Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Diageo's share price has been underperforming for far too long due to outside factors that have little to do with the business itself.</li>
<li>The premium brand portfolio in combination with the well-executed acquisition strategy creates a unique opportunity.</li>
<li>The company is well-positioned to retain and even improve its industry-leading margins.</li>
</ul>


Diageo's share price has been underperforming for far too long due to outside factors that have little to do with the business itself.
The premium brand portfolio in combination with the well-executed acquisition strategy creates a unique opportunity.
The company is well-positioned to retain and even improve its industry-leading margins.


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>Kraft Heinz saw strong revenue momentum in the last quarter and managed to deliver an all-around beat with a good growth in base volumes.</li><li>The management claims to be outperforming the competition in food service and emerging markets.</li><li>In 2023, the management is looking towards expanding its marketing technology and personnel investments to propel the company's growth.</li></ul>

Kraft Heinz saw strong revenue momentum in the last quarter and managed to deliver an all-around beat with a good growth in base volumes.The management claims to be outperforming the competition in food service and emerging markets.In 2023, the management is looking towards expanding its marketing technology and personnel investments to propel the company's growth.

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>We normally write these “Workbench” reports in between our larger initiation pieces.  They are intended to offer a window into our short investment process and to highlight potentially interesting names.</li>
<li>This Workbench focuses exclusively on earnings quality shorts.  We continue to work on these names. Today we highlight:</li>
<li>Moderna (MRNA),  Knowles (KN)    Juniper Networks (JNPR)  Upstart Holdings (UPST)  Beauty Health Co (SKIN), Sonos (SONO). Kraft Heinz (KHC), AZEK Co. (AZEK), Energizer Holdings (ENR),  Fox Factory Holding  (FOXF)</li>
</ul>


We normally write these “Workbench” reports in between our larger initiation pieces.  They are intended to offer a window into our short investment process and to highlight potentially interesting names.
This Workbench focuses exclusively on earnings quality shorts.  We continue to work on these names. Today we highlight:
Moderna (MRNA),  Knowles (KN)    Juniper Networks (JNPR)  Upstart Holdings (UPST)  Beauty Health Co (SKIN), Sonos (SONO). Kraft Heinz (KHC), AZEK Co. (AZEK), Energizer Holdings (ENR),  Fox Factory Holding  (FOXF)


Short Ideas on Our Workbench:  Earnings Quality

<ul><li>Kraft Heinz has had another strong quarter and the company delivered yet another all-around beat.</li><li>Despite the challenges of the supply chain, the company managed to have a strong customer demand that resulted in a greater-than-expected profitability and cash flow in this quarter.</li><li>Kraft Heinz has not only succeeded in meeting the market demand but also gained market share in many key categories during the third quarter.</li></ul>

Kraft Heinz has had another strong quarter and the company delivered yet another all-around beat.Despite the challenges of the supply chain, the company managed to have a strong customer demand that resulted in a greater-than-expected profitability and cash flow in this quarter.Kraft Heinz has not only succeeded in meeting the market demand but also gained market share in many key categories during the third quarter.

Kraft Heinz Inc: New Plant-Based Offerings & Other Drivers

<ul><li>Kraft Heinz delivered outstanding second-quarter results.</li><li>The company is aware of the Despite the effects of the current inflationary environment on Kraft Heinz’s business, the company delivered a solid result, surpassing Wall Street expectations in terms of both, revenues and earnings.</li><li>Overall, we are neutral on Kraft Heinz we give them a ‘Hold’ rating with a revised target price.</li></ul>

Kraft Heinz delivered outstanding second-quarter results.The company is aware of the Despite the effects of the current inflationary environment on Kraft Heinz’s business, the company delivered a solid result, surpassing Wall Street expectations in terms of both, revenues and earnings.Overall, we are neutral on Kraft Heinz we give them a ‘Hold’ rating with a revised target price.

Kraft Heinz Co: New Product Launch & Other Drivers

United States

The Kraft Heinz Company provides food services. The Company offers foods including ketchup, sauces, meals, snacks, and other food products.

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Kraft Heinz Co (KHC US)

Diageo: A Rare Gift From Mr. Market

Diageo's share price has been underperforming for far too long due to outside factors that have little to do with the business itself.

Vladimir Dimitrov, CFA

The Kraft Heinz Company: Major Drivers

Kraft Heinz saw strong revenue momentum in the last quarter and managed to deliver an all-around beat with a good growth in base volumes. The...

Baptista Research

Short Ideas on Our Workbench: Earnings Quality

Our "Workbench" focuses exclusively on potential earnings quality shorts. We continue to work on these names. Today we highlight ten names of...

Eric Fernandez, CFA

Kraft Heinz Inc: New Plant-Based Offerings & Other Drivers

Kraft Heinz has had another strong quarter and the company delivered yet another all-around beat. Despite the challenges of the supply chain, the...

Baptista Research

Kraft Heinz Co: New Product Launch & Other Drivers

Kraft Heinz delivered outstanding second-quarter results. The company is aware of the Despite the effects of the current inflationary environment...

Baptista Research

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