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 recently reported its first-quarter 2025 results, demonstrating a mixed performance amidst a challenging macroeconomic environment.</li><li>The key takeaway from the earnings discussion is that while Freshpet has managed to maintain a growth trajectory, driven by its broad consumer base and strong brand proposition, it's facing economic headwinds that are impacting its ability to maintain the previous levels of growth.</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 recently reported its first-quarter 2025 results, demonstrating a mixed performance amidst a challenging macroeconomic environment.The key takeaway from the earnings discussion is that while Freshpet has managed to maintain a growth trajectory, driven by its broad consumer base and strong brand proposition, it's facing economic headwinds that are impacting its ability to maintain the previous levels of growth.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: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

<ul><li>Freshpet delivered a strong performance in the fiscal year 2024, characterized by notable growth in net sales and even more significant improvements in profitability.</li><li>The company's net sales reached $975 million, marking a 27% increase from the previous year, driven largely by volume gains.</li><li>This was predominantly a result of increased household penetration and buy rates, boosted by strategic media investments and retail expansion.</li></ul>

Freshpet delivered a strong performance in the fiscal year 2024, characterized by notable growth in net sales and even more significant improvements in profitability.The company's net sales reached $975 million, marking a 27% increase from the previous year, driven largely by volume gains.This was predominantly a result of increased household penetration and buy rates, boosted by strategic media investments and retail expansion.

Freshpet’s Recent Market Growth & Household Penetration Expansion

<ul><li>Freshpet, Inc.'s third-quarter 2024 financial performance highlights both strengths and areas for cautious consideration.</li><li>On the positive side, Freshpet reported its 25th consecutive quarter of 25% year-on-year growth, emphasizing its resilient sales momentum.</li><li>Net sales reached $253.4 million, marking a 26% year-over-year increase.</li></ul>

Freshpet, Inc.'s third-quarter 2024 financial performance highlights both strengths and areas for cautious consideration.On the positive side, Freshpet reported its 25th consecutive quarter of 25% year-on-year growth, emphasizing its resilient sales momentum.Net sales reached $253.4 million, marking a 26% year-over-year increase.

Freshpet Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>Freshpet's Q2 2024 results reflect a structured approach to growth, emphasizing disciplined execution to drive both revenue increase and profitability enhancements.</li><li>The company posted a robust 28% year-over-year increase in net sales to $235.3 million, underpinned largely by volume expansion without reliance on price or mix adjustments.</li><li>This performance marks Freshpet's 24th consecutive quarter of net sales growth exceeding 25%, aligning well with its operational thresholds.</li></ul>

Freshpet's Q2 2024 results reflect a structured approach to growth, emphasizing disciplined execution to drive both revenue increase and profitability enhancements.The company posted a robust 28% year-over-year increase in net sales to $235.3 million, underpinned largely by volume expansion without reliance on price or mix adjustments.This performance marks Freshpet's 24th consecutive quarter of net sales growth exceeding 25%, aligning well with its operational thresholds.

Freshpet Inc.: Does It Have A Sustainable Competitive Advantage? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 4 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 6 changes for the S&amp;P Midcap400 Index and 14 changes for the S&amp;P SmallCap600 Index at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a> was newly eligible after meeting the profitability criterion, while <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a>, <a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> and <a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers Group, Inc (IBKR US)</a> were overlooked again.</li>
<li>There will be more same-way flow for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> adds and deletes from the Select Sector index trackers.</li>
</ul>


There are 4 changes for the S&amp;P 500 INDEX, 6 changes for the S&amp;P Midcap400 Index and 14 changes for the S&amp;P SmallCap600 Index at the March rebalance.

DoorDash (DASH US) was newly eligible after meeting the profitability criterion, while AppLovin (APP US), Coinbase Global (COIN US) and Interactive Brokers Group, Inc (IBKR US) were overlooked again.
There will be more same-way flow for the S&amp;P 500 INDEX (SPX INDEX) adds and deletes from the Select Sector index trackers.


S&P500/400/600 Index Rebalance: DASH In as Stability Trumps Volatility

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: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Freshpet recently reported its first-quarter 2025 results, demonstrating a mixed performance amidst a challenging macroeconomic environment. The...

Baptista Research

Freshpet’s Recent Market Growth & Household Penetration Expansion

Freshpet delivered a strong performance in the fiscal year 2024, characterized by notable growth in net sales and even more significant...

Baptista Research

Freshpet Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

Freshpet, Inc.'s third-quarter 2024 financial performance highlights both strengths and areas for cautious consideration. On the positive side,...

Baptista Research

Freshpet Inc.: Does It Have A Sustainable Competitive Advantage? - Major Drivers

Freshpet's Q2 2024 results reflect a structured approach to growth, emphasizing disciplined execution to drive both revenue increase and...

Baptista Research

S&P500/400/600 Index Rebalance: DASH In as Stability Trumps Volatility

There are many changes for the SnP500/400/600 indices in March. The index committee has overlooked high vol stocks. There will be more same-way...

Brian Freitas

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