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

Weatherford International  / Equity Bottom-Up

<ul><li>Weatherford International reported second-quarter 2026 revenue of $1.105 billion, adjusted EBITDA of $223 million at a 20.2% margin, and adjusted free cash flow of $139 million.</li><li>Free cash flow conversion reached 62.3% of adjusted EBITDA despite geopolitical disruption in the Middle East, weaker activity in Indonesia, pricing pressure, and a labor strike in Norway.</li><li>Middle East operations were affected by project suspensions, delays, and logistical constraints.</li></ul>

Weatherford International reported second-quarter 2026 revenue of $1.105 billion, adjusted EBITDA of $223 million at a 20.2% margin, and adjusted free cash flow of $139 million.Free cash flow conversion reached 62.3% of adjusted EBITDA despite geopolitical disruption in the Middle East, weaker activity in Indonesia, pricing pressure, and a labor strike in Norway.Middle East operations were affected by project suspensions, delays, and logistical constraints.

Weatherford’s $1.7 Billion Liquidity Position Adds Firepower Through The Energy Downturn!

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. </li>
<li>Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.</li>
<li>Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.</li>
</ul>


U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. 
Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.
Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.


Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

<ul><li>Weatherford has moved to deepen its completions strategy through a definitive agreement to acquire NCS Multistage, a transaction announced on June 1, 2026, that would add a highly engineered portfolio focused on well construction, completions, and field development optimization.</li><li>Under the proposed terms, NCS Multistage shareholders may elect Weatherford stock or a stock-and-cash mix, with the blended consideration expected to equal 0.463 Weatherford shares per NCS Multistage share and up to 19.99% payable in cash.</li><li>Management expects at least $15 million in annual run-rate cost synergies within 18 months of closing and immediate accretion to adjusted free cash flow per share.</li></ul>

Weatherford has moved to deepen its completions strategy through a definitive agreement to acquire NCS Multistage, a transaction announced on June 1, 2026, that would add a highly engineered portfolio focused on well construction, completions, and field development optimization.Under the proposed terms, NCS Multistage shareholders may elect Weatherford stock or a stock-and-cash mix, with the blended consideration expected to equal 0.463 Weatherford shares per NCS Multistage share and up to 19.99% payable in cash.Management expects at least $15 million in annual run-rate cost synergies within 18 months of closing and immediate accretion to adjusted free cash flow per share.

Weatherford Buyout Bet: Can NCS Multistage Unlock New Growth?

<ul><li>Weatherford International reported sequential revenue growth of 5% in the fourth quarter of 2025, supported primarily by improved activity in Latin America, Latin America’s 16% sequential increase was driven by Mexico and Brazil.</li><li>North American revenue saw modest growth led by Canadian markets and U.S. offshore activity, though U.S. land activity declined.</li><li>The Europe, Sub-Saharan Africa, and Russia regions experienced a 2% sequential revenue decline, continuing to demonstrate softness.</li></ul>

Weatherford International reported sequential revenue growth of 5% in the fourth quarter of 2025, supported primarily by improved activity in Latin America, Latin America’s 16% sequential increase was driven by Mexico and Brazil.North American revenue saw modest growth led by Canadian markets and U.S. offshore activity, though U.S. land activity declined.The Europe, Sub-Saharan Africa, and Russia regions experienced a 2% sequential revenue decline, continuing to demonstrate softness.

Weatherford International: 16% Latin America Surge Cannot Offset The Broader 2026 Revenue Decline!

<ul><li>Weatherford International reported sequential revenue growth in the fourth quarter of 2025, with a 5% increase driven primarily by activity gains in Latin America, notably Mexico and Brazil, alongside moderate growth in North America and the Middle East, North Africa, and Asia.</li><li>However, the Europe, Sub-Sahara Africa, and Russia region experienced a 2% sequential revenue decline.</li><li>The company’s completions and artificial lift segments contributed significantly to top-line growth, supported by technological advancements and an expanded manufacturing footprint.</li></ul>

Weatherford International reported sequential revenue growth in the fourth quarter of 2025, with a 5% increase driven primarily by activity gains in Latin America, notably Mexico and Brazil, alongside moderate growth in North America and the Middle East, North Africa, and Asia.However, the Europe, Sub-Sahara Africa, and Russia region experienced a 2% sequential revenue decline.The company’s completions and artificial lift segments contributed significantly to top-line growth, supported by technological advancements and an expanded manufacturing footprint.

Weatherford International: From Managed Pressure Wells To Fiber Optics—A High-Value Product Shift!

United States

Weatherford International Public Limited Company provides oil field services and equipment. The Company offers drilling solutions, gas well unloading, restoration, and other related activities. Weatherford International serves customers worldwide.

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Weatherford International (WFRD US)

Weatherford’s $1.7 Billion Liquidity Position Adds Firepower Through The Energy Downturn!

Weatherford International reported second-quarter 2026 revenue of $1.105 billion, adjusted EBITDA of $223 million at a 20.2% margin, and adjusted...

Baptista Research

Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Full breakdown of our portfolio suite, performance, and new positioning. We broadened our commodity positioning, added Japan, and maintained a core...

Damanick Dantes, CMT

Weatherford Buyout Bet: Can NCS Multistage Unlock New Growth?

Weatherford has moved to deepen its completions strategy through a definitive agreement to acquire NCS Multistage, a transaction announced on June...

Baptista Research

Weatherford International: 16% Latin America Surge Cannot Offset The Broader 2026 Revenue Decline!

Weatherford International reported sequential revenue growth of 5% in the fourth quarter of 2025, supported primarily by improved activity in...

Baptista Research

Weatherford International: From Managed Pressure Wells To Fiber Optics—A High-Value Product Shift!

Weatherford International reported sequential revenue growth in the fourth quarter of 2025, with a 5% increase driven primarily by activity gains...

Baptista Research

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