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>Royal Gold, Inc. reported a strong second quarter for 2026, marking its second full quarter of results following significant business growth in 2025.</li><li>The company posted revenue of $451 million, representing a 115% increase year-over-year, with operating cash flow rising 119% to a record $335 million.</li><li>Net income stood at $236 million, up 79% from the prior year, while adjusted net income was $218 million, a 41% increase.</li></ul>

Royal Gold, Inc. reported a strong second quarter for 2026, marking its second full quarter of results following significant business growth in 2025.The company posted revenue of $451 million, representing a 115% increase year-over-year, with operating cash flow rising 119% to a record $335 million.Net income stood at $236 million, up 79% from the prior year, while adjusted net income was $218 million, a 41% increase.

Royal Gold’s Gold Powerhouse — 100,000 Equivalent Ounces Drive A Bigger Portfolio!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 27 adds, 3 deletes and 3 listing changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in March. There are capping and float changes too.</li>
<li>Estimated one-way turnover is 17.4% resulting in a round-trip trade of US$3.8bn. There is a lot of stock to buy in the inclusions.</li>
<li>Capping results in some big flows for the other stocks in the index, mainly <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a>, <a href="https://www.smartkarma.com/entities/endeavour-mining-plc" target="_blank" data-smartkarma-citation="entities:40926:1" rel="noopener">Endeavour Mining (EDV LN)</a>, <a href="https://www.smartkarma.com/entities/coeur-mining-inc" target="_blank" data-smartkarma-citation="entities:2622:1" rel="noopener">Coeur Mining (CDE US)</a> and <a href="https://www.smartkarma.com/entities/equinox-gold-corp" target="_blank" data-smartkarma-citation="entities:38705:1" rel="noopener">Equinox Gold (EQX US)</a>. </li>
</ul>


There are 27 adds, 3 deletes and 3 listing changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in March. There are capping and float changes too.
Estimated one-way turnover is 17.4% resulting in a round-trip trade of US$3.8bn. There is a lot of stock to buy in the inclusions.
Capping results in some big flows for the other stocks in the index, mainly Evolution Mining (EVN AU), Endeavour Mining (EDV LN), Coeur Mining (CDE US) and Equinox Gold (EQX US). 


MV Global Junior Gold Miners Index Rebalance: 27 Adds; 3 Deletes; US$3.8bn Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

VanEck Vectors Junior Gold Miners ETF / Index Rebalance

VanEck Vectors Junior Gold Miners ETF (GDXJ US)

<ul>
<li>The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.</li>
<li>This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.</li>
<li>In this insight, we take a look at the latest lists of potential ADDs and DELs for the index rebal event in September 2024.</li>
</ul>


The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.
In this insight, we take a look at the latest lists of potential ADDs and DELs for the index rebal event in September 2024.


Quiddity Leaderboard MV Jr Gold Miners Sep 24:  Mergers Mean Possible Up-And-Out DELETEs

<ul><li>Royal Gold, Inc. reported a strong financial quarter in the first quarter of 2026, driven by the benefits of its expanded portfolio following acquisitions made in 2025.</li><li>The company achieved record quarterly revenue of $469 million, representing a 143% increase compared to the same quarter last year.</li><li>Operating cash flow rose to $294 million, a 115% increase, and net income reached $281 million, up 148%, with adjusted net income (excluding certain items) at a record $233 million or $2.72 per share, an 80% improvement.</li></ul>

Royal Gold, Inc. reported a strong financial quarter in the first quarter of 2026, driven by the benefits of its expanded portfolio following acquisitions made in 2025.The company achieved record quarterly revenue of $469 million, representing a 143% increase compared to the same quarter last year.Operating cash flow rose to $294 million, a 115% increase, and net income reached $281 million, up 148%, with adjusted net income (excluding certain items) at a record $233 million or $2.72 per share, an 80% improvement.

Royal Gold Is Not Just A Gold Royalty Story Anymore — Here’s Why Silver Matters!

<ul><li>Royal Gold's recent earnings release presents a multifaceted picture of its fiscal year 2025 performance and provides insights into strategic directions for the near future.</li><li>The company's financial results indicate a transformative year marked by significant acquisitions, revenue growth, and strategic portfolio enhancements.</li><li>Positively, Royal Gold reported record financial performance with revenue reaching $1 billion, a 43% increase from the previous year, operating cash flow of $705 million, and earnings of $466 million, marking a 40% year-over-year increase.</li></ul>

Royal Gold's recent earnings release presents a multifaceted picture of its fiscal year 2025 performance and provides insights into strategic directions for the near future.The company's financial results indicate a transformative year marked by significant acquisitions, revenue growth, and strategic portfolio enhancements.Positively, Royal Gold reported record financial performance with revenue reaching $1 billion, a 43% increase from the previous year, operating cash flow of $705 million, and earnings of $466 million, marking a 40% year-over-year increase.

Royal Gold’s Aggressive Debt Paydown Signals a Rapid Shift in Financial Firepower!

United States

Royal Gold, Inc. acquires and manages precious metals royalties.  The Company seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests.  Royal Gold Inc.'s gold-focused portfolio contains royalties ranging from those in production and development to those in the evaluation and exploration stages.

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Royal Gold Inc (RGLD US)

Royal Gold’s Gold Powerhouse — 100,000 Equivalent Ounces Drive A Bigger Portfolio!

Royal Gold, Inc. reported a strong second quarter for 2026, marking its second full quarter of results following significant business growth in...

Baptista Research

MV Global Junior Gold Miners Index Rebalance: 27 Adds; 3 Deletes; US$3.8bn Trade

There are 27 adds, 3 deletes and 3 listing changes for the GDXJ. Estimated one-way turnover is 17.4% and round-trip trade is US$3.8bn. Capping...

Brian Freitas

Quiddity Leaderboard MV Jr Gold Miners Sep 24: Mergers Mean Possible Up-And-Out DELETEs

The MV Junior Gold Miners Index is up for rebalance in September. There are no LARGE changes expected. There are two obvious smallcap deletes. Some...

Travis Lundy

Royal Gold Is Not Just A Gold Royalty Story Anymore — Here’s Why Silver Matters!

Royal Gold, Inc. reported a strong financial quarter in the first quarter of 2026, driven by the benefits of its expanded portfolio following...

Baptista Research

Royal Gold’s Aggressive Debt Paydown Signals a Rapid Shift in Financial Firepower!

Royal Gold's recent earnings release presents a multifaceted picture of its fiscal year 2025 performance and provides insights into strategic...

Baptista Research

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