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>Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational indicators.</li><li>The company posted a 21% sequential increase in revenue, reaching $2.3 billion, and reported non-GAAP earnings per share of $1.22, bolstered by a significant $448 million in adjusted free cash flow, leading to a net cash position of $91 million.</li><li>The company's strategy, focusing on revenue growth, margin expansion, and sustainable free cash flow, appears to be gaining traction, with positive customer and market demand across its technology and product portfolio.</li></ul>

Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational indicators.The company posted a 21% sequential increase in revenue, reaching $2.3 billion, and reported non-GAAP earnings per share of $1.22, bolstered by a significant $448 million in adjusted free cash flow, leading to a net cash position of $91 million.The company's strategy, focusing on revenue growth, margin expansion, and sustainable free cash flow, appears to be gaining traction, with positive customer and market demand across its technology and product portfolio.

SanDisk’s BiCS8 Breakthrough: The Game-Changing Technology Turbocharging Storage Performance!

<ul><li>SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500, replacing Interpublic Group of Companies, which is being acquired by Omnicom Group.</li><li>Shares jumped 13.3% during the regular session and spiked an additional 9% after hours, extending a powerful upward move triggered by the index‑addition news.</li><li>The inclusion will take effect before the market opens on November 28, injecting Sandisk into one of the world’s most widely tracked equity benchmarks and setting off mechanical buying from index funds and benchmark‑constrained investors.</li></ul>

SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500, replacing Interpublic Group of Companies, which is being acquired by Omnicom Group.Shares jumped 13.3% during the regular session and spiked an additional 9% after hours, extending a powerful upward move triggered by the index‑addition news.The inclusion will take effect before the market opens on November 28, injecting Sandisk into one of the world’s most widely tracked equity benchmarks and setting off mechanical buying from index funds and benchmark‑constrained investors.

Sandisk Inc, IPG Out: The Index Shakeup Everyone’s Watching!

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

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>Today, investors received shares in the new SanDisk spin-off.</li><li>Shares are currently slightly up due to buying pressure ahead of the stock being added to the S&amp;P 600 index effective tomorrow.</li><li>SanDisk is trading at 1.1x revenue which is a reasonable valuation (Xioxia, Sandisk’s JV partner, trades at 1.3x LTM revenue).<figure class="editor-figure mceNonEditable"></figure></li></ul>

Today, investors received shares in the new SanDisk spin-off.Shares are currently slightly up due to buying pressure ahead of the stock being added to the S&amp;P 600 index effective tomorrow.SanDisk is trading at 1.1x revenue which is a reasonable valuation (Xioxia, Sandisk’s JV partner, trades at 1.3x LTM revenue).

<ul>
<li>Small caps generally trade between a 50% discount to the S&amp;P 500 and a 50% premium. The current discount is 22%.</li>
<li>Relative periods of outperformance tend to last for waves of at least 13 years.</li>
<li>The current dominance of large caps over small caps has lasted ~13 years. This suggests the cycle could be due to change.</li>
</ul>


Small caps generally trade between a 50% discount to the S&amp;P 500 and a 50% premium. The current discount is 22%.
Relative periods of outperformance tend to last for waves of at least 13 years.
The current dominance of large caps over small caps has lasted ~13 years. This suggests the cycle could be due to change.


US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.</li>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.</li>
<li>The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.</li>
</ul>



Marvell Technology (MRVL US) became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.

Marvell Technology (MRVL US) experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.
The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.


Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

United States

SanDisk Corporation designs, develops, and manufactures data storage solutions in a variety of form factors using our flash memory, proprietary controller and firmware technologies. The Company's solutions include removable cards, embedded products, universal serial bus, or USB, drives, digital media players, wafers and components.

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Sandisk Corp (SNDK US)

SanDisk’s BiCS8 Breakthrough: The Game-Changing Technology Turbocharging Storage Performance!

Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational...

Baptista Research

Sandisk Inc, IPG Out: The Index Shakeup Everyone’s Watching!

SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500,...

Baptista Research

[Alert] Sell Sandisk Spin-off

Today, investors received shares in the new SanDisk spin-off. Shares are currently slightly up due to buying pressure ahead of the stock...

Richard Howe

Weekly Update (WDC, SNDK, MRP, IAC)

Small caps generally trade between a 50% discount to the S&P 500 and a 50% premium. The current discount is 22%. Relative periods of outperformance...

Richard Howe

Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

MRVL is labelled bullish for index rebalance but bearish in fundamentals following the fourth consecutive positive earnings and high price-to...

Dimitris Ioannidis

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