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 Capital Markets

<ul><li>Kroger has performed well like most of its retail peers.</li><li>The management is doing well on the cost cutting front as well and achieved cost savings of more than $1 billion for the fourth quarter alone.</li><li>The company is on track to double digital sales and profits by 2023, as the management promised in 2021.</li></ul>

Kroger has performed well like most of its retail peers.The management is doing well on the cost cutting front as well and achieved cost savings of more than $1 billion for the fourth quarter alone.The company is on track to double digital sales and profits by 2023, as the management promised in 2021.

The Kroger Co.: Financial & Price Forecasts

<ul><li>Kroger delivered a decent set of third-quarter results returning to positive comparable sales without fuel.</li><li>The company saw triple-digit digital sales growth on a two-year basis and increased its full-year 2021 guidance as well.</li><li>Kroger is committed to providing a customer-centric, seamless experience that requires no compromise, regardless of how customers interact with the team.</li></ul>

Kroger delivered a decent set of third-quarter results returning to positive comparable sales without fuel.The company saw triple-digit digital sales growth on a two-year basis and increased its full-year 2021 guidance as well.Kroger is committed to providing a customer-centric, seamless experience that requires no compromise, regardless of how customers interact with the team.

Kroger: The Home Chef Business Is A Major Driver (12/ 2021)

<ul><li>Kroger has managed to reach the target price from our last report after reporting a strong quarterly result, surpassing Wall Street expectations.</li><li>The company benefitted from the continuation of the pandemic-induced pent-up grocery demand due to the at-home consumption.</li><li>We have also added reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price.</li></ul>

Kroger has managed to reach the target price from our last report after reporting a strong quarterly result, surpassing Wall Street expectations.The company benefitted from the continuation of the pandemic-induced pent-up grocery demand due to the at-home consumption.We have also added reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price.

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*Major US Merchant Deal: Tencent Holding’s (700.HK) [Tencent] Afterpay Touch's (APT.AU) [Afterpay] recently announced that it is further expanding its Buy Now, Pay Later (BNPL) model to several major high profile US merchants in order to boost sales and margins. Afterpay is now allowing all US users to shop at 13 retailers by October 2021 - ahead of the holiday shopping season; and*Tencent’s Midas Touch: Tencent continues to hit it out of the park with its Afterpay stake. In addition to its superb return on investment over the past ten months since the stake announcement - -even after giving back some of its gains, this alliance with Australia’s premier financial technology BNPL company is paying dividends to Tencent in numerous other ways.

*Major US Merchant Deal: Tencent Holding’s (700.HK) [Tencent] Afterpay Touch's (APT.AU) [Afterpay] recently announced that it is further expanding its Buy Now, Pay Later (BNPL) model to several major high profile US merchants in order to boost sales and margins. Afterpay is now allowing all US users to shop at 13 retailers by October 2021 - ahead of the holiday shopping season; and*Tencent’s Midas Touch: Tencent continues to hit it out of the park with its Afterpay stake. In addition to its superb return on investment over the past ten months since the stake announcement - -even after giving back some of its gains, this alliance with Australia’s premier financial technology BNPL company is paying dividends to Tencent in numerous other ways. 

Tencent Holdings – Digging In Their Heals

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

After a year of COVID benefits, <a href="https://www.smartkarma.com/entities/kroger-co" target="_blank" data-smartkarma-citation="entities:20824:1" rel="noopener">Kroger Co (KR US)</a> is likely to return to its pre-pandemic ways including: low/no top line growth and margin pressure.  Difficult comps, increasing competition, fuel profit reversion, above average multiples and bullish estimates create risk to the downside.  Biggest risks are food inflation and an Ocado miracle.

After a year of COVID benefits, Kroger Co (KR US) is likely to return to its pre-pandemic ways including: low/no top line growth and margin pressure.  Difficult comps, increasing competition, fuel profit reversion, above average multiples and bullish estimates create risk to the downside.  Biggest risks are food inflation and an Ocado miracle.

Kroger (KR): Re-Opening Headwinds & Downside Risk

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)

The Kroger Co.: Financial & Price Forecasts

Kroger has performed well like most of its retail peers. The management is doing well on the cost cutting front as well and achieved cost savings...

Baptista Research

Kroger: The Home Chef Business Is A Major Driver (12/ 2021)

Kroger delivered a decent set of third-quarter results returning to positive comparable sales without fuel. The company saw triple-digit digital...

Baptista Research

The Kroger Co. - Invt Thesis

Kroger has managed to reach the target price from our last report after reporting a strong quarterly result, surpassing Wall Street...

Baptista Research

Tencent Holdings – Digging In Their Heals

TENCENT HOLDINGS: Tencent' s Afterpay recently announced a further expansion of its BNPL model to several major US merchants in order to boost...

Thomas J. Monaco

Kroger (KR): Re-Opening Headwinds & Downside Risk

A grocer lapping huge market share and industry benefits including a jump in fuel profits that faces difficult comps, increasing competition,...

Robert C Prather Jr

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