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

Bausch Health Companies / Equity Bottom-Up

<ul><li>Bausch Health Companies (NYSE:BHC) has made headlines with its definitive agreement to acquire liver-focused biotech Durect Corporation (NASDAQ:DRRX) for $1.75 per share in cash, representing a ~217% premium to DRRX’s pre-announcement closing price and valuing the deal at approximately $63 million upfront.</li><li>In addition, contingent milestone payments linked to commercial sales could push the total consideration to $413 million.</li><li>The acquisition, expected to close in Q3 2025, adds Durect’s lead candidate larsucosterol to Bausch’s pipeline—a drug that has demonstrated encouraging Phase 2 data for alcoholic hepatitis (AH) and is preparing for a Phase 3 registrational program.</li></ul>

Bausch Health Companies (NYSE:BHC) has made headlines with its definitive agreement to acquire liver-focused biotech Durect Corporation (NASDAQ:DRRX) for $1.75 per share in cash, representing a ~217% premium to DRRX’s pre-announcement closing price and valuing the deal at approximately $63 million upfront.In addition, contingent milestone payments linked to commercial sales could push the total consideration to $413 million.The acquisition, expected to close in Q3 2025, adds Durect’s lead candidate larsucosterol to Bausch’s pipeline—a drug that has demonstrated encouraging Phase 2 data for alcoholic hepatitis (AH) and is preparing for a Phase 3 registrational program.

Bausch Health Strikes Bold With Durect Buy: A Strategic Bet On Liver Therapies?

<ul><li>Bausch Health Companies has made headlines with its definitive agreement to acquire liverfocused biotech Durect Corporation (NASDAQ:DRRX) for $1.75 per share in cash, representing a ~217% premium to DRRX’s pre-announcement closing price and valuing the deal at approximately $63 million upfront.</li><li>In addition, contingent milestone payments linked to commercial sales could push the total consideration to $413 million.</li><li>The acquisition, expected to close in Q3 2025, adds Durect’s lead candidate larsucosterol to Bausch’s pipeline—a drug that has demonstrated encouraging Phase 2 data for alcoholic hepatitis (AH) and is preparing for a Phase 3 registrational program.</li></ul>

Bausch Health Companies has made headlines with its definitive agreement to acquire liverfocused biotech Durect Corporation (NASDAQ:DRRX) for $1.75 per share in cash, representing a ~217% premium to DRRX’s pre-announcement closing price and valuing the deal at approximately $63 million upfront.In addition, contingent milestone payments linked to commercial sales could push the total consideration to $413 million.The acquisition, expected to close in Q3 2025, adds Durect’s lead candidate larsucosterol to Bausch’s pipeline—a drug that has demonstrated encouraging Phase 2 data for alcoholic hepatitis (AH) and is preparing for a Phase 3 registrational program.

<ul><li>Bausch Health Companies Inc. showed positive momentum in its Q1 2025 financial results.</li><li>The company, which excludes Bausch & Lomb from this discussion, reported notable year-over-year revenue growth of 6% on a reported basis and 7% on an organic basis, alongside a 14% increase in adjusted EBITDA, reflecting a consistent upward trend as they celebrate their eighth consecutive quarter of year-over-year growth.</li><li>The refinancing of $7.9 billion to extend near- and medium-term debts is a significant highlight, providing financial flexibility by extending maturities, which optimizes Bausch Health's capital structure.</li></ul>

Bausch Health Companies Inc. showed positive momentum in its Q1 2025 financial results.The company, which excludes Bausch & Lomb from this discussion, reported notable year-over-year revenue growth of 6% on a reported basis and 7% on an organic basis, alongside a 14% increase in adjusted EBITDA, reflecting a consistent upward trend as they celebrate their eighth consecutive quarter of year-over-year growth.The refinancing of $7.9 billion to extend near- and medium-term debts is a significant highlight, providing financial flexibility by extending maturities, which optimizes Bausch Health's capital structure.

Bausch Health Companies Inc.: Can Solta’s 136% Surge in South Korea Make It a Global Aesthetics Powerhouse?

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bausch-health-companies-inc" target="_blank" data-smartkarma-citation="entities:941:1" rel="noopener">Bausch Health Companies (BHC US)</a>'s share price reversal over the past year has eliminated the substantial  gains achieved after it announced plans for a major corporate overhaul in August 2020.</li>
<li>No substantive change to BHC's current holding company structure and leverage ratio will result from the imminent execution of the Bausch &amp; Lomb IPO which is less transformational than expected.</li>
<li>The potential for a more value-creating overhaul remains, but timing is uncertain. Until the relevant catalysts come into play, we expect the BHC share price to tread water at best.</li>
</ul>



Bausch Health Companies (BHC US)'s share price reversal over the past year has eliminated the substantial  gains achieved after it announced plans for a major corporate overhaul in August 2020.
No substantive change to BHC's current holding company structure and leverage ratio will result from the imminent execution of the Bausch &amp; Lomb IPO which is less transformational than expected.
The potential for a more value-creating overhaul remains, but timing is uncertain. Until the relevant catalysts come into play, we expect the BHC share price to tread water at best.


SpinTalk: The Bausch Corporate Overhaul Is More Illusory Than Substantive At Least for Now

<ul>
<li>Splitting GE into 3 independent, unconnected companies makes strategic sense, and barring unforeseen exogenous factors, should unlock meaningful value for its shareholders  </li>
<li>Based on 2023 estimates, our valuation analysis indicates a SOTP value for GE of  $139-$152 for an up to ~50% upside </li>
<li>Despite the extended break-up execution timeline, there is a case to be made for investors to use the current share price lull to jump in and enjoy the catalyst-driven ride.</li>
</ul>


Splitting GE into 3 independent, unconnected companies makes strategic sense, and barring unforeseen exogenous factors, should unlock meaningful value for its shareholders  
Based on 2023 estimates, our valuation analysis indicates a SOTP value for GE of  $139-$152 for an up to ~50% upside 
Despite the extended break-up execution timeline, there is a case to be made for investors to use the current share price lull to jump in and enjoy the catalyst-driven ride.


SpinTalk: Thoughts On GE's Break-Up Strategy And Why We Think The Stock Is Ready To Fly Again

Canada

Bausch Health Companies Inc. discovers and distributes pharmaceutical. The Company develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. Bausch Health Companies serves customers worldwide.

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Bausch Health Companies (BHC US)

Bausch Health Strikes Bold With Durect Buy: A Strategic Bet On Liver Therapies?

Bausch Health Companies (NYSE:BHC) has made headlines with its definitive agreement to acquire liver-focused biotech Durect Corporation...

Baptista Research

Bausch Health Strikes Bold With Durect Buy: A Strategic Bet On Liver Therapies?

Bausch Health Companies has made headlines with its definitive agreement to acquire liverfocused biotech Durect Corporation (NASDAQ:DRRX) for...

Baptista Research

Bausch Health Companies Inc.: Can Solta’s 136% Surge in South Korea Make It a Global Aesthetics Powerhouse?

Bausch Health Companies Inc. showed positive momentum in its Q1 2025 financial results. The company, which excludes Bausch & Lomb from this...

Baptista Research

SpinTalk: The Bausch Corporate Overhaul Is More Illusory Than Substantive At Least for Now

The imminent partial B&L IPO will not be transformational. While the potential for a more substantive value-creating overhaul is in place, timing...

Robert Sassoon

SpinTalk: Thoughts On GE's Break-Up Strategy And Why We Think The Stock Is Ready To Fly Again

Despite the long timeline restructuring play, there is a good case to be made for investors to use the lull in the share price to jump onto the GE...

Robert Sassoon

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