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>Waters Corporation presented its third-quarter 2024 financial results with a mixed set of outcomes, indicating resilience in certain segments despite ongoing market challenges.</li><li>The company's revenue performance exceeded expectations, driven by positive growth across all three geographic regions and specific strength in its pharma and industrial end markets.</li><li>The return to positive sales growth in liquid chromatography (LC) and an uptick in mass spectrometry (Mass Spec) instrument sales highlight a broader recovery context.</li></ul>

Waters Corporation presented its third-quarter 2024 financial results with a mixed set of outcomes, indicating resilience in certain segments despite ongoing market challenges.The company's revenue performance exceeded expectations, driven by positive growth across all three geographic regions and specific strength in its pharma and industrial end markets.The return to positive sales growth in liquid chromatography (LC) and an uptick in mass spectrometry (Mass Spec) instrument sales highlight a broader recovery context.

Waters Corporation’s Bold China Strategy Ignites Surging Demand Amid High-Octane Stimulus! - Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

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

Becton Dickinson and Co / Equity Bottom-Up

<ul><li>In Q1 2026, BDX will merge its Biosciences &amp; Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares per BDX share, leaving its shareholders with roughly 39 percent of the combined company.</li><li>The remaining business, referred to as New BD, will be a focused med-tech company with ~$18BN in revenue across Medical Essentials, Connected Care, BioPharma Systems, and Interventional. More than 90 percent of revenue will be recurring, and management expects high single-digit earnings growth.</li><li>New BD’s valuation looks appealing. Based on where BDX and WAT currently trade, New BD implies a P/E of roughly 11x earnings. I believe the business deserves at least a 13x multiple, which would equate to about 12% upside. That said, I’m not ready to buy yet.</li></ul>

In Q1 2026, BDX will merge its Biosciences &amp; Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares per BDX share, leaving its shareholders with roughly 39 percent of the combined company.The remaining business, referred to as New BD, will be a focused med-tech company with ~$18BN in revenue across Medical Essentials, Connected Care, BioPharma Systems, and Interventional. More than 90 percent of revenue will be recurring, and management expects high single-digit earnings growth.New BD’s valuation looks appealing. Based on where BDX and WAT currently trade, New BD implies a P/E of roughly 11x earnings. I believe the business deserves at least a 13x multiple, which would equate to about 12% upside. That said, I’m not ready to buy yet.

New BD Looks Cheap But I’m Not Ready to Buy (Yet)

Event-Driven

<ul><li>The big news this week is Liberty’s spin-off GCI Liberty began trading</li><li>On July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse Morris Trust (RMT) spin-merger: BD will spin off its Biosciences &amp; Diagnostic Solutions (BDS) business into a new subsidiary (SpinCo) and immediately merge SpinCo with Waters Corporation (WAT).</li><li>Under the deal terms, Waters will pay ~$4.0B cash (funded by new debt) plus stock; BD shareholders receive the $4B cash and ~39.2% of the combined company (Waters shareholders ~60.8%).</li></ul>

The big news this week is Liberty’s spin-off GCI Liberty began tradingOn July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse Morris Trust (RMT) spin-merger: BD will spin off its Biosciences &amp; Diagnostic Solutions (BDS) business into a new subsidiary (SpinCo) and immediately merge SpinCo with Waters Corporation (WAT).Under the deal terms, Waters will pay ~$4.0B cash (funded by new debt) plus stock; BD shareholders receive the $4B cash and ~39.2% of the combined company (Waters shareholders ~60.8%).

<ul><li>Waters Corporation's Second Quarter 2024 financial results reflect a mix of challenges and progress across its various segments.</li><li>The company, a key player in the analytical instruments industry, primarily serves the pharmaceutical, industrial, and academic sectors.</li><li>Notable for its technological investments and strategic acquisitions, Waters reported a 4% decline in sales, including a similar drop in organic constant currency terms.</li></ul>

Waters Corporation's Second Quarter 2024 financial results reflect a mix of challenges and progress across its various segments.The company, a key player in the analytical instruments industry, primarily serves the pharmaceutical, industrial, and academic sectors.Notable for its technological investments and strategic acquisitions, Waters reported a 4% decline in sales, including a similar drop in organic constant currency terms.

Waters Corporation: Enhanced Market Position in China & Expansion in Recurring Revenue Streams Driving Growth! - Major Drivers

United States

Waters Corporation provides high-performance liquid chromatography products and services. The Company distributes its products worldwide to a wide range of industries such as pharmaceuticals, chemicals, and environmental testing. Waters also designs, manufactures, sells, and services thermal analysis, rheometry, calorimetry instruments, and related software products.

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Waters (WAT UN)

Waters Corporation’s Bold China Strategy Ignites Surging Demand Amid High-Octane Stimulus! - Major Drivers

Waters Corporation presented its third-quarter 2024 financial results with a mixed set of outcomes, indicating resilience in certain segments...

Baptista Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

New BD Looks Cheap But I’m Not Ready to Buy (Yet)

In Q1 2026, BDX will merge its Biosciences & Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares...

Richard Howe

Weekly Update (GLIBK, BDX, WAT)

The big news this week is Liberty’s spin-off GCI Liberty began trading. On July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse...

Richard Howe

Waters Corporation: Enhanced Market Position in China & Expansion in Recurring Revenue Streams Driving Growth! - Major Drivers

Waters Corporation's Second Quarter 2024 financial results reflect a mix of challenges and progress across its various segments. The company, a...

Baptista Research

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