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>Freshpet Inc. delivered robust performance for the fiscal year 2023 and the fourth quarter, notching a significant growth in net sales and improving profitability.</li><li>The management believes the pet food company reached an inflection point in its journey towards becoming a profitable business in the fresh/frozen segment of the pet food market.</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>

Freshpet Inc. delivered robust performance for the fiscal year 2023 and the fourth quarter, notching a significant growth in net sales and improving profitability.The management believes the pet food company reached an inflection point in its journey towards becoming a profitable business in the fresh/frozen segment of the pet food market.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.

Freshpet Inc.: Initiation Of Coverage - Healthy Expansion in North America & Europe And A Deep Analysis Of Its Business Strategy! - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. </li>
<li>Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.</li>
<li>Today we are flagging Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva .</li>
</ul>


Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. 
Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.
Today we are flagging Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva .


Liquidity Risk Short Candidates: Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

New Ruipeng Pet Group / Equity Capital Markets

<ul>
<li>New Ruipeng Pet Group, a China-based pet clinic operator and provider of pet care services, filed for a U.S. IPO. The company plans to list ADSs under the ticker "RPET."</li>
<li>The company’s most recent private round was a $500M venture round led by Boehringer Ingelheim and Tencent at a ~$4.4B valuation in September 2020. </li>
<li>We believe investors should think twice before investing in the New Ruipeng IPO as the pet hospital operator struggled to grow revenues, operating losses mounted, and labor costs increased.</li>
</ul>


New Ruipeng Pet Group, a China-based pet clinic operator and provider of pet care services, filed for a U.S. IPO. The company plans to list ADSs under the ticker "RPET."
The company’s most recent private round was a $500M venture round led by Boehringer Ingelheim and Tencent at a ~$4.4B valuation in September 2020. 
We believe investors should think twice before investing in the New Ruipeng IPO as the pet hospital operator struggled to grow revenues, operating losses mounted, and labor costs increased.


New Ruipeng Pet Group IPO: Struggling Pet Hospital Operator. Hard To Justify Premium Valuation

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a> priced its IPO at THB32 per share, the top-end of the price range, to raise gross proceeds of THB21,120m (US$608m). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO  <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:83568" rel="noopener">I-Tail Corporation IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:83629" rel="noopener">I-Tail Corporation IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-a-strong-3q-results-update" target="_blank" data-smartkarma-citation="insights:84125" rel="noopener">I-Tail Corporation IPO: A Strong 3Q Results Update</a>, <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:84288" rel="noopener">I-Tail Corporation IPO: Valuation Insights</a>. </li>
<li>Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.</li>
</ul>



I-Tail (ITC TB) priced its IPO at THB32 per share, the top-end of the price range, to raise gross proceeds of THB21,120m (US$608m). The shares will start trading tomorrow.
We previously discussed the IPO  I-Tail Corporation IPO: The Bull Case, I-Tail Corporation IPO: The Bear Case, I-Tail Corporation IPO: A Strong 3Q Results Update, I-Tail Corporation IPO: Valuation Insights. 
Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a>, <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>’s pet care division, has launched its SET listing at THB30-32 per share to raise up to US$593 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:83568" rel="noopener">I-Tail Corporation IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:83629" rel="noopener">I-Tail Corporation IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-a-strong-3q-results-update" target="_blank" data-smartkarma-citation="insights:84125" rel="noopener">I-Tail Corporation IPO: A Strong 3Q Results Update</a>. </li>
<li>I-Tail is attractively valued at the IPO price range. We would participate. Pricing will be announced on 28 November.</li>
</ul>



I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, has launched its SET listing at THB30-32 per share to raise up to US$593 million.
We previously discussed the IPO in I-Tail Corporation IPO: The Bull Case, I-Tail Corporation IPO: The Bear Case and I-Tail Corporation IPO: A Strong 3Q Results Update. 
I-Tail is attractively valued at the IPO price range. We would participate. Pricing will be announced on 28 November.


I-Tail Corporation IPO: Valuation Insights

United States

Freshpet, Inc. provides fresh, natural food choices to help improve the lives of dogs and cats. The Company also owns and operates Freshpet Kitchens and Freshpet Fridges. Freshpet retailers are located across North America.

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Freshpet Inc (FRPT US)

Freshpet Inc.: Initiation Of Coverage - Healthy Expansion in North America & Europe And A Deep Analysis Of Its Business Strategy! - Major Drivers

Freshpet Inc. delivered robust performance for the fiscal year 2023 and the fourth quarter, notching a significant growth in net sales and...

Baptista Research

Liquidity Risk Short Candidates: Carvana, Exact Sciences, Inspire Med, Freshpet, Enviva

Liquidity risk short candidates may not be economically viable given cash flows and capital requirements. This week we flag Carvana, Exact...

Eric Fernandez, CFA

New Ruipeng Pet Group IPO: Struggling Pet Hospital Operator. Hard To Justify Premium Valuation

We believe investors should think twice before investing as the company’s revenue growth deceleration, competition, and worsening fundamentals may...

Andrei Zakharov

I-Tail Corporation IPO: Trading Debut

Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains...

Arun George

I-Tail Corporation IPO: Valuation Insights

I-Tail is attractively valued at the IPO price range of THB30-32 per share. We would participate. Pricing will be announced on 28 November.

Arun George

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