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>Foot Locker Inc.'s latest financial results for the fiscal fourth quarter reveal mixed outcomes, reflecting both headwinds and progress in strategic initiatives.</li><li>The company reported total sales down 5.8% due primarily to a difficult comparison against a 53rd week in the prior year, foreign currency headwinds, and store closures.</li><li>On a positive note, comparable sales were up 2.6%, marking a third consecutive quarter of positive comp growth, driven by share gains in their global Foot Locker and Kids Foot Locker banners, which recorded 3.6% comp sales growth.</li></ul>

Foot Locker Inc.'s latest financial results for the fiscal fourth quarter reveal mixed outcomes, reflecting both headwinds and progress in strategic initiatives.The company reported total sales down 5.8% due primarily to a difficult comparison against a 53rd week in the prior year, foreign currency headwinds, and store closures.On a positive note, comparable sales were up 2.6%, marking a third consecutive quarter of positive comp growth, driven by share gains in their global Foot Locker and Kids Foot Locker banners, which recorded 3.6% comp sales growth.

Foot Locker Inc.: Strategic Partnerships & Brand Diversification In An Attempt To Capture Market Share!

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Shenzhou Intl Group Holdings / Equity Bottom-Up

<ul>
<li>Key customers &amp; their retail partners battling excess inventory, waning consumer demand, and market share losses in certain geographies</li>
<li>Plans for capacity expansion amid demand uncertainties and alt data and macro picture may prove aggressive and along with risks of reshoring/nearshoring &amp; friend-shoring may prove margin dilutive</li>
<li>Consensus expectations for 2H23 and 2024 appear overly optimistic and valuation is not cheap given the growth profile</li>
</ul>


Key customers &amp; their retail partners battling excess inventory, waning consumer demand, and market share losses in certain geographies
Plans for capacity expansion amid demand uncertainties and alt data and macro picture may prove aggressive and along with risks of reshoring/nearshoring &amp; friend-shoring may prove margin dilutive
Consensus expectations for 2H23 and 2024 appear overly optimistic and valuation is not cheap given the growth profile


Shenzhou (2313 HK): Contract Mfr for Leading Sportswear Brands Facing Challenging Demand Outlook.

<ul><li>Foot Locker's third-quarter financial performance fell short of the company's expectations, resulting in a more conservative full-year outlook.</li><li>The company reported a modest increase in comparable sales of 2.4% for the quarter, driven primarily by gains in Foot Locker and Kids Foot Locker banners, along with a return to positive territory for Champs Sports and WSS banners.</li><li>However, this progress did not translate as strongly as anticipated into overall sales growth, leading to an adjustment in earnings guidance.</li></ul>

Foot Locker's third-quarter financial performance fell short of the company's expectations, resulting in a more conservative full-year outlook.The company reported a modest increase in comparable sales of 2.4% for the quarter, driven primarily by gains in Foot Locker and Kids Foot Locker banners, along with a return to positive territory for Champs Sports and WSS banners.However, this progress did not translate as strongly as anticipated into overall sales growth, leading to an adjustment in earnings guidance.

Foot Locker Inc.: An Analysis Of Its Strategic Brand & Product Collaborations & Other Major Drivers

<ul><li>Foot Locker Inc.'s second quarter 2024 earnings revealed a mixed yet cautiously optimistic outlook as the company undergoes a significant strategic shift under its Lace Up plan.</li><li>The report highlighted a return to positive sales growth and gross margin improvement, signaling initial success in its efforts to refine market focus and improve operational efficiency.</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>

Foot Locker Inc.'s second quarter 2024 earnings revealed a mixed yet cautiously optimistic outlook as the company undergoes a significant strategic shift under its Lace Up plan.The report highlighted a return to positive sales growth and gross margin improvement, signaling initial success in its efforts to refine market focus and improve operational efficiency.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.

Foot Locker Inc.: Strategic International Market Optimization & Other Major Drivers

<ul><li>Foot Locker delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.</li><li>The company remained optimistic about the back half of the year, with several key launches and brand collaborations planned.</li><li>Despite challenges, Foot Locker continues to focus on its omni-connected retail experience, with plans to open new prototype stores next year.</li></ul>

Foot Locker delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.The company remained optimistic about the back half of the year, with several key launches and brand collaborations planned.Despite challenges, Foot Locker continues to focus on its omni-connected retail experience, with plans to open new prototype stores next year.

Foot Locker Inc.: Decoding Its Expansion Strategies! – Key Drivers

United States

Foot Locker, Inc. is primarily a mall-based athletic retailer that operates athletic retail stores in countries located in North America, Europe, and Australia.  The Company provides athletic footwear and apparel through its Foot Locker, Lady Foot Locker, Kids Foot Locker, and Champs Sports retail stores. Foot Locker also operates a direct-to-consumer channel, Footlocker.com/Eastbay.

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Foot Locker Inc (FL US)

Shenzhou (2313 HK): Contract Mfr for Leading Sportswear Brands Facing Challenging Demand Outlook.

Consensus estimates do not account for customer, retailer, Asian market share shift, macro, alt data and geopolitical risks.

Robert C Prather Jr

Foot Locker Inc.: An Analysis Of Its Strategic Brand & Product Collaborations & Other Major Drivers

Foot Locker's third-quarter financial performance fell short of the company's expectations, resulting in a more conservative full-year...

Baptista Research

Foot Locker Inc.: Strategic International Market Optimization & Other Major Drivers

Foot Locker Inc.'s second quarter 2024 earnings revealed a mixed yet cautiously optimistic outlook as the company undergoes a significant...

Baptista Research

Foot Locker Inc.: Decoding Its Expansion Strategies! – Key Drivers

Foot Locker delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street. The...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Foot Locker Inc.: Strategic Partnerships & Brand Diversification In An Attempt To Capture Market Share!

Foot Locker Inc.'s latest financial results for the fiscal fourth quarter reveal mixed outcomes, reflecting both headwinds and progress in...

Baptista Research

Shenzhou (2313 HK): Contract Mfr for Leading Sportswear Brands Facing Challenging Demand Outlook.

Consensus estimates do not account for customer, retailer, Asian market share shift, macro, alt data and geopolitical risks.

Robert C Prather Jr

Foot Locker Inc.: An Analysis Of Its Strategic Brand & Product Collaborations & Other Major Drivers

Foot Locker's third-quarter financial performance fell short of the company's expectations, resulting in a more conservative full-year...

Baptista Research

Foot Locker Inc.: Strategic International Market Optimization & Other Major Drivers

Foot Locker Inc.'s second quarter 2024 earnings revealed a mixed yet cautiously optimistic outlook as the company undergoes a significant...

Baptista Research

Foot Locker Inc.: Decoding Its Expansion Strategies! – Key Drivers

Foot Locker delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street. The...

Baptista Research