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>Henry Schein's third quarter 2024 earnings reflect a blend of strategic advancements and ongoing recovery efforts from prior challenges.</li><li>The company reported global sales of $3.2 billion, marking a modest overall growth of 0.4% year-over-year.</li><li>A significant contributor to this growth came from acquisitions, which added 3.2% to sales, although local currency internal sales slightly decreased by 2.6%.</li></ul>

Henry Schein's third quarter 2024 earnings reflect a blend of strategic advancements and ongoing recovery efforts from prior challenges.The company reported global sales of $3.2 billion, marking a modest overall growth of 0.4% year-over-year.A significant contributor to this growth came from acquisitions, which added 3.2% to sales, although local currency internal sales slightly decreased by 2.6%.

Henry Schein Inc.: How Is It Dealing With The Dental and Medical Market Dynamics & Other Challenges? - Drivers

<ul><li>In the second quarter of 2024, Henry Schein delivered a solid financial performance, underscoring its resilience amid challenging market conditions.</li><li>The company reported robust operating cash flow and an increase in gross margin, reflecting the benefit of strategic initiatives focusing on high-growth, high-margin products and services, as well as recent acquisitions.</li><li>However, the recovery from a cyber incident last year has been progressing slower than initially anticipated, impacting sales momentum.</li></ul>

In the second quarter of 2024, Henry Schein delivered a solid financial performance, underscoring its resilience amid challenging market conditions.The company reported robust operating cash flow and an increase in gross margin, reflecting the benefit of strategic initiatives focusing on high-growth, high-margin products and services, as well as recent acquisitions.However, the recovery from a cyber incident last year has been progressing slower than initially anticipated, impacting sales momentum.

Henry Schein Inc.: A Tale Of Expansion into Owned Brands and Portfolio Diversification! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nakanishi-inc" target="_blank" data-smartkarma-citation="entities:20823:1" rel="noopener">Nakanishi Inc (7716 JP)</a> guided for 25% revenue growth to ¥74B for 2024, driven by an additional ¥12B revenue contribution from DCI and 6% growth in dental business to ¥47B.</li>
<li>EBITDA is expected to improve from 2025 due to normalization of the personnel expenses and depreciation. 2026 EBITDA margin (26.8%) will improve significantly over 2024 (23.9%).</li>
<li>Amid slow global consumption, Nakanishi’s cost-effective products offer strong value proposition. The company is expected to meet 2024 guidance and no negative surprise (downward revision in last year) is expected.</li>
</ul>



Nakanishi Inc (7716 JP) guided for 25% revenue growth to ¥74B for 2024, driven by an additional ¥12B revenue contribution from DCI and 6% growth in dental business to ¥47B.
EBITDA is expected to improve from 2025 due to normalization of the personnel expenses and depreciation. 2026 EBITDA margin (26.8%) will improve significantly over 2024 (23.9%).
Amid slow global consumption, Nakanishi’s cost-effective products offer strong value proposition. The company is expected to meet 2024 guidance and no negative surprise (downward revision in last year) is expected.


Nakanishi Inc (7716 JP): Acquisition and Fx to Nourish Topline; Margin Expansion in Near-Term

<ul><li>Henry Schein Inc, the leading global healthcare solutions provider, recently reported its results for the first quarter of 2024.</li><li>The company reported solid earnings driven by gross profit and gross margin expansion as it recovers from last quarter's cyber-incident.</li><li>It's worth noting that even with the cyber incident, Henry Schein marked an improvement in its merchandise sales growth.</li></ul>

Henry Schein Inc, the leading global healthcare solutions provider, recently reported its results for the first quarter of 2024.The company reported solid earnings driven by gross profit and gross margin expansion as it recovers from last quarter's cyber-incident.It's worth noting that even with the cyber incident, Henry Schein marked an improvement in its merchandise sales growth.

Henry Schein Inc.: A Tale Of An Improving Market Position with New Products - Major Drivers

Dentsply International / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/dentsply-international-inc" target="_blank" data-smartkarma-citation="entities:10926:1" rel="noopener">Dentsply International (XRAY US)</a> guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.</li>
<li>The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.</li>
<li>In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.</li>
</ul>



Dentsply International (XRAY US) guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.
The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.
In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.


Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation

United States

Henry Schein, Inc. distributes healthcare products and services, including practice management software, to office-based healthcare practitioners.  The Company has operations in North America and other countries.  Henry Schein's operations include direct marketing, telesales, and field sales.

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Henry Schein (HSIC US)

Henry Schein Inc.: How Is It Dealing With The Dental and Medical Market Dynamics & Other Challenges? - Drivers

Henry Schein's third quarter 2024 earnings reflect a blend of strategic advancements and ongoing recovery efforts from prior challenges. The...

Baptista Research

Henry Schein Inc.: A Tale Of Expansion into Owned Brands and Portfolio Diversification! - Major Drivers

In the second quarter of 2024, Henry Schein delivered a solid financial performance, underscoring its resilience amid challenging market...

Baptista Research

Nakanishi Inc (7716 JP): Acquisition and Fx to Nourish Topline; Margin Expansion in Near-Term

Nakanishi guided for 25% YoY revenue growth to ¥74B for 2024, driven by additional ¥12B revenue contribution from DCI and 6% YoY growth in dental...

Tina Banerjee

Henry Schein Inc.: A Tale Of An Improving Market Position with New Products - Major Drivers

Henry Schein Inc, the leading global healthcare solutions provider, recently reported its results for the first quarter of 2024. The company...

Baptista Research

Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation

Dentsply International expects just 1% organic revenue growth in 2024 due to challenging macro environment. In terms of every valuation metrics,...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Henry Schein Inc.: How Is It Dealing With The Dental and Medical Market Dynamics & Other Challenges? - Drivers

Henry Schein's third quarter 2024 earnings reflect a blend of strategic advancements and ongoing recovery efforts from prior challenges. The...

Baptista Research

Henry Schein Inc.: A Tale Of Expansion into Owned Brands and Portfolio Diversification! - Major Drivers

In the second quarter of 2024, Henry Schein delivered a solid financial performance, underscoring its resilience amid challenging market...

Baptista Research

Nakanishi Inc (7716 JP): Acquisition and Fx to Nourish Topline; Margin Expansion in Near-Term

Nakanishi guided for 25% YoY revenue growth to ¥74B for 2024, driven by additional ¥12B revenue contribution from DCI and 6% YoY growth in dental...

Tina Banerjee

Henry Schein Inc.: A Tale Of An Improving Market Position with New Products - Major Drivers

Henry Schein Inc, the leading global healthcare solutions provider, recently reported its results for the first quarter of 2024. The company...

Baptista Research

Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation

​Dentsply International expects just 1% organic revenue growth in 2024 due to challenging macro environment. In terms of every valuation metrics,...

Tina Banerjee

Dentsply International expects just 1% organic revenue growth in 2024 due to challenging macro environment. In terms of every valuation metrics,...