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>Birkenstock Holding plc's latest earnings report for the first quarter of fiscal 2026 presents a mixed but strategically positive picture, reflecting both achievements and challenges.</li>
<li>From a neutral investment thesis, the company's financial performance showcases strong fundamentals and growth strategy tempered by external factors that investors should consider carefully.</li>
<li>Positively, Birkenstock reported robust revenue growth, reaching EUR 402 million with an 11% increase on a reported basis and an impressive 18% in constant currency.</li>
</ul>


Birkenstock Holding plc's latest earnings report for the first quarter of fiscal 2026 presents a mixed but strategically positive picture, reflecting both achievements and challenges.
From a neutral investment thesis, the company's financial performance showcases strong fundamentals and growth strategy tempered by external factors that investors should consider carefully.
Positively, Birkenstock reported robust revenue growth, reaching EUR 402 million with an 11% increase on a reported basis and an impressive 18% in constant currency.


Birkenstock’s Store Expansion Strategy Signals a Bigger DTC Ambition

<ul>
<li>Birkenstock Holding plc reported its fiscal fourth quarter and full-year 2025 earnings, showcasing remarkable performance amidst various global challenges.</li>
<li>The company noted a significant 18% revenue growth in constant currency terms, surpassing their initial guidance.</li>
<li>This growth was driven by an 18% revenue increase in the Americas, a 14% rise in EMEA, and a robust 34% jump in the APAC region.</li>
</ul>


Birkenstock Holding plc reported its fiscal fourth quarter and full-year 2025 earnings, showcasing remarkable performance amidst various global challenges.
The company noted a significant 18% revenue growth in constant currency terms, surpassing their initial guidance.
This growth was driven by an 18% revenue increase in the Americas, a 14% rise in EMEA, and a robust 34% jump in the APAC region.


Birkenstock Is Expanding Manufacturing Capacity by ~10%

<ul>
<li>Birkenstock Holding plc's second-quarter results for fiscal year 2025 highlight a period of robust revenue growth, resilient operational strategies, and geographical expansion.</li>
<li>Total revenues reached EUR 574 million, marking a 19% increase year-over-year in reported currency, and an 18% increase in constant currency.</li>
<li>This growth was fueled by a balanced performance across both Business-to-Business (B2B) and Direct-to-Consumer (DTC) channels, both of which exhibited strong demand dynamics and strategic channel enhancements.</li>
</ul>


Birkenstock Holding plc's second-quarter results for fiscal year 2025 highlight a period of robust revenue growth, resilient operational strategies, and geographical expansion.
Total revenues reached EUR 574 million, marking a 19% increase year-over-year in reported currency, and an 18% increase in constant currency.
This growth was fueled by a balanced performance across both Business-to-Business (B2B) and Direct-to-Consumer (DTC) channels, both of which exhibited strong demand dynamics and strategic channel enhancements.


Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the upcoming lock-up expiry and deal dynamics.</li>
</ul>



Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the upcoming lock-up expiry and deal dynamics.


Amer Sports IPO Lock-Up Expiry - PE Investor Might Look to Trim US$750m Stake

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a> has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.</li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  </li>
</ul>



Snow Peak Inc (7816 JP) has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.
Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  


Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

United States

Birkenstock Holding Plc operates as a holding company. The Company, through its subsidiaries, manufactures anatomically shaped footbed-based products that provides natural support and stimulation, promoting even weight distribution, fully supported arches, and no unnatural pressure points from heel to toe. Birkenstock Holding serves customers worldwide.

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Birkenstock Holding (BIRK US)

Birkenstock’s Store Expansion Strategy Signals a Bigger DTC Ambition

Birkenstock Holding plc's latest earnings report for the first quarter of fiscal 2026 presents a mixed but strategically positive picture,...

Baptista Research

Birkenstock Is Expanding Manufacturing Capacity by ~10%

Birkenstock Holding plc reported its fiscal fourth quarter and full-year 2025 earnings, showcasing remarkable performance amidst various global...

Baptista Research

Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!

Birkenstock Holding plc's second-quarter results for fiscal year 2025 highlight a period of robust revenue growth, resilient operational...

Baptista Research

Amer Sports IPO Lock-Up Expiry - PE Investor Might Look to Trim US$750m Stake

Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range. Its pre-IPO investors will be...

Sumeet Singh

Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance...

Arun George

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