Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Freeport-McMoRan reported a 2025 outcome that, while disrupted by the Grasberg incident, still showed relative stability in consolidated performance and a stronger finish than initially expected.</li><li>Annual copper sales and unit net cash costs came in slightly better than adjusted guidance, with consolidated unit net cash costs of $1.65 per pound within a narrow range of the initial outlook and adjusted EBITDA near $10 billion, similar to 2024.</li><li>The company framed this as evidence of portfolio diversification, particularly the strength of the Americas operations in the prevailing price environment.</li></ul>

Freeport-McMoRan reported a 2025 outcome that, while disrupted by the Grasberg incident, still showed relative stability in consolidated performance and a stronger finish than initially expected.Annual copper sales and unit net cash costs came in slightly better than adjusted guidance, with consolidated unit net cash costs of $1.65 per pound within a narrow range of the initial outlook and adjusted EBITDA near $10 billion, similar to 2024.The company framed this as evidence of portfolio diversification, particularly the strength of the Americas operations in the prevailing price environment.

Freeport-McMoRan: Grasberg Isn’t Slowing Down—How Block Cave & Kucing Liar Could Drive a Powerful Decade of Production!

Freeport Mcmoran

Freeport-McMoRan: Grasberg Isn’t Slowing Down—How Block Cave & Kucing Liar Could Drive a Powerful Decade of Production!