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

Millicom International Cellula / Equity Bottom-Up

<ul><li>Millicom International Cellular S.A. has entered a new phase of strategic expansion following its $380 million acquisition of Telefónica Ecuador, coming on the heels of the recently completed Telefónica Uruguay transaction.</li><li>These moves mark the clearest signal yet that TIGO is actively consolidating high-quality telecom assets across Latin America, prioritizing markets with stable macroeconomic frameworks, dollarized or investment-grade characteristics, and strong demand for digital services.</li><li>The Ecuador deal expands TIGO’s footprint to 11 countries and adds a meaningful revenue and EBITDA base while reinforcing its position as the leading pure-play telecom operator in the region.</li></ul>

Millicom International Cellular S.A. has entered a new phase of strategic expansion following its $380 million acquisition of Telefónica Ecuador, coming on the heels of the recently completed Telefónica Uruguay transaction.These moves mark the clearest signal yet that TIGO is actively consolidating high-quality telecom assets across Latin America, prioritizing markets with stable macroeconomic frameworks, dollarized or investment-grade characteristics, and strong demand for digital services.The Ecuador deal expands TIGO’s footprint to 11 countries and adds a meaningful revenue and EBITDA base while reinforcing its position as the leading pure-play telecom operator in the region.

TIGO’s $380M Telefónica Deal: Massive Synergies or Massive Risk?

<ul><li>Millicom has emerged as one of the most surprising stock stories of 2025, boasting a massive 113% rally year-to-date.</li><li>Behind the surge is a mix of powerful technical strength, strong operating execution, and renewed investor interest amid intensifying M&A speculation.</li><li>The telecom company, a major player across Latin America, has turned heads with expanding margins, robust cash flow, and a strategic focus on operational efficiency.</li></ul>

Millicom has emerged as one of the most surprising stock stories of 2025, boasting a massive 113% rally year-to-date.Behind the surge is a mix of powerful technical strength, strong operating execution, and renewed investor interest amid intensifying M&A speculation.The telecom company, a major player across Latin America, has turned heads with expanding margins, robust cash flow, and a strategic focus on operational efficiency.

Millicom Just Surged 113% YTD — What’s Fueling This Telecom Tornado?

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Millicom's ESG as "Adequate", with a "Strong" score for Governance, but "Adequate" scores for the Social and Environmental pillars. Controversies are "Immaterial" and Disclosure is "Strong".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view Millicom's ESG as "Adequate", with a "Strong" score for Governance, but "Adequate" scores for the Social and Environmental pillars. Controversies are "Immaterial" and Disclosure is "Strong". 

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>The S&amp;P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible</li>
<li>Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)</li>
<li>10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.</li>
</ul>


The S&amp;P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible
Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)
10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.


Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Millicom's ESG as "Adequate", with a "Strong" score for Governance, but "Adequate" scores for the Social and Environmental pillars. Controversies are "Immaterial" and Disclosure is "Adequate".

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We view Millicom's ESG as "Adequate", with a "Strong" score for Governance, but "Adequate" scores for the Social and Environmental pillars. Controversies are "Immaterial" and Disclosure is "Adequate". 

United States

Millicom is a leading provider of fixed and mobile telecommunications services in Latin America.

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Millicom International Cellula (TIGO US)

TIGO’s $380M Telefónica Deal: Massive Synergies or Massive Risk?

Millicom International Cellular S.A. has entered a new phase of strategic expansion following its $380 million acquisition of Telefónica Ecuador,...

Baptista Research

Millicom Just Surged 113% YTD — What’s Fueling This Telecom Tornado?

Millicom has emerged as one of the most surprising stock stories of 2025, boasting a massive 113% rally year-to-date. Behind the surge is a mix of...

Baptista Research

Millicom - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Millicom's ESG as...

Lucror Analytics

Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm

The $SPX is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023. Considering limited upside, we continue to favor...

Vermilion Research

Millicom - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Millicom's ESG as...

Lucror Analytics

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