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.

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Thematic (Sector/Industry)

<ul><li>The WTR Consumer Stock Index trailed the Small Cap S&amp;P 600 in 2Q, declining 2.4% versus the 1.1% gain in the broader index.</li><li>The underperformance of our index was mostly due to a larger decline in prospective earnings, coupled with a lesser expansion in its prospective P/E ratio.</li><li>Our index saw prospective earnings decline 7.2% in 2Q versus a 5.0% decline in the S&amp;P 600, while its prospective P/E ratio expanded 0.8x in 2Q to 15.7x versus the 0.9x expansion to 15.3x in the S&amp;P 600.</li></ul>

The WTR Consumer Stock Index trailed the Small Cap S&amp;P 600 in 2Q, declining 2.4% versus the 1.1% gain in the broader index.The underperformance of our index was mostly due to a larger decline in prospective earnings, coupled with a lesser expansion in its prospective P/E ratio.Our index saw prospective earnings decline 7.2% in 2Q versus a 5.0% decline in the S&amp;P 600, while its prospective P/E ratio expanded 0.8x in 2Q to 15.7x versus the 0.9x expansion to 15.3x in the S&amp;P 600.

Consumer Products Monthly WTR Consumer Index Lags S&P 600 in 2Q

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the Restaurant and Retail Industries.</p></li><li><p>Our report will focus on stock performance, short interest, an outlook for restaurant commodity costs, interesting themes, and company interviews.</p></li><li><p>In this note, we interviewed Gary Schnierow, Vice-President of Investor Relations, and Corporate Finance for Build-A-Bear Workshop, Inc. (NASDAQ: BBW). </p></li></ul></div></div></div></div>

Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the Restaurant and Retail Industries.Our report will focus on stock performance, short interest, an outlook for restaurant commodity costs, interesting themes, and company interviews.In this note, we interviewed Gary Schnierow, Vice-President of Investor Relations, and Corporate Finance for Build-A-Bear Workshop, Inc. (NASDAQ: BBW). 

Restaurant & Retail Roundup - Interview with Build-A-Bear Workshop (BBW)

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, $75 price target and projections for Build-A-Bear Workshop after visiting the Build-A-Bear X Hello Kitty and Friends Workshop store in the Westfield Century City shopping center in Los Angeles.</li><li>As the store nears its one-year anniversary on November 15th, we believe it remains a key tourist attraction and showcases Build-A-Bear's ability to leverage unique properties to create a compelling shopping experience which we believe has the potential to expand, either as a stand alone or "shop in shop" and drive higher overall returns.</li><li>With the company increasingly expanding tourist driven locations in the domestic arena, we believe the Build-A-Bear X Hello Kitty and Friends Workshop provides a model for further higher margin domestic store expansion, and we reiterate our Buy ratinag and $75 price target for BBW.</li></ul>

We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting the Build-A-Bear X Hello Kitty and Friends Workshop store in the Westfield Century City shopping center in Los Angeles.As the store nears its one-year anniversary on November 15th, we believe it remains a key tourist attraction and showcases Build-A-Bear's ability to leverage unique properties to create a compelling shopping experience which we believe has the potential to expand, either as a stand alone or "shop in shop" and drive higher overall returns.With the company increasingly expanding tourist driven locations in the domestic arena, we believe the Build-A-Bear X Hello Kitty and Friends Workshop provides a model for further higher margin domestic store expansion, and we reiterate our Buy ratinag and $75 price target for BBW.

BBW: Snapping the Store: Sanrio Paradise in LA; Reiterate Buy, $75 PT

<ul><li>We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island.</li><li>We believe Build-A-Bear has continued to drive further excitement (and shopping) for the crucial Halloween period, rolling out new licensed product, "furry friends," Mini Beans and costumes.</li><li>That said, the company is also demonstrating their more than just Halloween, with an impressive display for the start of the NFL season and continued expansion of core franchises such as Sanrio and Pokémon.</li></ul>

We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island.We believe Build-A-Bear has continued to drive further excitement (and shopping) for the crucial Halloween period, rolling out new licensed product, "furry friends," Mini Beans and costumes.That said, the company is also demonstrating their more than just Halloween, with an impressive display for the start of the NFL season and continued expansion of core franchises such as Sanrio and Pokémon.

BBW: Snapping the Store; Halloween Winners...and the NFL; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting company stores and shop in shops in London, including the new Oxford Street flagship.</li><li>Given the continued focus on opening and leveraging tourist driven locations, our store tours highlight Build-A-Bear's continuing potential to drive tourist driven traffic and purchases.</li><li>Further, with key items such as Mini Beans and Giant "furry friends" now in the product mix, we believe there is even more potential to drive overall sales.</li></ul>

We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting company stores and shop in shops in London, including the new Oxford Street flagship.Given the continued focus on opening and leveraging tourist driven locations, our store tours highlight Build-A-Bear's continuing potential to drive tourist driven traffic and purchases.Further, with key items such as Mini Beans and Giant "furry friends" now in the product mix, we believe there is even more potential to drive overall sales.

BBW: Snapping the Store - London: Focus on Tourist Trade; Reiterate Buy, $75 PT

United States

Build-A-Bear Workshop, Inc. is an interactive, entertainment mall-based retailer that invites guests to create their own customized stuffed animals through a bear-making process.  The Company operates various locations in the United States and other countries.

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Build A Bear Workshop (BBW US)

Consumer Products Monthly WTR Consumer Index Lags S&P 600 in 2Q

The WTR Consumer Stock Index trailed the Small Cap S&P 600 in 2Q, declining 2.4% versus the 1.1% gain in the broader index.

Water Tower Research

Restaurant & Retail Roundup - Interview with Build-A-Bear Workshop (BBW)

Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the...

Water Tower Research

BBW: Snapping the Store: Sanrio Paradise in LA; Reiterate Buy, $75 PT

We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting the Build-A-Bear X Hello Kitty and...

Small Cap Consumer Research

BBW: Snapping the Store; Halloween Winners...and the NFL; Reiterate Buy, PT

We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting stores in Connecticut and Long...

Small Cap Consumer Research

BBW: Snapping the Store - London: Focus on Tourist Trade; Reiterate Buy, $75 PT

We are reiterating our Buy rating, $75 price target and projections for Build-A-Bear Workshop after visiting company stores and shop in shops in...

Small Cap Consumer Research

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