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

Royal Dutch Shell Plc (Adr) / Equity Bottom-Up

<ul><li>Shell's third-quarter results for 2025 present a nuanced picture encompassing both positive developments and areas of concern.</li><li>On the positive side, the company reported robust financial performance with adjusted earnings of $5.4 billion and operating cash flow of $12.2 billion.</li><li>These figures highlight strong operational performance and increased efficiency across various sectors of the business, notably in the Integrated Gas and Upstream segments.</li></ul>

Shell's third-quarter results for 2025 present a nuanced picture encompassing both positive developments and areas of concern.On the positive side, the company reported robust financial performance with adjusted earnings of $5.4 billion and operating cash flow of $12.2 billion.These figures highlight strong operational performance and increased efficiency across various sectors of the business, notably in the Integrated Gas and Upstream segments.

Shell plc: Growth in Integrated Gas and LNG Portfolio

<ul><li>Royal Dutch Shell's second-quarter 2025 financial results reflect a company grappling with challenging macroeconomic conditions yet demonstrating resilience and strategic focus.</li><li>The external environment painted a complex picture, influenced by geopolitical uncertainties and fluctuating commodity prices, which impacted trade flows and margins.</li><li>Nevertheless, Shell delivered strong operational performance and significant cost reductions, affirming its commitment to strategic objectives set out at the Capital Markets Day (CMD) in March.</li></ul>

Royal Dutch Shell's second-quarter 2025 financial results reflect a company grappling with challenging macroeconomic conditions yet demonstrating resilience and strategic focus.The external environment painted a complex picture, influenced by geopolitical uncertainties and fluctuating commodity prices, which impacted trade flows and margins.Nevertheless, Shell delivered strong operational performance and significant cost reductions, affirming its commitment to strategic objectives set out at the Capital Markets Day (CMD) in March.

Shell Strikes Gold With Strategic Partnerships—Is Asset Optimization the Next Big Payoff?

<ul><li>Shell has presented a comprehensive set of results for the first quarter of 2025.</li><li>The company has shown a strong operational and financial performance, with several positive developments and challenges worth noting for potential and current investors.</li><li>Positive aspects of the quarter include a substantial increase in adjusted earnings to $5.6 billion, marking a 52% rise from the previous quarter.</li></ul>

Shell has presented a comprehensive set of results for the first quarter of 2025.The company has shown a strong operational and financial performance, with several positive developments and challenges worth noting for potential and current investors.Positive aspects of the quarter include a substantial increase in adjusted earnings to $5.6 billion, marking a 52% rise from the previous quarter.

Shell PLC: A Tale Of Strategic Disposals & Portfolio Optimization With A Focus On Integrated Gas & Upstream!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Palliser Capital, which reportedly holds ~$300mn in <strong><a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU/LN)</a></strong> shares across its dual-head structure, has campaigned for near-on a year to unify the primary listing in Australia.</li>
<li>Palliser's reasonings (and others) to unify make sense, such as access to stock-based mergers and eliminating franking wastage. A recent independent assessment from Grant Thornton is also supportive of unification.</li>
<li>Shareholders will vote on the resolution on 3rd April  for UK-listed shares and 1st May for Australian-listed shares. The UK line holds the key to the vote outcome.</li>
</ul>


Palliser Capital, which reportedly holds ~$300mn in Rio Tinto Ltd (RIO AU/LN) shares across its dual-head structure, has campaigned for near-on a year to unify the primary listing in Australia.
Palliser's reasonings (and others) to unify make sense, such as access to stock-based mergers and eliminating franking wastage. A recent independent assessment from Grant Thornton is also supportive of unification.
Shareholders will vote on the resolution on 3rd April  for UK-listed shares and 1st May for Australian-listed shares. The UK line holds the key to the vote outcome.


Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

<ul><li>Shell's second-quarter 2024 results reflect significant progress towards the company's strategic goals laid out during the Capital Markets Day, underscoring a commitment to enhancing shareholder value while transitioning towards more sustainable energy practices.</li><li>Despite challenging market conditions, Shell has effectively managed to progress in its operations and financial performance.</li><li>Financially, Shell reported robust results for the quarter, with adjusted earnings of $6.3 billion and impressive cash flow generation, amounting to $13.5 billion from operations.</li></ul>

Shell's second-quarter 2024 results reflect significant progress towards the company's strategic goals laid out during the Capital Markets Day, underscoring a commitment to enhancing shareholder value while transitioning towards more sustainable energy practices.Despite challenging market conditions, Shell has effectively managed to progress in its operations and financial performance.Financially, Shell reported robust results for the quarter, with adjusted earnings of $6.3 billion and impressive cash flow generation, amounting to $13.5 billion from operations.

Shell Plc: These Are The 4 Biggest Challenges In Its Path For Growth! - Major Drivers

Netherlands

Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum.  The Company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.

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Royal Dutch Shell Plc (Adr) (RDS/A US)

Shell plc: Growth in Integrated Gas and LNG Portfolio

Shell's third-quarter results for 2025 present a nuanced picture encompassing both positive developments and areas of concern. On the positive...

Baptista Research

Shell Strikes Gold With Strategic Partnerships—Is Asset Optimization the Next Big Payoff?

Royal Dutch Shell's second-quarter 2025 financial results reflect a company grappling with challenging macroeconomic conditions yet demonstrating...

Baptista Research

Shell PLC: A Tale Of Strategic Disposals & Portfolio Optimization With A Focus On Integrated Gas & Upstream!

Shell has presented a comprehensive set of results for the first quarter of 2025. The company has shown a strong operational and financial...

Baptista Research

Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

Rio Tinto Ltd (RIO AU) shareholders voted down (80.65% against, spread across two meetings in London and Perth) Palliser's proposal to review its...

David Blennerhassett

Shell Plc: These Are The 4 Biggest Challenges In Its Path For Growth! - Major Drivers

Shell's second-quarter 2024 results reflect significant progress towards the company's strategic goals laid out during the Capital Markets Day,...

Baptista Research

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