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>Lumen Technologies reported its fourth quarter and full-year 2025 financial results, marking a significant transition driven largely by the recent completion of its fiber-to-the-home divestiture to AT&T for $5.75 billion.</li><li>This transaction materially reshaped the company’s capital structure, reducing total debt to under $13 billion and lowering net leverage below 4x, which in turn decreased annual interest expenses by approximately $500 million compared to 2025.</li><li>Concurrently, capital expenditures are expected to decline by over $1 billion in 2026 due to ceasing fiber-to-the-home builds, enabling a strategic refocus on enterprise digital services and AI-oriented network infrastructure.</li></ul>

Lumen Technologies reported its fourth quarter and full-year 2025 financial results, marking a significant transition driven largely by the recent completion of its fiber-to-the-home divestiture to AT&T for $5.75 billion.This transaction materially reshaped the company’s capital structure, reducing total debt to under $13 billion and lowering net leverage below 4x, which in turn decreased annual interest expenses by approximately $500 million compared to 2025.Concurrently, capital expenditures are expected to decline by over $1 billion in 2026 due to ceasing fiber-to-the-home builds, enabling a strategic refocus on enterprise digital services and AI-oriented network infrastructure.

Lumen Technologies: From Legacy Decline to Digital Expansion—A High-Stakes Transformation Underway!