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>The latest financial results and strategic initiatives of e.l.f. Beauty depict a complex landscape of both strengths and challenges.</li><li>In its fiscal second quarter, e.l.f. Beauty reported a 14% increase in net sales, continuing its 27th consecutive quarter of revenue growth, partly driven by the acquisition of Rhode, a beauty brand founded by Hailey Bieber.</li><li>This acquisition contributed $52 million to the quarter’s net sales, equating to approximately 17 percentage points of growth.</li></ul>

The latest financial results and strategic initiatives of e.l.f. Beauty depict a complex landscape of both strengths and challenges.In its fiscal second quarter, e.l.f. Beauty reported a 14% increase in net sales, continuing its 27th consecutive quarter of revenue growth, partly driven by the acquisition of Rhode, a beauty brand founded by Hailey Bieber.This acquisition contributed $52 million to the quarter’s net sales, equating to approximately 17 percentage points of growth.

e.l.f. Beauty Just Made A POWER MOVE—How Will Its Rhode Acquisition Redefine the Skincare Game?

<ul><li>e.l.f. Beauty reported their first quarter results for fiscal year 2026, marking the 26th consecutive quarter of net sales growth and market share gains.</li><li>The company posted a 9% increase in net sales compared to the same period last year, which had already seen a substantial 50% growth.</li><li>Adjusted EBITDA rose 12% to $87 million, underscoring the company’s effective cost management and efficiency improvements.</li></ul>

e.l.f. Beauty reported their first quarter results for fiscal year 2026, marking the 26th consecutive quarter of net sales growth and market share gains.The company posted a 9% increase in net sales compared to the same period last year, which had already seen a substantial 50% growth.Adjusted EBITDA rose 12% to $87 million, underscoring the company’s effective cost management and efficiency improvements.

e.l.f. Beauty Expands Across International Markets Through Strategic Sephora Deals; What Lies Ahead?

<ul><li>e.l.f. Beauty recently reported its financial performance for the fourth quarter and fiscal year of 2025, characterized by continued momentum and strategic expansion initiatives.</li><li>The company exhibited a robust growth trajectory, marking its 25th consecutive quarter of net sales growth.</li><li>For fiscal 2025, net sales increased by 28%, while adjusted EBITDA went up by 26%.</li></ul>

e.l.f. Beauty recently reported its financial performance for the fourth quarter and fiscal year of 2025, characterized by continued momentum and strategic expansion initiatives.The company exhibited a robust growth trajectory, marking its 25th consecutive quarter of net sales growth.For fiscal 2025, net sales increased by 28%, while adjusted EBITDA went up by 26%.

e.l.f. Beauty Just Acquired rhode—Can This Power Duo Redefine Celebrity Skincare?

<ul><li>E.l.f. Beauty's third-quarter fiscal 2025 results demonstrated a strong growth trajectory, coupled with strategic challenges that may impact near-term performance.</li><li>The company reported a notable 31% increase in net sales, with an adjusted EBITDA of $69 million, marking the 24th consecutive quarter of both net sales growth and market share gains.</li><li>This positions E.l.f. Beauty as one of the few high-growth public consumer companies, consistently achieving over 20% quarterly sales growth, a significant accomplishment in the competitive cosmetics industry.</li></ul>

E.l.f. Beauty's third-quarter fiscal 2025 results demonstrated a strong growth trajectory, coupled with strategic challenges that may impact near-term performance.The company reported a notable 31% increase in net sales, with an adjusted EBITDA of $69 million, marking the 24th consecutive quarter of both net sales growth and market share gains.This positions E.l.f. Beauty as one of the few high-growth public consumer companies, consistently achieving over 20% quarterly sales growth, a significant accomplishment in the competitive cosmetics industry.

e.l.f. Beauty: A Solid Innovation Pipeline & New Product Updates To Bolster Its Competitive Edge & Growth Trajectory!

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 Just Made A POWER MOVE—How Will Its Rhode Acquisition Redefine the Skincare Game?

The latest financial results and strategic initiatives of e.l.f. Beauty depict a complex landscape of both strengths and challenges. In its fiscal...

Baptista Research

e.l.f. Beauty Expands Across International Markets Through Strategic Sephora Deals; What Lies Ahead?

e.l.f. Beauty reported their first quarter results for fiscal year 2026, marking the 26th consecutive quarter of net sales growth and market share...

Baptista Research

e.l.f. Beauty Just Acquired rhode—Can This Power Duo Redefine Celebrity Skincare?

e.l.f. Beauty recently reported its financial performance for the fourth quarter and fiscal year of 2025, characterized by continued momentum and...

Baptista Research

e.l.f. Beauty: A Solid Innovation Pipeline & New Product Updates To Bolster Its Competitive Edge & Growth Trajectory!

E.l.f. Beauty's third-quarter fiscal 2025 results demonstrated a strong growth trajectory, coupled with strategic challenges that may impact...

Baptista 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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