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>Vodafone Group Plc's recent earnings call highlighted both positive and negative aspects of its performance, offering insights into the company's strategic direction and current financial standing.</li><li>On the positive side, Vodafone has reported progress in its operational transformation and financial performance.</li><li>The company has reshaped its operations, completing significant mergers and acquisitions, such as the merger of Vodafone and Three in the UK and the acquisition of Telekom Romania's assets.</li></ul>

Vodafone Group Plc's recent earnings call highlighted both positive and negative aspects of its performance, offering insights into the company's strategic direction and current financial standing.On the positive side, Vodafone has reported progress in its operational transformation and financial performance.The company has reshaped its operations, completing significant mergers and acquisitions, such as the merger of Vodafone and Three in the UK and the acquisition of Telekom Romania's assets.

Vodafone: An Insight Into Its Operational Synergies

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/vodafone-group-plc">Vodafone</a> is a global telecommunications company at a strategic crossroads, divesting non-core assets to focus on key European and African markets. The success of its turnaround hinges on driving organic growth in these regions, particularly in Germany, and capitalizing on its enterprise and IoT segments.</li>
  <li>The company faces significant headwinds from intense competition in mature markets, regulatory pressures, and the high capital expenditure required for 5G network rollouts. These factors have contributed to a challenging growth and profitability track record.</li>
  <li>
<a href="https://smartkarma.com/entities/vodafone-group-plc">Vodafone</a>'s extensive global network, strong brand recognition, and growing presence in digital services and IoT provide a solid foundation for future growth. The new, more focused strategy under the current leadership aims to improve operational performance and shareholder returns, but execution remains a key uncertainty.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Vodafone is a global telecommunications company at a strategic crossroads, divesting non-core assets to focus on key European and African markets. The success of its turnaround hinges on driving organic growth in these regions, particularly in Germany, and capitalizing on its enterprise and IoT segments.
  The company faces significant headwinds from intense competition in mature markets, regulatory pressures, and the high capital expenditure required for 5G network rollouts. These factors have contributed to a challenging growth and profitability track record.
  
Vodafone's extensive global network, strong brand recognition, and growing presence in digital services and IoT provide a solid foundation for future growth. The new, more focused strategy under the current leadership aims to improve operational performance and shareholder returns, but execution remains a key uncertainty.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Zegona has unlocked €1.8bn via fiber monetization, enabling a €1.6bn capital return and transforming its balance sheet with 69% share count reduction and lower leverage.</li>
<li>Trading at ~6.7x EBITDAaL, Zegona offers embedded upside through strategic rerating or a control premium from Telefónica or MasOrange, both reportedly exploring bids.</li>
<li>Post-Buyback, per-share economics improve dramatically, with lower debt, rising EBITDA, and potential for further upside via fiber JVs or a formal takeover process.</li>
</ul>


Zegona has unlocked €1.8bn via fiber monetization, enabling a €1.6bn capital return and transforming its balance sheet with 69% share count reduction and lower leverage.
Trading at ~6.7x EBITDAaL, Zegona offers embedded upside through strategic rerating or a control premium from Telefónica or MasOrange, both reportedly exploring bids.
Post-Buyback, per-share economics improve dramatically, with lower debt, rising EBITDA, and potential for further upside via fiber JVs or a formal takeover process.


Zegona Communications: From Turnaround to Capital Return Vehicle with M&A Optionality

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Active UK funds gained +11.75% through Q3, lagging the FTSE All Share ETF’s +15.9%—a 4.15% gap, with nearly 75% of managers underperforming.</li>
<li>Value strategies led returns (+16.6%), while Aggressive Growth funds averaged just +4.5%.</li>
<li>Key underweights in Rolls-Royce, HSBC, BAE Systems and BATS cost roughly 3% in relative performance.</li>
</ul>


Active UK funds gained +11.75% through Q3, lagging the FTSE All Share ETF’s +15.9%—a 4.15% gap, with nearly 75% of managers underperforming.
Value strategies led returns (+16.6%), while Aggressive Growth funds averaged just +4.5%.
Key underweights in Rolls-Royce, HSBC, BAE Systems and BATS cost roughly 3% in relative performance.


UK Active Funds Face a Benchmark Blowout in 2025

United Kingdom

Vodafone Group PLC is a mobile telecommunications company providing a range of services, including voice and data communications.  The Company operates in Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa and the Middle East through its subsidiaries, associates, and investments.

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Vodafone (VOD LN)

Vodafone: An Insight Into Its Operational Synergies

Vodafone Group Plc's recent earnings call highlighted both positive and negative aspects of its performance, offering insights into the company's...

Baptista Research

Primer: Vodafone (VOD LN) - Sep 2025

Vodafone is a global telecommunications company at a strategic crossroads, divesting non-core assets to focus on key European and African...

αSK

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Zegona Communications: From Turnaround to Capital Return Vehicle with M&A Optionality

Zegona has transitioned from turnaround to capital return, unlocking €1.8bn, reducing leverage, and remaining a live M&A target—offering 20–50%...

Jesus Rodriguez Aguilar

UK Active Funds Face a Benchmark Blowout in 2025

Active UK funds trail the benchmark by 4% YTD. Value managers outperform, but missed calls on Rolls-Royce, HSBC, and BAE Systems weigh heavily on...

Steven Holden

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