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

<ul><li>DICK'S Sporting Goods recently reported a strong performance in its second quarter of 2025, showcasing a 5% increase in comparable store sales, supported by growth in average ticket size and transactions.</li><li>This builds upon the company’s past success, including a 4.5% comp increase in the previous year and a 2% increase in 2023.</li><li>One of the notable highlights was the expansion of gross margins by over 30 basis points, underscoring effective inventory and pricing strategies.</li></ul>

DICK'S Sporting Goods recently reported a strong performance in its second quarter of 2025, showcasing a 5% increase in comparable store sales, supported by growth in average ticket size and transactions.This builds upon the company’s past success, including a 4.5% comp increase in the previous year and a 2% increase in 2023.One of the notable highlights was the expansion of gross margins by over 30 basis points, underscoring effective inventory and pricing strategies.

DICK'S Sporting Goods: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!

<ul><li>DICK'S Sporting Goods' recent earnings revealed a robust performance in the first quarter of fiscal 2025, reflecting the effectiveness of its long-term strategies and operational improvements.</li><li>The company reported a 4.5% increase in comparable store sales, marking the fifth consecutive quarter of such growth, and achieved a consolidated sales increase of 5.2% to $3.17 billion.</li><li>These results were underpinned by a rise in both average ticket value and transaction volume, demonstrating strong consumer demand and engagement with DICK'S product offerings.</li></ul>

DICK'S Sporting Goods' recent earnings revealed a robust performance in the first quarter of fiscal 2025, reflecting the effectiveness of its long-term strategies and operational improvements.The company reported a 4.5% increase in comparable store sales, marking the fifth consecutive quarter of such growth, and achieved a consolidated sales increase of 5.2% to $3.17 billion.These results were underpinned by a rise in both average ticket value and transaction volume, demonstrating strong consumer demand and engagement with DICK'S product offerings.

DICK’S Sporting Goods Is Betting Big on Youth Sports—and It Could Be a $40 Billion Win!

<ul><li>DICK'S Sporting Goods, Inc. reported its fourth-quarter and full fiscal-year 2024 results, demonstrating notable achievements and strategic initiatives.</li><li>For 2024, DICK'S Sporting Goods achieved record sales of $13.44 billion with a comparable store sales increase of 5.2%.</li><li>This growth stemmed from both average ticket increases and a rise in transactions, indicating strong customer engagement.</li></ul>

DICK'S Sporting Goods, Inc. reported its fourth-quarter and full fiscal-year 2024 results, demonstrating notable achievements and strategic initiatives.For 2024, DICK'S Sporting Goods achieved record sales of $13.44 billion with a comparable store sales increase of 5.2%.This growth stemmed from both average ticket increases and a rise in transactions, indicating strong customer engagement.

DICK'S Sporting Goods: Footwear Strategy & Market Share Growth Powering Our Optimism!

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Shenzhou Intl Group Holdings / Equity Bottom-Up

<ul>
<li>Key customers &amp; their retail partners battling excess inventory, waning consumer demand, and market share losses in certain geographies</li>
<li>Plans for capacity expansion amid demand uncertainties and alt data and macro picture may prove aggressive and along with risks of reshoring/nearshoring &amp; friend-shoring may prove margin dilutive</li>
<li>Consensus expectations for 2H23 and 2024 appear overly optimistic and valuation is not cheap given the growth profile</li>
</ul>


Key customers &amp; their retail partners battling excess inventory, waning consumer demand, and market share losses in certain geographies
Plans for capacity expansion amid demand uncertainties and alt data and macro picture may prove aggressive and along with risks of reshoring/nearshoring &amp; friend-shoring may prove margin dilutive
Consensus expectations for 2H23 and 2024 appear overly optimistic and valuation is not cheap given the growth profile


Shenzhou (2313 HK): Contract Mfr for Leading Sportswear Brands Facing Challenging Demand Outlook.

<ul><li>DICK'S Sporting Goods, Inc. reported a robust performance in the third quarter of 2024, showcasing the effectiveness of its long-term strategies.</li><li>The company delivered a 4.2% increase in comparable-store sales, demonstrating market share gains and solid execution of its omnichannel strategy.</li><li>This growth was buoyed by a successful back-to-school season, strength in priority categories like footwear, athletic apparel, and team sports, and an expansion in gross margins by 67 basis points, driven by improved merchandise margins.</li></ul>

DICK'S Sporting Goods, Inc. reported a robust performance in the third quarter of 2024, showcasing the effectiveness of its long-term strategies.The company delivered a 4.2% increase in comparable-store sales, demonstrating market share gains and solid execution of its omnichannel strategy.This growth was buoyed by a successful back-to-school season, strength in priority categories like footwear, athletic apparel, and team sports, and an expansion in gross margins by 67 basis points, driven by improved merchandise margins.

DICK'S Sporting Goods: Is The Strength in Omnichannel & Field House Formats Here To Stay? - Major Drivers

United States

Dick's Sporting Goods, Inc. operates as a sporting goods retailer that manages stores primarily in the eastern and central United States. The Company owns stores that offers a broad selection of brand name sporting goods equipment, apparel, and footwear.

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Dick's Sporting Goods (DKS US)

DICK'S Sporting Goods: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!

DICK'S Sporting Goods recently reported a strong performance in its second quarter of 2025, showcasing a 5% increase in comparable store sales,...

Baptista Research

DICK’S Sporting Goods Is Betting Big on Youth Sports—and It Could Be a $40 Billion Win!

DICK'S Sporting Goods' recent earnings revealed a robust performance in the first quarter of fiscal 2025, reflecting the effectiveness of its...

Baptista Research

Shenzhou (2313 HK): Contract Mfr for Leading Sportswear Brands Facing Challenging Demand Outlook.

Consensus estimates do not account for customer, retailer, Asian market share shift, macro, alt data and geopolitical risks.

Robert C Prather Jr

DICK'S Sporting Goods: Is The Strength in Omnichannel & Field House Formats Here To Stay? - Major Drivers

DICK'S Sporting Goods, Inc. reported a robust performance in the third quarter of 2024, showcasing the effectiveness of its long-term...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

DICK'S Sporting Goods: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!

DICK'S Sporting Goods recently reported a strong performance in its second quarter of 2025, showcasing a 5% increase in comparable store sales,...

Baptista Research

DICK’S Sporting Goods Is Betting Big on Youth Sports—and It Could Be a $40 Billion Win!

DICK'S Sporting Goods' recent earnings revealed a robust performance in the first quarter of fiscal 2025, reflecting the effectiveness of its...

Baptista Research

DICK'S Sporting Goods: Footwear Strategy & Market Share Growth Powering Our Optimism!

DICK'S Sporting Goods, Inc. reported its fourth-quarter and full fiscal-year 2024 results, demonstrating notable achievements and strategic...

Baptista Research

Shenzhou (2313 HK): Contract Mfr for Leading Sportswear Brands Facing Challenging Demand Outlook.

Consensus estimates do not account for customer, retailer, Asian market share shift, macro, alt data and geopolitical risks.

Robert C Prather Jr

DICK'S Sporting Goods: Is The Strength in Omnichannel & Field House Formats Here To Stay? - Major Drivers

DICK'S Sporting Goods, Inc. reported a robust performance in the third quarter of 2024, showcasing the effectiveness of its long-term...

Baptista Research