Research

ICL’s 2026 Setup: Higher Guidance, Strong Potash And Cost Risk!

The International Chemicals Limited (ICL) reported a strong start to 2026, with first quarter sales reaching $2 billion, representing a 14%...

Baptista Research

ICL: Functional Food Ingredients Is the Bigger Prize—And ICL Is Moving In!

ICL Group's financial performance for the third quarter of 2025 showed resilience and strategic foresight. The company reported sales of $1.853...

Baptista Research

Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

Gap Supports Holding; Expecting Test of All-Time Highs $SPX $QQQ $NDX; 10- and 30-Year Treasury Yields Rolling Over?; Watching $209-210 resistance...

Vermilion Research

Lockout Rally Continues; Still Short-Term Bullish on SPX, Now Upgrading I.T. Outlook to Bullish Also

Lockout Rally Continues; Still Short-Term Bullish on $SPX, Now Also Upgrading Intermediate-Term Outlook to Bullish; Upgrading Technology $XLK $SMH...

Vermilion Research

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