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

Estee Lauder Companies Cl A / Equity Bottom-Up

<ul><li>Estée Lauder Companies presented their fiscal 2024 second quarter earnings with a mix of performance trends.</li><li>The earnings per share surpassed expectations, although an organic sales decline occurred of 8%.</li><li>One of the significant challenges faced by the company was a decline of 28% in their global travel retail business, largely influenced by the impact of Covid-19 on international travel.</li></ul>

Estée Lauder Companies presented their fiscal 2024 second quarter earnings with a mix of performance trends.The earnings per share surpassed expectations, although an organic sales decline occurred of 8%.One of the significant challenges faced by the company was a decline of 28% in their global travel retail business, largely influenced by the impact of Covid-19 on international travel.

The Estée Lauder Companies: How This Beauty Giant is Turning the Tables Amidst a Global Crisis! - 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 for Starco Brands after the company announced basically inline preliminary 2023 results and provided initial 2024 guidance for Adjusted EBITDA which bracketed our projection; as such, we are tweaking higher both our 2023 and 2034 Adjusted EBITDA projections.</li><li>We believe Starco is ideally positioned to register material top and bottom line growth in 2024 (and beyond) and believe management has remained conservative on multiple levels in their guidance.</li><li>We continue to view Starco as ideally positioned to lever their unique characteristics in the packaged goods space to drive consistent top and bottom line growth, 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 for Starco Brands after the company announced basically inline preliminary 2023 results and provided initial 2024 guidance for Adjusted EBITDA which bracketed our projection; as such, we are tweaking higher both our 2023 and 2034 Adjusted EBITDA projections.We believe Starco is ideally positioned to register material top and bottom line growth in 2024 (and beyond) and believe management has remained conservative on multiple levels in their guidance.We continue to view Starco as ideally positioned to lever their unique characteristics in the packaged goods space to drive consistent top and bottom line growth, and we reiterate our Buy rating and $0.25 price target for STCB.

STCB: Setting Up for Further 2024 Growth; Reiterate Buy Rating and $0.25 PT

<ul><li>We are initiating coverage of Starco Brands, Inc. ("Starco" or the "Company"), an emerging owner and marketer of branded consumer goods, with a Buy rating and price target of $0.25, or 26X our December 2024 Adjusted EBITDA.</li><li>Starco's stable of brands includes: Art of Sport body and skincare products, Skylar hypoallergenic fragrance and beauty products; Soylent plant-based food products, Whipshots vodka infused whipped cream aerosols and Winona butter flavored popcorn spray.</li><li>As such, we view STCB as a rapidly growing owner of highly differentiated brands, with the business model to register consistent and strong overall top and EBITDA returns and are initiating coverage of STCB with a Buy rating and $0.25 price target.</li></ul>

We are initiating coverage of Starco Brands, Inc. ("Starco" or the "Company"), an emerging owner and marketer of branded consumer goods, with a Buy rating and price target of $0.25, or 26X our December 2024 Adjusted EBITDA.Starco's stable of brands includes: Art of Sport body and skincare products, Skylar hypoallergenic fragrance and beauty products; Soylent plant-based food products, Whipshots vodka infused whipped cream aerosols and Winona butter flavored popcorn spray.As such, we view STCB as a rapidly growing owner of highly differentiated brands, with the business model to register consistent and strong overall top and EBITDA returns and are initiating coverage of STCB with a Buy rating and $0.25 price target.

STCB: Initiating Coverage of Starco Brands with a Buy Rating and $0.25 PT

<ul><li>Estee Lauder Companies Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.</li><li>Despite an 11% decline in organic sales, adjusted diluted EPS exceeded expectations at $0.11, attributed to a better-than-expected adjusted operating margin.</li><li>Estee Lauder remains optimistic about sequential improvements, anticipating double-digit organic sales growth.</li></ul>

Estee Lauder Companies Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings.Despite an 11% decline in organic sales, adjusted diluted EPS exceeded expectations at $0.11, attributed to a better-than-expected adjusted operating margin.Estee Lauder remains optimistic about sequential improvements, anticipating double-digit organic sales growth.

The Estee Lauder Companies Inc.: The AI Makeup Revolution! Is This the Future of Beauty? - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Honasa Consumer  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (Honasa IN)</a> raised about US$200m in its India IPO.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



Honasa Consumer (Honasa IN) raised about US$200m in its India IPO.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

United States

The Estee Lauder Companies Inc. manufactures and markets a wide range of skin care, makeup, fragrance, and hair care products.  The Company's products are sold in countries and territories around the world.

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Estee Lauder Companies Cl A (EL US)

The Estée Lauder Companies: How This Beauty Giant is Turning the Tables Amidst a Global Crisis! - Major Drivers

Estée Lauder Companies presented their fiscal 2024 second quarter earnings with a mix of performance trends. The earnings per share surpassed...

Baptista Research

STCB: Setting Up for Further 2024 Growth; Reiterate Buy Rating and $0.25 PT

We are reiterating our Buy rating and $0.25 price target for Starco Brands after the company announced basically inline preliminary 2023 results...

Small Cap Consumer Research

STCB: Initiating Coverage of Starco Brands with a Buy Rating and $0.25 PT

We are initiating coverage of Starco Brands, Inc. ("Starco" or the "Company"), an emerging owner and marketer of branded consumer goods, with a...

Small Cap Consumer Research

The Estee Lauder Companies Inc.: The AI Makeup Revolution! Is This the Future of Beauty? - Major Drivers

Estee Lauder Companies Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the...

Baptista Research

Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

Honasa Consumer (Honasa IN) raised about US$200m in its India IPO. In this note, we talk about the deal updates and the trading dynamics.

Sumeet Singh

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