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>This is our first report on drive-thru shops franchisor, Dutch Bros, Inc. The company reported an impressive performance in the fourth quarter and fiscal year 2023 in their earnings call.</li><li>They noted an exceptional year, and that they began 2024 with robust momentum.</li><li>Their revenue and adjusted EBITDA increased by 31% and 76% respectively year-over-year.</li></ul>

This is our first report on drive-thru shops franchisor, Dutch Bros, Inc. The company reported an impressive performance in the fourth quarter and fiscal year 2023 in their earnings call.They noted an exceptional year, and that they began 2024 with robust momentum.Their revenue and adjusted EBITDA increased by 31% and 76% respectively year-over-year.

Dutch Bros Inc.: Initiation of Coverage - An Improving Digital Footprint Is Changing The Game! - Major Drivers

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)

<ul>
<li>Our monthly WTR restaurant and retail report focuses on stock performance, short interest, an outlook for restaurant commodity costs, our casual dining same-store sales (SSS) and traffic survey, and takeaways from the Restaurant Finance &amp; Development Conference (RFDC) that occurred in mid-November.</li>
<li>Retailers outperform and restaurants underperform indexes on a MTD basis. For November 2023, the performance reversed, with retailers outperforming the restaurants by a wide margin.</li>
<li>On a month-to-date (MTD) basis, our equal-weighted index of restaurant stocks increased 6.2% following a decline of 4.2% in October, but below the S&amp;P 500, which increased 8.6%. </li>
</ul>


Our monthly WTR restaurant and retail report focuses on stock performance, short interest, an outlook for restaurant commodity costs, our casual dining same-store sales (SSS) and traffic survey, and takeaways from the Restaurant Finance &amp; Development Conference (RFDC) that occurred in mid-November.
Retailers outperform and restaurants underperform indexes on a MTD basis. For November 2023, the performance reversed, with retailers outperforming the restaurants by a wide margin.
On a month-to-date (MTD) basis, our equal-weighted index of restaurant stocks increased 6.2% following a decline of 4.2% in October, but below the S&amp;P 500, which increased 8.6%. 


Restaurant & Retail Roundup - Takeaways from RFDC

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Event-Driven

<ul>
<li>Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. </li>
<li>Liquidity shorts have built-in catalysts, tend to have moderate to higher betas,  and can have strong down moves as the liquidity crisis gets closer in time. </li>
<li>They can also go bankrupt, pushing the stock price close to zero.</li>
</ul>


Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. 
Liquidity shorts have built-in catalysts, tend to have moderate to higher betas,  and can have strong down moves as the liquidity crisis gets closer in time. 
They can also go bankrupt, pushing the stock price close to zero.


Liquidity Risk Short Candidates: PureCycle, Atara Biothera, Nikola, Dutch Bros.

United States

Dutch Bros Inc. operates and franchises drive-thru shops that focus on serving hand-crafted beverages. The Company offers hot and cold espresso-based beverages. Dutch Bros serves customers worldwide.

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Dutch Bros Inc (BROS US)

Dutch Bros Inc.: Initiation of Coverage - An Improving Digital Footprint Is Changing The Game! - Major Drivers

This is our first report on drive-thru shops franchisor, Dutch Bros, Inc. The company reported an impressive performance in the fourth quarter and...

Baptista Research

Restaurant & Retail Roundup - Takeaways from RFDC

Retailers outperform and restaurants underperform indexes on a MTD basis. For November 2023, the performance reversed, with retailers outperforming...

Water Tower Research

Liquidity Risk Short Candidates: PureCycle, Atara Biothera, Nikola, Dutch Bros.

See model results and discussion on several liquidity risk short candidates: PureCycle Tech, Atara Biotherapeutics, Nikola Corp and Dutch Brothers,...

Eric Fernandez, CFA

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