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>The Kroger Co. recently announced its fourth quarter and full-year 2025 financial results, marking a period of strong performance amid a challenging environment.</li><li>Under the leadership of newly appointed CEO Greg Foran, Kroger saw a noteworthy increase in identical sales without fuel, growing nearly 2.4% for the quarter and 2.9% for the year, alongside a 9% growth in earnings per share.</li><li>This growth was at the high end of the company's expectations, indicating a positive trajectory.</li></ul>

The Kroger Co. recently announced its fourth quarter and full-year 2025 financial results, marking a period of strong performance amid a challenging environment.Under the leadership of newly appointed CEO Greg Foran, Kroger saw a noteworthy increase in identical sales without fuel, growing nearly 2.4% for the quarter and 2.9% for the year, alongside a 9% growth in earnings per share.This growth was at the high end of the company's expectations, indicating a positive trajectory.

Kroger's Online Sales Are Accelerating—But Can the Company Turn E-Commerce Profitable by 2026?

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Event-Driven

<ul>
<li>Recent reports suggest an MBO if firming up, with partial sale of US to ACT and even the Japan CVS business so a big value solution for all concerned.</li>
<li>Not so fast: an ACT purchase of 7-11 US looks more likely to be blocked given yesterday's ruling on the merger of grocery giants Kroger and Albertsons.</li>
<li>The valuation of the Japan business may need a correction too if the last six months of poor numbers continue – given this is because of price perception, they may.</li>
</ul>


Recent reports suggest an MBO if firming up, with partial sale of US to ACT and even the Japan CVS business so a big value solution for all concerned.
Not so fast: an ACT purchase of 7-11 US looks more likely to be blocked given yesterday's ruling on the merger of grocery giants Kroger and Albertsons.
The valuation of the Japan business may need a correction too if the last six months of poor numbers continue – given this is because of price perception, they may.


7&I (3382JP) - Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

<ul><li>Kroger is preparing to name former Walmart executive Greg Foran as its next chief executive, marking a pivotal leadership shift after nearly a year of uncertainty.</li><li>The move comes as the nation’s largest traditional grocer navigates inflation-weary consumers, intensifying price competition, and a strategic reset following the collapse of its $20 billion Albertsons merger.</li><li>After the abrupt exit of longtime CEO Rodney McMullen over an undisclosed ethics violation, Kroger’s board opted for an external leader with a proven turnaround background rather than promoting from within.</li></ul>

Kroger is preparing to name former Walmart executive Greg Foran as its next chief executive, marking a pivotal leadership shift after nearly a year of uncertainty.The move comes as the nation’s largest traditional grocer navigates inflation-weary consumers, intensifying price competition, and a strategic reset following the collapse of its $20 billion Albertsons merger.After the abrupt exit of longtime CEO Rodney McMullen over an undisclosed ethics violation, Kroger’s board opted for an external leader with a proven turnaround background rather than promoting from within.

Kroger’s CEO Reset: Why A Walmart Turnaround Veteran Is Taking The Helm!

<ul><li>The Kroger Co. reported a quarter characterized by stable core performance, strategic recalibration, and notable one-time impacts, as reflected in management’s responses.</li><li>The company continued to emphasize strengthening its core grocery operations while adjusting its e-commerce strategy to improve profitability and capital efficiency.</li><li>Identical sales without fuel increased modestly, supported primarily by pharmacy and digital channels, while broader consumer behavior reflected ongoing macroeconomic pressure, particularly among middle- and lower-income households.</li></ul>

The Kroger Co. reported a quarter characterized by stable core performance, strategic recalibration, and notable one-time impacts, as reflected in management’s responses.The company continued to emphasize strengthening its core grocery operations while adjusting its e-commerce strategy to improve profitability and capital efficiency.Identical sales without fuel increased modestly, supported primarily by pharmacy and digital channels, while broader consumer behavior reflected ongoing macroeconomic pressure, particularly among middle- and lower-income households.

Kroger Is Rewiring Its Digital Fulfillment Model — A Turning Point for Margins & Cash Flow!

United States

The Kroger Co. operates supermarkets and convenience stores in the United States.  The Company also manufactures and processes some of the foods that its supermarkets sell.

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Kroger Co (KR US)

Kroger's Online Sales Are Accelerating—But Can the Company Turn E-Commerce Profitable by 2026?

The Kroger Co. recently announced its fourth quarter and full-year 2025 financial results, marking a period of strong performance amid a...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

7&I (3382JP) - Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

Potential MBO of a firm may not be as straightforward as initially thought, with potential hurdles in the form of a blocked ACT purchase and a...

Michael Causton

Kroger’s CEO Reset: Why A Walmart Turnaround Veteran Is Taking The Helm!

Kroger is preparing to name former Walmart executive Greg Foran as its next chief executive, marking a pivotal leadership shift after nearly a...

Baptista Research

Kroger Is Rewiring Its Digital Fulfillment Model — A Turning Point for Margins & Cash Flow!

The Kroger Co. reported a quarter characterized by stable core performance, strategic recalibration, and notable one-time impacts, as reflected in...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kroger's Online Sales Are Accelerating—But Can the Company Turn E-Commerce Profitable by 2026?

The Kroger Co. recently announced its fourth quarter and full-year 2025 financial results, marking a period of strong performance amid a...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

7&I (3382JP) - Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

​Potential MBO of a firm may not be as straightforward as initially thought, with potential hurdles in the form of a blocked ACT purchase and a...

Michael Causton

Kroger’s CEO Reset: Why A Walmart Turnaround Veteran Is Taking The Helm!

Kroger is preparing to name former Walmart executive Greg Foran as its next chief executive, marking a pivotal leadership shift after nearly a...

Baptista Research

Kroger Is Rewiring Its Digital Fulfillment Model — A Turning Point for Margins & Cash Flow!

The Kroger Co. reported a quarter characterized by stable core performance, strategic recalibration, and notable one-time impacts, as reflected in...

Baptista Research

Potential MBO of a firm may not be as straightforward as initially thought, with potential hurdles in the form of a blocked ACT purchase and a...