Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>IPAR reported third quarter results after having previously released preliminary sales figures. Demand for gift sets exceeded expectations in the quarter, leading to sellouts at many retailers.  </li>
<li>The strength in the quarter comes when IPAR is setting its release schedule for 2025. We are expecting momentum in IPAR’s top brands to continue. </li>
<li>The quarterly results highlighted the strength of the different brands leading to sales growth. IPAR has released a series of fragrances this year that have contributed to higher sales. </li>
</ul>


IPAR reported third quarter results after having previously released preliminary sales figures. Demand for gift sets exceeded expectations in the quarter, leading to sellouts at many retailers.  
The strength in the quarter comes when IPAR is setting its release schedule for 2025. We are expecting momentum in IPAR’s top brands to continue. 
The quarterly results highlighted the strength of the different brands leading to sales growth. IPAR has released a series of fragrances this year that have contributed to higher sales. 


IPAR: Free Cash Flow from Moderating Growth

<ul>
<li>IPAR continues to demonstrate its ability to outperform with its brand portfolio of prestige fragrances. IPAR provided preliminary third quarter 2024 sales estimate of approximately $425 million. </li>
<li>We believe the growth IPAR is reporting for the third quarter was the result of greater demand than retailers stocking more for the holidays.   </li>
<li>IPAR highlighted the growth in its top two brands, Jimmy Choo and Montblanc, as primary reasons for the sales in the quarter. Lacoste and Cavalli were an additional boost.  </li>
</ul>


IPAR continues to demonstrate its ability to outperform with its brand portfolio of prestige fragrances. IPAR provided preliminary third quarter 2024 sales estimate of approximately $425 million. 
We believe the growth IPAR is reporting for the third quarter was the result of greater demand than retailers stocking more for the holidays.   
IPAR highlighted the growth in its top two brands, Jimmy Choo and Montblanc, as primary reasons for the sales in the quarter. Lacoste and Cavalli were an additional boost.  


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The essence of Eternal Beauty’s business model is to earn a “price difference” of the brand and product portfolios, but this business model is difficult to generate high profit margins.</li>
<li>The situation and prospects of China's perfume market are facing major changes. It‘s uncertain whether the perfume sales in the China market can maintain double-digit growth in the long term.</li>
<li>Eternal Beauty’s financial performance would face challenges due to changes in consumer preferences, shifts in China's domestic policies, international trade disputes, geopolitical conflicts, etc. Valuation could be lower than peers.</li>
</ul>


The essence of Eternal Beauty’s business model is to earn a “price difference” of the brand and product portfolios, but this business model is difficult to generate high profit margins.
The situation and prospects of China's perfume market are facing major changes. It‘s uncertain whether the perfume sales in the China market can maintain double-digit growth in the long term.
Eternal Beauty’s financial performance would face challenges due to changes in consumer preferences, shifts in China's domestic policies, international trade disputes, geopolitical conflicts, etc. Valuation could be lower than peers.


Pre-IPO Eternal Beauty Holdings - The Perfume Business in China May Not Be as Good as Expected

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>Inter Parfums' second quarter earnings for 2024 provides a comprehensive update on the company's performance and strategic direction in the fragrance market.</li><li>CEO Jean Madar discussed the strategic product launches and collaborations with notable brand ambassadors such as John Legend, Victoria Song, and Jayson Tatum, aimed at leveraging celebrity influence to enhance brand value and appeal, particularly among younger demographics.</li><li>The introduction of John Legend as the face of Montblanc Legend and the continuation of partnerships like those with Victoria Song for Jimmy Choo highlight the company's effort to marry traditional and modern advertising tactics.</li></ul>

Inter Parfums' second quarter earnings for 2024 provides a comprehensive update on the company's performance and strategic direction in the fragrance market.CEO Jean Madar discussed the strategic product launches and collaborations with notable brand ambassadors such as John Legend, Victoria Song, and Jayson Tatum, aimed at leveraging celebrity influence to enhance brand value and appeal, particularly among younger demographics.The introduction of John Legend as the face of Montblanc Legend and the continuation of partnerships like those with Victoria Song for Jimmy Choo highlight the company's effort to marry traditional and modern advertising tactics.

Inter Parfums Inc.: Will The Management's Enhanced E-commerce & Digital Strategy Yield Dividends? - Major Drivers

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 and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and did not provide 2024 guidance, as management continues to pivot to multiple new and expanded retailer relationships for virtually all their brands, including the addition of Costco as a key new partner.</li><li>We believe, beginning in 3Q24, Starco will take their stable of brands to a new level in terms of door penetration which, when combined with an aggressive focus on adding new categories, will position the company for strong top line and Adjusted EBITDA expansion for 2025 and beyond.</li><li>As such, we continue to view the future of Starco as strong, and we reiterate our Buy rating and $0.25 price target for STCB.</li></ul>

We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and did not provide 2024 guidance, as management continues to pivot to multiple new and expanded retailer relationships for virtually all their brands, including the addition of Costco as a key new partner.We believe, beginning in 3Q24, Starco will take their stable of brands to a new level in terms of door penetration which, when combined with an aggressive focus on adding new categories, will position the company for strong top line and Adjusted EBITDA expansion for 2025 and beyond.As such, we continue to view the future of Starco as strong, and we reiterate our Buy rating and $0.25 price target for STCB.

elf Beauty Inc - STCB: 2Q Review: Adding Costco, Planning for the Future, Reiterate Buy

United States

Inter Parfums, Inc. manufactures, markets, and distributes a wide array of fragrances and fragrance related products. The Company's European-based operations produce and distribute prestige fragrance products primarily under license with brand owners. It's U.S.-based operations primarily produce and sell fragrance and personal care products under several specialty retail brands.

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Inter Parfums (IPAR US)

IPAR: Free Cash Flow from Moderating Growth

IPAR has continued to grow sales, but suggestions of the market moderating lead us to cool our expectations for 2025. IPAR is planning for a new...

BWS Financial Inc

IPAR: Prestige of Success

The preliminary third quarter sales were higher than expected and underscores the strength in prestige line of fragrances compared to IPAR's peers.

BWS Financial Inc

Pre-IPO Eternal Beauty Holdings - The Perfume Business in China May Not Be as Good as Expected

Eternal Beauty's business model struggles to generate high profits in a changing China perfume market, facing challenges from the shifts of...

Xinyao (Criss) Wang

Inter Parfums Inc.: Will The Management's Enhanced E-commerce & Digital Strategy Yield Dividends? - Major Drivers

Inter Parfums' second quarter earnings for 2024 provides a comprehensive update on the company's performance and strategic direction in the...

Baptista Research

elf Beauty Inc - STCB: 2Q Review: Adding Costco, Planning for the Future, Reiterate Buy

We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and...

Small Cap Consumer Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IPAR: Free Cash Flow from Moderating Growth

IPAR has continued to grow sales, but suggestions of the market moderating lead us to cool our expectations for 2025. IPAR is planning for a new...

BWS Financial Inc

IPAR: Prestige of Success

The preliminary third quarter sales were higher than expected and underscores the strength in prestige line of fragrances compared to IPAR's peers.

BWS Financial Inc

Pre-IPO Eternal Beauty Holdings - The Perfume Business in China May Not Be as Good as Expected

​Eternal Beauty's business model struggles to generate high profits in a changing China perfume market, facing challenges from the shifts of...

Xinyao (Criss) Wang

Inter Parfums Inc.: Will The Management's Enhanced E-commerce & Digital Strategy Yield Dividends? - Major Drivers

Inter Parfums' second quarter earnings for 2024 provides a comprehensive update on the company's performance and strategic direction in the...

Baptista Research

elf Beauty Inc - STCB: 2Q Review: Adding Costco, Planning for the Future, Reiterate Buy

We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and...

Small Cap Consumer Research

Eternal Beauty's business model struggles to generate high profits in a changing China perfume market, facing challenges from the shifts of...