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>e.l.f. Beauty reported a strong first quarter for fiscal year 2027, marking its 30th consecutive quarter of net sales growth, totaling 36% year-over-year.</li><li>This milestone reflects consistent expansion over more than seven years and positions e.l.f. Beauty among a select group of consumer companies with sustained growth.</li><li>The company’s net sales growth was driven substantially by the brand rhode, which contributed approximately $160 million in sales and demonstrated exceptional consumer demand, including a $27 million direct-to-consumer sales day during its summer product launch.</li></ul>

e.l.f. Beauty reported a strong first quarter for fiscal year 2027, marking its 30th consecutive quarter of net sales growth, totaling 36% year-over-year.This milestone reflects consistent expansion over more than seven years and positions e.l.f. Beauty among a select group of consumer companies with sustained growth.The company’s net sales growth was driven substantially by the brand rhode, which contributed approximately $160 million in sales and demonstrated exceptional consumer demand, including a $27 million direct-to-consumer sales day during its summer product launch.

e.l.f. Beauty Goes All-In On Global Beauty As Brazil

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

<div><ul><li>Strong 1QFY27 results, even excluding tariff refund. On August 5, ELF reported sales, EBITDA, and EPS that exceeded consensus, even excluding a tariff refund that boosted EBITDA by $50 million and EPS by $0.68.</li><li>The beat was due mostly to Rhode’s outperformance and some shift in marketing spending to later in the year. </li><li>ELF plans to reinvest all of the refund, so the increase in FY27 guidance was all due to strength in the underlying business.</li></ul></div>

Strong 1QFY27 results, even excluding tariff refund. On August 5, ELF reported sales, EBITDA, and EPS that exceeded consensus, even excluding a tariff refund that boosted EBITDA by $50 million and EPS by $0.68.The beat was due mostly to Rhode’s outperformance and some shift in marketing spending to later in the year. ELF plans to reinvest all of the refund, so the increase in FY27 guidance was all due to strength in the underlying business.

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>e.l.f. Beauty is a rapidly growing, multi-brand beauty platform that has consistently outpaced the industry by offering on-trend, prestige-inspired cosmetics and skincare at accessible price points.</li>
  <li>The company's digitally-native marketing strategy, focused on social media and community engagement, has solidified its position as a leading brand among Gen Z and Millennial consumers, driving significant market share gains.</li>
  <li>While growth has been exceptional, the company is in a heightened investment phase, leading to near-term margin pressure. The stock trades at a significant valuation premium to peers, reflecting high expectations for continued expansion and successful brand integrations like Naturium and rhode.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  e.l.f. Beauty is a rapidly growing, multi-brand beauty platform that has consistently outpaced the industry by offering on-trend, prestige-inspired cosmetics and skincare at accessible price points.
  The company's digitally-native marketing strategy, focused on social media and community engagement, has solidified its position as a leading brand among Gen Z and Millennial consumers, driving significant market share gains.
  While growth has been exceptional, the company is in a heightened investment phase, leading to near-term margin pressure. The stock trades at a significant valuation premium to peers, reflecting high expectations for continued expansion and successful brand integrations like Naturium and rhode.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: elf Beauty Inc (ELF US) - Aug 2026

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares PHLX Semiconductor ETF / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.</li>
<li>We continue to believe Technology and A.I. areas (XLK, SOXX, DRAM) are poised to move higher, and we have Technology on watch for a potential upgrade to overweight.</li>
<li>A significant "wall of worry" is being built, with the latest bricks being bad breadth and rising interest rate volatility</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.
We continue to believe Technology and A.I. areas (XLK, SOXX, DRAM) are poised to move higher, and we have Technology on watch for a potential upgrade to overweight.
A significant "wall of worry" is being built, with the latest bricks being bad breadth and rising interest rate volatility


Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern? All Hinges on 7507-7580 SPX

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Concurrent with its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0429/2024042905713.pdf" target="_blank" rel="noopener">HK$34/share VGO</a>, <strong><a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a></strong>'s disinterested shareholders <em>may</em> be entitled to a share scrip alternative. IF afforded, up to 5% of shares out can participate.</li>
<li>The big unknown is whether you receive shares of the levered-up Bidco, at some as yet undetermined scrip ratio; or keep shares of L’Occitane as-is.</li>
<li>To trigger the rollover option, 10% of disinterested shareholders need to express interest by the 15th May (a Hong Kong holiday btw). A deadline without details. </li>
</ul>


Concurrent with its HK$34/share VGO, L'Occitane (973 HK)'s disinterested shareholders may be entitled to a share scrip alternative. IF afforded, up to 5% of shares out can participate.
The big unknown is whether you receive shares of the levered-up Bidco, at some as yet undetermined scrip ratio; or keep shares of L’Occitane as-is.
To trigger the rollover option, 10% of disinterested shareholders need to express interest by the 15th May (a Hong Kong holiday btw). A deadline without details. 


L'Occitane (973 HK): The Rollover Option, And Alternate Listing Valuations

United States

e.l.f. Beauty, Inc. operates as a cosmetic company. The Company offers beauty products for eyes, lips, and face. e.l.f. Beauty provides eyeliners, lipsticks, lip care and brushes, powder, and skin care products.

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elf Beauty Inc (ELF US)

e.l.f. Beauty Goes All-In On Global Beauty As Brazil

e.l.f. Beauty reported a strong first quarter for fiscal year 2027, marking its 30th consecutive quarter of net sales growth, totaling 36%...

Baptista Research

ELF: Rhode Is Paving the Road to Growth

On August 5, ELF reported sales, EBITDA, and EPS that exceeded consensus, even excluding a tariff refund that boosted EBITDA by $50 million and EPS...

Water Tower Research

Primer: elf Beauty Inc (ELF US) - Aug 2026

e.l.f. Beauty is a rapidly growing, multi-brand beauty platform that has consistently outpaced the industry by offering on-trend,...

αSK Primers

Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern? All Hinges on 7507-7580 SPX

Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern?; All Hinges on 7507-7580 $SPX. We continue to believe Technology and A.I....

Vermilion Research

L'Occitane (973 HK): The Rollover Option, And Alternate Listing Valuations

If you are an arbitrageur, I'd be buying here. If you a LO, at a 5.4% gross yield, hold for completion. If you are willing to hold unlisted scrip,...

David Blennerhassett

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