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>Waste Connections, Inc. reported second-quarter 2026 revenue of $2.562 billion, up 6.4% year-over-year.</li><li>Adjusted EBITDA increased 6.8% to $840.1 million, while margin expanded to 32.8%, including 70 basis points of underlying improvement.</li><li>Margin growth reflected favorable price-cost spreads, improved employee retention, safety performance, and AI-driven efficiencies.</li></ul>

Waste Connections, Inc. reported second-quarter 2026 revenue of $2.562 billion, up 6.4% year-over-year.Adjusted EBITDA increased 6.8% to $840.1 million, while margin expanded to 32.8%, including 70 basis points of underlying improvement.Margin growth reflected favorable price-cost spreads, improved employee retention, safety performance, and AI-driven efficiencies.

Waste Connections’ $100 Million AI Opportunity — Can Technology Redefine The Margin Story?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/waste-connections-inc">Waste Connections </a>has established a strong market position by focusing on secondary and rural markets, which often provide exclusive contracts and face less competition, leading to superior pricing power and higher margins.</li>
  <li>The company's growth strategy is heavily reliant on disciplined acquisitions, consistently consolidating a fragmented industry to expand its footprint and realize operational synergies. This is complemented by organic growth driven by price increases and volume expansion.</li>
  <li>Significant investments in sustainability, particularly in renewable natural gas (RNG) from landfills, are creating new, high-margin revenue streams and helping the company meet its environmental, social, and governance (ESG) objectives.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Waste Connections has established a strong market position by focusing on secondary and rural markets, which often provide exclusive contracts and face less competition, leading to superior pricing power and higher margins.
  The company's growth strategy is heavily reliant on disciplined acquisitions, consistently consolidating a fragmented industry to expand its footprint and realize operational synergies. This is complemented by organic growth driven by price increases and volume expansion.
  Significant investments in sustainability, particularly in renewable natural gas (RNG) from landfills, are creating new, high-margin revenue streams and helping the company meet its environmental, social, and governance (ESG) objectives.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Waste Connections  (WCN US) - Aug 2026

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

<ul><li>Waste Connections, Inc. reported its fourth quarter and full-year 2025 financial results, reflecting a continuation of disciplined operational execution amid challenging market conditions.</li><li>The company delivered adjusted EBITDA margin expansion of 110 basis points in Q4 2025, culminating in an industry-leading full-year adjusted EBITDA margin of 33%, up 100 basis points year-over-year excluding lower recycled commodity values.</li><li>Revenue for the quarter totaled $2.373 billion, with acquisitions contributing approximately $58 million in the period and $377 million for the full year.</li></ul>

Waste Connections, Inc. reported its fourth quarter and full-year 2025 financial results, reflecting a continuation of disciplined operational execution amid challenging market conditions.The company delivered adjusted EBITDA margin expansion of 110 basis points in Q4 2025, culminating in an industry-leading full-year adjusted EBITDA margin of 33%, up 100 basis points year-over-year excluding lower recycled commodity values.Revenue for the quarter totaled $2.373 billion, with acquisitions contributing approximately $58 million in the period and $377 million for the full year.

Waste Connections: Can Renewable Natural Gas Become Its Biggest Profit Catalyst?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Cleanaway Waste Management / Event-Driven

<ul>
<li>EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a> three times. Financing is well covered, and a SID looks likely.</li>
<li>Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.</li>
<li>The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.</li>
</ul>


EQT has reconfirmed its A$3.13 offer (A$3.095 net of dividend) for Cleanaway Waste Management (CWY AU) three times. Financing is well covered, and a SID looks likely.
Shares fell 3.6% to A$2.66 today, likely reflecting sell-the-news profit-taking, a third exclusivity extension, growing institutional opposition and the 22 October AGM overhang.
The scheme vote should pass, as confirmed dissent (10.3%) is insufficient to block it, but industry funds (14%) joining and the AGM spill risk make it contested, not a formality.


Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

United States

Waste Connections, Inc. provides non-hazardous solid waste collection services for commercial, industrial and residential customers. The Company offers collection, landfill disposal, and recycling services for various recyclable materials, including compost, cardboard, office paper, plastic containers, glass bottles, and ferrous and aluminum metals.

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Waste Connections (WCN US)

Waste Connections’ $100 Million AI Opportunity — Can Technology Redefine The Margin Story?

Waste Connections, Inc. reported second-quarter 2026 revenue of $2.562 billion, up 6.4% year-over-year. Adjusted EBITDA increased 6.8% to $840.1...

Baptista Research

Primer: Waste Connections (WCN US) - Aug 2026

Waste Connections has established a strong market position by focusing on secondary and rural markets, which often provide exclusive contracts...

αSK Primers

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Waste Connections: Can Renewable Natural Gas Become Its Biggest Profit Catalyst?

Waste Connections, Inc. reported its fourth quarter and full-year 2025 financial results, reflecting a continuation of disciplined operational...

Baptista Research

Cleanaway (CWY AU): EQT Deal on Track, but the Vote Won’t Be a Formality

EQT's thrice-reconfirmed offer points to a SID, but shares fell 3.6% today to A$2.66. The scheme vote should pass if dissent stays contained.

Arun George

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