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

Intercontinental Exchange / Equity Bottom-Up

<ul><li>Intercontinental Exchange, Inc. (ICE) recently reported its third quarter 2025 earnings, revealing notable achievements and some challenges.</li><li>The company posted record third-quarter adjusted earnings per share of $1.71, marking a 10% increase from the same period last year.</li><li>This was supported by net revenues of $2.4 billion and a 5% rise in recurring revenue.</li></ul>

Intercontinental Exchange, Inc. (ICE) recently reported its third quarter 2025 earnings, revealing notable achievements and some challenges.The company posted record third-quarter adjusted earnings per share of $1.71, marking a 10% increase from the same period last year.This was supported by net revenues of $2.4 billion and a 5% rise in recurring revenue.

Intercontinental Exchange (ICE) Bets Big on Polymarket — The Future of On-Chain Clearing Is Here!

<ul><li>Intercontinental Exchange, the parent of the New York Stock Exchange, has confirmed a $2 billion investment in Polymarket, a blockchain-based prediction platform that lets users speculate on outcomes across politics, sports, finance, and pop culture.</li><li>The investment, announced on October 7, 2025, values Polymarket at approximately $8 billion pre-investment and marks a decisive move by ICE into decentralized finance (DeFi).</li><li>ICE will fund the deal entirely in cash, with no expected material impact on its 2025 earnings or capital return plans.</li></ul>

Intercontinental Exchange, the parent of the New York Stock Exchange, has confirmed a $2 billion investment in Polymarket, a blockchain-based prediction platform that lets users speculate on outcomes across politics, sports, finance, and pop culture.The investment, announced on October 7, 2025, values Polymarket at approximately $8 billion pre-investment and marks a decisive move by ICE into decentralized finance (DeFi).ICE will fund the deal entirely in cash, with no expected material impact on its 2025 earnings or capital return plans.

Intercontinental Exchange (ICE)'s $2 Billion Bet On Polymarket: Is Wall Street Ready For The Prediction Market Revolution!

<ul><li>Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary business segments.</li><li>The second-quarter adjusted earnings per share reached a historical high of $1.81, a 19% increase year-over-year, while net revenue climbed 9% to $2.5 billion.</li><li>This performance was underpinned by contributions from all three major business areas: Exchange, Fixed Income and Data Services, and Mortgage Technology.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary business segments.The second-quarter adjusted earnings per share reached a historical high of $1.81, a 19% increase year-over-year, while net revenue climbed 9% to $2.5 billion.This performance was underpinned by contributions from all three major business areas: Exchange, Fixed Income and Data Services, and Mortgage Technology.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Intercontinental Exchange (ICE): Can They Revolutionize Mortgage Lending With AI-Powered Automation?

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>LSEG’s share price has performed poorly in 2025 due to AI disruption concerns relating to its data and analytics business; we believe LSEG can fend off this risk of disruption</li>
<li>In our view, LSEG’s data and analytics segment harbours a defensive moat shielding it from potential disrupters; we believe LSEG shares are deep value relative to its DM exchange peers</li>
<li>We keep our buy on flow monster CME Group for its dominant franchise – despite FMX - in its trading and post-trading operations dedicated to interest rates and other products</li>
</ul>


LSEG’s share price has performed poorly in 2025 due to AI disruption concerns relating to its data and analytics business; we believe LSEG can fend off this risk of disruption
In our view, LSEG’s data and analytics segment harbours a defensive moat shielding it from potential disrupters; we believe LSEG shares are deep value relative to its DM exchange peers
We keep our buy on flow monster CME Group for its dominant franchise – despite FMX - in its trading and post-trading operations dedicated to interest rates and other products


Developed Market (DM) Exchanges – 2026 High Conviction Calls

<ul><li>Intercontinental Exchange, the parent of the NYSE and a dominant force in global futures and data markets, is reportedly in advanced discussions to acquire Enverus, a privately held energy data and analytics powerhouse, for a valuation north of $6 billion.</li><li>The potential acquisition, first reported by Bloomberg, comes amid renewed optimism in the IPO pipeline, expanding energy futures participation, and ICE's push into adjacent data ecosystems such as mortgage and environmental markets.</li><li>Although a final agreement has not been reached and discussions could still fall through, the timing aligns with rising M&A sentiment as expectations for lower interest rates and a friendlier regulatory backdrop fuel executive confidence.</li></ul>

Intercontinental Exchange, the parent of the NYSE and a dominant force in global futures and data markets, is reportedly in advanced discussions to acquire Enverus, a privately held energy data and analytics powerhouse, for a valuation north of $6 billion.The potential acquisition, first reported by Bloomberg, comes amid renewed optimism in the IPO pipeline, expanding energy futures participation, and ICE's push into adjacent data ecosystems such as mortgage and environmental markets.Although a final agreement has not been reached and discussions could still fall through, the timing aligns with rising M&A sentiment as expectations for lower interest rates and a friendlier regulatory backdrop fuel executive confidence.

Intercontinental Exchange’s (ICE) $6 Billion Move On Enverus: Is This the Next Bloomberg For Energy?

United States

Intercontinental Exchange, Inc. operates global commodity and financial products marketplaces.  The Company operates electronic energy markets and soft commodity exchanges as well.  ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, orange juice, and sugar.

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Intercontinental Exchange (ICE US)

Intercontinental Exchange (ICE) Bets Big on Polymarket — The Future of On-Chain Clearing Is Here!

Intercontinental Exchange, Inc. (ICE) recently reported its third quarter 2025 earnings, revealing notable achievements and some challenges. The...

Baptista Research

Intercontinental Exchange (ICE)'s $2 Billion Bet On Polymarket: Is Wall Street Ready For The Prediction Market Revolution!

Intercontinental Exchange, the parent of the New York Stock Exchange, has confirmed a $2 billion investment in Polymarket, a blockchain-based...

Baptista Research

Intercontinental Exchange (ICE): Can They Revolutionize Mortgage Lending With AI-Powered Automation?

Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary...

Baptista Research

Developed Market (DM) Exchanges – 2026 High Conviction Calls

LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...

Victor Galliano

Intercontinental Exchange’s (ICE) $6 Billion Move On Enverus: Is This the Next Bloomberg For Energy?

Intercontinental Exchange, the parent of the NYSE and a dominant force in global futures and data markets, is reportedly in advanced discussions...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intercontinental Exchange (ICE) Bets Big on Polymarket — The Future of On-Chain Clearing Is Here!

Intercontinental Exchange, Inc. (ICE) recently reported its third quarter 2025 earnings, revealing notable achievements and some challenges. The...

Baptista Research

Intercontinental Exchange (ICE)'s $2 Billion Bet On Polymarket: Is Wall Street Ready For The Prediction Market Revolution!

Intercontinental Exchange, the parent of the New York Stock Exchange, has confirmed a $2 billion investment in Polymarket, a blockchain-based...

Baptista Research

Intercontinental Exchange (ICE): Can They Revolutionize Mortgage Lending With AI-Powered Automation?

Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary...

Baptista Research

Developed Market (DM) Exchanges – 2026 High Conviction Calls

​LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...

Victor Galliano

Intercontinental Exchange’s (ICE) $6 Billion Move On Enverus: Is This the Next Bloomberg For Energy?

Intercontinental Exchange, the parent of the NYSE and a dominant force in global futures and data markets, is reportedly in advanced discussions...

Baptista Research

LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...