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>Alcon’s second quarter 2026 results reflected modest growth supported by a broad-based contribution across its Surgical and Vision Care franchises.</li>
<li>Sales increased 7% year-over-year to $2.8 billion, with surgical sales rising 7% and Vision Care sales also up 7%.</li>
<li>Equipment sales, particularly from the UNITY platform, grew 25%, underscoring the commercial success of recent innovations.</li>
</ul>


Alcon’s second quarter 2026 results reflected modest growth supported by a broad-based contribution across its Surgical and Vision Care franchises.
Sales increased 7% year-over-year to $2.8 billion, with surgical sales rising 7% and Vision Care sales also up 7%.
Equipment sales, particularly from the UNITY platform, grew 25%, underscoring the commercial success of recent innovations.


Alcon Unlocks A New Lens Opportunity — RxSight Partnership Targets Adjustable IOLs!

<ul>
<li>Alcon exited 2025 with a stronger second half and a particularly solid fourth quarter, but management continued to frame the environment as improved rather than fully normalized.</li>
<li>Reported fourth quarter sales rose 7% to $2.7 billion, with Surgical up 6% and Vision Care up 7%.</li>
<li>The performance reflected momentum in equipment, dry eye, and select premium lens categories, while also highlighting competitive pressure in implantables and more uneven conditions outside the U.S. The 2026 outlook for 5% to 7% top-line growth was positioned as a disciplined starting point that largely assumes market growth holds near recent levels, with incremental contribution from a broad set of launches, but with enough variability in both demand and product trajectories to justify a wide range.</li>
</ul>


Alcon exited 2025 with a stronger second half and a particularly solid fourth quarter, but management continued to frame the environment as improved rather than fully normalized.
Reported fourth quarter sales rose 7% to $2.7 billion, with Surgical up 6% and Vision Care up 7%.
The performance reflected momentum in equipment, dry eye, and select premium lens categories, while also highlighting competitive pressure in implantables and more uneven conditions outside the U.S. The 2026 outlook for 5% to 7% top-line growth was positioned as a disciplined starting point that largely assumes market growth holds near recent levels, with incremental contribution from a broad set of launches, but with enough variability in both demand and product trajectories to justify a wide range.


Alcon: The IOL Multi-Year Product Cadence—PanOptix Pro Today

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> recommended a KKR/JICC-sponsored preconditional MBO at JPY3,300, representing an 87.9% premium to the undisturbed price and a 5.4% premium to the last close.</li>
<li>The offer is preconditional on regulatory approvals and is scheduled to start at the end of July. The offer is attractive and represents an all-time high. </li>
<li>The offer comes with caveats: the Board recommendation is not unanimous, the lower limit is set below the two-thirds threshold, and KKR offered a higher price during the discussions. </li>
</ul>



Topcon Corp (7732 JP) recommended a KKR/JICC-sponsored preconditional MBO at JPY3,300, representing an 87.9% premium to the undisturbed price and a 5.4% premium to the last close.
The offer is preconditional on regulatory approvals and is scheduled to start at the end of July. The offer is attractive and represents an all-time high. 
The offer comes with caveats: the Board recommendation is not unanimous, the lower limit is set below the two-thirds threshold, and KKR offered a higher price during the discussions. 


Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats

<ul>
<li>
<a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> shares rose 51% over two days, confirming a Bloomberg report that is conducting a privatisation auction. The process is in the second round of bids.</li>
<li>Exploring the privatisation process is unsurprising, as Topcon has materially underperformed the Nikkei 225 since its last medium-term management term plan was announced on 12 May 2023.</li>
<li>Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median peer multiples.</li>
</ul>



Topcon Corp (7732 JP) shares rose 51% over two days, confirming a Bloomberg report that is conducting a privatisation auction. The process is in the second round of bids.
Exploring the privatisation process is unsurprising, as Topcon has materially underperformed the Nikkei 225 since its last medium-term management term plan was announced on 12 May 2023.
Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median peer multiples.


Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Switzerland

Alcon Inc. manufactures eye care products. The Company produces and markets vitreoretinal and cataract surgery, contact lenses, and refractive technology products. Alcon serves medical industry worldwide.

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Alcon (ALC US)

Alcon Unlocks A New Lens Opportunity — RxSight Partnership Targets Adjustable IOLs!

Alcon’s second quarter 2026 results reflected modest growth supported by a broad-based contribution across its Surgical and Vision Care franchises.

Baptista Research

Alcon: The IOL Multi-Year Product Cadence—PanOptix Pro Today

Alcon exited 2025 with a stronger second half and a particularly solid fourth quarter, but management continued to frame the environment as...

Baptista Research

Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats

The offer, which resulted from a competitive bidding process, represents an all-time high. However, it comes with caveats that could complicate...

Arun George

Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median...

Arun George

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