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

Cracker Barrel Old Country / Equity Bottom-Up

<ul><li>Cracker Barrel Old Country Store, Inc. reported third-quarter fiscal 2026 results that surpassed internal expectations, with total revenue reaching $797.4 million and adjusted EBITDA of $40.3 million, reflecting a 5.1% margin.</li><li>The company attributed this performance to strong cost management, improved traffic trends, and enhancements in guest experience metrics.</li><li>Key operational improvements included a 4% increase in the Google star rating, a 5% rise in food taste and service scores, and a 7% improvement in food temperature scores, alongside reduced managerial turnover outperforming industry benchmarks.</li></ul>

Cracker Barrel Old Country Store, Inc. reported third-quarter fiscal 2026 results that surpassed internal expectations, with total revenue reaching $797.4 million and adjusted EBITDA of $40.3 million, reflecting a 5.1% margin.The company attributed this performance to strong cost management, improved traffic trends, and enhancements in guest experience metrics.Key operational improvements included a 4% increase in the Google star rating, a 5% rise in food taste and service scores, and a 7% improvement in food temperature scores, alongside reduced managerial turnover outperforming industry benchmarks.

Cracker Barrel’s Hidden Engine — 12 Million Loyalty Members Drive Engagement!

<ul><li>l Old Country Store spent much of the past year learning how difficult it can be to modernize a brand whose appeal is deeply tied to nostalgia.</li><li>What began as an effort under former CEO Julie Masino to refresh an aging restaurant chain turned into a national controversy after changes to its longtime logo and restaurant appearance triggered intense customer criticism and political attention.</li><li>Cracker Barrel reversed course, restored familiar elements, refocused on loyal customers and brought back some of the food and imagery associated with its traditional identity.</li></ul>

l Old Country Store spent much of the past year learning how difficult it can be to modernize a brand whose appeal is deeply tied to nostalgia.What began as an effort under former CEO Julie Masino to refresh an aging restaurant chain turned into a national controversy after changes to its longtime logo and restaurant appearance triggered intense customer criticism and political attention.Cracker Barrel reversed course, restored familiar elements, refocused on loyal customers and brought back some of the food and imagery associated with its traditional identity.

Inside Cracker Barrel’s Wildest Year: A Logo Disaster, Culture War & CEO Exit!

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

Thematic (Sector/Industry)

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the Restaurant and Retail Industries.</p></li><li><p>Our report will focus on stock performance, short interest, an outlook for restaurant commodity costs, interesting themes, and company interviews.</p></li><li><p>In this note, we interviewed Gary Schnierow, Vice-President of Investor Relations, and Corporate Finance for Build-A-Bear Workshop, Inc. (NASDAQ: BBW). </p></li></ul></div></div></div></div>

Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the Restaurant and Retail Industries.Our report will focus on stock performance, short interest, an outlook for restaurant commodity costs, interesting themes, and company interviews.In this note, we interviewed Gary Schnierow, Vice-President of Investor Relations, and Corporate Finance for Build-A-Bear Workshop, Inc. (NASDAQ: BBW). 

Restaurant & Retail Roundup - Interview with Build-A-Bear Workshop (BBW)

United States

Cracker Barrel Old Country Store, Inc. operates restaurants. The Company serves various breakfast, lunch, and dinner dishes such as pancakes, sandwiches, fried chicken, and ice cream. Cracker Barrel Old Country Store serves customers throughout the United States.

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Cracker Barrel Old Country (CBRL US)

Cracker Barrel’s Hidden Engine — 12 Million Loyalty Members Drive Engagement!

Cracker Barrel Old Country Store, Inc. reported third-quarter fiscal 2026 results that surpassed internal expectations, with total revenue...

Baptista Research

Inside Cracker Barrel’s Wildest Year: A Logo Disaster, Culture War & CEO Exit!

l Old Country Store spent much of the past year learning how difficult it can be to modernize a brand whose appeal is deeply tied to...

Baptista Research

Restaurant & Retail Roundup - Interview with Build-A-Bear Workshop (BBW)

Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the...

Water Tower Research

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52-week Range

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