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 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!

<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)

<ul><li>Columbia Sportswear Company's third-quarter results for 2024 illustrated mixed performance amid a challenging retail environment, particularly in North America.</li><li>Despite a 5% year-over-year decline in net sales, the company achieved better-than-expected diluted earnings per share, credited primarily to an improved gross margin and effective cost containment.</li><li>Columbia Sportswear ended the quarter with a robust financial position, including over $370 million in cash and short-term investments, no debt, and ongoing shareholder returns through dividends and share repurchases.</li></ul>

Columbia Sportswear Company's third-quarter results for 2024 illustrated mixed performance amid a challenging retail environment, particularly in North America.Despite a 5% year-over-year decline in net sales, the company achieved better-than-expected diluted earnings per share, credited primarily to an improved gross margin and effective cost containment.Columbia Sportswear ended the quarter with a robust financial position, including over $370 million in cash and short-term investments, no debt, and ongoing shareholder returns through dividends and share repurchases.

Columbia Sportswear Company: What Is The Expected Impact Of The Management Focus on High-Margin Products & Markets? - Major Drivers

<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

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’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

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

Columbia Sportswear Company: What Is The Expected Impact Of The Management Focus on High-Margin Products & Markets? - Major Drivers

Columbia Sportswear Company's third-quarter results for 2024 illustrated mixed performance amid a challenging retail environment, particularly in...

Baptista Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Columbia Sportswear Company: What Is The Expected Impact Of The Management Focus on High-Margin Products & Markets? - Major Drivers

Columbia Sportswear Company's third-quarter results for 2024 illustrated mixed performance amid a challenging retail environment, particularly in...

Baptista Research

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

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