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>S&P Global delivered a noteworthy performance for the full year of 2025, characterized by strong revenue growth and expansion of operating margins, culminating in a 14% increase in Earnings Per Share (EPS).</li><li>These results exceeded the initial guidance provided at the beginning of the year.</li><li>The company also significantly rewarded shareholders, distributing 113% of adjusted free cash flow via dividends and share repurchases, and raised its dividend for the 53rd consecutive year while repurchasing over $5 billion in stock.</li></ul>

S&P Global delivered a noteworthy performance for the full year of 2025, characterized by strong revenue growth and expansion of operating margins, culminating in a 14% increase in Earnings Per Share (EPS).These results exceeded the initial guidance provided at the beginning of the year.The company also significantly rewarded shareholders, distributing 113% of adjusted free cash flow via dividends and share repurchases, and raised its dividend for the 53rd consecutive year while repurchasing over $5 billion in stock.

S&P Global: From AI-Enhanced Data to Private Markets—A High-Quality Growth Engine Emerges!

<ul><li>S&P Global Inc. demonstrated a robust performance in the third quarter of 2025, achieving record revenue, operating profit, and EPS.</li><li>Revenue increased by 9% year-over-year, supported by a 6% rise in subscription revenue.</li><li>These results were underpinned by strategic investments in capacity, new products, and technology, which facilitated margin expansion of 180 basis points on a trailing 12-month basis and a 22% increase in adjusted EPS.</li></ul>

S&P Global Inc. demonstrated a robust performance in the third quarter of 2025, achieving record revenue, operating profit, and EPS.Revenue increased by 9% year-over-year, supported by a 6% rise in subscription revenue.These results were underpinned by strategic investments in capacity, new products, and technology, which facilitated margin expansion of 180 basis points on a trailing 12-month basis and a 22% increase in adjusted EPS.

S&P Global: Why Is Its Proprietary Data the Ultimate Competitive Moat?

<ul><li>S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion.</li><li>The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets.</li><li>Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions.</li></ul>

S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion.The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets.Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions.

S&P Acquires With Intelligence For $1.8 Billion—What It Means For Wall Street’s Data Wars!

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India's corporate bond market hit a record Rs 53.6 lakh crore outstanding in March 2025, with fresh issuances of Rs 9.9 lakh crore in FY25 alone, the highest ever. </li>
<li>Credit rating agencies, unlike most financial services businesses, their competitive position is mandated by regulation, fortified by global parentage, and largely insulated from geopolitical shocks.</li>
<li>The SME formalization story, Rs 30 lakh crore credit gap, India's journey from bank-dominated to market-based credit delivery are structural tailwinds that barely register in consensus research on this sector.</li>
</ul>


India's corporate bond market hit a record Rs 53.6 lakh crore outstanding in March 2025, with fresh issuances of Rs 9.9 lakh crore in FY25 alone, the highest ever. 
Credit rating agencies, unlike most financial services businesses, their competitive position is mandated by regulation, fortified by global parentage, and largely insulated from geopolitical shocks.
The SME formalization story, Rs 30 lakh crore credit gap, India's journey from bank-dominated to market-based credit delivery are structural tailwinds that barely register in consensus research on this sector.


India's Rating Agencies: The Only Toll Booth on the Road to a $10 Trillion Economy

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Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>This week, I closed out my WDC recommendation.</li><li>Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and I want to focus on other high conviction special situations.</li><li>When I first recommended WDC, it was a demerger arbitrage: we were buying ahead of the SanDisk separation, and the stock was cheap on every metric (absolute, relative and SOTP).</li></ul>

This week, I closed out my WDC recommendation.Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and I want to focus on other high conviction special situations.When I first recommended WDC, it was a demerger arbitrage: we were buying ahead of the SanDisk separation, and the stock was cheap on every metric (absolute, relative and SOTP).

United States

S&P Global Inc. provides clients with financial information services. The Company offers information regarding ratings, benchmarks, and analytics in the global capital and commodity markets. S&P Global operates worldwide.

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S&P Global (SPGI US)

S&P Global: From AI-Enhanced Data to Private Markets—A High-Quality Growth Engine Emerges!

S&P Global delivered a noteworthy performance for the full year of 2025, characterized by strong revenue growth and expansion of operating...

Baptista Research

S&P Global: Why Is Its Proprietary Data the Ultimate Competitive Moat?

S&P Global Inc. demonstrated a robust performance in the third quarter of 2025, achieving record revenue, operating profit, and EPS. Revenue...

Baptista Research

S&P Acquires With Intelligence For $1.8 Billion—What It Means For Wall Street’s Data Wars!

S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8...

Baptista Research

India's Rating Agencies: The Only Toll Booth on the Road to a $10 Trillion Economy

A sector that is not impacted by War: Credit rating agencies maintain strong competitive position due to regulation and parentage, while SME...

Nimish Maheshwari

Weekly Update (Vylor, CTVA, WDC)

This week, I closed out my WDC recommendation. Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and...

Richard Howe

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