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, $41 price target and projections for Build-A-Bear Workshop with the company announcing 3QFY24 (October) results before the open on Thursday.</li><li>We believe, with a very strong Halloween season, the launch of commercial and franchised stores beginning to drive operating momentum, new products and a solid start to the Holiday season, management will be upbeat on current and future trends, and we believe Street expectations for 3Q and FY24 (and our price target) could prove conservative.</li><li>As such, we are reiterating our Buy rating and $41 price target for BBW.</li></ul>

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop with the company announcing 3QFY24 (October) results before the open on Thursday.We believe, with a very strong Halloween season, the launch of commercial and franchised stores beginning to drive operating momentum, new products and a solid start to the Holiday season, management will be upbeat on current and future trends, and we believe Street expectations for 3Q and FY24 (and our price target) could prove conservative.As such, we are reiterating our Buy rating and $41 price target for BBW.

BBW: 3Q Preview: No Scare in 3Q; Xmas Starts Strong; Reiterate Buy, $41 PT

<ul><li>We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.</li><li>We believe, after an outstanding Halloween season, Build-A-Bear pivoted to the Holiday offerings, with the return of Glisten & The Merry Mission "furry friends," new Sanrio and Stich Holiday-themed looks, the addition of Holiday Mini Beans and key items for the Wicked motion picture release.</li><li>As such, and with gift card sales remaining robust, we believe Build-A-Bear is poised for a very strong Holiday period, especially when the costs of the Glisten movie are not anniversaried.</li></ul>

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.We believe, after an outstanding Halloween season, Build-A-Bear pivoted to the Holiday offerings, with the return of Glisten & The Merry Mission "furry friends," new Sanrio and Stich Holiday-themed looks, the addition of Holiday Mini Beans and key items for the Wicked motion picture release.As such, and with gift card sales remaining robust, we believe Build-A-Bear is poised for a very strong Holiday period, especially when the costs of the Glisten movie are not anniversaried.

BBW: Snapping the Store: Ready for Holiday Moments; Reiterate Buy, $41 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>Hasbro's third quarter 2024 earnings presented a mixed bag of results, highlighting both successes and areas of challenge within the company's diverse portfolio.</li><li>The robust performance of gaming and licensing stood out, representing a key positive takeaway.</li><li>Notably, MAGIC: THE GATHERING and the Dungeons and Dragons (D&D) segments maintained resilience, with high profitability margins observed in tentpole releases and digital platforms.</li></ul>

Hasbro's third quarter 2024 earnings presented a mixed bag of results, highlighting both successes and areas of challenge within the company's diverse portfolio.The robust performance of gaming and licensing stood out, representing a key positive takeaway.Notably, MAGIC: THE GATHERING and the Dungeons and Dragons (D&D) segments maintained resilience, with high profitability margins observed in tentpole releases and digital platforms.

Hasbro Inc.: Will The Recent Diversification and Innovation in Product Lines Catalyze Growth? - Major Drivers

<ul><li>We are reiterating our Buy rating, materially increasing our 2024 and 2025 projections and raising our price target for JAKK to $40 (from $30) after the company reported impressive upside in almost every financial measure in 3Q24 (September), JAKKS' Pacific largest quarter, as the company continued to register strong market gains from innovative new products, a business model focused on providing value for end users and the impending premiere of key Holiday movie (Moana 2 and Sonic the Hedgehog 3) and the initial launches of exciting new licenses (The Simpsons and Authentic Brands).</li><li>We believe, with further expansion on tap for 2025 from more new film releases (Dog Man) and a full launch of the Authentic Brands and The Simpsons licenses, JAKKS is poised to drive continued strong results, and further focus investors on the name.</li><li>As such, we are comfortable raising our projections and our price target for JAKK, which remains materially undervalued versus its competitors.</li></ul>

We are reiterating our Buy rating, materially increasing our 2024 and 2025 projections and raising our price target for JAKK to $40 (from $30) after the company reported impressive upside in almost every financial measure in 3Q24 (September), JAKKS' Pacific largest quarter, as the company continued to register strong market gains from innovative new products, a business model focused on providing value for end users and the impending premiere of key Holiday movie (Moana 2 and Sonic the Hedgehog 3) and the initial launches of exciting new licenses (The Simpsons and Authentic Brands).We believe, with further expansion on tap for 2025 from more new film releases (Dog Man) and a full launch of the Authentic Brands and The Simpsons licenses, JAKKS is poised to drive continued strong results, and further focus investors on the name.As such, we are comfortable raising our projections and our price target for JAKK, which remains materially undervalued versus its competitors.

JAKK: 3Q Review: Driving Consistent Upside; Raise PT to $40 (from $30); Reiterate Buy

<ul><li>We are reiterating our Buy rating, $30 price target and projections for JAKKS Pacific with the company announcing 3Q24 (September) results after the close on Wednesday.</li><li>We remain confident in our inline projections for the quarter, and believe the company, with a strong, somewhat lower-risk Holiday movie lineup in 2024, the beginning of the ramp of the Authentic Brands and The Simpsons license expansions, and the potential upside for Dog Man and the company's own Wild Manes line launch, is well positioned to drive top and bottom line upside into 2025.</li><li>As such, we reiterate our Buy rating and $30 price target for JAKK.</li></ul>

We are reiterating our Buy rating, $30 price target and projections for JAKKS Pacific with the company announcing 3Q24 (September) results after the close on Wednesday.We remain confident in our inline projections for the quarter, and believe the company, with a strong, somewhat lower-risk Holiday movie lineup in 2024, the beginning of the ramp of the Authentic Brands and The Simpsons license expansions, and the potential upside for Dog Man and the company's own Wild Manes line launch, is well positioned to drive top and bottom line upside into 2025.As such, we reiterate our Buy rating and $30 price target for JAKK.

JAKK: 3Q Preview: More than Holiday Movie Winners; Reiterate Buy, $30 PT

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)

BBW: 3Q Preview: No Scare in 3Q; Xmas Starts Strong; Reiterate Buy, $41 PT

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop with the company announcing 3QFY24 (October) results...

Small Cap Consumer Research

BBW: Snapping the Store: Ready for Holiday Moments; Reiterate Buy, $41 PT

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and...

Small Cap Consumer Research

Hasbro Inc.: Will The Recent Diversification and Innovation in Product Lines Catalyze Growth? - Major Drivers

Hasbro's third quarter 2024 earnings presented a mixed bag of results, highlighting both successes and areas of challenge within the company's...

Baptista Research

JAKK: 3Q Review: Driving Consistent Upside; Raise PT to $40 (from $30); Reiterate Buy

We are reiterating our Buy rating, materially increasing our 2024 and 2025 projections and raising our price target for JAKK to $40 (from $30)...

Small Cap Consumer Research

JAKK: 3Q Preview: More than Holiday Movie Winners; Reiterate Buy, $30 PT

We are reiterating our Buy rating, $30 price target and projections for JAKKS Pacific with the company announcing 3Q24 (September) results after...

Small Cap Consumer Research

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