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 continues to experience notable growth in its recent financial performance, showcasing strengths while also facing some moderate challenges.</li><li>For the second quarter of fiscal 2025, the company reported a 40% increase in net sales, demonstrating a consistent upward trend that spans 23 consecutive quarters of both sales growth and market share gains.</li><li>International sales provided a significant boost, recording a 91% growth rate as e.l.f. expanded its presence in markets such as Germany by entering 1,600 Rossmann stores.</li></ul>

e.l.f. Beauty continues to experience notable growth in its recent financial performance, showcasing strengths while also facing some moderate challenges.For the second quarter of fiscal 2025, the company reported a 40% increase in net sales, demonstrating a consistent upward trend that spans 23 consecutive quarters of both sales growth and market share gains.International sales provided a significant boost, recording a 91% growth rate as e.l.f. expanded its presence in markets such as Germany by entering 1,600 Rossmann stores.

E.L.F. Beauty: Expansion in Underserved Markets A Potential Future Growth Catalyst? - Major Drivers

<ul><li>e.l.f. Beauty’s first quarter fiscal 2025 financial results reveal robust growth, with net sales increasing by 50% and gross margin expanding by approximately 80 basis points.</li><li>The company reported an adjusted EBITDA of $77 million and sees both national and international markets as strong contributors to this growth trajectory, emphasizing a powerful start to the fiscal year.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

e.l.f. Beauty’s first quarter fiscal 2025 financial results reveal robust growth, with net sales increasing by 50% and gross margin expanding by approximately 80 basis points.The company reported an adjusted EBITDA of $77 million and sees both national and international markets as strong contributors to this growth trajectory, emphasizing a powerful start to the fiscal year.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

e.l.f. Beauty Inc.: A Tale Of Product Innovation & SKU Optimization! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Exactly two weeks after the scrip alternative was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0617/2024061700167.pdf" target="_blank" rel="noopener">announced</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 Composite Document has been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0701/2024070100127.pdf" target="_blank" rel="noopener">issued</a>. The Offer is now open for acceptances.</li>
<li>The IFA (Somerley) considers terms to be fair &amp; reasonable. A lifetime high coupled with a scrip option - yes, this is fair. </li>
<li>Keep an eye on CCASS moves prior to the first closing date, the 23rd July. I have a call with the FA tomorrow. Hit me up with any questions.</li>
</ul>


Exactly two weeks after the scrip alternative was announced, L'Occitane (973 HK)'s Composite Document has been issued. The Offer is now open for acceptances.
The IFA (Somerley) considers terms to be fair &amp; reasonable. A lifetime high coupled with a scrip option - yes, this is fair. 
Keep an eye on CCASS moves prior to the first closing date, the 23rd July. I have a call with the FA tomorrow. Hit me up with any questions.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <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> IFA opines that Reinold Geiger’s conditional voluntary cash (HK$34.00) or scrip offer (10 rollover shares for each share, subject to a cap) is fair and reasonable.</li>
<li>Irrevocable/Letters of support have nudged lower from 49.83% (17 June) to 47.66% of disinterested shares due to Southeastern Asset Management selling its shares. </li>
<li>Nevertheless, the scrip option, an attractive offer and no vocal opposition should facilitate achieving the minimum acceptance condition. At the last close, the gross spread was 2.4%.</li>
</ul>


The L'Occitane (973 HK) IFA opines that Reinold Geiger’s conditional voluntary cash (HK$34.00) or scrip offer (10 rollover shares for each share, subject to a cap) is fair and reasonable.
Irrevocable/Letters of support have nudged lower from 49.83% (17 June) to 47.66% of disinterested shares due to Southeastern Asset Management selling its shares. 
Nevertheless, the scrip option, an attractive offer and no vocal opposition should facilitate achieving the minimum acceptance condition. At the last close, the gross spread was 2.4%.


L’Occitane (973 HK): Conditional Offer Opens

<ul>
<li>
<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> announced the share alternative at an exchange ratio of 10 rollover shares for each offer share, subject to a cap of 5% of outstanding shares.</li>
<li>The share alternative option will help the offer and was likely required to get Pleasant Lake Partners’ support (3.25% of outstanding shares). There is minimal vocal opposition to the offer. </li>
<li>Irrevocables/Letters of support represent 49.83% of disinterested shares. An attractive offer and the share alternative facilitate meeting the minimum acceptance condition, which requires an 80% disinterested acceptance rate (ex. irrevocables).</li>
</ul>



L'Occitane (973 HK) announced the share alternative at an exchange ratio of 10 rollover shares for each offer share, subject to a cap of 5% of outstanding shares.
The share alternative option will help the offer and was likely required to get Pleasant Lake Partners’ support (3.25% of outstanding shares). There is minimal vocal opposition to the offer. 
Irrevocables/Letters of support represent 49.83% of disinterested shares. An attractive offer and the share alternative facilitate meeting the minimum acceptance condition, which requires an 80% disinterested acceptance rate (ex. irrevocables).


L’Occitane (973 HK): Share Alternative a Crucial Step Towards the Offer Being Declared Unconditional

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: Expansion in Underserved Markets A Potential Future Growth Catalyst? - Major Drivers

e.l.f. Beauty continues to experience notable growth in its recent financial performance, showcasing strengths while also facing some moderate...

Baptista Research

e.l.f. Beauty Inc.: A Tale Of Product Innovation & SKU Optimization! - Major Drivers

e.l.f. Beauty’s first quarter fiscal 2025 financial results reveal robust growth, with net sales increasing by 50% and gross margin expanding by...

Baptista Research

L'Occitane (973 HK): Tendering Now Open

The Offer for L'Occitane (973 HK) is now unconditional in all respects. 91.97% of disinterested shareholders tendered, giving the Geiger/Concert...

David Blennerhassett

L’Occitane (973 HK): Conditional Offer Opens

The scrip option, an attractive offer and no vocal opposition should facilitate achieving the minimum acceptance condition. At the last close, the...

Arun George

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E.L.F. Beauty: Expansion in Underserved Markets A Potential Future Growth Catalyst? - Major Drivers

e.l.f. Beauty continues to experience notable growth in its recent financial performance, showcasing strengths while also facing some moderate...

Baptista Research

e.l.f. Beauty Inc.: A Tale Of Product Innovation & SKU Optimization! - Major Drivers

e.l.f. Beauty’s first quarter fiscal 2025 financial results reveal robust growth, with net sales increasing by 50% and gross margin expanding by...

Baptista Research

L'Occitane (973 HK): Tendering Now Open

The Offer for L'Occitane (973 HK) is now unconditional in all respects. 91.97% of disinterested shareholders tendered, giving the Geiger/Concert...

David Blennerhassett

L’Occitane (973 HK): Conditional Offer Opens

The scrip option, an attractive offer and no vocal opposition should facilitate achieving the minimum acceptance condition. At the last close, the...

Arun George

L’Occitane (973 HK): Share Alternative a Crucial Step Towards the Offer Being Declared Unconditional

An attractive offer and the share alternative facilitate meeting the 90% minimum acceptance condition. This looks like a done deal. At the current...

Arun George