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>Thomson Reuters reported a solid start to 2026 with total organic revenue growth of 8% in the first quarter, slightly ahead of prior expectations, supported by 9% growth in its three core segments—Legal Professionals, Corporates, and Tax, Audit & Accounting Professionals.</li><li>Adjusted EBITDA rose 9% to $881 million, maintaining a margin of 42.2%, and adjusted earnings per share increased 10% to $1.23.</li><li>Free cash flow improved 19% year-over-year to $332 million, driven primarily by EBITDA growth.</li></ul>

Thomson Reuters reported a solid start to 2026 with total organic revenue growth of 8% in the first quarter, slightly ahead of prior expectations, supported by 9% growth in its three core segments—Legal Professionals, Corporates, and Tax, Audit & Accounting Professionals.Adjusted EBITDA rose 9% to $881 million, maintaining a margin of 42.2%, and adjusted earnings per share increased 10% to $1.23.Free cash flow improved 19% year-over-year to $332 million, driven primarily by EBITDA growth.

Thomson Reuters Faces 5% Print Decline As AI Competition Intensifies!

<ul><li>Thomson Reuters reported robust financial performance for the fourth quarter of 2025, with organic revenues increasing by 7% and adjusted EBITDA improving by 8% compared to the prior year.</li><li>This growth was driven by strong performances across its core segments, particularly the Big 3 segments (Legal Professionals, Corporates, and Tax, Audit & Accounting), which collectively saw organic revenue rise by 9%.</li><li>The company also achieved full-year organic revenue growth of 7% and expanded its adjusted EBITDA margin by 100 basis points to 39.2%.</li></ul>

Thomson Reuters reported robust financial performance for the fourth quarter of 2025, with organic revenues increasing by 7% and adjusted EBITDA improving by 8% compared to the prior year.This growth was driven by strong performances across its core segments, particularly the Big 3 segments (Legal Professionals, Corporates, and Tax, Audit & Accounting), which collectively saw organic revenue rise by 9%.The company also achieved full-year organic revenue growth of 7% and expanded its adjusted EBITDA margin by 100 basis points to 39.2%.

Thomson Reuters’ $11 Billion M&A War Chest—A Strategic AI Roll-Up in the Making?

<ul><li>Thomson Reuters reported its third-quarter 2025 earnings, showcasing both momentum in key areas and some challenges impacting overall growth projections.</li><li>The company experienced strong organic revenue growth of 7%, with the "Big 3" segments—Legal Professionals, Corporates, and Tax & Accounting—driving 9% growth.</li><li>Significantly, the Legal Professionals segment saw an acceleration to 9% organic growth, bolstered by the continued success of Westlaw and CoCounsel products.</li></ul>

Thomson Reuters reported its third-quarter 2025 earnings, showcasing both momentum in key areas and some challenges impacting overall growth projections.The company experienced strong organic revenue growth of 7%, with the "Big 3" segments—Legal Professionals, Corporates, and Tax & Accounting—driving 9% growth.Significantly, the Legal Professionals segment saw an acceleration to 9% organic growth, bolstered by the continued success of Westlaw and CoCounsel products.

Thomson Reuters: How CoCounsel Could Reshape Legal Workflows—Is Thomson Reuters Building the AI Assistant Leader?

<ul><li>Thomson Reuters has reported its second quarter results for 2025, reflecting a balanced performance with both commendable strengths and areas that require careful attention.</li><li>The total organic revenue increased by 7%, with the company’s major segments expanding by 9%.</li><li>Specifically, the Legal Professionals segment reported consistent growth with an 8% rise in organic revenue for the second consecutive quarter, fueled by momentum from products like Westlaw and CoCounsel.</li></ul>

Thomson Reuters has reported its second quarter results for 2025, reflecting a balanced performance with both commendable strengths and areas that require careful attention.The total organic revenue increased by 7%, with the company’s major segments expanding by 9%.Specifically, the Legal Professionals segment reported consistent growth with an 8% rise in organic revenue for the second consecutive quarter, fueled by momentum from products like Westlaw and CoCounsel.

Thomson Reuters: Will Its Single Integrated Solution Approach Work?

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

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121


Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Canada

Thomson Reuters Corporation provides business information services. The Company offers information-enabled software and tools for legal, tax, accounting, and compliance professionals. Thomson Reuters also provides news services worldwide.

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Thomson Reuters (TRI US)

Thomson Reuters Faces 5% Print Decline As AI Competition Intensifies!

Thomson Reuters reported a solid start to 2026 with total organic revenue growth of 8% in the first quarter, slightly ahead of prior expectations,...

Baptista Research

Thomson Reuters’ $11 Billion M&A War Chest—A Strategic AI Roll-Up in the Making?

Thomson Reuters reported robust financial performance for the fourth quarter of 2025, with organic revenues increasing by 7% and adjusted EBITDA...

Baptista Research

Thomson Reuters: How CoCounsel Could Reshape Legal Workflows—Is Thomson Reuters Building the AI Assistant Leader?

Thomson Reuters reported its third-quarter 2025 earnings, showcasing both momentum in key areas and some challenges impacting overall growth...

Baptista Research

Thomson Reuters: Will Its Single Integrated Solution Approach Work?

Thomson Reuters has reported its second quarter results for 2025, reflecting a balanced performance with both commendable strengths and areas that...

Baptista Research

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

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