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 and $0.25 price target for Starco Brands after the company announced basically inline preliminary 2023 results and provided initial 2024 guidance for Adjusted EBITDA which bracketed our projection; as such, we are tweaking higher both our 2023 and 2034 Adjusted EBITDA projections.</li><li>We believe Starco is ideally positioned to register material top and bottom line growth in 2024 (and beyond) and believe management has remained conservative on multiple levels in their guidance.</li><li>We continue to view Starco as ideally positioned to lever their unique characteristics in the packaged goods space to drive consistent top and bottom line growth, 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 for Starco Brands after the company announced basically inline preliminary 2023 results and provided initial 2024 guidance for Adjusted EBITDA which bracketed our projection; as such, we are tweaking higher both our 2023 and 2034 Adjusted EBITDA projections.We believe Starco is ideally positioned to register material top and bottom line growth in 2024 (and beyond) and believe management has remained conservative on multiple levels in their guidance.We continue to view Starco as ideally positioned to lever their unique characteristics in the packaged goods space to drive consistent top and bottom line growth, and we reiterate our Buy rating and $0.25 price target for STCB.

STCB: Setting Up for Further 2024 Growth; Reiterate Buy Rating and $0.25 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 first report on fragrance and fragrance related product provider, Inter Parfums Inc.</li><li>The company's Q3 2023 results painted a picture of a company capitalising on the strength of the global fragrance market.</li><li>The total sales growth the company recorded was an impressive 27% year to date.</li></ul>

This is our first report on fragrance and fragrance related product provider, Inter Parfums Inc.The company's Q3 2023 results painted a picture of a company capitalising on the strength of the global fragrance market.The total sales growth the company recorded was an impressive 27% year to date.

Inter Parfums: Initiation of Coverage - Inside the Strategy Behind Their Newest

<ul><li>We are initiating coverage of Starco Brands, Inc. ("Starco" or the "Company"), an emerging owner and marketer of branded consumer goods, with a Buy rating and price target of $0.25, or 26X our December 2024 Adjusted EBITDA.</li><li>Starco's stable of brands includes: Art of Sport body and skincare products, Skylar hypoallergenic fragrance and beauty products; Soylent plant-based food products, Whipshots vodka infused whipped cream aerosols and Winona butter flavored popcorn spray.</li><li>As such, we view STCB as a rapidly growing owner of highly differentiated brands, with the business model to register consistent and strong overall top and EBITDA returns and are initiating coverage of STCB with a Buy rating and $0.25 price target.</li></ul>

We are initiating coverage of Starco Brands, Inc. ("Starco" or the "Company"), an emerging owner and marketer of branded consumer goods, with a Buy rating and price target of $0.25, or 26X our December 2024 Adjusted EBITDA.Starco's stable of brands includes: Art of Sport body and skincare products, Skylar hypoallergenic fragrance and beauty products; Soylent plant-based food products, Whipshots vodka infused whipped cream aerosols and Winona butter flavored popcorn spray.As such, we view STCB as a rapidly growing owner of highly differentiated brands, with the business model to register consistent and strong overall top and EBITDA returns and are initiating coverage of STCB with a Buy rating and $0.25 price target.

STCB: Initiating Coverage of Starco Brands with a Buy Rating and $0.25 PT

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

<ul>
<li>IPAR closed out 2023 with the same momentum that has been generating sales growth the last several years.</li>
<li>The consumer has been receptive to fragrance and there has been no sign of slowing demand for the category</li>
<li>IPAR provided preliminary fourth quarter sales of $329 million versus our estimate of $316.5 million. Sales growth within IPAR’s top selling brands was through Coach and Guess</li>
</ul>


IPAR closed out 2023 with the same momentum that has been generating sales growth the last several years.
The consumer has been receptive to fragrance and there has been no sign of slowing demand for the category
IPAR provided preliminary fourth quarter sales of $329 million versus our estimate of $316.5 million. Sales growth within IPAR’s top selling brands was through Coach and Guess


<ul>
<li>IPAR issued its initial 2024 sales and EPS guidance proving clarity as investors value the stock for the year ahead.</li>
<li>IPAR is forecasting sales and EPS in line with our current estimates suggesting there could be ample upside to the numbers if the current demand for fragrances were to continue.</li>
<li>IPAR expects 2024 sales of $1.45 billion and EPS of $5.15. Both of which are in line with our estimates of $1.42 billion and $5.16, respectively.</li>
</ul>


IPAR issued its initial 2024 sales and EPS guidance proving clarity as investors value the stock for the year ahead.
IPAR is forecasting sales and EPS in line with our current estimates suggesting there could be ample upside to the numbers if the current demand for fragrances were to continue.
IPAR expects 2024 sales of $1.45 billion and EPS of $5.15. Both of which are in line with our estimates of $1.42 billion and $5.16, respectively.


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)

STCB: Setting Up for Further 2024 Growth; Reiterate Buy Rating and $0.25 PT

We are reiterating our Buy rating and $0.25 price target for Starco Brands after the company announced basically inline preliminary 2023 results...

Small Cap Consumer Research

Inter Parfums: Initiation of Coverage - Inside the Strategy Behind Their Newest

This is our first report on fragrance and fragrance related product provider, Inter Parfums Inc. The company's Q3 2023 results painted a picture...

Baptista Research

STCB: Initiating Coverage of Starco Brands with a Buy Rating and $0.25 PT

We are initiating coverage of Starco Brands, Inc. ("Starco" or the "Company"), an emerging owner and marketer of branded consumer goods, with a...

Small Cap Consumer Research

IPAR: Scent of Momentum

The momentum IPAR has seen for the last several years continued in the fourth quarter unencumbered by supply chain and inventory concerns. We...

BWS Financial Inc

IPAR: Clarity on Growth

The sales and EPS forecast are in line with our estimates but provide clarity as to what investors should expect from IPAR next year.

BWS Financial Inc

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