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>Sunoco LP reported strong financial and operational results for the second quarter of 2026, demonstrating growth across its diversified portfolio comprising Fuel Distribution, Pipeline Systems, Terminals, and Refining segments.</li><li>Adjusted EBITDA reached $996 million, excluding $14 million in one-time transaction expenses, surpassing the mid-year performance that led the company to raise its full-year adjusted EBITDA guidance by $400 million to a range of $3.5 billion to $3.7 billion.</li><li>Distributable cash flow (DCF) as adjusted was $608 million for the quarter, supporting a declared quarterly distribution of just over $1 per common unit.</li></ul>

Sunoco LP reported strong financial and operational results for the second quarter of 2026, demonstrating growth across its diversified portfolio comprising Fuel Distribution, Pipeline Systems, Terminals, and Refining segments.Adjusted EBITDA reached $996 million, excluding $14 million in one-time transaction expenses, surpassing the mid-year performance that led the company to raise its full-year adjusted EBITDA guidance by $400 million to a range of $3.5 billion to $3.7 billion.Distributable cash flow (DCF) as adjusted was $608 million for the quarter, supporting a declared quarterly distribution of just over $1 per common unit.

Sunoco’s Refining Tipping Point — EBITDA Jumps From $43 Million To $175 Million!