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>Orange, a major telecommunications company, presented its financial results for the first half of 2025, highlighting a period of solid performance with notable revenue and EBITDA growth across its various geographic markets.</li>
<li>The company's revenues reached EUR 19.9 billion, marking a marginal increase of 0.3% from the previous year, primarily driven by strong service growth in the Middle East and Africa.</li>
<li>The EBITDAaL (Earnings Before Interest, Taxes, Depreciation, Amortization, and after Lease) grew by 3.8%, with a 70 basis point improvement in the group EBITDAaL margin, underscoring the company's efficiency initiatives and robust commercial activities.</li>
</ul>


Orange, a major telecommunications company, presented its financial results for the first half of 2025, highlighting a period of solid performance with notable revenue and EBITDA growth across its various geographic markets.
The company's revenues reached EUR 19.9 billion, marking a marginal increase of 0.3% from the previous year, primarily driven by strong service growth in the Middle East and Africa.
The EBITDAaL (Earnings Before Interest, Taxes, Depreciation, Amortization, and after Lease) grew by 3.8%, with a 70 basis point improvement in the group EBITDAaL margin, underscoring the company's efficiency initiatives and robust commercial activities.


Orange S.A.: Restructuring and Consolidation in Key Markets & Critical Growth Levers!

Orange SA

Orange S.A.: Restructuring and Consolidation in Key Markets & Critical Growth Levers!