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>Vistra Corp. has made headlines once again, this time with a transformative $4 billion acquisition agreement to purchase Cogentrix Energy from Quantum Capital Group.</li><li>The transaction, announced in early January 2026, marks Vistra’s second large-scale gas-fired power deal within the past year, following its $1.9 billion purchase of seven plants from Lotus Infrastructure Partners in May 2025.</li><li>The Cogentrix deal includes $2.3 billion in cash, 5 million shares of Vistra common stock (valued at ~$900 million), and the assumption of $1.5 billion in debt, partially offset by $700 million in expected tax benefits.</li></ul>

Vistra Corp. has made headlines once again, this time with a transformative $4 billion acquisition agreement to purchase Cogentrix Energy from Quantum Capital Group.The transaction, announced in early January 2026, marks Vistra’s second large-scale gas-fired power deal within the past year, following its $1.9 billion purchase of seven plants from Lotus Infrastructure Partners in May 2025.The Cogentrix deal includes $2.3 billion in cash, 5 million shares of Vistra common stock (valued at ~$900 million), and the assumption of $1.5 billion in debt, partially offset by $700 million in expected tax benefits.

Vistra’s Cogentrix Acquisition: A Game-Changer Or A Gamble?