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

British American Tobacco  / Equity Bottom-Up

<ul><li>British American Tobacco delivered full year 2025 results at the top end of guidance, reflecting a combination of resilience in combustibles, accelerating traction in smokeless products, and continued cost discipline, while also highlighting uneven regional performance and regulatory headwinds that shape the near-term outlook.</li><li>The company added 4.7 million smokeless consumers during the year, taking the total to 34.1 million, driven primarily by strong momentum in Modern Oral.</li><li>New Categories revenue grew 7% at constant currency, supported by a 48% increase in Modern Oral, while Vapour declined due to persistent illicit trade pressures in the U.S. and Canada.</li></ul>

British American Tobacco delivered full year 2025 results at the top end of guidance, reflecting a combination of resilience in combustibles, accelerating traction in smokeless products, and continued cost discipline, while also highlighting uneven regional performance and regulatory headwinds that shape the near-term outlook.The company added 4.7 million smokeless consumers during the year, taking the total to 34.1 million, driven primarily by strong momentum in Modern Oral.New Categories revenue grew 7% at constant currency, supported by a 48% increase in Modern Oral, while Vapour declined due to persistent illicit trade pressures in the U.S. and Canada.

ブリティッシュ・アメリカン・タバコ、新カテゴリー7%増にもかかわらず蒸気圧に直面