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>Harley-Davidson is navigating a critical crossroads as it searches for a new CEO to replace Jochen Zeitz, who recently announced plans to retire after five years at the helm.</li><li>This leadership transition comes at a precarious time for the iconic motorcycle brand, which is grappling with a sustained decline in sales, intensifying macroeconomic pressures, and the looming threat of retaliatory tariffs—particularly from the European Union.</li><li>In 2024, global retail sales dropped by 7%, with international sales falling a steep 13%, reflecting a broader downturn in discretionary spending.</li></ul>

Harley-Davidson is navigating a critical crossroads as it searches for a new CEO to replace Jochen Zeitz, who recently announced plans to retire after five years at the helm.This leadership transition comes at a precarious time for the iconic motorcycle brand, which is grappling with a sustained decline in sales, intensifying macroeconomic pressures, and the looming threat of retaliatory tariffs—particularly from the European Union.In 2024, global retail sales dropped by 7%, with international sales falling a steep 13%, reflecting a broader downturn in discretionary spending.

Harley-Davidson Is Losing Speed: Will A New CEO Fix The Sales Slump Amid Tariff Turmoil?

<ul><li>Harley-Davidson's recent performance reflects a mixed bag of operational and strategic shifts amid challenging macroeconomic conditions.</li><li>The company's 2024 fourth-quarter results exhibited a significant decline, with consolidated revenue decreasing by 35% compared to the previous year.</li><li>This decline was primarily driven by the Harley-Davidson Motor Company (HDMC) segment, which saw revenue drop by 47% as a result of a 53% decrease in wholesale shipments.</li></ul>

Harley-Davidson's recent performance reflects a mixed bag of operational and strategic shifts amid challenging macroeconomic conditions.The company's 2024 fourth-quarter results exhibited a significant decline, with consolidated revenue decreasing by 35% compared to the previous year.This decline was primarily driven by the Harley-Davidson Motor Company (HDMC) segment, which saw revenue drop by 47% as a result of a 53% decrease in wholesale shipments.

Harley-Davidson: Can “The Hardwire” Strategy Save This Iconic Brand from Market Share Collapse?

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>  &amp; <a href="https://www.smartkarma.com/entities/harley-davidson-inc" target="_blank" data-smartkarma-citation="entities:4386:1" rel="noopener">Harley Davidson (HOG US)</a> launched their collaborative creation, the Harley-Davidson X440, in India.</li>
<li>While this is a step in the right and anticipated direction, there are potentially grave mistakes that need to be corrected.</li>
<li>For HOG, there is more to lose than to gain from this development. Additionally, <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> moat around the brand and a strong riding culture is likely underrated.</li>
</ul>



Hero Motocorp (HMCL IN)  &amp; Harley Davidson (HOG US) launched their collaborative creation, the Harley-Davidson X440, in India.
While this is a step in the right and anticipated direction, there are potentially grave mistakes that need to be corrected.
For HOG, there is more to lose than to gain from this development. Additionally, Eicher Motors (EIM IN) moat around the brand and a strong riding culture is likely underrated.


<ul><li>Harley-Davidson's latest earnings call reflects a challenging quarter marked by macroeconomic and geopolitical uncertainties that have adversely impacted the company's performance, particularly in its global retail sales.</li><li>The company reported a 13% decline in global retail sales of new motorcycles during the third quarter, with North America experiencing a 10% drop and international regions seeing an 18% downturn.</li><li>Despite the overall decline, Harley-Davidson managed to maintain a better performance than the overall U.S. motorcycle industry, highlighting a 4 percentage point increase in market share.</li></ul>

Harley-Davidson's latest earnings call reflects a challenging quarter marked by macroeconomic and geopolitical uncertainties that have adversely impacted the company's performance, particularly in its global retail sales.The company reported a 13% decline in global retail sales of new motorcycles during the third quarter, with North America experiencing a 10% drop and international regions seeing an 18% downturn.Despite the overall decline, Harley-Davidson managed to maintain a better performance than the overall U.S. motorcycle industry, highlighting a 4 percentage point increase in market share.

Harley-Davidson Inc.: Dealer Network Optimization As A Vital Tool For Growth! - Major Drivers

<ul><li>Harley-Davidson recently reported its financial results for the second quarter of 2024, showcasing several advancements and challenges in its performance.</li><li>The company reported a 12% increase in consolidated revenue, driven by growth in both the Harley-Davidson Motor Company (HDMC) and the Harley-Davidson Financial Services (HDFS) sectors, marking a resilient performance amid prevailing economic headwinds.</li><li>The earnings per share showed a significant improvement at $1.63, and the overall operating income grew by 9% to $241 million.</li></ul>

Harley-Davidson recently reported its financial results for the second quarter of 2024, showcasing several advancements and challenges in its performance.The company reported a 12% increase in consolidated revenue, driven by growth in both the Harley-Davidson Motor Company (HDMC) and the Harley-Davidson Financial Services (HDFS) sectors, marking a resilient performance amid prevailing economic headwinds.The earnings per share showed a significant improvement at $1.63, and the overall operating income grew by 9% to $241 million.

Harley-Davidson Inc.: Expansion Into Electric Motorcycles & Global Market Penetration! - Major Drivers

United States

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles.  The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.  Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

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Harley Davidson (HOG US)

Harley-Davidson Is Losing Speed: Will A New CEO Fix The Sales Slump Amid Tariff Turmoil?

Harley-Davidson is navigating a critical crossroads as it searches for a new CEO to replace Jochen Zeitz, who recently announced plans to retire...

Baptista Research

Hero Motocorp (HMCL IN) | The "HOG" Wash

Hero MotoCorp (HMCL IN) & Harley-Davidson (HOG US) launched the Harley-Davidson X440 in India. Though a step in the right direction, there are...

Pranav Bhavsar

Harley-Davidson Inc.: Dealer Network Optimization As A Vital Tool For Growth! - Major Drivers

Harley-Davidson's latest earnings call reflects a challenging quarter marked by macroeconomic and geopolitical uncertainties that have adversely...

Baptista Research

Harley-Davidson Inc.: Expansion Into Electric Motorcycles & Global Market Penetration! - Major Drivers

Harley-Davidson recently reported its financial results for the second quarter of 2024, showcasing several advancements and challenges in its...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Harley-Davidson Is Losing Speed: Will A New CEO Fix The Sales Slump Amid Tariff Turmoil?

Harley-Davidson is navigating a critical crossroads as it searches for a new CEO to replace Jochen Zeitz, who recently announced plans to retire...

Baptista Research

Harley-Davidson: Can “The Hardwire” Strategy Save This Iconic Brand from Market Share Collapse?

Harley-Davidson's recent performance reflects a mixed bag of operational and strategic shifts amid challenging macroeconomic conditions. The...

Baptista Research

Hero Motocorp (HMCL IN) | The "HOG" Wash

Hero MotoCorp (HMCL IN) & Harley-Davidson (HOG US) launched the Harley-Davidson X440 in India. Though a step in the right direction, there are...

Pranav Bhavsar

Harley-Davidson Inc.: Dealer Network Optimization As A Vital Tool For Growth! - Major Drivers

Harley-Davidson's latest earnings call reflects a challenging quarter marked by macroeconomic and geopolitical uncertainties that have adversely...

Baptista Research

Harley-Davidson Inc.: Expansion Into Electric Motorcycles & Global Market Penetration! - Major Drivers

Harley-Davidson recently reported its financial results for the second quarter of 2024, showcasing several advancements and challenges in its...

Baptista Research