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).

Equity Bottom-Up

<ul><li>We are dropping research coverage of GES after the company reported strong 3Q results (handily beating the Street in almost every level) but, more importantly, provided the final pieces to the merger puzzle timing and return.</li><li>With Guess?</li><li>disclosing the November 21st approval of the Merger Agreement at a special shareholder meeting and the issuance of a final $0.225 per GES share dividend to shareholders of record on December 10th, the management buyout with leading brand licensee Authentic Brands Group will provide GES shareholders with a confirmed final payment of $16.975 in cash per GES share ($16.75 for the merger and dividend of $0.225) a slight discount to Tuesday's closing price.</li></ul>

We are dropping research coverage of GES after the company reported strong 3Q results (handily beating the Street in almost every level) but, more importantly, provided the final pieces to the merger puzzle timing and return.With Guess?disclosing the November 21st approval of the Merger Agreement at a special shareholder meeting and the issuance of a final $0.225 per GES share dividend to shareholders of record on December 10th, the management buyout with leading brand licensee Authentic Brands Group will provide GES shareholders with a confirmed final payment of $16.975 in cash per GES share ($16.75 for the merger and dividend of $0.225) a slight discount to Tuesday's closing price.

GES: With Terms Fully Set, Time to Bow Out; Dropping Coverage of GES

<ul><li>We are reiterating our Hold rating and projections for Guess?</li><li>after visiting stores in the Metropolitan New York City and Long Island regions.</li><li>Guess?</li></ul>

We are reiterating our Hold rating and projections for Guess?after visiting stores in the Metropolitan New York City and Long Island regions.Guess?

GES: Snapping the Store: Building Up For Fall; Reiterate Hold

<ul><li>We are reiterating our Hold rating and projections for Guess?</li><li>after visiting stores in the Metropolitan New York City and New Jersey areas.</li><li>As we have seen throughout 2025, Guess?</li></ul>

We are reiterating our Hold rating and projections for Guess?after visiting stores in the Metropolitan New York City and New Jersey areas.As we have seen throughout 2025, Guess?

GES: Snapping the Store: Taking the Transition Slow; Reiterate Hold Rating

<ul><li>We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess?</li><li>provided further evidence why management and Authentic Brands want to take the company private in their 2QFY26 (July) results.</li><li>2Q registered top line growth of 6%, handily beating the Street and management guidance, as Europe has remained a key winner (+11% same store sales) and domestic retail provided further evidence, while slow, the turn is coming, with domestic comps of -5% the best in six quarters.</li></ul>

We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess?provided further evidence why management and Authentic Brands want to take the company private in their 2QFY26 (July) results.2Q registered top line growth of 6%, handily beating the Street and management guidance, as Europe has remained a key winner (+11% same store sales) and domestic retail provided further evidence, while slow, the turn is coming, with domestic comps of -5% the best in six quarters.

GES: 2Q Review: Showing Why Mgmt. Buying Company; Moving to Hold (from Buy)

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.

<ul><li>Guess?</li><li>Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.</li><li>The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.</li></ul>

Guess?Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.

Guess Goes Private In $1.4 Billion Authentic Brands Deal — What It Means For Investors!

United States

Guess?, Inc. designs, markets, distributes, and licenses a collection of casual apparel, accessories, and related consumer products.  The Company's apparel for men, women, and girls are marketed under branded names.  Guess? provides full collections of denim and cotton clothing and has granted licenses to manufacture complementary products.

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Guess? Inc (GES US)

GES: With Terms Fully Set, Time to Bow Out; Dropping Coverage of GES

We are dropping research coverage of GES after the company reported strong 3Q results (handily beating the Street in almost every level) but, more...

Small Cap Consumer Research

GES: Snapping the Store: Building Up For Fall; Reiterate Hold

We are reiterating our Hold rating and projections for Guess? after visiting stores in the Metropolitan New York City and Long Island...

Small Cap Consumer Research

GES: Snapping the Store: Taking the Transition Slow; Reiterate Hold Rating

We are reiterating our Hold rating and projections for Guess? after visiting stores in the Metropolitan New York City and New Jersey areas. As we...

Small Cap Consumer Research

GES: 2Q Review: Showing Why Mgmt. Buying Company; Moving to Hold (from Buy)

We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess? provided...

Small Cap Consumer Research

Guess Goes Private In $1.4 Billion Authentic Brands Deal — What It Means For Investors!

Guess? Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim...

Baptista Research

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