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>The Kraft Heinz Company’s third quarter 2025 earnings call reveals a mixed picture of progress and ongoing challenges for the company.</li><li>The results show a slight year-over-year recovery in the top line performance compared to the first half of the year, but they also highlight ongoing difficulties in the operating environment, including worsened consumer sentiment and ongoing inflation.</li><li>One notable development is Kraft Heinz’s plan to separate into two independently traded companies by the second half of 2026.</li></ul>

The Kraft Heinz Company’s third quarter 2025 earnings call reveals a mixed picture of progress and ongoing challenges for the company.The results show a slight year-over-year recovery in the top line performance compared to the first half of the year, but they also highlight ongoing difficulties in the operating environment, including worsened consumer sentiment and ongoing inflation.One notable development is Kraft Heinz’s plan to separate into two independently traded companies by the second half of 2026.

Kraft Heinz Fights U.S. Consumer Slump With a $280 Million Power Move; Will It Work?

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>Kraft Heinz will separate into two independent publicly-traded companies via a tax-free spin-off  expected to close in H2 2026</li>
<li>The two entities : Global Taste Elevation Co. focusing on sauces, spreads, seasonings, shelf-stable meals and North American Grocery Co.  centered on staples sold in North America</li>
<li>The move is designed to disentangle distinct brand portfolios, so each can pursue clearer growth, margin and capital-allocation strategies.</li>
</ul>


Kraft Heinz will separate into two independent publicly-traded companies via a tax-free spin-off  expected to close in H2 2026
The two entities : Global Taste Elevation Co. focusing on sauces, spreads, seasonings, shelf-stable meals and North American Grocery Co.  centered on staples sold in North America
The move is designed to disentangle distinct brand portfolios, so each can pursue clearer growth, margin and capital-allocation strategies.


Kraft Heinz (Nasdaq: KHC) To Separate into Two Businesses Via a Tax-Free Spin-Off

<ul>
<li>Kraft Heinz’s decision to split into Global Taste Elevation Co. and North American Grocery Co. is a strategic move intended to recalibrate the Company amid flattening growth.</li>
<li>We value Kraft Heinz on a sum-of-the-parts (SOTP) basis. Global Taste Elevation is valued at 10x 2025E adjusted EBITDA, while North America Grocery is valued at 7.8x 2025E adjusted EBITDA.</li>
<li>We expect the spin-off to unlock value for shareholders as Global Taste Elevation Co will get better multiple post separation.</li>
</ul>


Kraft Heinz’s decision to split into Global Taste Elevation Co. and North American Grocery Co. is a strategic move intended to recalibrate the Company amid flattening growth.
We value Kraft Heinz on a sum-of-the-parts (SOTP) basis. Global Taste Elevation is valued at 10x 2025E adjusted EBITDA, while North America Grocery is valued at 7.8x 2025E adjusted EBITDA.
We expect the spin-off to unlock value for shareholders as Global Taste Elevation Co will get better multiple post separation.


Kraft Heinz (Nasdaq: KHC) Spin-Off to Create Value; See Upside From Current Levels

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>On September 2, 2025, Kraft Heinz (KHC) announced that it will be breaking up into two companies.</li><li>The news comes a decade after the infamous merger of two of the biggest names in packaged foods that was orchestrated by Warren Buffett and Brazilian private equity firm 3G Capital Partners.</li><li>North American Grocery Co would encompass many of the traditional Kraft products.</li></ul>

On September 2, 2025, Kraft Heinz (KHC) announced that it will be breaking up into two companies.The news comes a decade after the infamous merger of two of the biggest names in packaged foods that was orchestrated by Warren Buffett and Brazilian private equity firm 3G Capital Partners.North American Grocery Co would encompass many of the traditional Kraft products.

<ul><li>Kraft Heinz’s decision to split into two independent companies by 2026 marks a dramatic unraveling of the 2015 megamerger orchestrated by Warren Buffett’s Berkshire Hathaway and 3G Capital.</li><li>Once heralded as a union of food titans to unlock economies of scale, the split reflects a strategic pivot to specialization over breadth.</li><li>The new structure will separate the $15 billion global “Taste Elevation” unit—home to iconic brands like Heinz ketchup and Kraft Mac & Cheese—from the $10 billion North American grocery staples business that includes Oscar Mayer, Lunchables, and Kraft Singles.</li></ul>

Kraft Heinz’s decision to split into two independent companies by 2026 marks a dramatic unraveling of the 2015 megamerger orchestrated by Warren Buffett’s Berkshire Hathaway and 3G Capital.Once heralded as a union of food titans to unlock economies of scale, the split reflects a strategic pivot to specialization over breadth.The new structure will separate the $15 billion global “Taste Elevation” unit—home to iconic brands like Heinz ketchup and Kraft Mac & Cheese—from the $10 billion North American grocery staples business that includes Oscar Mayer, Lunchables, and Kraft Singles.

Kraft Heinz’s Big Breakup: A $25 Billion Shake-Up That May Not Please Warren Buffett!

United States

The Kraft Heinz Company provides food services. The Company offers foods including ketchup, sauces, meals, snacks, and other food products.

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Kraft Heinz Co (KHC US)

Kraft Heinz Fights U.S. Consumer Slump With a $280 Million Power Move; Will It Work?

The Kraft Heinz Company’s third quarter 2025 earnings call reveals a mixed picture of progress and ongoing challenges for the company. The results...

Baptista Research

Kraft Heinz (Nasdaq: KHC) To Separate into Two Businesses Via a Tax-Free Spin-Off

Kraft Heinz to split into two companies in 2026 to focus on distinct brand portfolios and growth strategies. The transaction expected to close in...

GSBR Research

Kraft Heinz (Nasdaq: KHC) Spin-Off to Create Value; See Upside From Current Levels

Kraft Heinz's split into two companies should unlock shareholder value. Our estimate suggests upside from current levels.

GSBR Research

Weekly Update (CON, HNZ, BRSL)

On September 2, 2025, Kraft Heinz (KHC) announced that it will be breaking up into two companies. The news comes a decade after....

Richard Howe

Kraft Heinz’s Big Breakup: A $25 Billion Shake-Up That May Not Please Warren Buffett!

Kraft Heinz’s decision to split into two independent companies by 2026 marks a dramatic unraveling of the 2015 megamerger orchestrated by Warren...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kraft Heinz Fights U.S. Consumer Slump With a $280 Million Power Move; Will It Work?

The Kraft Heinz Company’s third quarter 2025 earnings call reveals a mixed picture of progress and ongoing challenges for the company. The results...

Baptista Research

Kraft Heinz (Nasdaq: KHC) To Separate into Two Businesses Via a Tax-Free Spin-Off

​Kraft Heinz to split into two companies in 2026 to focus on distinct brand portfolios and growth strategies. The transaction expected to close in...

GSBR Research

Kraft Heinz (Nasdaq: KHC) Spin-Off to Create Value; See Upside From Current Levels

​Kraft Heinz's split into two companies should unlock shareholder value. Our estimate suggests upside from current levels.

GSBR Research

Weekly Update (CON, HNZ, BRSL)

On September 2, 2025, Kraft Heinz (KHC) announced that it will be breaking up into two companies. The news comes a decade after....

Richard Howe

Kraft Heinz’s Big Breakup: A $25 Billion Shake-Up That May Not Please Warren Buffett!

Kraft Heinz’s decision to split into two independent companies by 2026 marks a dramatic unraveling of the 2015 megamerger orchestrated by Warren...

Baptista Research

Kraft Heinz to split into two companies in 2026 to focus on distinct brand portfolios and growth strategies. The transaction expected to close in...

Kraft Heinz's split into two companies should unlock shareholder value. Our estimate suggests upside from current levels.