Independent research on the U.S. markets, Baptista Research

Baptista Research

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>Nokia Corporation's Q1 2025 results reflect a mixed performance with signs of recovery and some emerging challenges.</li><li>The company's overall net sales declined by 3% year-over-year, largely due to an exceptional licensing revenue surge in Q1 2024.</li><li>Adjusting for these previous windfalls, Nokia's net sales actually grew by 7%, displaying solid growth across its various business units, particularly in Network Infrastructure and Cloud and Network Services.</li></ul>

Nokia Corporation's Q1 2025 results reflect a mixed performance with signs of recovery and some emerging challenges.The company's overall net sales declined by 3% year-over-year, largely due to an exceptional licensing revenue surge in Q1 2024.Adjusting for these previous windfalls, Nokia's net sales actually grew by 7%, displaying solid growth across its various business units, particularly in Network Infrastructure and Cloud and Network Services.

Nokia Inc.: Enterprise & Diversification Strategy Propelling Our ‘Outperform’ Rating!

<ul><li>Nokia Corporation reported a strong fourth quarter in 2024, buoyed by improved order trends manifesting as a 9% increase in net sales.</li><li>This growth was prominently driven by a 17% increase in Network Infrastructure, with IP Networks achieving standout growth of 24%.</li><li>Nokia Technologies also demonstrated robust performance with several new deals signed, escalating its net sales run rate to EUR 1.3-1.4 billion.</li></ul>

Nokia Corporation reported a strong fourth quarter in 2024, buoyed by improved order trends manifesting as a 9% increase in net sales.This growth was prominently driven by a 17% increase in Network Infrastructure, with IP Networks achieving standout growth of 24%.Nokia Technologies also demonstrated robust performance with several new deals signed, escalating its net sales run rate to EUR 1.3-1.4 billion.

Nokia: 5G Expansion & Private Wireless Networks As A Pivotal Growth Lever!

<ul><li>Nokia Corporation's third-quarter results reflect a mixed performance across its business segments, as the company navigates a slowly improving yet challenging market environment.</li><li>The overall narrative is of gradual recovery, particularly in Fixed Networks and IP Networks, with sales growth of 9% and 6%, respectively.</li><li>However, the weakness persists in Mobile Networks and Optical Networks, contributing to an overall 7% decline in net sales compared to the previous year.</li></ul>

Nokia Corporation's third-quarter results reflect a mixed performance across its business segments, as the company navigates a slowly improving yet challenging market environment.The overall narrative is of gradual recovery, particularly in Fixed Networks and IP Networks, with sales growth of 9% and 6%, respectively.However, the weakness persists in Mobile Networks and Optical Networks, contributing to an overall 7% decline in net sales compared to the previous year.

Nokia Oyj: Core Network Cloudification & Data Centers As Critical Growth Levers! - Major Drivers

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

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<a href="https://www.smartkarma.com/entities/cap-gemini-sa" target="_blank" data-smartkarma-citation="entities:21411:1" rel="noopener">Cap Gemini SA (CAP FP)</a> is estimated to be excluded from the selection list in the long-run due to being pushed way above 60% coverage in the Technology sector.</li>
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<a href="https://www.smartkarma.com/entities/merck-kgaa" target="_blank" data-smartkarma-citation="entities:21676:1" rel="noopener">Merck KGaA (MRK GR)</a> switches between in and out of the selection list because it fluctuates close to the 60% coverage of the Health Care sector.</li>
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<a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> has a higher probability of deletion from SX5E if <a href="https://www.smartkarma.com/entities/merck-kgaa" target="_blank" data-smartkarma-citation="entities:21676:1" rel="noopener">Merck KGaA (MRK GR)</a>  qualifies to the selection list. Forecasted passive fund supply is  ~15 ADV.   </li>
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Cap Gemini SA (CAP FP) is estimated to be excluded from the selection list in the long-run due to being pushed way above 60% coverage in the Technology sector.

Merck KGaA (MRK GR) switches between in and out of the selection list because it fluctuates close to the 60% coverage of the Health Care sector.

Nokia OYJ (NOKIA FH) has a higher probability of deletion from SX5E if Merck KGaA (MRK GR)  qualifies to the selection list. Forecasted passive fund supply is  ~15 ADV.   


<ul><li>Nokia Corporation's engagement in the second quarter of 2024 revolved around significant developments amid a transitory, challenging market environment.</li><li>The company announced two crucial transactions: the proposed acquisition of Infinera, a North American optical networking entity, and Nokia's plan to divest its submarine networks business to the French State.</li><li>The acquisition of Infinera is expected to boost Nokia's Optical Networks business by quickening innovation for customers and strengthening Nokia's position in North America.</li></ul>

Nokia Corporation's engagement in the second quarter of 2024 revolved around significant developments amid a transitory, challenging market environment.The company announced two crucial transactions: the proposed acquisition of Infinera, a North American optical networking entity, and Nokia's plan to divest its submarine networks business to the French State.The acquisition of Infinera is expected to boost Nokia's Optical Networks business by quickening innovation for customers and strengthening Nokia's position in North America.

Nokia Corporation (NOK): The Story Of The Expansion Into The 5G Core Network Market! - Major Drivers

Finland

Nokia Oyj is a global communications company. The Company produces a broad range of technological devices and software, and operates networks, sales ,and communication channels worldwide.

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Nokia Oyj (NOK US)

Nokia Inc.: Enterprise & Diversification Strategy Propelling Our ‘Outperform’ Rating!

Nokia Corporation's Q1 2025 results reflect a mixed performance with signs of recovery and some emerging challenges. The company's overall net...

Baptista Research

Nokia: 5G Expansion & Private Wireless Networks As A Pivotal Growth Lever!

Nokia Corporation reported a strong fourth quarter in 2024, buoyed by improved order trends manifesting as a 9% increase in net sales. This growth...

Baptista Research

Nokia Oyj: Core Network Cloudification & Data Centers As Critical Growth Levers! - Major Drivers

Nokia Corporation's third-quarter results reflect a mixed performance across its business segments, as the company navigates a slowly improving...

Baptista Research

EURO STOXX 50: Exclusion by Sector

Merck KGaA's fluctuating ranking in the Health Care sector impacts the probability of Nokia's deletion from EURO STOXX 50 which can cause a passive...

Dimitris Ioannidis

Nokia Corporation (NOK): The Story Of The Expansion Into The 5G Core Network Market! - Major Drivers

Nokia Corporation's engagement in the second quarter of 2024 revolved around significant developments amid a transitory, challenging market...

Baptista Research

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