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>Keurig Dr Pepper’s first quarter reflected a business balancing solid beverage momentum, coffee-related cost pressure, and a major corporate transformation following the closing of the JDE Peet’s acquisition.</li><li>Net sales grew 8.1%, driven by 5.5 percentage points of net price realization and 2.6 points of volume and mix, while EPS declined 7.1% to $0.39 due to higher costs, tariff impacts, and the comparison against a prior-year gain from the sale of the Vita Coco stake.</li><li>Management reaffirmed its 2026 outlook for low double-digit constant currency EPS growth, supported by expected improvement from the second quarter onward and stronger acceleration in the second half.</li></ul>

Keurig Dr Pepper’s first quarter reflected a business balancing solid beverage momentum, coffee-related cost pressure, and a major corporate transformation following the closing of the JDE Peet’s acquisition.Net sales grew 8.1%, driven by 5.5 percentage points of net price realization and 2.6 points of volume and mix, while EPS declined 7.1% to $0.39 due to higher costs, tariff impacts, and the comparison against a prior-year gain from the sale of the Vita Coco stake.Management reaffirmed its 2026 outlook for low double-digit constant currency EPS growth, supported by expected improvement from the second quarter onward and stronger acceleration in the second half.

Keurig Dr Pepper: 8.1% Sales Growth Cannot Mask A 7.1% EPS Decline And Coffee Squeeze!

<ul><li>Keurig Dr Pepper's recent earnings announcement for the fourth quarter of 2025 paints a complex picture for potential investors.</li><li>The company delivered strong performance with an 8.6% increase in net sales and a 7.3% rise in EPS for the full year, meeting its annual guidance.</li><li>Key drivers included robust growth in U.S. Refreshment Beverages, fueled by innovations like Dr Pepper Blackberry, and market share gains in categories such as energy drinks and emerging growth areas like prebiotic CSDs. The international segment also showed resilience, especially in Mexico and Canada, contributing to a 16% constant currency net sales increase in Q4.</li></ul>

Keurig Dr Pepper's recent earnings announcement for the fourth quarter of 2025 paints a complex picture for potential investors.The company delivered strong performance with an 8.6% increase in net sales and a 7.3% rise in EPS for the full year, meeting its annual guidance.Key drivers included robust growth in U.S. Refreshment Beverages, fueled by innovations like Dr Pepper Blackberry, and market share gains in categories such as energy drinks and emerging growth areas like prebiotic CSDs. The international segment also showed resilience, especially in Mexico and Canada, contributing to a 16% constant currency net sales increase in Q4.

Keurig Dr Pepper: Keurig Alta and the Coffee Collective—A Platform Upgrade Aimed at Reigniting Growth in U.S. Coffee!

<ul><li>Keurig Dr Pepper (KDP) recently held a comprehensive presentation to discuss its strategic acquisition of JDE Peet’s and the subsequent plan to separate into two distinct entities: a global coffee powerhouse and a North American beverage company.</li><li>The event was designed to address shareholder concerns and clarify the company's future direction, following a tepid market reaction to its initial announcement in August.</li><li>The acquisition of JDE Peet’s aims to position KDP as a leading global coffee player by tripling its coffee net sales and gaining significant scale and geographic diversification.</li></ul>

Keurig Dr Pepper (KDP) recently held a comprehensive presentation to discuss its strategic acquisition of JDE Peet’s and the subsequent plan to separate into two distinct entities: a global coffee powerhouse and a North American beverage company.The event was designed to address shareholder concerns and clarify the company's future direction, following a tepid market reaction to its initial announcement in August.The acquisition of JDE Peet’s aims to position KDP as a leading global coffee player by tripling its coffee net sales and gaining significant scale and geographic diversification.

Keurig Dr Pepper Eyes the Coffee Crown: Will Market Revival Deliver a New Brew of Success?

<ul><li>Keurig Dr Pepper (KDP) has jolted the global beverage industry with a bold two-step maneuver that may reshape its corporate DNA.</li><li>In a surprise announcement, KDP revealed plans to acquire global coffee giant JDE Peet’s for an enterprise value of $23 billion, followed by a spin-off to create two stand-alone public companies—Global Coffee Co. and Beverage Co. The all-cash acquisition is priced at a 20% premium to JDE Peet’s market price and values the target at approximately 13x 2026 EV/EBITDA pre-synergies or 10.5x post-synergies.</li><li>KDP aims to finalize the acquisition by the first half of 2026 and pursue a tax-free spin-off of the coffee business soon thereafter.</li></ul>

Keurig Dr Pepper (KDP) has jolted the global beverage industry with a bold two-step maneuver that may reshape its corporate DNA.In a surprise announcement, KDP revealed plans to acquire global coffee giant JDE Peet’s for an enterprise value of $23 billion, followed by a spin-off to create two stand-alone public companies—Global Coffee Co. and Beverage Co. The all-cash acquisition is priced at a 20% premium to JDE Peet’s market price and values the target at approximately 13x 2026 EV/EBITDA pre-synergies or 10.5x post-synergies.KDP aims to finalize the acquisition by the first half of 2026 and pursue a tax-free spin-off of the coffee business soon thereafter.

Keurig Dr Pepper Is Splitting in Two After a Mega Acquisition—You Won’t Believe What’s Coming!

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Keurig Dr Pepper, following the close of the JDE Peet’s acquisition, plans to separate Global Coffee Co. via a tax-free spin-off to KDP shareholders</li>
<li>Post separation, the parent will retain North American refreshment beverages portfolio (Dr Pepper, Canada Dry, 7UP, A&amp;W, energy/functional, RTD alcohol adjacencies).</li>
<li>We view KDP’s two-step transaction as value accretive for shareholders, creating two investable profiles that should appeal to distinct shareholder bases.</li>
</ul>


Keurig Dr Pepper, following the close of the JDE Peet’s acquisition, plans to separate Global Coffee Co. via a tax-free spin-off to KDP shareholders
Post separation, the parent will retain North American refreshment beverages portfolio (Dr Pepper, Canada Dry, 7UP, A&amp;W, energy/functional, RTD alcohol adjacencies).
We view KDP’s two-step transaction as value accretive for shareholders, creating two investable profiles that should appeal to distinct shareholder bases.


Keurig Dr Pepper to Spin-Off Coffee From Beverages Following JDE Peet’s Acquisition

United States

Keurig Dr Pepper Inc. manufactures and distributes non-alcoholic beverages. The Company offers soft drinks, juices, teas, mixers, water, and other beverages. Keurig Dr Pepper serves customers in the United States, Canada, and Mexico.

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Keurig Dr Pepper (KDP US)

Keurig Dr Pepper: 8.1% Sales Growth Cannot Mask A 7.1% EPS Decline And Coffee Squeeze!

Keurig Dr Pepper’s first quarter reflected a business balancing solid beverage momentum, coffee-related cost pressure, and a major corporate...

Baptista Research

Keurig Dr Pepper: Keurig Alta and the Coffee Collective—A Platform Upgrade Aimed at Reigniting Growth in U.S. Coffee!

Keurig Dr Pepper's recent earnings announcement for the fourth quarter of 2025 paints a complex picture for potential investors. The company...

Baptista Research

Keurig Dr Pepper Eyes the Coffee Crown: Will Market Revival Deliver a New Brew of Success?

Keurig Dr Pepper (KDP) recently held a comprehensive presentation to discuss its strategic acquisition of JDE Peet’s and the subsequent plan to...

Baptista Research

Keurig Dr Pepper Is Splitting in Two After a Mega Acquisition—You Won’t Believe What’s Coming!

Keurig Dr Pepper (KDP) has jolted the global beverage industry with a bold two-step maneuver that may reshape its corporate DNA. In a surprise...

Baptista Research

Keurig Dr Pepper to Spin-Off Coffee From Beverages Following JDE Peet’s Acquisition

KDP plans, following the close of the JDE Peet’s acquisition, to separate Global Coffee Co. via a tax-free spin-off to KDP shareholders, creating...

GSBR Research

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