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>Repsol's Q1 2025 earnings report underscores both resilience and challenges amidst a fluctuating market environment.</li>
<li>The company's diverse portfolio showcases its strategic agility, enabling it to advance its goals despite external pressures such as geopolitical tensions and varying oil prices.</li>
<li>The first quarter was characterized by significant market volatility, triggered by OPEC's production policies and geopolitical tensions, leading to the lowest oil prices in four years.</li>
</ul>


Repsol's Q1 2025 earnings report underscores both resilience and challenges amidst a fluctuating market environment.
The company's diverse portfolio showcases its strategic agility, enabling it to advance its goals despite external pressures such as geopolitical tensions and varying oil prices.
The first quarter was characterized by significant market volatility, triggered by OPEC's production policies and geopolitical tensions, leading to the lowest oil prices in four years.


Repsol - Strategic Asset Shuffle Sparks EUR 2 Billion Windfall!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a> has disclosed a “final” non-binding proposal from the XRG consortium at US$5.76 (A$8.89), a 27.7% premium to the undisturbed price of A$6.96 (13 June).</li>
<li>The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling critical domestic infrastructure assets.</li>
<li>The offer is attractive compared to peer multiples and historical trading ranges. Retail has a mixed view on the offer, which should not be an issue for the vote.  </li>
</ul>



Santos Ltd (STO AU) has disclosed a “final” non-binding proposal from the XRG consortium at US$5.76 (A$8.89), a 27.7% premium to the undisturbed price of A$6.96 (13 June).
The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling critical domestic infrastructure assets.
The offer is attractive compared to peer multiples and historical trading ranges. Retail has a mixed view on the offer, which should not be an issue for the vote.  


Santos (STO AU): XRG’s Non-Binding Offer Faces an FIRB Challenge

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

<ul>
<li>Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.</li>
<li>3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.</li>
<li>Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.</li>
</ul>


Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.
3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.
Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.


European Event-Driven Analyst

Jesus Rodriguez Aguilar

Naturgy Energy Group SA / Equity Bottom-Up

<ul>
<li>S&amp;P has raised <a href="https://www.smartkarma.com/entities/naturgy-energy-group-sa" target="_blank" data-smartkarma-citation="entities:21271:1" rel="noopener">Naturgy Energy Group SA (NTGY SM)</a>'s credit outlook from negative to stable considering that the company may not finally carry out the Gemini spin-off project.</li>
<li>Naturgy's shares do not trade on fundamentals, rather on expectations that IFM tries to increase its stake (free float is just 15%). There's some potential overhang risk though.</li>
<li>IFM has not acquired any significant stake since April, but I would not short the shares as IFM could resume share purchases on an opportunistic basis.</li>
</ul>


S&amp;P has raised Naturgy Energy Group SA (NTGY SM)'s credit outlook from negative to stable considering that the company may not finally carry out the Gemini spin-off project.
Naturgy's shares do not trade on fundamentals, rather on expectations that IFM tries to increase its stake (free float is just 15%). There's some potential overhang risk though.
IFM has not acquired any significant stake since April, but I would not short the shares as IFM could resume share purchases on an opportunistic basis.


<ul><li>Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.</li><li>This could de-risk the initial development of the Montney with potential for production in 2024.</li><li>This could also materially increase the likelihood of attracting an industry partner. </li></ul>

Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.This could de-risk the initial development of the Montney with potential for production in 2024.This could also materially increase the likelihood of attracting an industry partner. 

Spain

Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG).  The Company retails gasoline and other products through its chain of gasoline filling stations.  Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States.

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Repsol SA (REP SM)

Repsol - Strategic Asset Shuffle Sparks EUR 2 Billion Windfall!

The company's diverse portfolio showcases its strategic agility, enabling it to advance its goals despite external pressures such as geopolitical...

Baptista Research

Santos (STO AU): XRG’s Non-Binding Offer Faces an FIRB Challenge

The offer is subject to several regulatory approvals. FIRB approval is the primary risk due to a foreign government-controlled entity controlling...

Arun George

Auctus on Friday - 06/10/2023

Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.

Auctus Advisors

Gemini Postponed Sine Die

Standard & Poor's has raised Naturgy's credit outlook from negative to stable given the possibility that the company will not finally carry out the...

Jesus Rodriguez Aguilar

Auctus on Friday - 17/02/2023

Positive testing results opens the Montney - Calima has so far obtained very good results from the re-testing of the Calima #2 and Calima #3 wells.

Auctus Advisors

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