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

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

<ul><li>e.l.f. Beauty delivered a third quarter characterized by strong reported growth alongside a clear divergence between acquired and organic performance, providing a mixed but informative picture of the company’s underlying trajectory.</li><li>Reported net sales increased 38% year over year, driven primarily by the contribution from the rhode acquisition, which added approximately $128 million during the quarter and materially exceeded initial expectations.</li><li>Adjusted EBITDA rose 79%, reflecting scale benefits, marketing leverage year over year, and the high-margin profile of the acquired brand, partially offset by tariff-related cost pressure.</li></ul>

e.l.f. Beauty delivered a third quarter characterized by strong reported growth alongside a clear divergence between acquired and organic performance, providing a mixed but informative picture of the company’s underlying trajectory.Reported net sales increased 38% year over year, driven primarily by the contribution from the rhode acquisition, which added approximately $128 million during the quarter and materially exceeded initial expectations.Adjusted EBITDA rose 79%, reflecting scale benefits, marketing leverage year over year, and the high-margin profile of the acquired brand, partially offset by tariff-related cost pressure.

e.l.f. Beauty’s Rhode Bet Changes the Growth Equation — Execution Upside or Integration Risk?

<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?

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

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

e.l.f. Beauty’s Rhode Bet Changes the Growth Equation — Execution Upside or Integration Risk?

e.l.f. Beauty delivered a third quarter characterized by strong reported growth alongside a clear divergence between acquired and organic...

Baptista Research

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

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