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>Papa John's International Inc.'s first-quarter 2025 performance was marked by strategic progress along with challenges within a difficult consumer environment.</li><li>The company reported global system-wide restaurant sales of $1.22 billion, a 1% increase from the prior year in constant currency terms, underscoring some growth despite challenging market conditions.</li><li>In North America, same-store sales decreased by 2.7%, although this figure represents an improvement over previous periods, suggesting some positive momentum.</li></ul>

Papa John's International Inc.'s first-quarter 2025 performance was marked by strategic progress along with challenges within a difficult consumer environment.The company reported global system-wide restaurant sales of $1.22 billion, a 1% increase from the prior year in constant currency terms, underscoring some growth despite challenging market conditions.In North America, same-store sales decreased by 2.7%, although this figure represents an improvement over previous periods, suggesting some positive momentum.

Papa John’s $2.1 Billion Buyout Collapses: The Real Reasons Apollo Backed Off!

<ul><li>Papa John’s surged more than 18% on October 13 after StreetInsider reported that Apollo Global Management had submitted a $64-per-share buyout offer for the pizza chain.</li><li>This follows a wave of speculation earlier in the year, including a Semafor article in June that flagged both Apollo and a Qatari investment fund as interested parties in a potential acquisition, with a reported deal valuation near $2 billion.</li><li>Although Papa John’s declined to comment on the market rumors, investor enthusiasm surged amid the prospect of a premium takeout.</li></ul>

Papa John’s surged more than 18% on October 13 after StreetInsider reported that Apollo Global Management had submitted a $64-per-share buyout offer for the pizza chain.This follows a wave of speculation earlier in the year, including a Semafor article in June that flagged both Apollo and a Qatari investment fund as interested parties in a potential acquisition, with a reported deal valuation near $2 billion.Although Papa John’s declined to comment on the market rumors, investor enthusiasm surged amid the prospect of a premium takeout.

Papa John’s Skyrockets on $64 Takeover Buzz — Is Apollo Delivering a Mega Deal?

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.</li>
<li>We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.
We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.


Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

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

Despite the Nasdaq 100 getting quantitatively extended, the weight of the evidence continues to suggest that our bullish outlook remains appropriate. We elaborate below and also highlight some developments we are watching that could alter our outlook. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary &amp; Health Care: Restaurants, Fast Food, Small-Cap, Casual Dining, and Hospitals.

Despite the Nasdaq 100 getting quantitatively extended, the weight of the evidence continues to suggest that our bullish outlook remains appropriate. We elaborate below and also highlight some developments we are watching that could alter our outlook. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary &amp; Health Care: Restaurants, Fast Food, Small-Cap, Casual Dining, and Hospitals.

U. S. Equity Strategy: Still Bullish, But Also Extended Near-Term

This market is still fighting an uphill battle following the S&amp;P 500's breakdown below its 200-day moving average - a level that is now acting as formidable resistance. Our outlook remains extremely cautious due to overhead supply and the additional themes highlighted within this report.  There are a few bright spots, also in today's report we highlight attractive Groups and stocks within the Communications and Consumer Discretionary Sectors.

This market is still fighting an uphill battle following the S&amp;P 500's breakdown below its 200-day moving average - a level that is now acting as formidable resistance. Our outlook remains extremely cautious due to overhead supply and the additional themes highlighted within this report.  There are a few bright spots, also in today's report we highlight attractive Groups and stocks within the Communications and Consumer Discretionary Sectors.

U.S. Equity Update: Internals Deteriorating, Banks & Semis Have Broken Down.

United States

Papa John's International, Inc. operates and franchises pizza delivery and carry-out restaurants under the Papa John's trademark.  The Company operates restaurants in the United States and international markets.

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Papa John'S Intl (PZZA US)

Papa John’s $2.1 Billion Buyout Collapses: The Real Reasons Apollo Backed Off!

Papa John's International Inc.'s first-quarter 2025 performance was marked by strategic progress along with challenges within a difficult consumer...

Baptista Research

Papa John’s Skyrockets on $64 Takeover Buzz — Is Apollo Delivering a Mega Deal?

Papa John’s surged more than 18% on October 13 after StreetInsider reported that Apollo Global Management had submitted a $64-per-share buyout...

Baptista Research

Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

SP DJI could announce the addition of Vylor (VYLR US), the seed business spun off from Corteva (CTVA US), to the SP 500 within this week. Our...

Anjana Amarasuriya

U. S. Equity Strategy: Still Bullish, But Also Extended Near-Term

Despite the Nasdaq 100 getting quantitatively extended, the weight of the evidence continues to suggest that our bullish outlook remains...

Vermilion Research

U.S. Equity Update: Internals Deteriorating, Banks & Semis Have Broken Down.

This market is still fighting an uphill battle following the S&P 500's breakdown below its 200-day moving average - a level that is now acting...

Vermilion Research

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