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

Plains All American Pipeline, L.P. / Equity Bottom-Up

Plains All American Pipeline, L.P. (PAA US)

<ul><li>Plains All American Pipeline, L.P. reported an adjusted EBITDA of $730 million for the first quarter of 2026, aligning with internal expectations and reflecting impacts from recent weather disruptions and operational maintenance.</li><li>The company increased its full-year adjusted EBITDA guidance midpoint by $130 million to $2.88 billion, driven by stronger-than-anticipated performance in its natural gas liquids (NGL) segment and incremental benefits from system optimizations, tariff escalations, and increased volumes, particularly in the Permian Basin and West Coast markets.</li><li>The macroeconomic backdrop includes ongoing geopolitical tension related to the closure of the Strait of Hormuz, which has constrained Middle East supply and disrupted shipping channels, contributing to elevated commodity prices.</li></ul>

Plains All American Pipeline, L.P. reported an adjusted EBITDA of $730 million for the first quarter of 2026, aligning with internal expectations and reflecting impacts from recent weather disruptions and operational maintenance.The company increased its full-year adjusted EBITDA guidance midpoint by $130 million to $2.88 billion, driven by stronger-than-anticipated performance in its natural gas liquids (NGL) segment and incremental benefits from system optimizations, tariff escalations, and increased volumes, particularly in the Permian Basin and West Coast markets.The macroeconomic backdrop includes ongoing geopolitical tension related to the closure of the Strait of Hormuz, which has constrained Middle East supply and disrupted shipping channels, contributing to elevated commodity prices.

Plains All American’s $2.88 Billion Guidance Raise: Can NGL Strength Offset Macro Risk?