Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the open on Wednesday, March 27th.</li><li>We believe management's focus on driving higher margins and overall returns via less discounting, more product newness, a focus on key categories (i.e. swimwear and outerwear) where Lands' End is dominant, expansion to incremental online marketplaces and, beginning in FY24, licensing secondary categories, will register solid 4Q results and position Lands' End to return to profitability in FY24.</li><li>As such, and with LE trading at 6.6X our FY24 EBITDA, we believe myopic top-line focused investors are missing a compelling turnaround story, with management creating a superior business model with multiple catalysts; we reiterate our Buy rating and $12 price target.</li></ul>

We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the open on Wednesday, March 27th.We believe management's focus on driving higher margins and overall returns via less discounting, more product newness, a focus on key categories (i.e. swimwear and outerwear) where Lands' End is dominant, expansion to incremental online marketplaces and, beginning in FY24, licensing secondary categories, will register solid 4Q results and position Lands' End to return to profitability in FY24.As such, and with LE trading at 6.6X our FY24 EBITDA, we believe myopic top-line focused investors are missing a compelling turnaround story, with management creating a superior business model with multiple catalysts; we reiterate our Buy rating and $12 price target.

LE: 4Q Preview: Further Progress On Tap; Reiterate Buy Rating, $12 PT

<ul><li>We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection.</li><li>Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions, reducing inventory and discounting levels, shifting lower margin products to the licensing model, and expanding into key digital marketplaces, resulting in higher margins and cash flow.</li><li>With Lands' End projected to shift into an EPS driven mode in FY24 and beyond, we believe the risk/reward in LE has materially improved, and we are initiating coverage of LE with a Buy rating and $12 price target.</li></ul>

We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection.Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions, reducing inventory and discounting levels, shifting lower margin products to the licensing model, and expanding into key digital marketplaces, resulting in higher margins and cash flow.With Lands' End projected to shift into an EPS driven mode in FY24 and beyond, we believe the risk/reward in LE has materially improved, and we are initiating coverage of LE with a Buy rating and $12 price target.

LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT

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>Levi Strauss had a successful fourth quarter with strong fiscal 2022 performance.</li><li>Levi Stauss managed to enhance its brand positioning and market share in the global market.</li><li>40% of the company's revenues came from outside of denim bottoms in this quarter.</li></ul>

Levi Strauss had a successful fourth quarter with strong fiscal 2022 performance.Levi Stauss managed to enhance its brand positioning and market share in the global market.40% of the company's revenues came from outside of denim bottoms in this quarter.

<ul><li>Levi Strauss generated a mixed set of results with net revenue increasing by 7% on a constant currency basis that failed to meet Wall Street expectations.</li><li>The company generated this quarter's strongest third-quarter sales for Levi's brand in a decade, with an increase across all categories and genders.</li><li>Furthermore, Levi's app continues to experience significant interaction on a global scale, with monthly active users up double digits and revenue growing by 17%.</li></ul>

Levi Strauss generated a mixed set of results with net revenue increasing by 7% on a constant currency basis that failed to meet Wall Street expectations.The company generated this quarter's strongest third-quarter sales for Levi's brand in a decade, with an increase across all categories and genders.Furthermore, Levi's app continues to experience significant interaction on a global scale, with monthly active users up double digits and revenue growing by 17%.

Levi Strauss & Co: Physical Retail For Beyond Yoga & Other Drivers

<ul><li>Levi Strauss & Co continued to see a strong consumer demand in the last quarter as the management continued executing its strategic initiatives that are viewed clearly in the results.</li><li>Its strategic priorities continue to be focused on margin expansion with a direct-to-consumer (D2C) first approach.</li><li>We provide Levi Strauss with a ‘Buy’ rating and a revision in the target price.</li></ul>

Levi Strauss & Co continued to see a strong consumer demand in the last quarter as the management continued executing its strategic initiatives that are viewed clearly in the results.Its strategic priorities continue to be focused on margin expansion with a direct-to-consumer (D2C) first approach.We provide Levi Strauss with a ‘Buy’ rating and a revision in the target price.

Levi Strauss & Co: Collaboration With Reese Cooper & Other Drivers

United States

Levi Strauss & Co. manufactures and distributes apparels. The Company offers jeans, casual pants, tops, jackets, shirts, and other related products. Levi Strauss serves customers worldwide.

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Levi Strauss & Co (LEVI US)

LE: 4Q Preview: Further Progress On Tap; Reiterate Buy Rating, $12 PT

We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the...

Small Cap Consumer Research

LE: Shifting to A Returns Driven Model; Initiating LE With Buy Rating & $12 PT

We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear...

Small Cap Consumer Research

Levi Strauss & Co: Major Drivers

Levi Strauss had a successful fourth quarter with strong fiscal 2022 performance. Levi Stauss managed to enhance its brand positioning and market...

Baptista Research

Levi Strauss & Co: Physical Retail For Beyond Yoga & Other Drivers

Levi Strauss generated a mixed set of results with net revenue increasing by 7% on a constant currency basis that failed to meet Wall Street...

Baptista Research

Levi Strauss & Co: Collaboration With Reese Cooper & Other Drivers

Levi Strauss & Co continued to see a strong consumer demand in the last quarter as the management continued executing its strategic...

Baptista Research

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