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>Acushnet Holdings Corp. reported a solid performance for the third quarter of 2025, with net sales totaling $658 million, representing a 5% increase on a constant currency basis compared to the previous year.</li><li>This growth was observed across all segments.</li><li>The company's adjusted EBITDA reached $119 million, which marks a 10% increase from the prior year, with year-to-date net sales amounting to $2.08 billion, reflecting a 4% growth.</li></ul>

Acushnet Holdings Corp. reported a solid performance for the third quarter of 2025, with net sales totaling $658 million, representing a 5% increase on a constant currency basis compared to the previous year.This growth was observed across all segments.The company's adjusted EBITDA reached $119 million, which marks a 10% increase from the prior year, with year-to-date net sales amounting to $2.08 billion, reflecting a 4% growth.

Acushnet Is Expanding Worldwide—How Will Its Global Power Push Reshape the Golf Market?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><ul><li>GOLF reported 3Q GAAP EPS of $0.81 versus $0.89, down Y/Y due to a much higher tax rate. GAAP operating income increased 13.2%. </li><li>We note that while the company provides adjusted EBITDA, it does not adjust EPS for one-time items, nor does it discuss EPS in its quarterly commentary or outlook.</li><li>If we apply the GAAP tax rate to adjusted pretax income, EPS was $0.87 versus $0.92, above our $0.85 estimate.</li></ul></div>

GOLF reported 3Q GAAP EPS of $0.81 versus $0.89, down Y/Y due to a much higher tax rate. GAAP operating income increased 13.2%. We note that while the company provides adjusted EBITDA, it does not adjust EPS for one-time items, nor does it discuss EPS in its quarterly commentary or outlook.If we apply the GAAP tax rate to adjusted pretax income, EPS was $0.87 versus $0.92, above our $0.85 estimate.

GOLF: 3Q Sales and EBITDA Beat Expectations; Raising Estimates

<ul><li>We are initiating coverage of Acushnet Holdings Corp., a global leader in the design, development, manufacturing, and distribution of performance-driven golf products.</li><li>Titleist golf equipment, which includes golf balls and golf clubs, and FootJoy golf wear have leading market shares, and combined, account for ~85% of annual sales.</li><li>We forecast 2025 full-year sales to increase 2.2% to $2,511.7MM, consistent with management’s commentary on the 2Q25 earnings call for low-single-digit sales increases in 2H25, which is on top of the 2.3% sales growth reported in 1H25. </li></ul>

We are initiating coverage of Acushnet Holdings Corp., a global leader in the design, development, manufacturing, and distribution of performance-driven golf products.Titleist golf equipment, which includes golf balls and golf clubs, and FootJoy golf wear have leading market shares, and combined, account for ~85% of annual sales.We forecast 2025 full-year sales to increase 2.2% to $2,511.7MM, consistent with management’s commentary on the 2Q25 earnings call for low-single-digit sales increases in 2H25, which is on top of the 2.3% sales growth reported in 1H25. 

Acushnet Holdings Corp: Initiating Coverage

<ul><li>Acushnet Holdings Corp.'s Q2 2025 results reveal a steady performance characterized by growth in specific segments, balanced by challenges in others, influenced by external factors such as tariffs and global economic conditions.</li><li>With worldwide net sales increasing by 5% to $720 million and adjusted EBITDA rising by 9%, the company succeeded in leveraging its strengths in Golf Equipment and Gear.</li><li>Positives from the quarter include significant growth in the Golf Equipment segment, driven by the successful launch of new Pro V1 golf ball models and momentum in GT Metals and hybrid clubs.</li></ul>

Acushnet Holdings Corp.'s Q2 2025 results reveal a steady performance characterized by growth in specific segments, balanced by challenges in others, influenced by external factors such as tariffs and global economic conditions.With worldwide net sales increasing by 5% to $720 million and adjusted EBITDA rising by 9%, the company succeeded in leveraging its strengths in Golf Equipment and Gear.Positives from the quarter include significant growth in the Golf Equipment segment, driven by the successful launch of new Pro V1 golf ball models and momentum in GT Metals and hybrid clubs.

Acushnet Holdings Corp.: Is Its Product Launch Strategy the Secret to Staying Ahead?

<ul><li>Acushnet Holdings Corp., the parent company of the Titleist and FootJoy golf brands, reported its financial performance for the first quarter of 2025, outlining several key insights into its operations and market environment.</li><li>The company posted a modest 1% increase in worldwide net sales, amounting to $703 million for the quarter.</li><li>This growth was driven primarily by robust sales in its Titleist Golf Equipment and Golf Gear segments, although offset by declines in FootJoy apparel and footwear.</li></ul>

Acushnet Holdings Corp., the parent company of the Titleist and FootJoy golf brands, reported its financial performance for the first quarter of 2025, outlining several key insights into its operations and market environment.The company posted a modest 1% increase in worldwide net sales, amounting to $703 million for the quarter.This growth was driven primarily by robust sales in its Titleist Golf Equipment and Golf Gear segments, although offset by declines in FootJoy apparel and footwear.

Acushnet Holdings: Navigating Tariff Impacts & Mitigation Strategies to Maintain Stable Profit Margins Amidst The Fluctuating International Trade Policies!

United States

Acushnet Holdings Corp. operates as a holding company. The Company, through its subsidiaries, designs, develops, manufactures, and distributes golf products. Acushnet Holdings sells its products primarily to on-course golf pro shops, selected off-course golf specialty and sporting goods stores, and other retailers worldwide.

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Acushnet Holdings (GOLF US)

Acushnet Is Expanding Worldwide—How Will Its Global Power Push Reshape the Golf Market?

Acushnet Holdings Corp. reported a solid performance for the third quarter of 2025, with net sales totaling $658 million, representing a 5%...

Baptista Research

GOLF: 3Q Sales and EBITDA Beat Expectations; Raising Estimates

GOLF reported 3Q GAAP EPS of $0.81 versus $0.89, down Y/Y due to a much higher tax rate. GAAP operating income increased 13.2%.

Water Tower Research

Acushnet Holdings Corp: Initiating Coverage

We are initiating coverage of Acushnet Holdings Corp., a global leader in the design, development, manufacturing, and distribution of performance...

Water Tower Research

Acushnet Holdings Corp.: Is Its Product Launch Strategy the Secret to Staying Ahead?

Acushnet Holdings Corp.'s Q2 2025 results reveal a steady performance characterized by growth in specific segments, balanced by challenges in...

Baptista Research

Acushnet Holdings: Navigating Tariff Impacts & Mitigation Strategies to Maintain Stable Profit Margins Amidst The Fluctuating International Trade Policies!

Acushnet Holdings Corp., the parent company of the Titleist and FootJoy golf brands, reported its financial performance for the first quarter of...

Baptista Research

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