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>LCI Industries reported second quarter 2026 results amid a challenging outdoor recreation environment, characterized by weakening wholesale RV demand and soft consumer retail activity.</li><li>Despite a 4% decline in consolidated net sales to $1.1 billion, the company expanded profitability through focused operational improvements and strategic cost-reduction efforts.</li><li>OEM net sales fell 10%, reflecting reduced North American travel trailer and fifth-wheel shipments, and a shift in RV sales mix toward lower-content single-axle trailers.</li></ul>

LCI Industries reported second quarter 2026 results amid a challenging outdoor recreation environment, characterized by weakening wholesale RV demand and soft consumer retail activity.Despite a 4% decline in consolidated net sales to $1.1 billion, the company expanded profitability through focused operational improvements and strategic cost-reduction efforts.OEM net sales fell 10%, reflecting reduced North American travel trailer and fifth-wheel shipments, and a shift in RV sales mix toward lower-content single-axle trailers.

LCI Industries & Patrick Industries: Could The Proposed Merger Reshape The RV Supply Chain?

<ul><li>The third-quarter discussion around **LCI Industries** highlighted a period of solid execution against a mixed industry backdrop, with clear strengths in operational discipline and diversification alongside ongoing exposure to cyclical end markets.</li><li>Management emphasized that revenue growth was driven by a combination of market share gains, higher content per unit, and contributions from recent acquisitions, rather than a broad-based surge in underlying industry demand.</li><li>RV-related activity showed signs of stabilization, supported by improved mix toward higher-content fifth-wheel units and early indications of dealer restocking, though executives were careful to frame expectations for industry volumes as modest rather than robust.</li></ul>

The third-quarter discussion around **LCI Industries** highlighted a period of solid execution against a mixed industry backdrop, with clear strengths in operational discipline and diversification alongside ongoing exposure to cyclical end markets.Management emphasized that revenue growth was driven by a combination of market share gains, higher content per unit, and contributions from recent acquisitions, rather than a broad-based surge in underlying industry demand.RV-related activity showed signs of stabilization, supported by improved mix toward higher-content fifth-wheel units and early indications of dealer restocking, though executives were careful to frame expectations for industry volumes as modest rather than robust.

LCI’s Expansion Into Adjacent End Markets—Strategic Diversification or New Execution Risk?

<ul><li>LCI Industries reported strong financial performance for the third quarter of 2025.</li><li>The company witnessed a 13% increase in net sales, surpassing $1 billion, with notable growth across its RV and Adjacent businesses.</li><li>This growth reflects successful integration of acquisitions and the application of its innovation strategy.</li></ul>

LCI Industries reported strong financial performance for the third quarter of 2025.The company witnessed a 13% increase in net sales, surpassing $1 billion, with notable growth across its RV and Adjacent businesses.This growth reflects successful integration of acquisitions and the application of its innovation strategy.

LCI Industries: What The $225 Million Innovation Run Rate Reveals About The Next Product Cycle!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a> received a competing, non-binding proposal from an unnamed strategic buyer at NZ$3.30 to NZ$3.40, representing a 6.5% to 9.7% premium over the BGH/Trouchet NZ$3.10 offer.</li>
<li>The <a href="https://www.afr.com/companies/transport/bgh-capital-trumped-by-rival-bidder-in-battle-for-campervans-group-20260625-p609ww" target="_blank" rel="noopener">AFR reported</a> that the strategic buyer is Indie Campers, which on 15 February 2026 agreed to acquire THL's UK and Ireland business assets for NZ$58.3 million.</li>
<li>The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds of a bidding war.  </li>
</ul>



Tourism Holdings (THL NZ) received a competing, non-binding proposal from an unnamed strategic buyer at NZ$3.30 to NZ$3.40, representing a 6.5% to 9.7% premium over the BGH/Trouchet NZ$3.10 offer.
The AFR reported that the strategic buyer is Indie Campers, which on 15 February 2026 agreed to acquire THL's UK and Ireland business assets for NZ$58.3 million.
The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds of a bidding war.  


Tourism Holdings (THL NZ/THL AU): Indie Campers Decides to Take on the BGH/Trouchet Consortium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a> has disclosed a revised non-binding proposal from the BGH/Trouchet consortium at NZ$3.10, a 34.8% premium to the previously rejected NZ$2.30 offer.</li>
<li>The offer warrants engagement, as it meets the Board's previous valuation assertion that THL is worth “<em>well north of NZ$3.00 per share</em>” and is supported by significant shareholder backing. </li>
<li>The offer is conditional on due diligence, financing and the Board’s recommendation. The offer expires on 12 June. There is a high probability of a binding proposal. </li>
</ul>



Tourism Holdings (THL NZ) has disclosed a revised non-binding proposal from the BGH/Trouchet consortium at NZ$3.10, a 34.8% premium to the previously rejected NZ$2.30 offer.
The offer warrants engagement, as it meets the Board's previous valuation assertion that THL is worth “well north of NZ$3.00 per share” and is supported by significant shareholder backing. 
The offer is conditional on due diligence, financing and the Board’s recommendation. The offer expires on 12 June. There is a high probability of a binding proposal. 


Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10

United States

LCI Industries manufactures recreational vehicles and equipment. The Company offers toolboxes, truck caps, running boards, side-outs, mattresses, alignment systems, shock absorber, power stabilizer jacks, baggage doors, and sliders. LCI Industries markets its products worldwide.

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LCI Industries (LCII US)

LCI Industries & Patrick Industries: Could The Proposed Merger Reshape The RV Supply Chain?

LCI Industries reported second quarter 2026 results amid a challenging outdoor recreation environment, characterized by weakening wholesale RV...

Baptista Research

LCI’s Expansion Into Adjacent End Markets—Strategic Diversification or New Execution Risk?

The third-quarter discussion around LCI Industries highlighted a period of solid execution against a mixed industry backdrop, with clear...

Baptista Research

LCI Industries: What The $225 Million Innovation Run Rate Reveals About The Next Product Cycle!

LCI Industries reported strong financial performance for the third quarter of 2025. The company witnessed a 13% increase in net sales, surpassing...

Baptista Research

Tourism Holdings (THL NZ/THL AU): Indie Campers Decides to Take on the BGH/Trouchet Consortium

The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds...

Arun George

Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10

The Board has agreed to grant due diligence, subject to signing a confidentiality agreement, as the consortium confirmed its offer remains at...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LCI Industries & Patrick Industries: Could The Proposed Merger Reshape The RV Supply Chain?

LCI Industries reported second quarter 2026 results amid a challenging outdoor recreation environment, characterized by weakening wholesale RV...

Baptista Research

LCI’s Expansion Into Adjacent End Markets—Strategic Diversification or New Execution Risk?

The third-quarter discussion around **LCI Industries** highlighted a period of solid execution against a mixed industry backdrop, with clear...

Baptista Research

LCI Industries: What The $225 Million Innovation Run Rate Reveals About The Next Product Cycle!

LCI Industries reported strong financial performance for the third quarter of 2025. The company witnessed a 13% increase in net sales, surpassing...

Baptista Research

Tourism Holdings (THL NZ/THL AU): Indie Campers Decides to Take on the BGH/Trouchet Consortium

The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds...

Arun George

Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10

The Board has agreed to grant due diligence, subject to signing a confidentiality agreement, as the consortium confirmed its offer remains at...

Arun George

The third-quarter discussion around LCI Industries highlighted a period of solid execution against a mixed industry backdrop, with clear...