Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday.</li><li>With comparisons negatively impacted by capital constraints and the company not anniversarying the formation of ABG Vince until May 2024, we believe 1Q upside is somewhat limited.</li><li>That said, we believe the compelling aspects of the overall Vince story, from strong fashion sense, opportunity to expand men's offerings, the potential for new domestic and international expansion, continued focus on reducing costs/expenses and the ability to reduce discounting, especially in the outlet and wholesale channel, all bode well for the company going forward.</li></ul>

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday.With comparisons negatively impacted by capital constraints and the company not anniversarying the formation of ABG Vince until May 2024, we believe 1Q upside is somewhat limited.That said, we believe the compelling aspects of the overall Vince story, from strong fashion sense, opportunity to expand men's offerings, the potential for new domestic and international expansion, continued focus on reducing costs/expenses and the ability to reduce discounting, especially in the outlet and wholesale channel, all bode well for the company going forward.

Pvh Corp - VNCE: 1Q Preview: Taking Positive Steps; Reiterate Buy, $3 PT

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.

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>Abercrombie & Fitch had a successful start to the fiscal year 2024, as reported in their first quarter's earning call.</li><li>Producing record sales and operating income, the company reported net sales of $1 billion, a growth of 22% year-over-year.</li><li>The operating income reached $130 million, making the first quarter of 2024 an unprecedented quarter in the history of Abercrombie & Fitch.</li></ul>

Abercrombie & Fitch had a successful start to the fiscal year 2024, as reported in their first quarter's earning call.Producing record sales and operating income, the company reported net sales of $1 billion, a growth of 22% year-over-year.The operating income reached $130 million, making the first quarter of 2024 an unprecedented quarter in the history of Abercrombie & Fitch.

Abercrombie & Fitch Co.: Continuing Customer Acquisition

<ul><li>We are initiating coverage of Vince Holding Corp., a leading ready to wear brand, offering luxury men's and women's apparel, accessories and home goods via their own stores, online and in wholesale partnerships with key retailers, with a Buy rating and $3 price target, or 6.5X our FY25 EBITDA projection.</li><li>We believe, after a momentous FY23, where the company formed a partnership with Authentic Brands Group, a leading brand licensor, materially recast their balance sheet with debt paydowns and maturity extensions, and began a $30 million transformation program, Vince is ready to shine once again in 2HFY24 and return to top line growth, with higher returns and a more enduring business model.</li><li>As such, and with investor skepticism remaining a drag, we view the longer term risk/reward as compelling, and are initiating coverage of VNCE with a Buy rating and $3 price target.</li></ul>

We are initiating coverage of Vince Holding Corp., a leading ready to wear brand, offering luxury men's and women's apparel, accessories and home goods via their own stores, online and in wholesale partnerships with key retailers, with a Buy rating and $3 price target, or 6.5X our FY25 EBITDA projection.We believe, after a momentous FY23, where the company formed a partnership with Authentic Brands Group, a leading brand licensor, materially recast their balance sheet with debt paydowns and maturity extensions, and began a $30 million transformation program, Vince is ready to shine once again in 2HFY24 and return to top line growth, with higher returns and a more enduring business model.As such, and with investor skepticism remaining a drag, we view the longer term risk/reward as compelling, and are initiating coverage of VNCE with a Buy rating and $3 price target.

Pvh Corp - VNCE: Upside Clarity Increasing; Initiating Coverage with a Buy Rating, $3 PT

<ul><li>We are reiterating our Buy rating, raising our pice target to $25 (from $14), and upping our projections for a.k.a. Brands after the company registered better-than-expected revenue and Adjusted EBITDA for 1Q24 and raised 2024 guidance, driven by strong domestic results, as all the company's concepts continue to gain market share in the United States via new stores, expanding digital marketplace relationships and the "test and repeat" method driving newness and fashion excitement.</li><li>Further, we believe the Australian operations, especially Culture Kings, are setting up for a 2H24 turn, with leaner inventories and better product mix.</li><li>As such, even after raising our projections, we believe upside remains in 2H24 and 2025 and are confident raising our price target to $25 and reiterating our Buy rating on AKA.</li></ul>

We are reiterating our Buy rating, raising our pice target to $25 (from $14), and upping our projections for a.k.a. Brands after the company registered better-than-expected revenue and Adjusted EBITDA for 1Q24 and raised 2024 guidance, driven by strong domestic results, as all the company's concepts continue to gain market share in the United States via new stores, expanding digital marketplace relationships and the "test and repeat" method driving newness and fashion excitement.Further, we believe the Australian operations, especially Culture Kings, are setting up for a 2H24 turn, with leaner inventories and better product mix.As such, even after raising our projections, we believe upside remains in 2H24 and 2025 and are confident raising our price target to $25 and reiterating our Buy rating on AKA.

Abercrombie & Fitch Co Cl A - AKA: 1Q Beginning of a Powerful Turn; Raising PT to $25, Reiterate Buy

<ul><li>We are reiterating our Buy rating, projections and price target for a.k.a. Brands with the company announcing 1Q24 (March) results after the close on Wednesday.</li><li>We believe 1Q will be another period of rebuilding momentum and credibility, with the cleanup continuing at Culture Kings, Princess Polly adding new retail stores to the mix and rolling out new categories to become even more of a lifestyle brand and Petal & Pup leveraging new digital marketplace relationships and continued dress-driven expansion.</li><li>Further, we believe management remains laser focused on reducing both inventory exposure and net debt.</li></ul>

We are reiterating our Buy rating, projections and price target for a.k.a. Brands with the company announcing 1Q24 (March) results after the close on Wednesday.We believe 1Q will be another period of rebuilding momentum and credibility, with the cleanup continuing at Culture Kings, Princess Polly adding new retail stores to the mix and rolling out new categories to become even more of a lifestyle brand and Petal & Pup leveraging new digital marketplace relationships and continued dress-driven expansion.Further, we believe management remains laser focused on reducing both inventory exposure and net debt.

Abercrombie & Fitch Co Cl A - AKA: 1Q Preview: Building for the Future; Reiterate Buy, Price Target

United States

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

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Abercrombie & Fitch Co Cl A (ANF US)

Pvh Corp - VNCE: 1Q Preview: Taking Positive Steps; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday. With...

Small Cap Consumer Research

Abercrombie & Fitch Co.: Continuing Customer Acquisition

Abercrombie & Fitch had a successful start to the fiscal year 2024, as reported in their first quarter's earning call. Producing record sales...

Baptista Research

Pvh Corp - VNCE: Upside Clarity Increasing; Initiating Coverage with a Buy Rating, $3 PT

We are initiating coverage of Vince Holding Corp., a leading ready to wear brand, offering luxury men's and women's apparel, accessories and home...

Small Cap Consumer Research

Abercrombie & Fitch Co Cl A - AKA: 1Q Beginning of a Powerful Turn; Raising PT to $25, Reiterate Buy

We are reiterating our Buy rating, raising our pice target to $25 (from $14), and upping our projections for a.k.a. Brands after the company...

Small Cap Consumer Research

Abercrombie & Fitch Co Cl A - AKA: 1Q Preview: Building for the Future; Reiterate Buy, Price Target

We are reiterating our Buy rating, projections and price target for a.k.a. Brands with the company announcing 1Q24 (March) results after the close...

Small Cap Consumer Research

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