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 reiterating our Buy rating, $32.50 price target and projections for Guess?</li><li>with the company announcing 4QFY24 (January) results after the close on Wednesday.</li><li>We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range.</li></ul>

We are reiterating our Buy rating, $32.50 price target and projections for Guess?with the company announcing 4QFY24 (January) results after the close on Wednesday.We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range.

GES: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 PT

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>This is our special, one-time report on Guess Inc., a notable entity in the fashion industry that recently made headlines with its strategic acquisition of the New York-based fashion brand Rag & Bone.</li><li>This move signifies a significant leap towards expanding its portfolio and solidifying its presence in the highly competitive fashion sector.</li><li>The announcement was followed by a surge in the company's stock, further fueled by speculations of a possible take-private initiative.</li></ul>

This is our special, one-time report on Guess Inc., a notable entity in the fashion industry that recently made headlines with its strategic acquisition of the New York-based fashion brand Rag & Bone.This move signifies a significant leap towards expanding its portfolio and solidifying its presence in the highly competitive fashion sector.The announcement was followed by a surge in the company's stock, further fueled by speculations of a possible take-private initiative.

Guess? Inc.: Does It Have The Steam To Be Taken Private & At What Valuation? - Key Drivers

<ul><li>We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.</li><li>With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season.</li><li>The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on textured and patterned tops, denim and seasonal suiting and dress shirts, with the relaunch of performance long sleeve shirts.</li></ul>

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season.The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on textured and patterned tops, denim and seasonal suiting and dress shirts, with the relaunch of performance long sleeve shirts.

EXPR: Snapping the Store: Clearing & Gearing

<ul><li>We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection.</li><li>Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions, reducing inventory and discounting levels, shifting lower margin products to the licensing model, and expanding into key digital marketplaces, resulting in higher margins and cash flow.</li><li>With Lands' End projected to shift into an EPS driven mode in FY24 and beyond, we believe the risk/reward in LE has materially improved, and we are initiating coverage of LE with a Buy rating and $12 price target.</li></ul>

We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection.Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions, reducing inventory and discounting levels, shifting lower margin products to the licensing model, and expanding into key digital marketplaces, resulting in higher margins and cash flow.With Lands' End projected to shift into an EPS driven mode in FY24 and beyond, we believe the risk/reward in LE has materially improved, and we are initiating coverage of LE with a Buy rating and $12 price target.

LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT

<ul><li>We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+) denim player rag & bone by Guess?</li><li>and a joint venture with leading brand licensor WHP Global.</li><li>We view this acquisition, Guess?' first, as an accretive winner, offering multiple (and material) expansion opportunities which leverage Guess?' strong international presence, infrastructure, category expansion and licensing ability and position as a leading global lifestyle brand retailer.</li></ul>

We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+) denim player rag & bone by Guess?and a joint venture with leading brand licensor WHP Global.We view this acquisition, Guess?' first, as an accretive winner, offering multiple (and material) expansion opportunities which leverage Guess?' strong international presence, infrastructure, category expansion and licensing ability and position as a leading global lifestyle brand retailer.

GES: Rag & Bone an Auspicious First Acquisition; Reiterate Buy, $32.50 PT

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: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and projections for Guess? with the company announcing 4QFY24 (January) results after the...

Small Cap Consumer Research

Guess? Inc.: Does It Have The Steam To Be Taken Private & At What Valuation? - Key Drivers

This is our special, one-time report on Guess Inc., a notable entity in the fashion industry that recently made headlines with its strategic...

Baptista Research

EXPR: Snapping the Store: Clearing & Gearing

We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. With the stores...

Small Cap Consumer Research

LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT

We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear...

Small Cap Consumer Research

GES: Rag & Bone an Auspicious First Acquisition; Reiterate Buy, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+)...

Small Cap Consumer Research

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