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>La-Z-Boy has moved to reshape its portfolio by agreeing to sell its American Drew and Kincaid casegoods businesses to Banner House, with the transaction expected to close around mid-May if customary conditions are satisfied.</li><li>The development follows management’s broader effort to simplify operations, sharpen focus on its core North American upholstery franchise, and exit non-core categories that no longer fit its long-term direction.</li><li>In its February fiscal third-quarter earnings call, La-Z-Boy said it had signed a letter of intent to sell the non-core wholesale casegoods businesses and emphasized that the changes were intended to improve efficiency while preserving its ability to offer whole-home solutions through stores, Comfort Studios, and branded spaces.</li></ul>

La-Z-Boy has moved to reshape its portfolio by agreeing to sell its American Drew and Kincaid casegoods businesses to Banner House, with the transaction expected to close around mid-May if customary conditions are satisfied.The development follows management’s broader effort to simplify operations, sharpen focus on its core North American upholstery franchise, and exit non-core categories that no longer fit its long-term direction.In its February fiscal third-quarter earnings call, La-Z-Boy said it had signed a letter of intent to sell the non-core wholesale casegoods businesses and emphasized that the changes were intended to improve efficiency while preserving its ability to offer whole-home solutions through stores, Comfort Studios, and branded spaces.

Banner House Acquisition Alert: Why La-Z-Boy’s Casegoods Exit Could Be A Strategic Masterstroke!

<ul><li>La-Z-Boy Incorporated reported its fiscal 2026 third quarter results with total delivered sales increasing 4% year-over-year to $542 million, supported by an 11% rise in Retail segment sales and a modest 1% growth in Wholesale.</li><li>The company expanded its store footprint by opening four new company-owned stores in the quarter—part of 16 total additions over the past year—while closing four stores, bringing its total store network to 374, with company-owned stores representing 60%.</li><li>Same-store sales in Retail declined 4%, reflecting continued industry-wide traffic challenges partially offset by higher conversion rates, average transaction value, and design sales.</li></ul>

La-Z-Boy Incorporated reported its fiscal 2026 third quarter results with total delivered sales increasing 4% year-over-year to $542 million, supported by an 11% rise in Retail segment sales and a modest 1% growth in Wholesale.The company expanded its store footprint by opening four new company-owned stores in the quarter—part of 16 total additions over the past year—while closing four stores, bringing its total store network to 374, with company-owned stores representing 60%.Same-store sales in Retail declined 4%, reflecting continued industry-wide traffic challenges partially offset by higher conversion rates, average transaction value, and design sales.

La-Z-Boy Incorporated: The Bold Push Toward 400 Stores and Stronger Profitability!

<ul><li>La-Z-Boy Incorporated recently reported its fiscal 2026 second-quarter results, showcasing both improvements and ongoing challenges within the business.</li><li>The company delivered total sales of $522 million, a slight increase from the previous year, indicating modest growth amidst a turbulent market environment.</li><li>Key highlights include a 4% increase in total written sales for its company-owned retail segment, although same-store sales experienced a 2% decline, which has shown sequential improvement over the last two quarters.</li></ul>

La-Z-Boy Incorporated recently reported its fiscal 2026 second-quarter results, showcasing both improvements and ongoing challenges within the business.The company delivered total sales of $522 million, a slight increase from the previous year, indicating modest growth amidst a turbulent market environment.Key highlights include a 4% increase in total written sales for its company-owned retail segment, although same-store sales experienced a 2% decline, which has shown sequential improvement over the last two quarters.

La-Z-Boy: What’s Behind the Aggressive Store Expansion—Will 15 New Locations Be the Growth Catalyst?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Progress on at least some trade deals (Vietnam) was seen as a positive in a holiday-shortened week of trading.</li><li>The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers &amp; Suppliers Index was up 2.1%, and the Home Goods Retailers Index gained 7.0% as the broader market indices were up 1.7% and the R2K was up 3.6%.</li><li>New home construction, on a per capita basis, in the US (and other anglophone countries) has effectively flatlined since the 1990s, leaving us with just as many dwelling units on a per capita basis as we had in the early 1990s, despite the fact that the total US population has increased by roughly 80 million (1).</li></ul>

Progress on at least some trade deals (Vietnam) was seen as a positive in a holiday-shortened week of trading.The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers &amp; Suppliers Index was up 2.1%, and the Home Goods Retailers Index gained 7.0% as the broader market indices were up 1.7% and the R2K was up 3.6%.New home construction, on a per capita basis, in the US (and other anglophone countries) has effectively flatlined since the 1990s, leaving us with just as many dwelling units on a per capita basis as we had in the early 1990s, despite the fact that the total US population has increased by roughly 80 million (1).

Furniture/Furnishings Weekly - July 7, 2025

<ul><li>The US enters the war with Iran, bombing multiple nuclear sites, while trade policy uncertainty continues.</li><li>The WTR Commercial/Contract Furniture Index gained 0.2% and the Home Goods Retailers Index was up 2.8%, while the Residential Manufacturers &amp; Suppliers Index fell 2.0%.</li><li>The broader indices were also mixed, with the S&amp;P 500 and DJ 30 down 0.2%, while the R2K gained 0.1%.</li></ul>

The US enters the war with Iran, bombing multiple nuclear sites, while trade policy uncertainty continues.The WTR Commercial/Contract Furniture Index gained 0.2% and the Home Goods Retailers Index was up 2.8%, while the Residential Manufacturers &amp; Suppliers Index fell 2.0%.The broader indices were also mixed, with the S&amp;P 500 and DJ 30 down 0.2%, while the R2K gained 0.1%.

Furniture/Furnishings Weekly Housing Booms and Busts...

United States

La-Z-Boy Incorporated manufactures residential and office upholstered furniture. The Company's product lines include motion, stationary and modular seating, desks, cabinets, conference tables, dining room and bedroom furniture, and book cases.  La-Z-Boy markets its products through department and furniture stores, mass merchandisers, and La-Z-Boy showcase galleries.

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La-Z-Boy Inc (LZB US)

Banner House Acquisition Alert: Why La-Z-Boy’s Casegoods Exit Could Be A Strategic Masterstroke!

La-Z-Boy has moved to reshape its portfolio by agreeing to sell its American Drew and Kincaid casegoods businesses to Banner House, with the...

Baptista Research

La-Z-Boy Incorporated: The Bold Push Toward 400 Stores and Stronger Profitability!

La-Z-Boy Incorporated reported its fiscal 2026 third quarter results with total delivered sales increasing 4% year-over-year to $542 million,...

Baptista Research

La-Z-Boy: What’s Behind the Aggressive Store Expansion—Will 15 New Locations Be the Growth Catalyst?

La-Z-Boy Incorporated recently reported its fiscal 2026 second-quarter results, showcasing both improvements and ongoing challenges within the...

Baptista Research

Furniture/Furnishings Weekly - July 7, 2025

The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers & Suppliers Index was up 2.1%, and the Home Goods Retailers...

Water Tower Research

Furniture/Furnishings Weekly Housing Booms and Busts...

The WTR Commercial/Contract Furniture Index gained 0.2% and the Home Goods Retailers Index was up 2.8%, while the Residential Manufacturers &...

Water Tower Research

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