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 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

<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

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and did not provide 2024 guidance, as management continues to pivot to multiple new and expanded retailer relationships for virtually all their brands, including the addition of Costco as a key new partner.</li><li>We believe, beginning in 3Q24, Starco will take their stable of brands to a new level in terms of door penetration which, when combined with an aggressive focus on adding new categories, will position the company for strong top line and Adjusted EBITDA expansion for 2025 and beyond.</li><li>As such, we continue to view the future of Starco as strong, and we reiterate our Buy rating and $0.25 price target for STCB.</li></ul>

We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and did not provide 2024 guidance, as management continues to pivot to multiple new and expanded retailer relationships for virtually all their brands, including the addition of Costco as a key new partner.We believe, beginning in 3Q24, Starco will take their stable of brands to a new level in terms of door penetration which, when combined with an aggressive focus on adding new categories, will position the company for strong top line and Adjusted EBITDA expansion for 2025 and beyond.As such, we continue to view the future of Starco as strong, and we reiterate our Buy rating and $0.25 price target for STCB.

elf Beauty Inc - STCB: 2Q Review: Adding Costco, Planning for the Future, Reiterate Buy

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 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

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

elf Beauty Inc - STCB: 2Q Review: Adding Costco, Planning for the Future, Reiterate Buy

We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and...

Small Cap Consumer Research

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