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

Intl Flavors & Fragrances / Equity Bottom-Up

<ul><li>International Flavors & Fragrances has moved forward with one of the most important steps in its portfolio simplification plan by agreeing to sell its Food Ingredients business to funds advised by CVC Capital Partners in a transaction valuing the unit at about $4.3 billion.</li><li>The business, which supplies texturants, emulsifiers, plant-based solutions, and specialty food ingredients, generated nearly $3.1 billion in 2025 sales and roughly $430 million in EBITDA, implying a deal valuation of approximately 10x enterprise value-to-EBITDA.</li><li>IFF will retain around a 10% minority equity stake worth about $200 million and keep a board seat in the new company.</li></ul>

International Flavors & Fragrances has moved forward with one of the most important steps in its portfolio simplification plan by agreeing to sell its Food Ingredients business to funds advised by CVC Capital Partners in a transaction valuing the unit at about $4.3 billion.The business, which supplies texturants, emulsifiers, plant-based solutions, and specialty food ingredients, generated nearly $3.1 billion in 2025 sales and roughly $430 million in EBITDA, implying a deal valuation of approximately 10x enterprise value-to-EBITDA.IFF will retain around a 10% minority equity stake worth about $200 million and keep a board seat in the new company.

IFF’s $4.3 Billion Buyout Deal: The Hidden Value In Its Food Ingredients Exit!

<ul><li>International Flavors & Fragrances Inc. reported first quarter 2026 results that demonstrate continued execution across its core businesses despite a challenging global macroeconomic landscape.</li><li>The company achieved revenue exceeding $2.7 billion, reflecting 3% sales growth on a currency-neutral basis driven by volume increases across all segments.</li><li>The Health & Biosciences segment showed mid-single-digit sales growth led by Animal Nutrition and Food Biosciences, while the Taste, Food Ingredients, and Scent segments exhibited low single-digit growth.</li></ul>

International Flavors & Fragrances Inc. reported first quarter 2026 results that demonstrate continued execution across its core businesses despite a challenging global macroeconomic landscape.The company achieved revenue exceeding $2.7 billion, reflecting 3% sales growth on a currency-neutral basis driven by volume increases across all segments.The Health & Biosciences segment showed mid-single-digit sales growth led by Animal Nutrition and Food Biosciences, while the Taste, Food Ingredients, and Scent segments exhibited low single-digit growth.

International Flavors & Fragrances (IFF): Why Its Food Ingredients Exit Could Be a Major Value Creation Move!

<ul><li>International Flavors & Fragrances (IFF) reported its financial results for the fourth quarter and full year of 2025, emphasizing strategic progress and business strengthening despite a challenging macroeconomic environment.</li><li>The company achieved solid sales growth in 2025 amidst a strong 6% comparable from the previous year.</li><li>Sales growth was led by the Taste division, which grew by 4%, while the Health & Biosciences segment improved by 3%.</li></ul>

International Flavors & Fragrances (IFF) reported its financial results for the fourth quarter and full year of 2025, emphasizing strategic progress and business strengthening despite a challenging macroeconomic environment.The company achieved solid sales growth in 2025 amidst a strong 6% comparable from the previous year.Sales growth was led by the Taste division, which grew by 4%, while the Health & Biosciences segment improved by 3%.

International Flavors & Fragrances (IFF) Is Shifting to High-Margin Businesses—Is This the Profit Inflection Investors Are Waiting For?

<ul><li>International Flavors & Fragrances Inc. (IFF) presented its third-quarter results for 2025, showcasing a steady operational performance amidst challenging market conditions.</li><li>The company maintained flat sales compared to the previous year, despite headwinds such as geopolitical challenges, macroeconomic uncertainty, and soft demand in certain sectors.</li><li>Growth was observed in the Scent and Taste segments, counterbalancing weakness in Food Ingredients and Health & Biosciences, particularly in North America.</li></ul>

International Flavors & Fragrances Inc. (IFF) presented its third-quarter results for 2025, showcasing a steady operational performance amidst challenging market conditions.The company maintained flat sales compared to the previous year, despite headwinds such as geopolitical challenges, macroeconomic uncertainty, and soft demand in certain sectors.Growth was observed in the Scent and Taste segments, counterbalancing weakness in Food Ingredients and Health & Biosciences, particularly in North America.

IFF Partners With Kemira on DEB Technology — Could This Mega-Project Reinvent Its Health & Biosciences Future?

Podcast hosted by Hedgeye CEO Keith McCullough, Real Conversations

Real Conversations

Podcast hosted by Hedgeye CEO Keith McCullough

Hedgeye is an investment research and financial media company founded in 2008. Our core principles are transparency, accountability and trust. Hedgeye’s Real Conversations series, hosted by CEO Keith McCullough, brings together the brightest minds in the business to cut through the noise and discuss the financial market moves that actually matter.LEGALThe opinions expressed in Hedgeye Real Conversations are those of the individual speaking and not of Hedgeye, and should not be construed as specific investment advice. Hedgeye® is a registered trademark. All Hedegye Real Conversations are the intellectual property of Hedgeye. All rights reserved.

Cross Asset Strategy

<ul><li>Russell was down almost a full percent last week, but consumer staples, MLPS, and shipping performed well</li><li>Domino's reported slightly lower earnings and showed signs of global headwinds, momentum slowing</li><li>China looks like a good long bias opportunity for the second half of 2024, while consumer staples are poorly positioned for reaccelerating inflation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Russell was down almost a full percent last week, but consumer staples, MLPS, and shipping performed wellDomino's reported slightly lower earnings and showed signs of global headwinds, momentum slowingChina looks like a good long bias opportunity for the second half of 2024, while consumer staples are poorly positioned for reaccelerating inflationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

United States

International Flavors & Fragrances Inc. creates, manufactures, and supplies flavors and fragrances for the food, beverage, personal care and household products industries. The Company's flavors and fragrances are individual ingredients or compounds of a large number of ingredients that are blended, mixed or reacted together to produce proprietary formulas.

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Intl Flavors & Fragrances (IFF US)

IFF’s $4.3 Billion Buyout Deal: The Hidden Value In Its Food Ingredients Exit!

International Flavors & Fragrances has moved forward with one of the most important steps in its portfolio simplification plan by agreeing to...

Baptista Research

International Flavors & Fragrances (IFF): Why Its Food Ingredients Exit Could Be a Major Value Creation Move!

International Flavors & Fragrances Inc. reported first quarter 2026 results that demonstrate continued execution across its core businesses...

Baptista Research

International Flavors & Fragrances (IFF) Is Shifting to High-Margin Businesses—Is This the Profit Inflection Investors Are Waiting For?

International Flavors & Fragrances (IFF) reported its financial results for the fourth quarter and full year of 2025, emphasizing strategic...

Baptista Research

IFF Partners With Kemira on DEB Technology — Could This Mega-Project Reinvent Its Health & Biosciences Future?

International Flavors & Fragrances Inc. (IFF) presented its third-quarter results for 2025, showcasing a steady operational performance amidst...

Baptista Research

The Call @ Hedgeye | February 26, 2024

Last week saw a mixed market with Russell down almost 1%, consumer staples and MLPs performing well, Howard's cannabis MSOs showing strength,...

Real Conversations

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