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>Interparfums reported a 5% increase in net sales for the first quarter of 2025, with a 7% growth on a like-for-like basis.</li><li>These results were driven by strong performances from brands such as Coach, Jimmy Choo, and Donna Karan, as well as newer entries like Lacoste and Cavalli.</li><li>The company's diverse product launches and agile supply chain supported its ability to adapt rapidly to market demands, although some challenges remain due to a shifting global landscape.</li></ul>

Interparfums reported a 5% increase in net sales for the first quarter of 2025, with a 7% growth on a like-for-like basis.These results were driven by strong performances from brands such as Coach, Jimmy Choo, and Donna Karan, as well as newer entries like Lacoste and Cavalli.The company's diverse product launches and agile supply chain supported its ability to adapt rapidly to market demands, although some challenges remain due to a shifting global landscape.

Interparfums Unveils Bold Luxury Push with New Premium Brand Additions!

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>Given that leading luxury groups are inclined to abandon agency and "get involved directly" in the beauty/fragrance category, such trend implies the risk of losing key suppliers in the future</li>
<li>Although there're "reusable aspects" in management, expenses spent on brand channel are big, which makes it impossible for profits to benefit from "scale effect".So, low profit margin is the norm.</li>
<li>Considering the risk of economic recession/sluggish consumption, Eternal Beauty's net profit may experience negative growth in FY2025. It would gradually recover in FY2026-2027. Valuation could be lower than peers.</li>
</ul>


Given that leading luxury groups are inclined to abandon agency and "get involved directly" in the beauty/fragrance category, such trend implies the risk of losing key suppliers in the future
Although there're "reusable aspects" in management, expenses spent on brand channel are big, which makes it impossible for profits to benefit from "scale effect".So, low profit margin is the norm.
Considering the risk of economic recession/sluggish consumption, Eternal Beauty's net profit may experience negative growth in FY2025. It would gradually recover in FY2026-2027. Valuation could be lower than peers.


Pre-IPO Eternal Beauty Holdings (PHIP Updates) - The Outlook Has Changed

<ul><li>Interparfums Inc.'s third quarter financial results for 2024 highlight several key aspects of their performance, including strengths and challenges in a fluctuating global market.</li><li>On the positive side, the company reported its best third quarter in history, driven by robust sales across all major markets.</li><li>North America, Western Europe, and Asia Pacific all saw double-digit sales growth, with North America up 12%, Western Europe 25%, and Asia Pacific 15%.</li></ul>

Interparfums Inc.'s third quarter financial results for 2024 highlight several key aspects of their performance, including strengths and challenges in a fluctuating global market.On the positive side, the company reported its best third quarter in history, driven by robust sales across all major markets.North America, Western Europe, and Asia Pacific all saw double-digit sales growth, with North America up 12%, Western Europe 25%, and Asia Pacific 15%.

Inter Parfums Inc.: Expanding Brand Portfolio with New Launches To Change The Game! - Major Drivers

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 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.  


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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Inter Parfums (IPAR US)

Interparfums Unveils Bold Luxury Push with New Premium Brand Additions!

Interparfums reported a 5% increase in net sales for the first quarter of 2025, with a 7% growth on a like-for-like basis. These results were...

Baptista Research

Pre-IPO Eternal Beauty Holdings (PHIP Updates) - The Outlook Has Changed

Luxury groups' direct involvement in beauty/fragrance management is the trend, leading to the loss of suppliers of Eternal Beauty.Low profit...

Xinyao (Criss) Wang

Inter Parfums Inc.: Expanding Brand Portfolio with New Launches To Change The Game! - Major Drivers

Interparfums Inc.'s third quarter financial results for 2024 highlight several key aspects of their performance, including strengths and...

Baptista Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Interparfums Unveils Bold Luxury Push with New Premium Brand Additions!

Interparfums reported a 5% increase in net sales for the first quarter of 2025, with a 7% growth on a like-for-like basis. These results were...

Baptista Research

Pre-IPO Eternal Beauty Holdings (PHIP Updates) - The Outlook Has Changed

​Luxury groups' direct involvement in beauty/fragrance management is the trend, leading to the loss of suppliers of Eternal Beauty.Low profit...

Xinyao (Criss) Wang

Inter Parfums Inc.: Expanding Brand Portfolio with New Launches To Change The Game! - Major Drivers

Interparfums Inc.'s third quarter financial results for 2024 highlight several key aspects of their performance, including strengths and...

Baptista Research

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

Luxury groups' direct involvement in beauty/fragrance management is the trend, leading to the loss of suppliers of Eternal Beauty.Low profit...