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

Vista Energy SAB de CV / Equity Bottom-Up

<ul><li>Vista Energy, a Mexico-based oil and gas company listed on both the Bolsa Mexicana de Valores and the New York Stock Exchange, reported second quarter 2026 results marked by significant operational and financial growth driven by organic expansion and the closing of a major acquisition.</li><li>The closing of Equinor’s asset acquisition in Vaca Muerta notably increased Vista Energy’s scale.</li><li>Total production averaged 156,000 barrels of oil equivalent per day (BOE/d), a 32% increase year-over-year, with oil production at 135,000 barrels per day, up 33%.</li></ul>

Vista Energy, a Mexico-based oil and gas company listed on both the Bolsa Mexicana de Valores and the New York Stock Exchange, reported second quarter 2026 results marked by significant operational and financial growth driven by organic expansion and the closing of a major acquisition.The closing of Equinor’s asset acquisition in Vaca Muerta notably increased Vista Energy’s scale.Total production averaged 156,000 barrels of oil equivalent per day (BOE/d), a 32% increase year-over-year, with oil production at 135,000 barrels per day, up 33%.

Vista Energy’s Vaca Muerta Powerhouse — Production Heads Toward 170,000 BOE/D!

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>Vista’s larger production base is beginning to convert into cash, with net leverage down to 1.45x and FFO/debt improving to 40.6%.</li>
<li>We maintain Overweight, but the curve call changes. The 2033s have compressed, the 2035s look fair, and the 2038s offer the best remaining concession.</li>
<li>Liquidity is better but still selective. Cash covers 83% of short-term debt, with no international bond amortization until 2031, but no disclosed committed USD revolver.</li>
</ul>


Vista’s larger production base is beginning to convert into cash, with net leverage down to 1.45x and FFO/debt improving to 40.6%.
We maintain Overweight, but the curve call changes. The 2033s have compressed, the 2035s look fair, and the 2038s offer the best remaining concession.
Liquidity is better but still selective. Cash covers 83% of short-term debt, with no international bond amortization until 2031, but no disclosed committed USD revolver.


Vista 2Q26: Production Scale Begins to Convert into Cash

<ul>
<li>The LatAm Corporate Index widened by 4 bps to 317 bps in the week ended Wednesday, January 15, 2025. </li>
<li>YPF Priced $1.1bn Bond Due 2034 at 8.5% Yield. PEMEX Commits to Settling Supplier Debts by March</li>
<li>Moody’s Upgrades Ratings of Argentine Non-Financial Companies Following Country Ceiling Adjustment</li>
</ul>


The LatAm Corporate Index widened by 4 bps to 317 bps in the week ended Wednesday, January 15, 2025. 
YPF Priced $1.1bn Bond Due 2034 at 8.5% Yield. PEMEX Commits to Settling Supplier Debts by March
Moody’s Upgrades Ratings of Argentine Non-Financial Companies Following Country Ceiling Adjustment


<ul>
<li>Key Outcome: Vista’s 1Q26 results support Overweight, with higher production guidance, unchanged Capex, resilient EBITDA, and stronger FCF expectations before the Equinor transaction. </li>
<li>Risk/Volatility: Liquidity weakened during an investment-heavy quarter, although the subsequent bond issuance improved flexibility and confirmed continued access to international capital markets. </li>
<li>Valuation Driver: After the rally, Vista is no longer a broad tightening call. The focus shifts to carry, curve selection, and disciplined bond exposure.</li>
</ul>


Key Outcome: Vista’s 1Q26 results support Overweight, with higher production guidance, unchanged Capex, resilient EBITDA, and stronger FCF expectations before the Equinor transaction. 
Risk/Volatility: Liquidity weakened during an investment-heavy quarter, although the subsequent bond issuance improved flexibility and confirmed continued access to international capital markets. 
Valuation Driver: After the rally, Vista is no longer a broad tightening call. The focus shifts to carry, curve selection, and disciplined bond exposure.


Vista 1Q26: Production Scale and FCF Outlook Support Deleveraging Path

<ul><li>Vista, an independent oil producer, reported its fourth quarter and full-year 2025 financial results, marking a transformative year for the company with several significant developments.</li><li>During the quarter, the company's total production reached 135,000 barrels of oil equivalent per day (BOE/d), representing a robust year-over-year increase of 59% and an 8% sequential increase in oil production.</li><li>Total revenues were reported at $689 million, a 46% increase compared to the same period last year, although slightly below the previous quarter due to lower oil prices.</li></ul>

Vista, an independent oil producer, reported its fourth quarter and full-year 2025 financial results, marking a transformative year for the company with several significant developments.During the quarter, the company's total production reached 135,000 barrels of oil equivalent per day (BOE/d), representing a robust year-over-year increase of 59% and an 8% sequential increase in oil production.Total revenues were reported at $689 million, a 46% increase compared to the same period last year, although slightly below the previous quarter due to lower oil prices.

Vista Energy’s Production Just Surged 66%—Is Vaca Muerta Becoming One Of The Most Powerful Growth Engines In Oil?

Mexico

Vista Energy, S.A.B. de C.V. operates as an oil and gas company. The Company invests in oil and gas exploration and production activities. Vista Energy serves customers in Latin America.

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Vista Energy SAB de CV (VIST US)

Vista Energy’s Vaca Muerta Powerhouse — Production Heads Toward 170,000 BOE/D!

Vista Energy, a Mexico-based oil and gas company listed on both the Bolsa Mexicana de Valores and the New York Stock Exchange, reported second...

Baptista Research

Vista 2Q26: Production Scale Begins to Convert into Cash

Vista’s scale is converting into cash; we keep Overweight and shift preference to the 2038s, where the curve still offers spread concession.

Leandro Gubler

EM Spreads – Weekly News & Views

LatAm Corporate Index widens, YPF prices $1.1bn bond, PEMEX commits to settling debts, Moody's upgrades Argentine companies.

Leandro Gubler

Vista 1Q26: Production Scale and FCF Outlook Support Deleveraging Path

Vista’s 1Q26 fundamentals still support Overweight, but the rally makes bond selection more important than broad spread compression.

Leandro Gubler

Vista Energy’s Production Just Surged 66%—Is Vaca Muerta Becoming One Of The Most Powerful Growth Engines In Oil?

Vista, an independent oil producer, reported its fourth quarter and full-year 2025 financial results, marking a transformative year for the...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vista Energy’s Vaca Muerta Powerhouse — Production Heads Toward 170,000 BOE/D!

Vista Energy, a Mexico-based oil and gas company listed on both the Bolsa Mexicana de Valores and the New York Stock Exchange, reported second...

Baptista Research

Vista 2Q26: Production Scale Begins to Convert into Cash

Vista’s scale is converting into cash; we keep Overweight and shift preference to the 2038s, where the curve still offers spread concession.

Leandro Gubler

EM Spreads – Weekly News & Views

​LatAm Corporate Index widens, YPF prices $1.1bn bond, PEMEX commits to settling debts, Moody's upgrades Argentine companies.

Leandro Gubler

Vista 1Q26: Production Scale and FCF Outlook Support Deleveraging Path

Vista’s 1Q26 fundamentals still support Overweight, but the rally makes bond selection more important than broad spread compression.

Leandro Gubler

Vista Energy’s Production Just Surged 66%—Is Vaca Muerta Becoming One Of The Most Powerful Growth Engines In Oil?

Vista, an independent oil producer, reported its fourth quarter and full-year 2025 financial results, marking a transformative year for the...

Baptista Research

LatAm Corporate Index widens, YPF prices $1.1bn bond, PEMEX commits to settling debts, Moody's upgrades Argentine companies.