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>Vistra Corp shares recently pulled back sharply, dropping over 5% to \$206.82 after hitting an all-time intraday high of \$219.82 just a day earlier.</li><li>The dip follows a downgrade by Jefferies, reflecting mounting investor concerns over delays in finalizing a high-stakes data center deal for the company's Comanche Peak nuclear facility.</li><li>While Vistra's CEO Jim Burke expressed strong confidence that a deal will ultimately be signed, uncertainty around its timing and regulatory factors tied to Texas Senate Bill 6 have introduced a level of risk that the market is now pricing in.</li></ul>

Vistra Corp shares recently pulled back sharply, dropping over 5% to \$206.82 after hitting an all-time intraday high of \$219.82 just a day earlier.The dip follows a downgrade by Jefferies, reflecting mounting investor concerns over delays in finalizing a high-stakes data center deal for the company's Comanche Peak nuclear facility.While Vistra's CEO Jim Burke expressed strong confidence that a deal will ultimately be signed, uncertainty around its timing and regulatory factors tied to Texas Senate Bill 6 have introduced a level of risk that the market is now pricing in.

Vistra's Nuclear Power Play Hits A Wall: Delayed Data Center Deal Shakes Market!

<ul><li>Vistra Corporation reported its second quarter 2025 financial results, revealing a robust performance aligned with its strategic goals and market conditions.</li><li>The company's adjusted EBITDA for the quarter stood at $1.349 billion, bolstered by strong execution across its generation, commercial, and retail arms.</li><li>Despite challenges from unplanned outages, Vistra's diverse portfolio and comprehensive hedging strategies played a significant role in mitigating risks and capitalizing on favorable realized wholesale prices and increased capacity revenues.</li></ul>

Vistra Corporation reported its second quarter 2025 financial results, revealing a robust performance aligned with its strategic goals and market conditions.The company's adjusted EBITDA for the quarter stood at $1.349 billion, bolstered by strong execution across its generation, commercial, and retail arms.Despite challenges from unplanned outages, Vistra's diverse portfolio and comprehensive hedging strategies played a significant role in mitigating risks and capitalizing on favorable realized wholesale prices and increased capacity revenues.

Vistra Corp.: What’s Behind Its $36 Billion Growth Blueprint in Energy Generation!

<ul><li>Vistra Corp's financial results for the fourth quarter of 2024 reflect a year of considerable transformation characterized by operational advancements and strategic acquisitions.</li><li>The company successfully acquired three nuclear sites along with one million retail customers and expanded its workforce by nearly 2,000 employees.</li><li>This addition was central to the company's increased adjusted EBITDA of $5.656 billion, exceeding their original guidance ranges, due in part to an unexpected $545 million benefit from a nuclear production tax credit recognized in the fourth quarter.</li></ul>

Vistra Corp's financial results for the fourth quarter of 2024 reflect a year of considerable transformation characterized by operational advancements and strategic acquisitions.The company successfully acquired three nuclear sites along with one million retail customers and expanded its workforce by nearly 2,000 employees.This addition was central to the company's increased adjusted EBITDA of $5.656 billion, exceeding their original guidance ranges, due in part to an unexpected $545 million benefit from a nuclear production tax credit recognized in the fourth quarter.

Vistra Inc.: Regulatory Clarity & Legislative Developments As A Pivotal Influence On Its Growth Trajectory!

<ul><li>The emergence of DeepSeek, a Chinese artificial intelligence startup, has sent shockwaves across Wall Street, and energy companies are feeling the aftershocks.</li><li>Vistra Energy suffered its worst single-day decline ever, plunging 28% on January 29, 2025, shedding a staggering $18.4 billion in market value.</li><li>Constellation Energy (NASDAQ: CEG) also nosedived by 21%, erasing $22.8 billion in capitalization.</li></ul>

The emergence of DeepSeek, a Chinese artificial intelligence startup, has sent shockwaves across Wall Street, and energy companies are feeling the aftershocks.Vistra Energy suffered its worst single-day decline ever, plunging 28% on January 29, 2025, shedding a staggering $18.4 billion in market value.Constellation Energy (NASDAQ: CEG) also nosedived by 21%, erasing $22.8 billion in capitalization.

Vistra Corp: DeepSeek Challenging the AI-Power Demand Thesis Could Be A MATTER OF CONCERN!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There is only 1 delete with implementation at the close on 31 January.</li>
<li>As expected, <a href="https://www.smartkarma.com/entities/goviex-uranium-inc" target="_blank" data-smartkarma-citation="entities:35742:1" rel="noopener">GoviEx Uranium (GXU CN)</a> will be deleted from the index and there will be a bunch of capping changes, especially for non-pure play stocks.</li>
<li>Estimated one-way turnover is 5.8% resulting in a round-trip trade of US$386m. There are many stocks with multiple days of ADV to trade.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index. There is only 1 delete with implementation at the close on 31 January.
As expected, GoviEx Uranium (GXU CN) will be deleted from the index and there will be a bunch of capping changes, especially for non-pure play stocks.
Estimated one-way turnover is 5.8% resulting in a round-trip trade of US$386m. There are many stocks with multiple days of ADV to trade.


Solactive Global Uranium & Nuclear Components Index Rebalance: DeepSeek Led Selloff & 1 Delete

United States

Vistra Corp. provides utility services. The Company generates energy. Vistra Corp serves customers worldwide.

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Vistra (VST US)

Vistra's Nuclear Power Play Hits A Wall: Delayed Data Center Deal Shakes Market!

Vistra Corp shares recently pulled back sharply, dropping over 5% to \$206.82 after hitting an all-time intraday high of \$219.82 just a day...

Baptista Research

Vistra Corp.: What’s Behind Its $36 Billion Growth Blueprint in Energy Generation!

Vistra Corporation reported its second quarter 2025 financial results, revealing a robust performance aligned with its strategic goals and market...

Baptista Research

Vistra Inc.: Regulatory Clarity & Legislative Developments As A Pivotal Influence On Its Growth Trajectory!

Vistra Corp's financial results for the fourth quarter of 2024 reflect a year of considerable transformation characterized by operational...

Baptista Research

Vistra Corp: DeepSeek Challenging the AI-Power Demand Thesis Could Be A MATTER OF CONCERN!

The emergence of DeepSeek, a Chinese artificial intelligence startup, has sent shockwaves across Wall Street, and energy companies are feeling the...

Baptista Research

Solactive Global Uranium & Nuclear Components Index Rebalance: DeepSeek Led Selloff & 1 Delete

GoviEx Uranium will be deleted from the URA ETF on Friday. The deletion plus capping changes lead to a one-way turnover of 5.8% resulting in a...

Brian Freitas

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