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>Orange, a major telecommunications company, presented its financial results for the first half of 2025, highlighting a period of solid performance with notable revenue and EBITDA growth across its various geographic markets.</li>
<li>The company's revenues reached EUR 19.9 billion, marking a marginal increase of 0.3% from the previous year, primarily driven by strong service growth in the Middle East and Africa.</li>
<li>The EBITDAaL (Earnings Before Interest, Taxes, Depreciation, Amortization, and after Lease) grew by 3.8%, with a 70 basis point improvement in the group EBITDAaL margin, underscoring the company's efficiency initiatives and robust commercial activities.</li>
</ul>


Orange, a major telecommunications company, presented its financial results for the first half of 2025, highlighting a period of solid performance with notable revenue and EBITDA growth across its various geographic markets.
The company's revenues reached EUR 19.9 billion, marking a marginal increase of 0.3% from the previous year, primarily driven by strong service growth in the Middle East and Africa.
The EBITDAaL (Earnings Before Interest, Taxes, Depreciation, Amortization, and after Lease) grew by 3.8%, with a 70 basis point improvement in the group EBITDAaL margin, underscoring the company's efficiency initiatives and robust commercial activities.


Orange S.A.: Restructuring and Consolidation in Key Markets & Critical Growth Levers!

<ul>
<li>Orange S.A.’s 2024 full-year results showcase a blend of growth indicators, strategic progress, and persistent challenges.</li>
<li>The company reported revenues of €40.3 billion, marking an increase of 1.2% from the previous year, driven primarily by retail growth and robust performances in the Middle East and Africa.</li>
<li>EBITDAaL improved by 2.7% over the year, demonstrating sustained operational gains, whereas the fourth quarter alone saw a growth of 3.2%.</li>
</ul>


Orange S.A.’s 2024 full-year results showcase a blend of growth indicators, strategic progress, and persistent challenges.
The company reported revenues of €40.3 billion, marking an increase of 1.2% from the previous year, driven primarily by retail growth and robust performances in the Middle East and Africa.
EBITDAaL improved by 2.7% over the year, demonstrating sustained operational gains, whereas the fourth quarter alone saw a growth of 3.2%.


Orange S.A.: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

Thematic (Sector/Industry)

<ul><li>Technology plays a significant role in connecting people during both good and bad times, with the telecom sector being crucial in providing connectivity</li><li>The main trends in the sector currently include the fast adoption of AI, which is increasing traffic volume and creating new use cases</li><li>One of the main challenges in the telecom industry is the need for consolidation due to the capital-intensive nature of the business and the importance of scale in operations</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Technology plays a significant role in connecting people during both good and bad times, with the telecom sector being crucial in providing connectivityThe main trends in the sector currently include the fast adoption of AI, which is increasing traffic volume and creating new use casesOne of the main challenges in the telecom industry is the need for consolidation due to the capital-intensive nature of the business and the importance of scale in operationsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Orange CEO: Telecommunications Future, Network Investment and Leadership

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

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.</li>
<li>Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next</li>
</ul>


We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.
Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next


Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Singtel (Singapore Telecommunications) / Technical Analysis

<ul>
<li>We have been expecting near-term downside on ACWI-US and the S&amp;P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&amp;P 500 displayed false breakouts.</li>
<li>Market dynamics have continued to deteriorate to the point where we don't see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.</li>
<li>Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.</li>
</ul>


We have been expecting near-term downside on ACWI-US and the S&amp;P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&amp;P 500 displayed false breakouts.
Market dynamics have continued to deteriorate to the point where we don't see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.
Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.


Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

France

Orange SA provides telecommunications services to residential, professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals.

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Orange SA (ORA FP)

Orange S.A.: Restructuring and Consolidation in Key Markets & Critical Growth Levers!

The company's revenues reached EUR 19.9 billion, marking a marginal increase of 0.3% from the previous year, primarily driven by strong service...

Baptista Research

Orange S.A.: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

EBITDAaL improved by 2.7% over the year, demonstrating sustained operational gains, whereas the fourth quarter alone saw a growth of 3.2%.

Baptista Research

Orange CEO: Telecommunications Future, Network Investment and Leadership

The telecom industry has undergone significant transformation with the adoption of mobile technology, big data, and AI, presenting challenges such...

In Good Company with Nicolai Tangen

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Europe Next to Break Out?; China and Japan Remain Attractive and a big focus since our July 3rd report titled "China and Japan Breaking Out;"...

Vermilion Research

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Odds of a Prolonged Downturn are Rising; We are Cautious; Get Defensive; $115 on ACWI-US Remains Key Level, and is at Risk of Breakdown. Actionable...

Vermilion Research

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