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>Hasbro's third-quarter 2025 financial performance indicates a mixed but generally positive trajectory for the company.</li><li>Net revenue and operating profit increased year-over-year, driven by key brands such as Magic: The Gathering and various collaborations.</li><li>The company reported an 8% rise in net revenue, reaching $1.4 billion, and a similarly robust increase in operating profit of 8%, resulting in an adjusted operating profit margin of 25.6%.</li></ul>

Hasbro's third-quarter 2025 financial performance indicates a mixed but generally positive trajectory for the company.Net revenue and operating profit increased year-over-year, driven by key brands such as Magic: The Gathering and various collaborations.The company reported an 8% rise in net revenue, reaching $1.4 billion, and a similarly robust increase in operating profit of 8%, resulting in an adjusted operating profit margin of 25.6%.

How Hasbro Is Using Marvel, Star Trek, & The Hobbit to Supercharge Magic: The Gathering!

<ul><li>Retailers’ delayed ordering patterns and recent rush to restock in anticipation of strong year-end toy demand have placed Hasbro in a strategic position to regain lost momentum in Q4 2025.</li><li>Toy sellers had initially postponed purchases amid tariff uncertainty and uneven consumer demand, opting instead for domestic shipping and just-in-time inventory strategies.</li><li>As trade conditions stabilized and consumer appetite for toys remained solid, retailers have placed accelerated orders for holiday delivery.</li></ul>

Retailers’ delayed ordering patterns and recent rush to restock in anticipation of strong year-end toy demand have placed Hasbro in a strategic position to regain lost momentum in Q4 2025.Toy sellers had initially postponed purchases amid tariff uncertainty and uneven consumer demand, opting instead for domestic shipping and just-in-time inventory strategies.As trade conditions stabilized and consumer appetite for toys remained solid, retailers have placed accelerated orders for holiday delivery.

Hasbro Set To Crush Holiday Season With Magic: The Gathering Surge!

<ul><li>Hasbro's Q2 2025 earnings report highlighted several key areas of strength but also raised certain concerns.</li><li>The company demonstrated resilience and strategic foresight, addressing both opportunities and challenges.</li><li>On the positive side, Hasbro showed impressive performance through its Wizards of the Coast division, which includes brands like MAGIC: THE GATHERING.</li></ul>

Hasbro's Q2 2025 earnings report highlighted several key areas of strength but also raised certain concerns.The company demonstrated resilience and strategic foresight, addressing both opportunities and challenges.On the positive side, Hasbro showed impressive performance through its Wizards of the Coast division, which includes brands like MAGIC: THE GATHERING.

Hasbro’s Secret Playbook: How Strategic Partnerships Can Drive Its Near-Term Performance!

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).

<ul><li>We are reiterating our Buy rating, but lowering our projections and reducing our price target of BBW to $65 (from $75) after Build-A-Bear reported solid 3Q EBITDA & EPS upside, but lighter than expected revenue, and implied deep tariff impacts into 1HFY26 will serve to offset near-term positives and materially impact operating results.</li><li>3Q tariffs negatively impacted the company by $4 million (or a projected $0.23 in EPS) with a $6 million further negative impact in 4Q (projected $0.35 in EPS) and, we believe approximately $7 million to $9 million (projected $0.41 to $0.53 in EPS) in the first five months of FY26.</li><li>While we view this scenario as potentially conservative, we have to face the facts that overall gross margins, if tariff impacts remain similar to 2HFY25 in 1HFY26 without any further material offsets, will significantly decline.</li></ul>

We are reiterating our Buy rating, but lowering our projections and reducing our price target of BBW to $65 (from $75) after Build-A-Bear reported solid 3Q EBITDA & EPS upside, but lighter than expected revenue, and implied deep tariff impacts into 1HFY26 will serve to offset near-term positives and materially impact operating results.3Q tariffs negatively impacted the company by $4 million (or a projected $0.23 in EPS) with a $6 million further negative impact in 4Q (projected $0.35 in EPS) and, we believe approximately $7 million to $9 million (projected $0.41 to $0.53 in EPS) in the first five months of FY26.While we view this scenario as potentially conservative, we have to face the facts that overall gross margins, if tariff impacts remain similar to 2HFY25 in 1HFY26 without any further material offsets, will significantly decline.

BBW: 3Q Review: Tariffs To Be Even Further  Drag into FY26; Lowering EPS & PT

<ul><li>Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments.</li><li>The company reported a 17% increase in revenue, reaching $887 million, largely fueled by strong sales from the MAGIC: THE GATHERING franchise and robust licensing performance.</li><li>Key strategic initiatives, such as the "Play to Win" strategy, reinforced cost discipline and emphasized profitable growth, contributing to a 50% rise in adjusted operating profit, which resulted in a 70% increase in adjusted earnings per share to $1.04.</li></ul>

Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments.The company reported a 17% increase in revenue, reaching $887 million, largely fueled by strong sales from the MAGIC: THE GATHERING franchise and robust licensing performance.Key strategic initiatives, such as the "Play to Win" strategy, reinforced cost discipline and emphasized profitable growth, contributing to a 50% rise in adjusted operating profit, which resulted in a 70% increase in adjusted earnings per share to $1.04.

Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!

United States

Hasbro, Inc. designs, manufactures, and markets toys, games, interactive software, puzzles, and infant products in the United States and internationally. The Company's products include a variety of games, including traditional board, card, hand-held electronic, trading card, role-playing and DVD games, as well as electronic learning aids and puzzles as well as dolls and action figures.

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Hasbro Inc (HAS US)

How Hasbro Is Using Marvel, Star Trek, & The Hobbit to Supercharge Magic: The Gathering!

Hasbro's third-quarter 2025 financial performance indicates a mixed but generally positive trajectory for the company. Net revenue and operating...

Baptista Research

Hasbro Set To Crush Holiday Season With Magic: The Gathering Surge!

Retailers’ delayed ordering patterns and recent rush to restock in anticipation of strong year-end toy demand have placed Hasbro in a strategic...

Baptista Research

Hasbro’s Secret Playbook: How Strategic Partnerships Can Drive Its Near-Term Performance!

Hasbro's Q2 2025 earnings report highlighted several key areas of strength but also raised certain concerns. The company demonstrated resilience...

Baptista Research

BBW: 3Q Review: Tariffs To Be Even Further Drag into FY26; Lowering EPS & PT

We are reiterating our Buy rating, but lowering our projections and reducing our price target of BBW to $65 (from $75) after Build-A-Bear reported...

Small Cap Consumer Research

Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!

Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments. The...

Baptista Research

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