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>Columbia Sportswear Company's second quarter 2024 financial results reflected a complex mix of pressures and strategic adjustments amidst a volatile market environment.</li><li>The company reported a net sales decrease of 8% year-over-year to $570 million, aligning with guidance but illustrating challenges primarily in the U.S. market.</li><li>The U.S. segment experienced a significant decline of 15%, driven by a 20% drop in wholesale due to cautious retailer behaviors and lower-than-expected shipments.</li></ul>

Columbia Sportswear Company's second quarter 2024 financial results reflected a complex mix of pressures and strategic adjustments amidst a volatile market environment.The company reported a net sales decrease of 8% year-over-year to $570 million, aligning with guidance but illustrating challenges primarily in the U.S. market.The U.S. segment experienced a significant decline of 15%, driven by a 20% drop in wholesale due to cautious retailer behaviors and lower-than-expected shipments.

Columbia Sportswear Company: These Are The 4 Biggest Challenges In Its Path! - Major Drivers

<ul><li>Columbia Sportswear demonstrated solid management of its inventory and its operational costs.</li><li>The company reported a 37% year-over-year reduction in inventory and the implementation of an inventory reduction plan that has reaped substantial benefits.</li><li>Columbia Sportswear's strong balance sheet supports its maneuvers to tackle the impact of coronavirus-induced disruptions and realign inventory.</li></ul>

Columbia Sportswear demonstrated solid management of its inventory and its operational costs.The company reported a 37% year-over-year reduction in inventory and the implementation of an inventory reduction plan that has reaped substantial benefits.Columbia Sportswear's strong balance sheet supports its maneuvers to tackle the impact of coronavirus-induced disruptions and realign inventory.

Columbia Sportswear Company: What Is The Expected Impact Of The Recovery Of U.S. Consumer Activity> - Major Drivers

<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

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

<ul>
<li>The <a href="https://asia.nikkei.com/Business/Business-deals/Japan-s-Snow-Peak-plans-330m-management-buyout-with-Bain-help" target="_blank" rel="noopener">Nikkei reports</a> that <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> is set to disclose a Bain-sponsored MBO this week “<em>in the range of 1,200 yen per share.</em>”</li>
<li>Mergermarket first disclosed a potential MBO on Friday. Snow Peak responded that while it is true that we are considering going private, no decision has been made at this time.</li>
<li>The rumoured JPY1,200 offer price is light vs historical trading ranges but attractive vs peer and historical multiples. The probability of an offer materialising is high. </li>
</ul>


The Nikkei reports that Snow Peak Inc (7816 JP) is set to disclose a Bain-sponsored MBO this week “in the range of 1,200 yen per share.”
Mergermarket first disclosed a potential MBO on Friday. Snow Peak responded that while it is true that we are considering going private, no decision has been made at this time.
The rumoured JPY1,200 offer price is light vs historical trading ranges but attractive vs peer and historical multiples. The probability of an offer materialising is high. 


Snow Peak (7816 JP): Bain Contemplating Backing an MBO at JPY1,200

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)

Columbia Sportswear Company: These Are The 4 Biggest Challenges In Its Path! - Major Drivers

Columbia Sportswear Company's second quarter 2024 financial results reflected a complex mix of pressures and strategic adjustments amidst a...

Baptista Research

Columbia Sportswear Company: What Is The Expected Impact Of The Recovery Of U.S. Consumer Activity> - Major Drivers

Columbia Sportswear demonstrated solid management of its inventory and its operational costs. The company reported a 37% year-over-year reduction...

Baptista Research

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

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

Snow Peak (7816 JP): Bain Contemplating Backing an MBO at JPY1,200

The rumoured JPY1,200 offer price is light vs historical trading ranges but attractive vs peer and historical multiples. The probability of an...

Arun George

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