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>DuPont’s second quarter 2026 results reflected continued execution of its strategic priorities, with solid organic sales growth, margin expansion, and strong cash flow generation.</li><li>The company reported net sales of $1.8 billion, up 4% organically year-over-year, driven by broad-based strength across healthcare, aerospace, industrial water, semiconductor, building technologies, and diversified industrial end markets.</li><li>Operating EBITDA grew 8% to $448 million, with margins expanding by 80 basis points to 24.6%, despite a 30 basis point headwind from oil and gas-related price and cost dynamics.</li></ul>

DuPont’s second quarter 2026 results reflected continued execution of its strategic priorities, with solid organic sales growth, margin expansion, and strong cash flow generation.The company reported net sales of $1.8 billion, up 4% organically year-over-year, driven by broad-based strength across healthcare, aerospace, industrial water, semiconductor, building technologies, and diversified industrial end markets.Operating EBITDA grew 8% to $448 million, with margins expanding by 80 basis points to 24.6%, despite a 30 basis point headwind from oil and gas-related price and cost dynamics.

DuPont Is Not Just A Chemicals Giant Anymore — Healthcare, Water & Semiconductors Reshape Growth!

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Innovation data suggests that <a href="https://www.smartkarma.com/entities/bayer-ag" target="_blank" data-smartkarma-citation="entities:26881:1" rel="noopener">Bayer AG (BAYN GY)</a> has an almost monopoly stake in agriculture-related microbial, followed by <a href="https://www.smartkarma.com/entities/dupont-de-nemours-inc" target="_blank" data-smartkarma-citation="entities:9239:1" rel="noopener">DuPont (DD US)</a> </li>
<li>In non-ag microbial space <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a>,  <a href="https://www.smartkarma.com/entities/codexis-inc" target="_blank" data-smartkarma-citation="entities:26400:1" rel="noopener">Codexis Inc (CDXS US)</a>,  <a href="https://www.smartkarma.com/entities/regeneron-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:9167:1" rel="noopener">Regeneron Pharmaceuticals (REGN US),</a><a href="https://www.smartkarma.com/entities/immatics-nv" target="_blank" data-smartkarma-citation="entities:33092:1" rel="noopener">Immatics NV (IMTX US)</a> lead the field</li>
<li>In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, and <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US) </a>lead</li>
</ul>


Innovation data suggests that Bayer AG (BAYN GY) has an almost monopoly stake in agriculture-related microbial, followed by DuPont (DD US) 
In non-ag microbial space Moderna Inc (MRNA US),  Codexis Inc (CDXS US),  Regeneron Pharmaceuticals (REGN US),Immatics NV (IMTX US) lead the field
In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, Johnson &amp; Johnson (JNJ US), and Pfizer Inc (PFE US) lead


Insights from Data Mining Technical Publications - Microbes - Bacteriophages

<ul><li>DuPont reported first quarter 2026 financial results that exceeded prior guidance, marked by 4% net sales growth year-over-year on a 2% organic growth basis and favorable currency impacts.</li><li>The company reported a 15% increase in operating EBITDA to $414 million and an operating EBITDA margin expansion of 230 basis points to 24.6%, driven by both favorable product mix and strong productivity gains.</li><li>Adjusted earnings per share on a reported basis rose 53% to $0.55, while on a pro-forma basis, reflecting adjustments for corporate costs, interest, and taxes, EPS increased 20%.</li></ul>

DuPont reported first quarter 2026 financial results that exceeded prior guidance, marked by 4% net sales growth year-over-year on a 2% organic growth basis and favorable currency impacts.The company reported a 15% increase in operating EBITDA to $414 million and an operating EBITDA margin expansion of 230 basis points to 24.6%, driven by both favorable product mix and strong productivity gains.Adjusted earnings per share on a reported basis rose 53% to $0.55, while on a pro-forma basis, reflecting adjustments for corporate costs, interest, and taxes, EPS increased 20%.

DuPont Has A $10 Million Water Delay Investors Cannot Ignore!

<ul><li>DuPont's recent earnings call for the fourth quarter and full year 2025 highlighted several key aspects of the company's performance and strategic direction.</li><li>The company reported organic sales growth, operating EBITDA growth, and improved margins, which exceeded their previous guidance.</li><li>For the full year, they achieved a 2% organic sales increase, operating EBITDA growth of 6%, and a 100 basis point margin expansion, culminating in an adjusted EPS increase of 16% year-over-year to $1.68.</li></ul>

DuPont's recent earnings call for the fourth quarter and full year 2025 highlighted several key aspects of the company's performance and strategic direction.The company reported organic sales growth, operating EBITDA growth, and improved margins, which exceeded their previous guidance.For the full year, they achieved a 2% organic sales increase, operating EBITDA growth of 6%, and a 100 basis point margin expansion, culminating in an adjusted EPS increase of 16% year-over-year to $1.68.

DuPont Is Betting Big on Healthcare and Water—Are These Segments Becoming the New Growth Core?

<ul><li>DuPont recently reported its third-quarter financial results for 2025, reflecting a solid performance with both positives and challenges.</li><li>The company's net sales rose to $3.1 billion, marking a 6% growth on an organic basis compared to the previous year.</li><li>This growth was driven largely by volume increases across the board, particularly within its Healthcare & Water and Electronics segments, which saw significant demand influenced by advancements in AI technology.</li></ul>

DuPont recently reported its third-quarter financial results for 2025, reflecting a solid performance with both positives and challenges.The company's net sales rose to $3.1 billion, marking a 6% growth on an organic basis compared to the previous year.This growth was driven largely by volume increases across the board, particularly within its Healthcare & Water and Electronics segments, which saw significant demand influenced by advancements in AI technology.

DuPont: A Closer Look Into Its Water Business Surge

United States

DuPont de Nemours, Inc. operates as a chemical company. The Company offers elastomeric photopolymer printing plates, structural and elastic adhesives, fluids, reinforcing composites, foams, coatings, rubber and elastomers, topical ingredients, food ingredients, animal nutrition, biomaterials, water purification technologies, and fibers.

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DuPont (DD US)

DuPont Is Not Just A Chemicals Giant Anymore — Healthcare, Water & Semiconductors Reshape Growth!

DuPont’s second quarter 2026 results reflected continued execution of its strategic priorities, with solid organic sales growth, margin expansion,...

Baptista Research

Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

DuPont Has A $10 Million Water Delay Investors Cannot Ignore!

DuPont reported first quarter 2026 financial results that exceeded prior guidance, marked by 4% net sales growth year-over-year on a 2% organic...

Baptista Research

DuPont Is Betting Big on Healthcare and Water—Are These Segments Becoming the New Growth Core?

DuPont's recent earnings call for the fourth quarter and full year 2025 highlighted several key aspects of the company's performance and strategic...

Baptista Research

DuPont: A Closer Look Into Its Water Business Surge

DuPont recently reported its third-quarter financial results for 2025, reflecting a solid performance with both positives and challenges. The...

Baptista Research

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