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

Rogers Communications  / Equity Bottom-Up

<ul>
<li>Rogers Communications, Inc. reported solid third-quarter 2025 results, reflecting consistent operational and financial performance across its three core business segments: Wireless, Cable, and Media.</li>
<li>The company maintained industry-leading margins and showed strong subscriber growth, although facing challenges in certain revenue areas.</li>
<li>In the Wireless sector, Rogers demonstrated strong subscriber growth by adding 111,000 total mobile phone net additions in Q3, with a significant portion attributed to postpaid customers.</li>
</ul>


Rogers Communications, Inc. reported solid third-quarter 2025 results, reflecting consistent operational and financial performance across its three core business segments: Wireless, Cable, and Media.
The company maintained industry-leading margins and showed strong subscriber growth, although facing challenges in certain revenue areas.
In the Wireless sector, Rogers demonstrated strong subscriber growth by adding 111,000 total mobile phone net additions in Q3, with a significant portion attributed to postpaid customers.


Rogers Communications’ Big AI Push: Will Automation Make It the Telecom Leader of Tomorrow?

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Post-Shaw Acquisition Scale and Synergy Realization: The successful, multi-billion dollar acquisition of Shaw Communications has significantly increased Rogers' scale, particularly in Western Canada, creating a stronger national competitor. The company is reportedly ahead of schedule in realizing cost synergies, which is crucial for improving profitability and managing the increased debt load.</li>
 <li>
5G Network Leadership and Monetization Opportunity: Rogers is a leader in 5G network deployment in Canada, covering a majority of the population. This technological advantage presents a significant long-term opportunity to monetize investments through new services for both consumers (e.g., enhanced mobile broadband) and enterprises (e.g., IoT, network slicing), driving future revenue growth.</li>
 <li>
Elevated Financial Risk Amid Intense Competition: The company is operating with a high debt-to-equity ratio following the Shaw acquisition. This financial leverage, combined with intense and persistent competition from established players like Bell and Telus and a more aggressive Quebecor, poses a significant risk to margins and financial flexibility, especially in a volatile macroeconomic environment.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Post-Shaw Acquisition Scale and Synergy Realization: The successful, multi-billion dollar acquisition of Shaw Communications has significantly increased Rogers' scale, particularly in Western Canada, creating a stronger national competitor. The company is reportedly ahead of schedule in realizing cost synergies, which is crucial for improving profitability and managing the increased debt load.
  
5G Network Leadership and Monetization Opportunity: Rogers is a leader in 5G network deployment in Canada, covering a majority of the population. This technological advantage presents a significant long-term opportunity to monetize investments through new services for both consumers (e.g., enhanced mobile broadband) and enterprises (e.g., IoT, network slicing), driving future revenue growth.
  
Elevated Financial Risk Amid Intense Competition: The company is operating with a high debt-to-equity ratio following the Shaw acquisition. This financial leverage, combined with intense and persistent competition from established players like Bell and Telus and a more aggressive Quebecor, poses a significant risk to margins and financial flexibility, especially in a volatile macroeconomic environment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Rogers Communications  (RCI/B CN) - Sep 2025

<ul>
 <li>
Dominant Market Position with Synergistic Asset Mix: Rogers is a leading Canadian telecommunications carrier with significant market share in the wireless and cable segments. The recent acquisition of Shaw Communications solidifies its national footprint, particularly in Western Canada, and is expected to generate substantial cost and capital expenditure synergies.</li>
 <li>
Strategic Focus on 5G Network Expansion: The company is heavily investing in the rollout of its 5G network, which is crucial for maintaining a competitive edge and supporting future growth in both consumer and enterprise segments. This investment enhances service offerings and creates a barrier to entry for potential new competitors.</li>
 <li>
Diversified Revenue Streams and Strong Brand Equity: Beyond its core telecom services, Rogers possesses valuable media and sports assets, including the Toronto Blue Jays and a significant stake in Maple Leaf Sports &amp; Entertainment, which provide diversified revenue streams and unique content opportunities. The company benefits from strong brand recognition and a loyal customer base across its various segments.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Market Position with Synergistic Asset Mix: Rogers is a leading Canadian telecommunications carrier with significant market share in the wireless and cable segments. The recent acquisition of Shaw Communications solidifies its national footprint, particularly in Western Canada, and is expected to generate substantial cost and capital expenditure synergies.
  
Strategic Focus on 5G Network Expansion: The company is heavily investing in the rollout of its 5G network, which is crucial for maintaining a competitive edge and supporting future growth in both consumer and enterprise segments. This investment enhances service offerings and creates a barrier to entry for potential new competitors.
  
Diversified Revenue Streams and Strong Brand Equity: Beyond its core telecom services, Rogers possesses valuable media and sports assets, including the Toronto Blue Jays and a significant stake in Maple Leaf Sports &amp; Entertainment, which provide diversified revenue streams and unique content opportunities. The company benefits from strong brand recognition and a loyal customer base across its various segments.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Rogers Communications  (RCI/A CN) - Sep 2025

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

Risk-on signals continue to pile up, which continues to support our constructive outlook. Building off of last week's report, growth Sectors such as Technology and Communications continue to improve and we recommend adding exposure (e.g., Bilibili BILI-US/9626-HK).

Risk-on signals continue to pile up, which continues to support our constructive outlook. Building off of last week's report, growth Sectors such as Technology and Communications continue to improve and we recommend adding exposure (e.g., Bilibili BILI-US/9626-HK).

Global Equity Strategy: Growth Sectors Continue To Improve -- Add Exposure

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Our outlook for global equities remains extremely cautious and we expect downward consolidation to continue. Equity prices will need to show signs of bottoming in order for this outlook to change.  In our December International Strategy, we explore various themes which lead to our cautious outlook, provide a technical appraisal of major world markets, explore a possible bottom in the Chinese market, and highlight attractive setups in the Consumer Staples, Communications, Health Care, and Utilities Sectors.

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Our outlook for global equities remains extremely cautious and we expect downward consolidation to continue. Equity prices will need to show signs of bottoming in order for this outlook to change.  In our December International Strategy, we explore various themes which lead to our cautious outlook, provide a technical appraisal of major world markets, explore a possible bottom in the Chinese market, and highlight attractive setups in the Consumer Staples, Communications, Health Care, and Utilities Sectors.

Global Equity Strategy: Cautious Outlook Intact; Defensive Sectors Remain Leadership

Canada

Rogers Communications, Inc. is a diversified Canadian communications and media company. The Company's activities include wireless voice and data communications services over its national GSM, HSPA and LTE networks; cable television, telephony and high speed Internet access services over its broadband networks; and radio and TV broadcasting, televised shopping, magazines, and sports.

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Rogers Communications (RCI/B CN)

Rogers Communications’ Big AI Push: Will Automation Make It the Telecom Leader of Tomorrow?

The company maintained industry-leading margins and showed strong subscriber growth, although facing challenges in certain revenue areas.

Baptista Research

Primer: Rogers Communications (RCI/B CN) - Sep 2025

Post-Shaw Acquisition Scale and Synergy Realization: The successful, multi-billion dollar acquisition of Shaw Communications has significantly...

αSK

Primer: Rogers Communications (RCI/A CN) - Sep 2025

Dominant Market Position with Synergistic Asset Mix: Rogers is a leading Canadian telecommunications carrier with significant market share in...

αSK

Global Equity Strategy: Growth Sectors Continue To Improve -- Add Exposure

Building off of last week's report, growth Sectors such as Technology and Communications continue to improve and we recommend adding exposure...

Vermilion Research

Global Equity Strategy: Cautious Outlook Intact; Defensive Sectors Remain Leadership

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Our outlook for global equities...

Vermilion Research

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