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

Becton Dickinson and Co / Equity Bottom-Up

<ul><li>Becton, Dickinson and Company reported first quarter fiscal 2026 revenue of $5.3 billion, reflecting a 0.4% increase overall and a 2.5% growth in its restructured portfolio referred to as New BD.</li><li>The company completed the combination of its Life Sciences business with Waters Corporation ahead of schedule, signaling a strategic pivot toward becoming a focused pure-play MedTech company.</li><li>As part of this transaction, Becton, Dickinson and Company received a $4 billion cash distribution, allocating half toward share repurchases and the remainder to debt reduction.</li></ul>

Becton, Dickinson and Company reported first quarter fiscal 2026 revenue of $5.3 billion, reflecting a 0.4% increase overall and a 2.5% growth in its restructured portfolio referred to as New BD.The company completed the combination of its Life Sciences business with Waters Corporation ahead of schedule, signaling a strategic pivot toward becoming a focused pure-play MedTech company.As part of this transaction, Becton, Dickinson and Company received a $4 billion cash distribution, allocating half toward share repurchases and the remainder to debt reduction.

Becton Dickinson And Co: A $5.3 Billion Quarter Signals Limited Growth Momentum

<ul><li>Becton, Dickinson and Company (BD) reported its fourth-quarter and full-year fiscal 2025 results with several notable highlights and challenges, providing insights into its financial performance and future strategy.</li><li>On the positive side, BD's fourth-quarter revenue increased to $5.9 billion, a 7% year-over-year increase, and a 3.9% organic growth.</li><li>For the full year, BD achieved a record revenue of $21.8 billion, marking a 7.7% increase, with a 2.9% organic growth.</li></ul>

Becton, Dickinson and Company (BD) reported its fourth-quarter and full-year fiscal 2025 results with several notable highlights and challenges, providing insights into its financial performance and future strategy.On the positive side, BD's fourth-quarter revenue increased to $5.9 billion, a 7% year-over-year increase, and a 3.9% organic growth.For the full year, BD achieved a record revenue of $21.8 billion, marking a 7.7% increase, with a 2.9% organic growth.

Becton Dickinson: Pharmaceutical Systems & Core Medical Consumables as Durable Growth Anchors!

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<ul><li>In Q1 2026, BDX will merge its Biosciences &amp; Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares per BDX share, leaving its shareholders with roughly 39 percent of the combined company.</li><li>The remaining business, referred to as New BD, will be a focused med-tech company with ~$18BN in revenue across Medical Essentials, Connected Care, BioPharma Systems, and Interventional. More than 90 percent of revenue will be recurring, and management expects high single-digit earnings growth.</li><li>New BD’s valuation looks appealing. Based on where BDX and WAT currently trade, New BD implies a P/E of roughly 11x earnings. I believe the business deserves at least a 13x multiple, which would equate to about 12% upside. That said, I’m not ready to buy yet.</li></ul>

In Q1 2026, BDX will merge its Biosciences &amp; Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares per BDX share, leaving its shareholders with roughly 39 percent of the combined company.The remaining business, referred to as New BD, will be a focused med-tech company with ~$18BN in revenue across Medical Essentials, Connected Care, BioPharma Systems, and Interventional. More than 90 percent of revenue will be recurring, and management expects high single-digit earnings growth.New BD’s valuation looks appealing. Based on where BDX and WAT currently trade, New BD implies a P/E of roughly 11x earnings. I believe the business deserves at least a 13x multiple, which would equate to about 12% upside. That said, I’m not ready to buy yet.

New BD Looks Cheap But I’m Not Ready to Buy (Yet)

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> , <a href="https://www.smartkarma.com/entities/kimberly-clark-corp" target="_blank" data-smartkarma-citation="entities:2292:1" rel="noopener">Kimberly Clark (KMB US)</a> and <a href="https://www.smartkarma.com/entities/blackberry-ltd" target="_blank" data-smartkarma-citation="entities:25472:1" rel="noopener">BlackBerry Ltd (BB CN)</a> </li>
<li>For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms</li>
<li>For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%</li>
</ul>


The three companies we write about this week are CATL (A) (300750 CH) , Kimberly Clark (KMB US) and BlackBerry Ltd (BB CN) 
For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&amp;P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms
For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%


The Innovations Portfolios - Week Twenty One

United States

Becton, Dickinson and Company is a global medical technology company engaged principally in the development, manufacture and sale of medical devices, instrument systems and reagents used by healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public.

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Becton Dickinson and Co (BDX US)

Becton Dickinson And Co: A $5.3 Billion Quarter Signals Limited Growth Momentum

Becton, Dickinson and Company reported first quarter fiscal 2026 revenue of $5.3 billion, reflecting a 0.4% increase overall and a 2.5% growth in...

Baptista Research

Becton Dickinson: Pharmaceutical Systems & Core Medical Consumables as Durable Growth Anchors!

Becton, Dickinson and Company (BD) reported its fourth-quarter and full-year fiscal 2025 results with several notable highlights and challenges,...

Baptista Research

New BD Looks Cheap But I’m Not Ready to Buy (Yet)

In Q1 2026, BDX will merge its Biosciences & Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares...

Richard Howe

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

The Innovations Portfolios - Week Twenty One

For the twenty-one weeks since inception ended 14 April the innovation small cap portfolio was up 5.9%, mid cap portfolio was up 4.4% and the large...

Pyari Menon

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