Managing Director, Leaf & Ledger Limited

Evan Campbell, CFA

Managing Director

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Event-Driven

<ul>
<li>
Trade call: Long the €500MM 2029s (XS2449928543) to underwrite a 2025 SPT 1 miss. Capture +5bps, and any signalling premium from a flagship renewable issuer missing own operations emissions</li>
<li>
High miss risk: SPT 1 likely misses by &gt;50%, while SPT 2 and SPT 3 look on track versus 2025 target thresholds.</li>
<li>
 Catalyst path: Measurement at Dec 31st, 2025, publication and assurance any date before Apr 29th, 2026. Step-up date fixes uplift from the next period after Jun 2026.</li>
</ul>



Trade call: Long the €500MM 2029s (XS2449928543) to underwrite a 2025 SPT 1 miss. Capture +5bps, and any signalling premium from a flagship renewable issuer missing own operations emissions

High miss risk: SPT 1 likely misses by &gt;50%, while SPT 2 and SPT 3 look on track versus 2025 target thresholds.

 Catalyst path: Measurement at Dec 31st, 2025, publication and assurance any date before Apr 29th, 2026. Step-up date fixes uplift from the next period after Jun 2026.


Vestas (VWS) SLB: Trade the Jan to Apr 2026 Publication Window

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

Vestas Wind Systems A/S / Equity Bottom-Up

<ul><li>Vestas Wind Systems A/S has presented its Q1 2025 financial results, showcasing substantial growth and areas of concern.</li><li>The company's revenue for the quarter was 3.5 billion EUR, representing a 29% increase year-onyear, fueled by increased activity and higher average pricing in Power Solutions.</li><li>The EBIT margin was marginally positive at 0.4%, attributed to revenue growth and improved project profitability despite typical low seasonal activity.</li></ul>

Vestas Wind Systems A/S has presented its Q1 2025 financial results, showcasing substantial growth and areas of concern.The company's revenue for the quarter was 3.5 billion EUR, representing a 29% increase year-onyear, fueled by increased activity and higher average pricing in Power Solutions.The EBIT margin was marginally positive at 0.4%, attributed to revenue growth and improved project profitability despite typical low seasonal activity.

Vestas Wind Systems: Initiation Of Coverage- An Insight Into Offshore Wind Market Dynamics & Key Growth Levers!

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Major corporations and states will continue driving green energy demand, with renewable energy commitments independent of federal policy.</li>
<li>International green energy firms in Europe and Asia will attract U.S. investment and technologies as supportive policies and consistent demand make these markets appealing.</li>
<li>Despite an "independent fed" lower interest rates are more likely under Trump, which might more than compensate policy changes as investment costs rather than operational costs drive renewables </li>
</ul>


Major corporations and states will continue driving green energy demand, with renewable energy commitments independent of federal policy.
International green energy firms in Europe and Asia will attract U.S. investment and technologies as supportive policies and consistent demand make these markets appealing.
Despite an "independent fed" lower interest rates are more likely under Trump, which might more than compensate policy changes as investment costs rather than operational costs drive renewables 


How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

JL Mag Rare-Earth   / Equity Capital Markets

<ul>
<li>JL Mag Rare-earth Co. Ltd (JLM) aims to raise up to US$650m via its H-shares listing. </li>
<li>JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.</li>
<li>In this note, we look at the pricing and other deal dynamics.</li>
</ul>


JL Mag Rare-earth Co. Ltd (JLM) aims to raise up to US$650m via its H-shares listing. 
JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.
In this note, we look at the pricing and other deal dynamics.


JL Mag Rare-Earth A/​H Listing - High-End a No Go, Post Correction

Denmark

Vestas Wind Systems A/S develops, manufactures, and markets wind turbines that generate electricity. The Company installs and maintenance turbines. Vestas Wind Systems serves customers worldwide.

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Vestas Wind Systems A/S (VWS DC)

Vestas (VWS) SLB: Trade the Jan to Apr 2026 Publication Window

Summary: Long €500MM 2029s to underwrite a 2025 SPT 1 miss, with high risk but potential for +5bps and signalling premium from renewable issuer's...

Evan Campbell, CFA

Vestas Wind Systems: Initiation Of Coverage- An Insight Into Offshore Wind Market Dynamics & Key Growth Levers!

Vestas Wind Systems A/S has presented its Q1 2025 financial results, showcasing substantial growth and areas of concern. The company's revenue for...

Baptista Research

How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

States and corporations drive U.S. green energy demand. Interest rates, and innovations rather than Trump admin policies will shape renewables...

Pyari Menon

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

JL Mag Rare-Earth A/H Listing - High-End a No Go, Post Correction

JL Mag Rare-earth Co. Ltd (JLM) aims to raise up to US$650m via its H-shares listing. In this note, we will look at the valuation and other deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Vestas (VWS) SLB: Trade the Jan to Apr 2026 Publication Window

​Summary: Long €500MM 2029s to underwrite a 2025 SPT 1 miss, with high risk but potential for +5bps and signalling premium from renewable issuer's...

Evan Campbell, CFA

Vestas Wind Systems: Initiation Of Coverage- An Insight Into Offshore Wind Market Dynamics & Key Growth Levers!

Vestas Wind Systems A/S has presented its Q1 2025 financial results, showcasing substantial growth and areas of concern. The company's revenue for...

Baptista Research

How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

States and corporations drive U.S. green energy demand. Interest rates, and innovations rather than Trump admin policies will shape renewables...

Pyari Menon

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

JL Mag Rare-Earth A/​H Listing - High-End a No Go, Post Correction

JL Mag Rare-earth Co. Ltd (JLM) aims to raise up to US$650m via its H-shares listing. In this note, we will look at the valuation and other deal...

Sumeet Singh

Summary: Long €500MM 2029s to underwrite a 2025 SPT 1 miss, with high risk but potential for +5bps and signalling premium from renewable issuer's...

JL Mag Rare-Earth A/H Listing - High-End a No Go, Post Correction