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

<ul>
<li>Last week we discussed potential for a 2-5% rally to the 1.5-month downtrend on SPX, or even the 4165-4200 range, which would set up an opportunity to get more defensive.</li>
<li>As long as the S&amp;P 500 is below Wednesdays high of 4040 we continue to believe the bears are in control -- stay defensive.</li>
<li>Even if there is a reversal, we still expect 4165-4200 on SPX to cap upside for 2023. We highlight many buy opportunities within Consumer Staples</li>
</ul>


Last week we discussed potential for a 2-5% rally to the 1.5-month downtrend on SPX, or even the 4165-4200 range, which would set up an opportunity to get more defensive.
As long as the S&amp;P 500 is below Wednesdays high of 4040 we continue to believe the bears are in control -- stay defensive.
Even if there is a reversal, we still expect 4165-4200 on SPX to cap upside for 2023. We highlight many buy opportunities within Consumer Staples


S&P 500, Nasdaq 100, DJIA All Testing Resistance; Downgrading Financials to Underweight; Buy Staples

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 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!

<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

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)

S&P 500, Nasdaq 100, DJIA All Testing Resistance; Downgrading Financials to Underweight; Buy Staples

Last week (3/21) we discussed the potential for a 2-5% rally to the 1.5-month downtrend on the $SPX, or even the 4165-4200 range, which we noted...

Vermilion 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

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

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