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>Nokia Corporation released its financial results for the fourth quarter and full year 2025, showcasing a year of consolidation and strategic repositioning to enhance long-term value creation.</li><li>The company reported fourth-quarter net sales of EUR 6.1 billion, marking a 3% growth, with an operating profit reaching EUR 1 billion and free cash flow of EUR 0.2 billion.</li><li>For the entire year, Nokia's net sales recorded were EUR 19.9 billion, accompanied by an operating profit of EUR 2 billion, aligning closely with the company's guidance.</li></ul>

Nokia Corporation released its financial results for the fourth quarter and full year 2025, showcasing a year of consolidation and strategic repositioning to enhance long-term value creation.The company reported fourth-quarter net sales of EUR 6.1 billion, marking a 3% growth, with an operating profit reaching EUR 1 billion and free cash flow of EUR 0.2 billion.For the entire year, Nokia's net sales recorded were EUR 19.9 billion, accompanied by an operating profit of EUR 2 billion, aligning closely with the company's guidance.

Nokia Is Riding the Optical Upgrade Cycle—From 400G Today to Terabit Networks Tomorrow!

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Lumentum converted AI-optics demand into 50.4% gross margin and positive cash flow; Coherent and Fabrinet grew quickly, but their capacity and inventory builds consumed it.</li>
<li>CPO demand has not moved out, but 2026 revenue sits in pumps, DCI, 200G EML, 1.6T and OCS rather than scaled co-packaged engines.</li>
<li>The optical build is already generating revenue before scaled CPO, but the economics are splitting sharply across the laser, integrated-system and manufacturing layers.</li>
</ul>


Lumentum converted AI-optics demand into 50.4% gross margin and positive cash flow; Coherent and Fabrinet grew quickly, but their capacity and inventory builds consumed it.
CPO demand has not moved out, but 2026 revenue sits in pumps, DCI, 200G EML, 1.6T and OCS rather than scaled co-packaged engines.
The optical build is already generating revenue before scaled CPO, but the economics are splitting sharply across the laser, integrated-system and manufacturing layers.


Before CPO: Optics Earnings Are Already Separating Scarcity From Volume

Professional Special Situation Investor, TripleS Special Situation Investing

Triple S Special Situations Investing

Professional Special Situation Investor

TripleS Special Situation Investing

Professional Special Situation Investor with over 20 years of experience.

<ul><li>I’m back from vacation after navigating some bears* Here’s an update of some things I’m researching at the moment.</li><li>This smorgasbord is not intended as personal advice. You’re responsible for position sizing, strikes, and so on.</li><li>YMMV and do your own DD.</li></ul>

I’m back from vacation after navigating some bears* Here’s an update of some things I’m researching at the moment.This smorgasbord is not intended as personal advice. You’re responsible for position sizing, strikes, and so on.YMMV and do your own DD.

<ul><li>The latest quarter for Nokia indicates a mixed performance with both enhancing opportunities and emerging challenges.</li><li>Starting with positives, the company reported good growth in the Network Infrastructure and Cloud and Network Services segments.</li><li>Nokia's acquisition of Infinera seems to have bolstered their Optical Networks business, shown by a robust book-to-bill ratio that exceeded 1, highlighting solid commercial momentum.</li></ul>

The latest quarter for Nokia indicates a mixed performance with both enhancing opportunities and emerging challenges.Starting with positives, the company reported good growth in the Network Infrastructure and Cloud and Network Services segments.Nokia's acquisition of Infinera seems to have bolstered their Optical Networks business, shown by a robust book-to-bill ratio that exceeded 1, highlighting solid commercial momentum.

Nokia Secures $1 Billion From Nvidia For AI—What’s Next Could Shock Investors!

<ul><li>Nokia's third-quarter results for 2025 present a mixed yet insightful picture of the company's current standing and trajectory.</li><li>The company experienced overall net sales growth of 9%, driven by increased demand across all business groups, including Network Infrastructure and Cloud and Network Services.</li><li>The focus on AI and cloud markets became evident with significant contributions from these segments, notably in optical networks, indicating robust growth potential associated with evolving data center architectures.</li></ul>

Nokia's third-quarter results for 2025 present a mixed yet insightful picture of the company's current standing and trajectory.The company experienced overall net sales growth of 9%, driven by increased demand across all business groups, including Network Infrastructure and Cloud and Network Services.The focus on AI and cloud markets became evident with significant contributions from these segments, notably in optical networks, indicating robust growth potential associated with evolving data center architectures.

Nokia Reclaims Leadership: Inside Its 6G, AI, & Cloud Masterplan!

Finland

Nokia Oyj is a global communications company. The Company produces a broad range of technological devices and software, and operates networks, sales ,and communication channels worldwide.

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Nokia Oyj (NOK US)

Nokia Is Riding the Optical Upgrade Cycle—From 400G Today to Terabit Networks Tomorrow!

Nokia Corporation released its financial results for the fourth quarter and full year 2025, showcasing a year of consolidation and strategic...

Baptista Research

Before CPO: Optics Earnings Are Already Separating Scarcity From Volume

Lumentum is converting constrained laser supply into margin and cash, while Coherent and Fabrinet are still funding the capacity, inventory and...

Mint Finance

Stock Trade Compilation Diez

I’m back from vacation after navigating some bears* Here’s an update of some things I’m researching at the moment. This smorgasbord is not intended...

Triple S Special Situations Investing

Nokia Secures $1 Billion From Nvidia For AI—What’s Next Could Shock Investors!

The latest quarter for Nokia indicates a mixed performance with both enhancing opportunities and emerging challenges. Starting with positives, the...

Baptista Research

Nokia Reclaims Leadership: Inside Its 6G, AI, & Cloud Masterplan!

Nokia's third-quarter results for 2025 present a mixed yet insightful picture of the company's current standing and trajectory. The company...

Baptista Research

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