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>EssilorLuxottica's recent call highlights the company's robust performance in the first half of the year, with revenue growth of 7.3% at constant currency.</li>
<li>This has been supported by strides in both traditional eyewear and innovative new products, indicating a strategic balance between maintaining core operations and expanding into new technological domains.</li>
<li>Positively, EssilorLuxottica is making significant inroads into the MedTech space.</li>
</ul>


EssilorLuxottica's recent call highlights the company's robust performance in the first half of the year, with revenue growth of 7.3% at constant currency.
This has been supported by strides in both traditional eyewear and innovative new products, indicating a strategic balance between maintaining core operations and expanding into new technological domains.
Positively, EssilorLuxottica is making significant inroads into the MedTech space.


EssilorLuxottica’s Emerging Market Growth Strategy: Can It Be A Real Game Changer?

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>Business Breakdowns is a podcast series exploring in-depth conversations with investors and operators about different businesses and their competitive advantages.</li><li>Essilor Luxottica is a global leader in the eyewear industry, formed by the merger of Essilor and Luxottica in 2018, with a nearly $130 billion market cap.</li><li>The company is vertically integrated, spanning design, manufacturing, distribution, and retail operations in both Vision Care and eyewear fashion segments, with recognizable brands like Ray Ban and Oakley.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Business Breakdowns is a podcast series exploring in-depth conversations with investors and operators about different businesses and their competitive advantages.Essilor Luxottica is a global leader in the eyewear industry, formed by the merger of Essilor and Luxottica in 2018, with a nearly $130 billion market cap.The company is vertically integrated, spanning design, manufacturing, distribution, and retail operations in both Vision Care and eyewear fashion segments, with recognizable brands like Ray Ban and Oakley.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EssilorLuxottica: Sight To Behold - [Business Breakdowns, EP.210]

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.</li>
<li>While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.</li>
<li>Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.</li>
</ul>


Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.
While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.
Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.


Lenskart IPO: Fashioning Vision or Pricing Perfection?

High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

<ul><li>We won’t be generation heads-down forever. Handsets are impractical as our primary device to interact with information technology.</li><li>When we use them, we lose touch to the real world. Headsets are the obvious next step to allow for a more integrated experience.</li><li>Meta has been betting on the handset-to-headset transition for more than a decade. And they have been doing so with courage and determination.</li></ul>

We won’t be generation heads-down forever. Handsets are impractical as our primary device to interact with information technology.When we use them, we lose touch to the real world. Headsets are the obvious next step to allow for a more integrated experience.Meta has been betting on the handset-to-headset transition for more than a decade. And they have been doing so with courage and determination.

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

National Vision Holdings / Equity Bottom-Up

<ul>
<li>Sales have fallen for four quarters. Comp store sales growth fell -8% last quarter due to customer weakness, the declining macro environment and constraints on exam capacity (optometrists).</li>
<li>Optometrists are supply constrained, which pressure margins from rising compensation. Investor-owned optometry service providers are at a disadvantage competing with professional practices that don’t share fees with investors.</li>
<li>National Vision is neither large and vertically integrated like Essilor Luxottica, nor niche focused like Warby Parker is on ecommerce. Their low-price strategy is easily replicable by competitors.</li>
</ul>


Sales have fallen for four quarters. Comp store sales growth fell -8% last quarter due to customer weakness, the declining macro environment and constraints on exam capacity (optometrists).
Optometrists are supply constrained, which pressure margins from rising compensation. Investor-owned optometry service providers are at a disadvantage competing with professional practices that don’t share fees with investors.
National Vision is neither large and vertically integrated like Essilor Luxottica, nor niche focused like Warby Parker is on ecommerce. Their low-price strategy is easily replicable by competitors.


National Vision Holdings, Inc. (EYE) Recommendation: Sell Short

France

EssilorLuxottica manufactures eyewear. The Company offers sun glasses, lenses, and other eye care products. EssilorLuxottica serves customers worldwide.

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EssilorLuxottica (ESLOY US)

EssilorLuxottica’s Emerging Market Growth Strategy: Can It Be A Real Game Changer?

EssilorLuxottica's recent call highlights the company's robust performance in the first half of the year, with revenue growth of 7.3% at constant...

Baptista Research

EssilorLuxottica: Sight To Behold - [Business Breakdowns, EP.210]

Business Breakdowns is a podcast series exploring in-depth conversations with investors and operators about different businesses and their...

Business Breakdowns

Lenskart IPO: Fashioning Vision or Pricing Perfection?

Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Sudarshan Bhandari

Meta Just Bought into EssilorLuxottica.

We won’t be generation heads-down forever. Handsets are impractical as our primary device to interact with information technology.

Fallacy Alarm

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short on weak sales, margin compression, and lack of sustainable differentiation.

Eric Fernandez, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EssilorLuxottica’s Emerging Market Growth Strategy: Can It Be A Real Game Changer?

EssilorLuxottica's recent call highlights the company's robust performance in the first half of the year, with revenue growth of 7.3% at constant...

Baptista Research

EssilorLuxottica: Sight To Behold - [Business Breakdowns, EP.210]

Business Breakdowns is a podcast series exploring in-depth conversations with investors and operators about different businesses and their...

Business Breakdowns

Lenskart IPO: Fashioning Vision or Pricing Perfection?

​Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...

Sudarshan Bhandari

Meta Just Bought into EssilorLuxottica.

We won’t be generation heads-down forever. Handsets are impractical as our primary device to interact with information technology.

Fallacy Alarm

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short

National Vision Holdings, Inc. (EYE) Recommendation: Sell Short on weak sales, margin compression, and lack of sustainable differentiation.

Eric Fernandez, CFA

Lenskart's upcoming IPO as India's first major consumer-tech listing highlights its operational strength and international traction, but its...