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 adjusted EBITDA of $738 million for the fourth quarter and $2.833 billion for the full year 2025, navigating a complex market environment marked by geopolitical tensions, OPEC’s oil supply increases, and tariff uncertainties.</li><li>The company continued its strategic shift toward becoming a pure-play crude oil midstream operator, exemplified by the divestiture of its natural gas liquids (NGL) business and acquisition of the Epic pipeline—which has been integrated and renamed Cactus III.</li><li>These moves aim to enhance cash flow quality and improve distributable cash flow, while better positioning Plains All American for market cycles ahead.</li></ul>

Plains All American Pipeline, L.P. reported adjusted EBITDA of $738 million for the fourth quarter and $2.833 billion for the full year 2025, navigating a complex market environment marked by geopolitical tensions, OPEC’s oil supply increases, and tariff uncertainties.The company continued its strategic shift toward becoming a pure-play crude oil midstream operator, exemplified by the divestiture of its natural gas liquids (NGL) business and acquisition of the Epic pipeline—which has been integrated and renamed Cactus III.These moves aim to enhance cash flow quality and improve distributable cash flow, while better positioning Plains All American for market cycles ahead.

Plains All American Pipeline, Cactus III 인수로 강력한 시너지 효과 창출!