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>Wells Fargo & Company, in its second quarter of 2025 results, showcased a balanced mix of progression in growth strategies and sustained financial discipline.</li><li>The net income of $5.5 billion, translating to $1.60 per diluted share, was an improvement from both the previous quarter and the same period last year.</li><li>This growth indicates consistent execution amidst a transitioning phase post asset cap removal.</li></ul>

Wells Fargo & Company, in its second quarter of 2025 results, showcased a balanced mix of progression in growth strategies and sustained financial discipline.The net income of $5.5 billion, translating to $1.60 per diluted share, was an improvement from both the previous quarter and the same period last year.This growth indicates consistent execution amidst a transitioning phase post asset cap removal.

Wells Fargo’s Post-Consent Order Comeback – Can It Rebuild Trust Fast Enough?

<ul><li>The recent earnings call for Wells Fargo & Company presented a generally solid performance for the first quarter of 2025, reflecting progress against its strategic priorities amidst a challenging economic environment.</li><li>With net income at $4.9 billion, or $1.39 per diluted common share, the company reported a 16% increase in earnings per share compared to the previous year.</li><li>Despite a decline in revenue due to lower net interest income, Wells Fargo managed to grow fee-based revenue across various sectors, illustrating the benefit of its investment diversification strategy.</li></ul>

The recent earnings call for Wells Fargo & Company presented a generally solid performance for the first quarter of 2025, reflecting progress against its strategic priorities amidst a challenging economic environment.With net income at $4.9 billion, or $1.39 per diluted common share, the company reported a 16% increase in earnings per share compared to the previous year.Despite a decline in revenue due to lower net interest income, Wells Fargo managed to grow fee-based revenue across various sectors, illustrating the benefit of its investment diversification strategy.

Wells Fargo: Focus On Non-Interest Revenue & Critical Growth Levers!

<ul><li>Wells Fargo & Company demonstrated notable progress in its fourth quarter of 2024, underscoring a year marked by strengthening earnings profiles and risk control achievements.</li><li>The firm showed both strategic resilience and adaptation in meeting its diverse operational objectives amid evolving market conditions.</li><li>Looking at the positives, Wells Fargo expanded its net income and fee-based revenue, achieving an 11% rise in diluted earnings per share compared to the previous year.</li></ul>

Wells Fargo & Company demonstrated notable progress in its fourth quarter of 2024, underscoring a year marked by strengthening earnings profiles and risk control achievements.The firm showed both strategic resilience and adaptation in meeting its diverse operational objectives amid evolving market conditions.Looking at the positives, Wells Fargo expanded its net income and fee-based revenue, achieving an 11% rise in diluted earnings per share compared to the previous year.

Wells Fargo’s Epic Tech-Driven Revolution: The Surprising Power Move to Slash Costs & Dominate Markets! - Major Drivers

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data</li>
<li>With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits</li>
<li>Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks</li>
</ul>


There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data
With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits
Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks


US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

<ul>
<li>There is strong and accelerating growth visible in HFD for US banks, even in the very core bucket of C&amp;I loans</li>
<li>Most recent full month shows 10.1% growth YoY for C&amp;I but Other Loans are up 27.3% Yoy in the same month, which is partly C&amp;I</li>
<li>Deposit distribution is improving, toward CASA, US banks can see better NIM, and net interest income, while economy appears from weekly bank data</li>
</ul>


There is strong and accelerating growth visible in HFD for US banks, even in the very core bucket of C&amp;I loans
Most recent full month shows 10.1% growth YoY for C&amp;I but Other Loans are up 27.3% Yoy in the same month, which is partly C&amp;I
Deposit distribution is improving, toward CASA, US banks can see better NIM, and net interest income, while economy appears from weekly bank data


US Banks - C&I Loans +10.1% YoY in Apr From -2.9% in Jan, Strong Read-Through, Banks & Economy

United States

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance.  The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

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Wells Fargo & Co (WFC US)

Wells Fargo: Focus On Non-Interest Revenue & Critical Growth Levers!

The recent earnings call for Wells Fargo & Company presented a generally solid performance for the first quarter of 2025, reflecting progress...

Baptista Research

Wells Fargo’s Epic Tech-Driven Revolution: The Surprising Power Move to Slash Costs & Dominate Markets! - Major Drivers

Wells Fargo & Company demonstrated notable progress in its fourth quarter of 2024, underscoring a year marked by strengthening earnings...

Baptista Research

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

US Banks - C&I Loans +10.1% YoY in Apr From -2.9% in Jan, Strong Read-Through, Banks & Economy

HFD for US banks, shows very strong acceleration in C&I loans, and also other loans, which will also include C&I. Data suggests good economic...

Daniel Tabbush

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wells Fargo’s Post-Consent Order Comeback – Can It Rebuild Trust Fast Enough?

Wells Fargo & Company, in its second quarter of 2025 results, showcased a balanced mix of progression in growth strategies and sustained...

Baptista Research

Wells Fargo: Focus On Non-Interest Revenue & Critical Growth Levers!

The recent earnings call for Wells Fargo & Company presented a generally solid performance for the first quarter of 2025, reflecting progress...

Baptista Research

Wells Fargo’s Epic Tech-Driven Revolution: The Surprising Power Move to Slash Costs & Dominate Markets! - Major Drivers

Wells Fargo & Company demonstrated notable progress in its fourth quarter of 2024, underscoring a year marked by strengthening earnings...

Baptista Research

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

US Banks - C&I Loans +10.1% YoY in Apr From -2.9% in Jan, Strong Read-Through, Banks & Economy

HFD for US banks, shows very strong acceleration in C&I loans, and also other loans, which will also include C&I. Data suggests good economic...

Daniel Tabbush