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>Tapestry has reported strong financial performance for fiscal year 2025, with revenue reaching an impressive $7 billion and an operating margin of 20%.</li><li>The company achieved these results despite a challenging macroeconomic environment, demonstrating the resilience and effectiveness of its strategies.</li><li>Tapestry has seen significant growth across key regions, particularly North America, China, and Europe, and has successfully attracted 6.8 million new customers in North America alone, with a substantial portion from the Gen Z and millennial demographics.</li></ul>

Tapestry has reported strong financial performance for fiscal year 2025, with revenue reaching an impressive $7 billion and an operating margin of 20%.The company achieved these results despite a challenging macroeconomic environment, demonstrating the resilience and effectiveness of its strategies.Tapestry has seen significant growth across key regions, particularly North America, China, and Europe, and has successfully attracted 6.8 million new customers in North America alone, with a substantial portion from the Gen Z and millennial demographics.

Tapestry Inc.: Targeted Brand Investments & Product Innovation to Ensure Brand Remains Relevant & Competitive!

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).

<ul><li>We are reiterating our Hold rating and projections for Vera Bradley with the company announcing 3QFY26 (October) results before the open on Thursday, December 11th.</li><li>Given the continuing initial shifts under new management (who joined in July) and the limited ability to change product offerings until 1Q2026 (at the earliest), we believe overall financial results are not as important as are customer responses to the shift back to heritage looks, the return of key silhouettes, the launch of Outlet 2.0 at the end of the quarter and what further changes are in store going forward.</li><li>We continue to view the changes as a positive, but await clarification on the overall implications for the company (and returns) before becoming more aggressive in VRA.</li></ul>

We are reiterating our Hold rating and projections for Vera Bradley with the company announcing 3QFY26 (October) results before the open on Thursday, December 11th.Given the continuing initial shifts under new management (who joined in July) and the limited ability to change product offerings until 1Q2026 (at the earliest), we believe overall financial results are not as important as are customer responses to the shift back to heritage looks, the return of key silhouettes, the launch of Outlet 2.0 at the end of the quarter and what further changes are in store going forward.We continue to view the changes as a positive, but await clarification on the overall implications for the company (and returns) before becoming more aggressive in VRA.

VRA: 3Q Preview: Hints of What's to Come; Reiterate Hold

<ul><li>Tapestry, Inc. has recently released its third-quarter results, which exceeded market expectations, highlighting the company's strong positioning and operational momentum across its brands.</li><li>The quarter saw accelerated revenue growth of 8% on a constant currency basis, driven primarily by the performance of its flagship brand, Coach, which achieved a 15% revenue increase.</li><li>Geographic performance was varied, with Europe seeing a 35% increase, substantial gains in the Asia-Pacific region, and steady growth in North America.</li></ul>

Tapestry, Inc. has recently released its third-quarter results, which exceeded market expectations, highlighting the company's strong positioning and operational momentum across its brands.The quarter saw accelerated revenue growth of 8% on a constant currency basis, driven primarily by the performance of its flagship brand, Coach, which achieved a 15% revenue increase.Geographic performance was varied, with Europe seeing a 35% increase, substantial gains in the Asia-Pacific region, and steady growth in North America.

Tapestry Inc.: An Insight Into its Direct-to-Consumer Model

<ul><li>Tapestry reported strong results for its second quarter, surpassing expectations with record quarterly revenue and earnings per share.</li><li>The company, known for its brands Coach, Kate Spade, and Stuart Weitzman, demonstrated its commitment to strategic brand building and disciplined financial management, resulting in a 5% revenue growth, driven primarily by Coach’s impressive 10% increase.</li><li>Positive aspects of the earnings report include Tapestry's successful expansion in international markets.</li></ul>

Tapestry reported strong results for its second quarter, surpassing expectations with record quarterly revenue and earnings per share.The company, known for its brands Coach, Kate Spade, and Stuart Weitzman, demonstrated its commitment to strategic brand building and disciplined financial management, resulting in a 5% revenue growth, driven primarily by Coach’s impressive 10% increase.Positive aspects of the earnings report include Tapestry's successful expansion in international markets.

Tapestry Inc.: How Badly Does It Rely On Coach's Brand Strength and Pricing Power?

<ul><li>We are dropping research coverage of GES after the company reported strong 3Q results (handily beating the Street in almost every level) but, more importantly, provided the final pieces to the merger puzzle timing and return.</li><li>With Guess?</li><li>disclosing the November 21st approval of the Merger Agreement at a special shareholder meeting and the issuance of a final $0.225 per GES share dividend to shareholders of record on December 10th, the management buyout with leading brand licensee Authentic Brands Group will provide GES shareholders with a confirmed final payment of $16.975 in cash per GES share ($16.75 for the merger and dividend of $0.225) a slight discount to Tuesday's closing price.</li></ul>

We are dropping research coverage of GES after the company reported strong 3Q results (handily beating the Street in almost every level) but, more importantly, provided the final pieces to the merger puzzle timing and return.With Guess?disclosing the November 21st approval of the Merger Agreement at a special shareholder meeting and the issuance of a final $0.225 per GES share dividend to shareholders of record on December 10th, the management buyout with leading brand licensee Authentic Brands Group will provide GES shareholders with a confirmed final payment of $16.975 in cash per GES share ($16.75 for the merger and dividend of $0.225) a slight discount to Tuesday's closing price.

GES: With Terms Fully Set, Time to Bow Out; Dropping Coverage of GES

United States

Tapestry, Inc. designs and markets clothes and accessories. The Company offers handbags, leather goods, footwear, fragrance, jewelry, outer wear, ready-to-wear, scarves, sunwear, travel accessories, and watches. Tapestry serves customers in the United States.

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Tapestry Inc (TPR US)

Tapestry Inc.: Targeted Brand Investments & Product Innovation to Ensure Brand Remains Relevant & Competitive!

Tapestry has reported strong financial performance for fiscal year 2025, with revenue reaching an impressive $7 billion and an operating margin of...

Baptista Research

VRA: 3Q Preview: Hints of What's to Come; Reiterate Hold

We are reiterating our Hold rating and projections for Vera Bradley with the company announcing 3QFY26 (October) results before the open on...

Small Cap Consumer Research

Tapestry Inc.: An Insight Into its Direct-to-Consumer Model

Tapestry, Inc. has recently released its third-quarter results, which exceeded market expectations, highlighting the company's strong positioning...

Baptista Research

Tapestry Inc.: How Badly Does It Rely On Coach's Brand Strength and Pricing Power?

Tapestry reported strong results for its second quarter, surpassing expectations with record quarterly revenue and earnings per share. The...

Baptista Research

GES: With Terms Fully Set, Time to Bow Out; Dropping Coverage of GES

We are dropping research coverage of GES after the company reported strong 3Q results (handily beating the Street in almost every level) but, more...

Small Cap Consumer Research

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