Global Macro Strategist, Westbourne Research Services

Sharmila Whelan

Global Macro Strategist

Macroeconomic, Geopolitical and Policy Forecasting

Westbourne Research Services

Westbourne Research is a global macroeconomic, geopolitical and policy forecasting and strategic advisory consultancy. Located in London, UK and serving clients globally. Our knowledge is deep, spanning all asset classes and key industrial sectors. Our perspective is global. Our presence is expansive, with 30 years analysing and working in developed and emerging markets. We are uniquely India and China specialists.

Cross Asset Strategy

<ul>
<li>Bond holders should be concerned  about Europe’s fiscal position, which is less rosy than official numbers suggest,  and the looming surge in defence spending.   Stay underweight European government bonds.</li>
<li>Europe’s urgently needs to strengthen its defences. There is some catching up to do -  Europe still spends half as much as the US’s and the gap has widened.</li>
<li>Weaning itself off US arms won’t be easy or quick. Overweight US defence stocks.</li>
</ul>


Bond holders should be concerned  about Europe’s fiscal position, which is less rosy than official numbers suggest,  and the looming surge in defence spending.   Stay underweight European government bonds.
Europe’s urgently needs to strengthen its defences. There is some catching up to do -  Europe still spends half as much as the US’s and the gap has widened.
Weaning itself off US arms won’t be easy or quick. Overweight US defence stocks.


Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>EMA’s human medicines committee (CHMP) recommended sixteen medicines for approval at its April 2025 meeting. CHMP also adopted positive opinion for nine biosimilar medicines.</li>
<li>Among the new medicines, Vertex’s triple combination cystic fibrosis drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s billiary tract cancer drug Ziihera have potential to become blockbusters.</li>
<li>The Agency has recommended the refusal of the marketing authorization for Eli Lilly’s Alzheimer’s Disease drug Kisunla. Eli Lilly may ask for a re-examination of the opinion within 15 days.</li>
</ul>


EMA’s human medicines committee (CHMP) recommended sixteen medicines for approval at its April 2025 meeting. CHMP also adopted positive opinion for nine biosimilar medicines.
Among the new medicines, Vertex’s triple combination cystic fibrosis drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s billiary tract cancer drug Ziihera have potential to become blockbusters.
The Agency has recommended the refusal of the marketing authorization for Eli Lilly’s Alzheimer’s Disease drug Kisunla. Eli Lilly may ask for a re-examination of the opinion within 15 days.


CHMP Meeting Update April 2025: Sixteen New Medicines Recommended For Approval

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

Lvmh Moet Hennessy Louis Vuitton / Equity Bottom-Up

LVMH Moet Hennessy Louis Vuitton SE is a diversified luxury goods group. The Company produces and sells wine, cognac, perfumes, cosmetics, luggage, and watches and jewelry.

<ul><li>LVMH Moët Hennessy Louis Vuitton S.E. reported a year characterized by resilience against a backdrop of global economic challenges.</li><li>The company saw marginal organic revenue growth, but a decline in operating income, largely influenced by significant non-recurring expenses related to major events such as the sponsorship of the Olympics and the renovation of Notre Dame.</li><li>These strategic brand visibility investments also mark a considerable outlay impacting current operating margins.</li></ul>

LVMH Moët Hennessy Louis Vuitton S.E. reported a year characterized by resilience against a backdrop of global economic challenges.The company saw marginal organic revenue growth, but a decline in operating income, largely influenced by significant non-recurring expenses related to major events such as the sponsorship of the Olympics and the renovation of Notre Dame.These strategic brand visibility investments also mark a considerable outlay impacting current operating margins.

LVMH: Initiation of Coverage- Can Its Latest Brand Revitalization & Portfolio Management Be A Potential Game Changer?

Kering SA designs, manufactures and markets luxury and sport & lifestyle goods. The Company's brands include Gucci, Bottega Veneta, Alexander McQueen, Puma and Volcom. Kering operates globally and is headquartered in Paris, France.

<ul>
<li>Kering S.A.'s 2024 financial performance did not meet initial expectations due to ongoing transformation efforts and adverse market conditions.</li>
<li>The company remains committed to a long-term strategy focusing on brand health and avoiding immediate fixes.</li>
<li>Kering's brand portfolio, which includes Gucci, Kering Eyewear, and Kering Beauté, is evolving with a focus on individual brand strategies within a unified framework aimed at elevating their product offerings Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li>
</ul>


Kering S.A.'s 2024 financial performance did not meet initial expectations due to ongoing transformation efforts and adverse market conditions.
The company remains committed to a long-term strategy focusing on brand health and avoiding immediate fixes.
Kering's brand portfolio, which includes Gucci, Kering Eyewear, and Kering Beauté, is evolving with a focus on individual brand strategies within a unified framework aimed at elevating their product offerings Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.


Kering SA - Integration of A New Creative Vision Is Driving Our Optimism!

Orange SA provides telecommunications services to residential, professional, and large business customers. The Company offers public fixed-line telephone, leased lines and data transmission, mobile telecommunications, cable television, Internet and wireless applications, and broadcasting services, and telecommunications equipment sales and rentals.

<ul>
<li>Orange S.A.’s 2024 full-year results showcase a blend of growth indicators, strategic progress, and persistent challenges.</li>
<li>The company reported revenues of €40.3 billion, marking an increase of 1.2% from the previous year, driven primarily by retail growth and robust performances in the Middle East and Africa.</li>
<li>EBITDAaL improved by 2.7% over the year, demonstrating sustained operational gains, whereas the fourth quarter alone saw a growth of 3.2%.</li>
</ul>


Orange S.A.’s 2024 full-year results showcase a blend of growth indicators, strategic progress, and persistent challenges.
The company reported revenues of €40.3 billion, marking an increase of 1.2% from the previous year, driven primarily by retail growth and robust performances in the Middle East and Africa.
EBITDAaL improved by 2.7% over the year, demonstrating sustained operational gains, whereas the fourth quarter alone saw a growth of 3.2%.


Orange S.A.: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

France
Insights on France

Europe Vs NATO & Trump - U/W Bonds

European defence spending is still topical and has implications for euro-area public finances and reinforces the underweight on bonds.

Sharmila Whelan

CHMP Meeting Update April 2025: Sixteen New Medicines Recommended For Approval

Among the new medicines, Vertex’s triple combination CF drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s cancer...

Tina Banerjee

LVMH: Initiation of Coverage- Can Its Latest Brand Revitalization & Portfolio Management Be A Potential Game Changer?

LVMH Moët Hennessy Louis Vuitton S.E. reported a year characterized by resilience against a backdrop of global economic challenges. The company...

Baptista Research

Kering SA - Integration of A New Creative Vision Is Driving Our Optimism!

Kering S.A.'s 2024 financial performance did not meet initial expectations due to ongoing transformation efforts and adverse market conditions.

Baptista Research

Orange S.A.: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

EBITDAaL improved by 2.7% over the year, demonstrating sustained operational gains, whereas the fourth quarter alone saw a growth of 3.2%.

Baptista Research