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>Fox Factory Holding Corp. recently presented their financial outcomes for the second quarter of the fiscal year 2024 in their earnings call.</li><li>The report exhibits both strengths and areas of concern for current and prospective investors.</li><li>In the call managed by Mike Dennison, CEO, and Dennis Schemm, CFO, comprehensive insights into Fox Factory's financial performance, forward-looking projections, and strategic adjustments were communicated.</li></ul>

Fox Factory Holding Corp. recently presented their financial outcomes for the second quarter of the fiscal year 2024 in their earnings call.The report exhibits both strengths and areas of concern for current and prospective investors.In the call managed by Mike Dennison, CEO, and Dennis Schemm, CFO, comprehensive insights into Fox Factory's financial performance, forward-looking projections, and strategic adjustments were communicated.

Fox Factory Holding Corp.: Market Position & Brand Strength  - Major Drivers

<ul><li>Fox Factory Holding Corporation presented a comprehensive review of their first quarter fiscal 2022 performance alongside future projections and strategic outlooks.</li><li>The company reported revenue of $333.5 million which met their expectations, and adjusted earnings per share of $0.29, surpassing their projections.</li><li>Given the diversified nature of their product portfolio, spanning multiple sectors and markets, Fox Factory has shown resilience amid industry cyclicality, mitigating risk while aligning with avenues for future growth.</li></ul>

Fox Factory Holding Corporation presented a comprehensive review of their first quarter fiscal 2022 performance alongside future projections and strategic outlooks.The company reported revenue of $333.5 million which met their expectations, and adjusted earnings per share of $0.29, surpassing their projections.Given the diversified nature of their product portfolio, spanning multiple sectors and markets, Fox Factory has shown resilience amid industry cyclicality, mitigating risk while aligning with avenues for future growth.

Fox Factory Holding Corp.: A Story Of Market Diversification and Segment Expansion! - Major Drivers

<ul><li>This is our first report on Fox Factory.</li><li>In Q4 2023, Fox Factory saw a revenue of $332 million, bolstered by the contribution of approximately $17 million from the acquisition of Marucci.</li><li>However, the quarter also experienced considerable headwinds due to certain challenges, including ongoing inventory recalibration in the bike sector, the impact of the UAW strike on PVG and AAG, and higher interest rates which moderated the purchasing behavior of customers.</li></ul>

This is our first report on Fox Factory.In Q4 2023, Fox Factory saw a revenue of $332 million, bolstered by the contribution of approximately $17 million from the acquisition of Marucci.However, the quarter also experienced considerable headwinds due to certain challenges, including ongoing inventory recalibration in the bike sector, the impact of the UAW strike on PVG and AAG, and higher interest rates which moderated the purchasing behavior of customers.

Fox Factory Holding Corp.: Initiation Of Coverage - Embracing Innovation and Advanced Product Development! - 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a>, a leading integrated online and offline platform for automotive service in China, has launched its HKEx IPO at a price range of HK$28.00-31.00 per share.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/tuhu-car-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:112644" rel="noopener">TUHU Car IPO: The Investment Case</a></em></strong>, we highlighted the key elements of the investment case. In this note, we present our forecasts and discuss valuation.</li>
<li>Our valuation analysis suggests that Tuhu is reasonably priced at the IPO price range. We would participate in the IPO. </li>
</ul>



Tuhu Car (2007986D HK), a leading integrated online and offline platform for automotive service in China, has launched its HKEx IPO at a price range of HK$28.00-31.00 per share.
In TUHU Car IPO: The Investment Case, we highlighted the key elements of the investment case. In this note, we present our forecasts and discuss valuation.
Our valuation analysis suggests that Tuhu is reasonably priced at the IPO price range. We would participate in the IPO. 


Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>We normally write these “Workbench” reports in between our larger initiation pieces.  They are intended to offer a window into our short investment process and to highlight potentially interesting names.</li>
<li>This Workbench focuses exclusively on earnings quality shorts.  We continue to work on these names. Today we highlight:</li>
<li>Moderna (MRNA),  Knowles (KN)    Juniper Networks (JNPR)  Upstart Holdings (UPST)  Beauty Health Co (SKIN), Sonos (SONO). Kraft Heinz (KHC), AZEK Co. (AZEK), Energizer Holdings (ENR),  Fox Factory Holding  (FOXF)</li>
</ul>


We normally write these “Workbench” reports in between our larger initiation pieces.  They are intended to offer a window into our short investment process and to highlight potentially interesting names.
This Workbench focuses exclusively on earnings quality shorts.  We continue to work on these names. Today we highlight:
Moderna (MRNA),  Knowles (KN)    Juniper Networks (JNPR)  Upstart Holdings (UPST)  Beauty Health Co (SKIN), Sonos (SONO). Kraft Heinz (KHC), AZEK Co. (AZEK), Energizer Holdings (ENR),  Fox Factory Holding  (FOXF)


Short Ideas on Our Workbench:  Earnings Quality

United States

Fox Factory Holding Corp is a designer, manufacturer and marketer of high-performance suspension products used primarily on mountain bikes, side-by-side vehicles, or Side-by-Sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, or ATVs, snowmobiles, specialty vehicles and applications, and motorcycles.

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Fox Factory Holding (FOXF US)

Fox Factory Holding Corp.: Market Position & Brand Strength - Major Drivers

Fox Factory Holding Corp. recently presented their financial outcomes for the second quarter of the fiscal year 2024 in their earnings call. The...

Baptista Research

Fox Factory Holding Corp.: A Story Of Market Diversification and Segment Expansion! - Major Drivers

Fox Factory Holding Corporation presented a comprehensive review of their first quarter fiscal 2022 performance alongside future projections and...

Baptista Research

Fox Factory Holding Corp.: Initiation Of Coverage - Embracing Innovation and Advanced Product Development! - Major Drivers

This is our first report on Fox Factory. In Q4 2023, Fox Factory saw a revenue of $332 million, bolstered by the contribution of approximately $17...

Baptista Research

TUHU Car IPO: Valuation Insights

Tuhu has launched its HKEx IPO at a price range of HK$28.00-31.00 per share. Our valuation analysis suggests that Tuhu is reasonably priced at the...

Arun George

Short Ideas on Our Workbench: Earnings Quality

Our "Workbench" focuses exclusively on potential earnings quality shorts. We continue to work on these names. Today we highlight ten names of...

Eric Fernandez, CFA

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