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 solid 2024 fiscal fourth quarter, hitting a significant milestone of over $1 billion in net sales.</li><li>The company grew net sales by 77%, exceeding expectations.</li><li>Q4 marked the 21st consecutive quarter of both net sales growth and market share gains.</li></ul>

e.l.f. Beauty reported a solid 2024 fiscal fourth quarter, hitting a significant milestone of over $1 billion in net sales.The company grew net sales by 77%, exceeding expectations.Q4 marked the 21st consecutive quarter of both net sales growth and market share gains.

e.l.f. Beauty Inc.: Will The Strong Growth in Sales and Market Share Last? - Major Drivers

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.

Event-Driven

<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 that the share alternative pre-condition was satisfied. However, The share alternative offer is at the offeror’s discretion and with the consent of the financing parties. </li>
<li>The share alternative offer poses a dilemma due to the requirement to satisfy the minimum acceptance condition while not breaching the upper limit of the share alternative offer.</li>
<li>The share alternative offer is a play on higher multiples by relisting the business. At HK$50.00, L’Occitane would trade in line with its median global beauty peers’ multiples.</li>
</ul>



L'Occitane (973 HK) announced that the share alternative pre-condition was satisfied. However, The share alternative offer is at the offeror’s discretion and with the consent of the financing parties. 
The share alternative offer poses a dilemma due to the requirement to satisfy the minimum acceptance condition while not breaching the upper limit of the share alternative offer.
The share alternative offer is a play on higher multiples by relisting the business. At HK$50.00, L’Occitane would trade in line with its median global beauty peers’ multiples.


L’Occitane (973 HK): Dilemma as the Share Alternative Pre-Condition Met

<ul><li>This is our first report on cosmetics player, e.l.f Beauty.</li><li>The company's third quarter 2022 earnings call ended with the company experiencing significant growth across the board.</li><li>CEO, Tarang Amin highlighted that net sales increased by 85%, gross margin by nearly 350 basis points and adjusted EBITDA by 61%, compared to the previous year.</li></ul>

This is our first report on cosmetics player, e.l.f Beauty.The company's third quarter 2022 earnings call ended with the company experiencing significant growth across the board.CEO, Tarang Amin highlighted that net sales increased by 85%, gross margin by nearly 350 basis points and adjusted EBITDA by 61%, compared to the previous year.

e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Oddity Tech, the owner of popular and fastest-growing global brands IL MAKIAGE and SpoiledChild, set terms for an upcoming IPO. The company offers ~10.5M Class A shares. </li>
<li>Selling shareholders (private equity firm L. Catterton and Oran Holtzman, Co-founder &amp; CEO) offer ~8.77M Class A shares, while Oddity Tech offers ~1.75M Class A shares.</li>
<li>The net proceeds from the sale of Class A shares will be ~$41M. Oddity Tech will not receive any proceeds from the sale of shares by the selling shareholders. </li>
</ul>


Oddity Tech, the owner of popular and fastest-growing global brands IL MAKIAGE and SpoiledChild, set terms for an upcoming IPO. The company offers ~10.5M Class A shares. 
Selling shareholders (private equity firm L. Catterton and Oran Holtzman, Co-founder &amp; CEO) offer ~8.77M Class A shares, while Oddity Tech offers ~1.75M Class A shares.
The net proceeds from the sale of Class A shares will be ~$41M. Oddity Tech will not receive any proceeds from the sale of shares by the selling shareholders. 


Oddity Tech IPO Valuation Analysis: Growth and Profitability, Solid Upside With Limited Risk

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

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 Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers

This is our first report on cosmetics player, e.l.f Beauty. The company's third quarter 2022 earnings call ended with the company experiencing...

Baptista Research

Oddity Tech IPO Valuation Analysis: Growth and Profitability, Solid Upside With Limited Risk

In my insight, I dug deeper into the IPO valuation analysis of Oddity Tech, an Innovative consumer-tech unicorn that wants to disrupt the global...

Andrei Zakharov

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

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e.l.f. Beauty Inc.: Will The Strong Growth in Sales and Market Share Last? - Major Drivers

e.l.f. Beauty reported a solid 2024 fiscal fourth quarter, hitting a significant milestone of over $1 billion in net sales. The company grew net...

Baptista Research

L’Occitane (973 HK): Dilemma as the Share Alternative Pre-Condition Met

While a positive, the share alternative offer needs to balance the requirement to satisfy the minimum acceptance condition while not breaching the...

Arun George

e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers

This is our first report on cosmetics player, e.l.f Beauty. The company's third quarter 2022 earnings call ended with the company experiencing...

Baptista Research

Oddity Tech IPO Valuation Analysis: Growth and Profitability, Solid Upside With Limited Risk

In my insight, I dug deeper into the IPO valuation analysis of Oddity Tech, an Innovative consumer-tech unicorn that wants to disrupt the global...

Andrei Zakharov

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