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

Equity Bottom-Up

Columbia Sportswear Co / Equity Bottom-Up

<div><ul><li>We are initiating coverage of Columbia Sportswear Company (COLM), a global leader in outdoor, active, and lifestyle products across four brands (Columbia, SOREL, Mountain Hardwear, and prAna) serving consumers in more than 110 countries.</li><li>Our initial FY25 ongoing EPS estimate is $3.18, down 19% from $3.92 in FY24.</li><li>This is within guidance of $2.55-2.85 (including $0.46 of impairment charges) and slightly below FactSet consensus of $3.19. Our FY26 EPS estimate is $3.00, down 5.7%, but above consensus of $2.96.</li></ul></div><div><p style="list-style-type: square;"></p></div>

We are initiating coverage of Columbia Sportswear Company (COLM), a global leader in outdoor, active, and lifestyle products across four brands (Columbia, SOREL, Mountain Hardwear, and prAna) serving consumers in more than 110 countries.Our initial FY25 ongoing EPS estimate is $3.18, down 19% from $3.92 in FY24.This is within guidance of $2.55-2.85 (including $0.46 of impairment charges) and slightly below FactSet consensus of $3.19. Our FY26 EPS estimate is $3.00, down 5.7%, but above consensus of $2.96.

COLM: Initiating Coverage; Navigating Tariff Headwinds While Repositioning for Growth

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.

<ul><li>Columbia Sportswear Company presented a mixed bag of results in its latest financial disclosure.</li><li>The first quarter saw an increase in net sales by 1% year-over-year, reaching $778 million.</li><li>This was accompanied by a modest expansion in gross margin by 30 basis points, reaching 50.9%.</li></ul>

Columbia Sportswear Company presented a mixed bag of results in its latest financial disclosure.The first quarter saw an increase in net sales by 1% year-over-year, reaching $778 million.This was accompanied by a modest expansion in gross margin by 30 basis points, reaching 50.9%.

Columbia Sportswear’s China Playbook Could Ignite Explosive Growth—Here’s What You Need to Know!

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Our estimations for FY 2024 annual revenue range at around $3,348 million and for 2025 at around $3,467 million.</li><li>The company’s annual revenue reached $3,487 million in 2023 compared to $3,464 million in 2022, post- ing an increase by 0.67%.</li><li>Columbia’s gross profit for FY 2023 was $1,730 million, increased by 0.01% compared to $1,711 million for the corresponding period of 2022.</li></ul>

Our estimations for FY 2024 annual revenue range at around $3,348 million and for 2025 at around $3,467 million.The company’s annual revenue reached $3,487 million in 2023 compared to $3,464 million in 2022, post- ing an increase by 0.67%.Columbia’s gross profit for FY 2023 was $1,730 million, increased by 0.01% compared to $1,711 million for the corresponding period of 2022.

Company Update - Columbia Sportswear Company

<ul><li>Columbia Sportswear Company's fourth quarter and full-year financial performance for 2024 presented a mixed picture rooted in market dynamics and strategic initiatives.</li><li>On the earnings call, the company leadership, including CEO Tim Boyle, highlighted achievements in inventory management, cost savings, and international market growth, while acknowledging challenges faced in North American market conditions.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Columbia Sportswear Company's fourth quarter and full-year financial performance for 2024 presented a mixed picture rooted in market dynamics and strategic initiatives.On the earnings call, the company leadership, including CEO Tim Boyle, highlighted achievements in inventory management, cost savings, and international market growth, while acknowledging challenges faced in North American market conditions.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Columbia Sportswear Company: Expanding Global Presence in China & Europe!

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Contribution from <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> will rise to 5.1%, 7.2%, and 8.9% of <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a>'s earnings in FY24-26, making it increasingly important.</li>
<li>Amer turned around sharply YoY in 3Q24 with a net profit of US$55.8m. Its gross margin sustained an uptrend, with excellent potential for business growth in Greater China.</li>
<li>Positive guidance on FY25 outlook with a low-double-digit-to-mid-teens level revenue growth, further expansion in operating margin, and continuous cuts in net finance costs.</li>
</ul>


Contribution from Amer Sports (AS US) will rise to 5.1%, 7.2%, and 8.9% of Anta Sports Products (2020 HK)'s earnings in FY24-26, making it increasingly important.
Amer turned around sharply YoY in 3Q24 with a net profit of US$55.8m. Its gross margin sustained an uptrend, with excellent potential for business growth in Greater China.
Positive guidance on FY25 outlook with a low-double-digit-to-mid-teens level revenue growth, further expansion in operating margin, and continuous cuts in net finance costs.


Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

United States

Columbia Sportswear Company designs, manufactures, markets, and distributes active outdoor apparel.  The Company's products include outerwear, sportswear, rugged footwear, and related accessories.  Columbia's products are sold to specialty and department store retailers in the United States and other countries.

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Columbia Sportswear Co (COLM US)

COLM: Initiating Coverage; Navigating Tariff Headwinds While Repositioning for Growth

Our FY25 revenue estimate is $3,350 million, down 0.5% from $3,369 million in FY24. Our FY26 revenue estimate is $3,420 million, up 2.1%, driven by...

Water Tower Research

Columbia Sportswear’s China Playbook Could Ignite Explosive Growth—Here’s What You Need to Know!

Columbia Sportswear Company presented a mixed bag of results in its latest financial disclosure. The first quarter saw an increase in net sales by...

Baptista Research

Company Update - Columbia Sportswear Company

Our estimations for FY 2024 annual revenue range at around $3,348 million and for 2025 at around $3,467 million. The company’s annual revenue...

VRS (Valuation & Research Specialists)

Columbia Sportswear Company: Expanding Global Presence in China & Europe!

Columbia Sportswear Company's fourth quarter and full-year financial performance for 2024 presented a mixed picture rooted in market dynamics and...

Baptista Research

Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...

Osbert Tang, CFA

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52-week Range

Market Cap (USDm)

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COLM: Initiating Coverage; Navigating Tariff Headwinds While Repositioning for Growth

Our FY25 revenue estimate is $3,350 million, down 0.5% from $3,369 million in FY24. Our FY26 revenue estimate is $3,420 million, up 2.1%, driven by...

Water Tower Research

Columbia Sportswear’s China Playbook Could Ignite Explosive Growth—Here’s What You Need to Know!

Columbia Sportswear Company presented a mixed bag of results in its latest financial disclosure. The first quarter saw an increase in net sales by...

Baptista Research

Company Update - Columbia Sportswear Company

Our estimations for FY 2024 annual revenue range at around $3,348 million and for 2025 at around $3,467 million. The company’s annual revenue...

VRS (Valuation & Research Specialists)

Columbia Sportswear Company: Expanding Global Presence in China & Europe!

Columbia Sportswear Company's fourth quarter and full-year financial performance for 2024 presented a mixed picture rooted in market dynamics and...

Baptista Research

Amer Sports (AS US): An Engine for Anta Sports (2020 HK)

​Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...

Osbert Tang, CFA

Amer Sports' contribution to Anta's earnings is set to rise significantly in FY24-26, with positive growth outlook in Greater China and Asia...