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>Bausch + Lomb's third-quarter 2024 financial results reflect a period of significant growth and strategic execution across its key business segments.</li><li>The company reported a total revenue of $1.196 billion, marking a 19% constant currency growth, with a 10% organic increase.</li><li>This performance is attributed to the company's focus on operational excellence, sales, and innovation, supported by the rollout of new products and enhancement of existing ones.</li></ul>

Bausch + Lomb's third-quarter 2024 financial results reflect a period of significant growth and strategic execution across its key business segments.The company reported a total revenue of $1.196 billion, marking a 19% constant currency growth, with a 10% organic increase.This performance is attributed to the company's focus on operational excellence, sales, and innovation, supported by the rollout of new products and enhancement of existing ones.

Bausch + Lomb Corporation: Product Innovation & Launch Cycles As A Pivotal Factor Driving Growth! - Major Drivers

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

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<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

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<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

<ul><li>Bausch + Lomb Corporation has presented its results for the third quarter of 2024, showcasing a robust performance with significant growth across its various business segments.</li><li>George Gadkowski opened the discussion, emphasizing the company's focus on forward-looking information and adherence to non-GAAP financial measures for clarity in financial analysis.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Bausch + Lomb Corporation has presented its results for the third quarter of 2024, showcasing a robust performance with significant growth across its various business segments.George Gadkowski opened the discussion, emphasizing the company's focus on forward-looking information and adherence to non-GAAP financial measures for clarity in financial analysis.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Bausch + Lomb Corporation: An Insight Into Its Global Expansion & Market Penetration Strategy! - Major Drivers

<ul><li>Bausch + Lomb Corporation has long established itself as a global leader in eye health, offering a wide range of products across pharmaceuticals, surgical devices, and vision care.</li><li>The company’s second-quarter 2024 earnings showcased a remarkable 20% year-over-year constant currency revenue growth, driven by strong performances across all key business segments, particularly in the pharmaceuticals segment, which grew by 61%.</li><li>Bausch + Lomb's strategic focus on innovation and expansion is exemplified by product launches like BLINK NutriTears and Bausch + Lomb INFUSE, coupled with the rollout of its AI-based digital platform, Glimpse.</li></ul>

Bausch + Lomb Corporation has long established itself as a global leader in eye health, offering a wide range of products across pharmaceuticals, surgical devices, and vision care.The company’s second-quarter 2024 earnings showcased a remarkable 20% year-over-year constant currency revenue growth, driven by strong performances across all key business segments, particularly in the pharmaceuticals segment, which grew by 61%.Bausch + Lomb's strategic focus on innovation and expansion is exemplified by product launches like BLINK NutriTears and Bausch + Lomb INFUSE, coupled with the rollout of its AI-based digital platform, Glimpse.

Eyeing a Sale? Could Bausch + Lomb’s Innovations and Revenue Surge Spark a Takeover Battle?

United States

Bausch + Lomb is a leading supplier of contact lenses and eyecare products

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Bausch + Lomb (BLCO US)

Bausch + Lomb Corporation: Product Innovation & Launch Cycles As A Pivotal Factor Driving Growth! - Major Drivers

Bausch + Lomb's third-quarter 2024 financial results reflect a period of significant growth and strategic execution across its key business...

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

Bausch + Lomb Corporation: An Insight Into Its Global Expansion & Market Penetration Strategy! - Major Drivers

Bausch + Lomb Corporation has presented its results for the third quarter of 2024, showcasing a robust performance with significant growth across...

Baptista Research

Eyeing a Sale? Could Bausch + Lomb’s Innovations and Revenue Surge Spark a Takeover Battle?

Bausch + Lomb Corporation has long established itself as a global leader in eye health, offering a wide range of products across pharmaceuticals,...

Baptista Research

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