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

Columbia Sportswear Co / Equity Bottom-Up

<ul><li>In the recent fourth quarter 2023 financial results, Columbia Sportswear highlighted some key achievements and challenges they faced throughout the year.</li><li>This provides an informative insight into both the company's strengths and weaknesses moving forward, forming a neutral foundation for an investment thesis and resulting summary analysis.</li><li>A cornerstone of Columbia Sportwear's strategy in 2023 was their inventory reduction plan.</li></ul>

In the recent fourth quarter 2023 financial results, Columbia Sportswear highlighted some key achievements and challenges they faced throughout the year.This provides an informative insight into both the company's strengths and weaknesses moving forward, forming a neutral foundation for an investment thesis and resulting summary analysis.A cornerstone of Columbia Sportwear's strategy in 2023 was their inventory reduction plan.

Columbia Sportswear Company: Enhancing DTC Experience & Strengthening Its Retail Presence Across The Globe! - Major Drivers

<ul><li>Columbia Sportswear Company delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst consensus regarding earnings.</li><li>In the third quarter, Columbia observed trends consistent with 2023, where international direct markets outperformed the US.</li><li>Brand-wise, Columbia reported a 4% net sales increase, SOREL saw a 9% rise, Mountain Hardwear decreased by 9%, and prAna declined by 18%.</li></ul>

Columbia Sportswear Company delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst consensus regarding earnings.In the third quarter, Columbia observed trends consistent with 2023, where international direct markets outperformed the US.Brand-wise, Columbia reported a 4% net sales increase, SOREL saw a 9% rise, Mountain Hardwear decreased by 9%, and prAna declined by 18%.

Columbia Sportswear Company: Underperforming or Underestimated? A Financial Deep Dive! - Major Drivers

<ul><li>Columbia Sportswear Company delivered an all-around beat in the most recent quarterly result.</li><li>Columbia Sportswear's expectations were essentially met as the gross margin increased by 140 basis points.</li><li>In the quarter, net sales for the Columbia brand grew 11%.</li></ul>

Columbia Sportswear Company delivered an all-around beat in the most recent quarterly result.Columbia Sportswear's expectations were essentially met as the gross margin increased by 140 basis points.In the quarter, net sales for the Columbia brand grew 11%.

Columbia Sportswear: Navigating Through DTC Struggles & Seasonal Sales Shifts! - Major Drivers

<ul><li>Columbia Sportswear delivered a mixed set of results in its most recent result with revenues above Wall Street expectations but below-par earnings.</li><li>The company had a healthy net sales growth, with an 8% increase year-over-year and a 10% increase in constant currency.</li><li>We give Columbia Sportswear Company a 'Hold' rating with a revised target price.</li></ul>

Columbia Sportswear delivered a mixed set of results in its most recent result with revenues above Wall Street expectations but below-par earnings.The company had a healthy net sales growth, with an 8% increase year-over-year and a 10% increase in constant currency.We give Columbia Sportswear Company a 'Hold' rating with a revised target price.

Columbia Sportswear Company: An Ambitious Strategy for Navigating Uncertainties and Emerging Stronger in the Market! – Key Drivers

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

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.

Columbia Sportswear Co (COLM US)

Columbia Sportswear Company: Enhancing DTC Experience & Strengthening Its Retail Presence Across The Globe! - Major Drivers

In the recent fourth quarter 2023 financial results, Columbia Sportswear highlighted some key achievements and challenges they faced throughout...

Baptista Research

Columbia Sportswear Company: Underperforming or Underestimated? A Financial Deep Dive! - Major Drivers

Columbia Sportswear Company delivered a mixed result in the recent quarter, with revenues below market expectations but surpassed the analyst...

Baptista Research

Columbia Sportswear: Navigating Through DTC Struggles & Seasonal Sales Shifts! - Major Drivers

Columbia Sportswear Company delivered an all-around beat in the most recent quarterly result. Columbia Sportswear's expectations were essentially...

Baptista Research

Columbia Sportswear Company: An Ambitious Strategy for Navigating Uncertainties and Emerging Stronger in the Market! – Key Drivers

Columbia Sportswear delivered a mixed set of results in its most recent result with revenues above Wall Street expectations but below-par...

Baptista Research

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