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>Vertiv has entered into an agreement to acquire ThermoKey S.p.A., a move that arrives just as the company is reporting unusually strong momentum in AI infrastructure.</li><li>In its latest quarterly discussion, Vertiv described a market shaped by surging orders, a book-to-bill ratio near 3x, a backlog of roughly $15 billion, and growing demand for system-level thermal and power infrastructure tied to high-density data centers and AI factories.</li><li>Against that backdrop, ThermoKey adds more than just another product line.</li></ul>

Vertiv has entered into an agreement to acquire ThermoKey S.p.A., a move that arrives just as the company is reporting unusually strong momentum in AI infrastructure.In its latest quarterly discussion, Vertiv described a market shaped by surging orders, a book-to-bill ratio near 3x, a backlog of roughly $15 billion, and growing demand for system-level thermal and power infrastructure tied to high-density data centers and AI factories.Against that backdrop, ThermoKey adds more than just another product line.

Vertiv Acquisition Strategy: How ThermoKey Could Expand Its Thermal Empire!

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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/vertiv-holdings-co" target="_blank" data-smartkarma-citation="entities:33140:1" rel="noopener">Vertiv Holdings Co (VRT US)</a> and <a href="https://www.smartkarma.com/entities/coherent-corp" target="_blank" data-smartkarma-citation="entities:9518:1" rel="noopener">Coherent (COHR US)</a> are the main candidates for addition, based on high eligibility scores.</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> and <a href="https://www.smartkarma.com/entities/lumentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:12529:1" rel="noopener">Lumentum Holdings (LITE US)</a> face reduced conviction due to tech-sector balance.</li>
<li>
<a href="https://www.smartkarma.com/entities/echostar-corp-a" target="_blank" data-smartkarma-citation="entities:3225:1" rel="noopener">Echostar Corp A (SATS US)</a> faces reduced conviction because of earnings and float cap.</li>
</ul>



Vertiv Holdings Co (VRT US) and Coherent (COHR US) are the main candidates for addition, based on high eligibility scores.

Marvell Technology (MRVL US) and Lumentum Holdings (LITE US) face reduced conviction due to tech-sector balance.

Echostar Corp A (SATS US) faces reduced conviction because of earnings and float cap.


S&P500 March 2026 Forecast: VRT, COHR & SATS Leading the Pack

<ul><li>Vertiv Holdings Co provides products and services encompassing power solutions, thermal management, and critical infrastructure for data centers and networks.</li><li>Based on a review of their recent financial results for the fourth quarter and full year of 2025, several points of interest emerge for potential investors considering the company.</li><li>From a performance standpoint, Vertiv exhibited robust growth in 2025 with key financial metrics indicating positive momentum.</li></ul>

Vertiv Holdings Co provides products and services encompassing power solutions, thermal management, and critical infrastructure for data centers and networks.Based on a review of their recent financial results for the fourth quarter and full year of 2025, several points of interest emerge for potential investors considering the company.From a performance standpoint, Vertiv exhibited robust growth in 2025 with key financial metrics indicating positive momentum.

Vertiv Holdings Co’s Global Expansion Playbook Is Starting to Pay Off!

AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

<ul><li>Schneider Electric makes the electrical and cooling equipment inside data centres.</li><li>More and more of what it sells them now arrives as whole units, assembled and tested in a factory, rather than as separate parts for workers to fit on site.</li><li>The reason is that skilled people on the building site, not just the equipment, now set how fast an AI data centre can switch on.</li></ul>

Schneider Electric makes the electrical and cooling equipment inside data centres.More and more of what it sells them now arrives as whole units, assembled and tested in a factory, rather than as separate parts for workers to fit on site.The reason is that skilled people on the building site, not just the equipment, now set how fast an AI data centre can switch on.

Schneider Electric sells AI data centres the finished system, not the parts

<ul><li>As Vertiv Holdings races ahead in the high-performance data center and AI infrastructure market, its latest move—agreeing to acquire Texas-based fluid management services provider Purge Rite Intermediate for $1 billion in cash, plus up to $250 million in potential earnouts—has sent ripples through the thermal management space.</li><li>The acquisition, announced in early November 2025, comes on the heels of Vertiv’s strong Q3 performance, with 28% organic sales growth and a $9.5 billion backlog.</li><li>Purge Rite, headquartered in Houston and backed by Milton Street Capital, specializes in thermal fluid services and is positioned to expand its service center network across North America.</li></ul>

As Vertiv Holdings races ahead in the high-performance data center and AI infrastructure market, its latest move—agreeing to acquire Texas-based fluid management services provider Purge Rite Intermediate for $1 billion in cash, plus up to $250 million in potential earnouts—has sent ripples through the thermal management space.The acquisition, announced in early November 2025, comes on the heels of Vertiv’s strong Q3 performance, with 28% organic sales growth and a $9.5 billion backlog.Purge Rite, headquartered in Houston and backed by Milton Street Capital, specializes in thermal fluid services and is positioned to expand its service center network across North America.

Vertiv Is Buying Purge Rite For $1B—Is This The Future Of AI Infrastructure?

United States

Vertiv Holdings Co operates as a holding company. The Company, through its subsidiaries, provides electrical power equipment, thermal management, racks and enclosures, monitoring and management, tools, and other services. Vertiv Holdings serves data centers, communication networks, commercial, and industrial environments worldwide.

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Vertiv Holdings Co (VRT US)

Vertiv Acquisition Strategy: How ThermoKey Could Expand Its Thermal Empire!

Vertiv has entered into an agreement to acquire ThermoKey S.p.A., a move that arrives just as the company is reporting unusually strong momentum...

Baptista Research

S&P500 March 2026 Forecast: VRT, COHR & SATS Leading the Pack

Announced additions: VRT, COHR, SATS and LITE. Following the announcement, all four are trading higher in after hours by 5.2%, 0.7%, 3.2%, and...

Dimitris Ioannidis

Vertiv Holdings Co’s Global Expansion Playbook Is Starting to Pay Off!

Vertiv Holdings Co provides products and services encompassing power solutions, thermal management, and critical infrastructure for data centers...

Baptista Research

Schneider Electric sells AI data centres the finished system, not the parts

Schneider Electric makes the electrical and cooling equipment inside data centres. More and more of what it sells them now arrives as whole units,...

The Physical Layer

Vertiv Is Buying Purge Rite For $1B—Is This The Future Of AI Infrastructure?

As Vertiv Holdings races ahead in the high-performance data center and AI infrastructure market, its latest move—agreeing to acquire Texas-based...

Baptista Research

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