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>Republic Services, Inc. reported second quarter 2026 results showing moderate top- and bottom-line growth, supported by operational execution and investments in technology.</li><li>The company posted revenue growth of 4.6% and adjusted EBITDA growth of 4.5%, maintaining a stable EBITDA margin of 32.1%.</li><li>Adjusted earnings per share reached $1.85, with year-to-date adjusted free cash flow totaling $1.58 billion.</li></ul>

Republic Services, Inc. reported second quarter 2026 results showing moderate top- and bottom-line growth, supported by operational execution and investments in technology.The company posted revenue growth of 4.6% and adjusted EBITDA growth of 4.5%, maintaining a stable EBITDA margin of 32.1%.Adjusted earnings per share reached $1.85, with year-to-date adjusted free cash flow totaling $1.58 billion.

Republic Services’ $2.55 Billion Cash Engine — Growth Spending Meets Resilience!

<ul><li>Republic Services, Inc. reported its first quarter 2026 financial results, demonstrating moderate revenue growth alongside notable earnings and margin expansion despite challenges from lower commodity prices and increased fuel costs.</li><li>The company achieved 2.6% revenue growth and 4.3% adjusted EBITDA growth, with EBITDA margin increasing by 50 basis points to 32.1%.</li><li>Adjusted earnings per share stood at $1.70, and adjusted free cash flow rose significantly to $984 million, a year-over-year increase exceeding 35%, driven by improved EBITDA and working capital timing.</li></ul>

Republic Services, Inc. reported its first quarter 2026 financial results, demonstrating moderate revenue growth alongside notable earnings and margin expansion despite challenges from lower commodity prices and increased fuel costs.The company achieved 2.6% revenue growth and 4.3% adjusted EBITDA growth, with EBITDA margin increasing by 50 basis points to 32.1%.Adjusted earnings per share stood at $1.70, and adjusted free cash flow rose significantly to $984 million, a year-over-year increase exceeding 35%, driven by improved EBITDA and working capital timing.

Republic Services’ $984 Million Free Cash Flow Quarter: Is The Market Missing Its Margin Story?

<ul><li>Republic Services, a major player in the recycling and waste industry, recently reported its fourth-quarter and full-year financial results for 2025.</li><li>The company's performance showcased resilience amid a dynamic macroeconomic environment, with several key highlights and areas of concern that investors might consider when evaluating its prospects.</li><li>On the positive side, Republic Services achieved revenue growth of 3.5% for the year, alongside a 7% increase in adjusted EBITDA and a 90-basis point expansion in adjusted EBITDA margins.</li></ul>

Republic Services, a major player in the recycling and waste industry, recently reported its fourth-quarter and full-year financial results for 2025.The company's performance showcased resilience amid a dynamic macroeconomic environment, with several key highlights and areas of concern that investors might consider when evaluating its prospects.On the positive side, Republic Services achieved revenue growth of 3.5% for the year, alongside a 7% increase in adjusted EBITDA and a 90-basis point expansion in adjusted EBITDA margins.

Republic Services Is Leaning Into Pricing Power—Can Discipline Beat Volume Headwinds in a Tough Macro?

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

Cleanaway Waste Management / Event-Driven

<ul>
<li>EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a> three times. Financing is well covered, and a SID looks likely.</li>
<li>Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.</li>
<li>The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.</li>
</ul>


EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for Cleanaway Waste Management (CWY AU) three times. Financing is well covered, and a SID looks likely.
Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.
The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.


Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

<ul><li>Republic Services, Inc. reported its third-quarter 2025 financial results, showcasing both strengths and challenges within its business operations.</li><li>The company registered a revenue increase of 3.3% and an adjusted EBITDA growth of 6.1%, which also involved an 80-basis point expansion in adjusted EBITDA margin.</li><li>This indicates the company's ability to capitalize on pricing strategies even in an environment of volatile economic cycles, specifically in the construction and manufacturing sectors where headwinds are prevalent.</li></ul>

Republic Services, Inc. reported its third-quarter 2025 financial results, showcasing both strengths and challenges within its business operations.The company registered a revenue increase of 3.3% and an adjusted EBITDA growth of 6.1%, which also involved an 80-basis point expansion in adjusted EBITDA margin.This indicates the company's ability to capitalize on pricing strategies even in an environment of volatile economic cycles, specifically in the construction and manufacturing sectors where headwinds are prevalent.

Republic Services: Strategic Acquisitions & A Robust M&A Pipeline for Sustained Expansion & Increased Operational Efficiency!

United States

Republic Services, Inc. provides non-hazardous solid waste collection and disposal services in the United States.  The Company provides solid waste collection services for commercial, industrial, municipal, and residential customers.  Republic also operates transfer stations, landfills, and recycling facilities.

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Republic Services (RSG US)

Republic Services’ $2.55 Billion Cash Engine — Growth Spending Meets Resilience!

Republic Services, Inc. reported second quarter 2026 results showing moderate top- and bottom-line growth, supported by operational execution and...

Baptista Research

Republic Services’ $984 Million Free Cash Flow Quarter: Is The Market Missing Its Margin Story?

Republic Services, Inc. reported its first quarter 2026 financial results, demonstrating moderate revenue growth alongside notable earnings and...

Baptista Research

Republic Services Is Leaning Into Pricing Power—Can Discipline Beat Volume Headwinds in a Tough Macro?

Republic Services, a major player in the recycling and waste industry, recently reported its fourth-quarter and full-year financial results for...

Baptista Research

Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

EQT's thrice-reconfirmed offer points to a SID, but shares fell 3.6% today to A$2.66. The scheme vote should pass if dissent stays contained.

Arun George

Republic Services: Strategic Acquisitions & A Robust M&A Pipeline for Sustained Expansion & Increased Operational Efficiency!

Republic Services, Inc. reported its third-quarter 2025 financial results, showcasing both strengths and challenges within its business...

Baptista Research

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