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>Kenvue reported second-quarter 2025 results below expectations, with organic sales declining 4.2% year-over-year, primarily due to challenging external factors and internal execution issues.</li><li>Although global consumption—a metric reflecting actual consumer demand—grew in all segments, it significantly outpaced reported organic sales, highlighting inventory and shipment timing discrepancies.</li><li>The company experienced particularly adverse seasonal trends and customer inventory dynamics in the Self Care segment, which saw organic sales decline 5.9%, despite strong market share retention and gains, including growth in the U.S. Tylenol brand and ZYRTEC’s leadership despite a soft allergy season.</li></ul>

Kenvue reported second-quarter 2025 results below expectations, with organic sales declining 4.2% year-over-year, primarily due to challenging external factors and internal execution issues.Although global consumption—a metric reflecting actual consumer demand—grew in all segments, it significantly outpaced reported organic sales, highlighting inventory and shipment timing discrepancies.The company experienced particularly adverse seasonal trends and customer inventory dynamics in the Self Care segment, which saw organic sales decline 5.9%, despite strong market share retention and gains, including growth in the U.S. Tylenol brand and ZYRTEC’s leadership despite a soft allergy season.

Kenvue’s Guidance Reset: Can New Leadership Fix The Execution Gap?

<ul><li>Kenvue, a global consumer packaged goods company, recently held a second-quarter 2025 earnings call led by Kirk Perry, the Interim CEO, and Amit Banati, the CFO.</li><li>The company is poised at a transitional phase with recent leadership changes and a comprehensive review underway to optimize its brand portfolio and potentially explore strategic alternatives, aiming to unlock shareholder value.</li><li>In the earnings call, several challenges were acknowledged, including a 4.2% decline in organic sales, significantly underperforming against expectations.</li></ul>

Kenvue, a global consumer packaged goods company, recently held a second-quarter 2025 earnings call led by Kirk Perry, the Interim CEO, and Amit Banati, the CFO.The company is poised at a transitional phase with recent leadership changes and a comprehensive review underway to optimize its brand portfolio and potentially explore strategic alternatives, aiming to unlock shareholder value.In the earnings call, several challenges were acknowledged, including a 4.2% decline in organic sales, significantly underperforming against expectations.

Kenvue Pressure Builds As 4.2% Organic Sales Miss Signals Deeper Issues

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Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

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Stock Spin-offs

Event-Driven

<ul>
<li>Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.</li>
<li>Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.</li>
<li>Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.</li>
</ul>


Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.
Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.
Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.


<ul>
<li>Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.</li>
<li>Vivendi (VIV), the French media conglomerate, has recently undergone a significant restructuring by spinning off several of its key divisions into independent entities.</li>
<li>On December 30, 2024, Lions Gate Entertainment (LGFA/LGFB) filed its latest proxy related to the spin-off of Lionsgate Studios (LION). <a href="https://www.bamsec.com/filing/119312524287096?cik=929351" target="_blank" rel="noopener">You can read it here</a>.</li>
</ul>


Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.
Vivendi (VIV), the French media conglomerate, has recently undergone a significant restructuring by spinning off several of its key divisions into independent entities.
On December 30, 2024, Lions Gate Entertainment (LGFA/LGFB) filed its latest proxy related to the spin-off of Lionsgate Studios (LION). You can read it here.


<ul><li>Kenvue's second quarter of 2025 results highlight both opportunities and challenges, providing a complex landscape for potential investors.</li><li>The company's recent performance, although disappointing, demonstrates the ongoing strategic review and leadership changes that could lead to future improvements.</li><li>The financial results for the quarter showed an organic sales decline of 4.2%, with adjusted operating margins slightly contracting by 10 basis points to 22.7%.</li></ul>

Kenvue's second quarter of 2025 results highlight both opportunities and challenges, providing a complex landscape for potential investors.The company's recent performance, although disappointing, demonstrates the ongoing strategic review and leadership changes that could lead to future improvements.The financial results for the quarter showed an organic sales decline of 4.2%, with adjusted operating margins slightly contracting by 10 basis points to 22.7%.

Kenvue in Crisis: Texas Lawsuit Sends Tylenol Maker’s Stock Tumbling!

United States

Kenvue Inc. operates as a consumer health company. The Company offers a consumer health portfolio in self-care, skin health & beauty, and essential health products. Kenvue serves customers worldwide.

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Kenvue (KVUE US)

Kenvue’s Guidance Reset: Can New Leadership Fix The Execution Gap?

Kenvue reported second-quarter 2025 results below expectations, with organic sales declining 4.2% year-over-year, primarily due to challenging...

Baptista Research

Kenvue Pressure Builds As 4.2% Organic Sales Miss Signals Deeper Issues

Kenvue, a global consumer packaged goods company, recently held a second-quarter 2025 earnings call led by Kirk Perry, the Interim CEO, and Amit...

Baptista Research

Weekly Update (MRP, WDC, HON, LGFA)

Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024. Subsequently, on February 6, 2025,...

Richard Howe

Weekly Update: January 10, 2025

Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.

Richard Howe

Kenvue in Crisis: Texas Lawsuit Sends Tylenol Maker’s Stock Tumbling!

Kenvue's second quarter of 2025 results highlight both opportunities and challenges, providing a complex landscape for potential investors. The...

Baptista Research

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