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>Lululemon Athletica is making its most ambitious leap yet into professional sports apparel with a new licensed collection for all 32 NFL teams.</li><li>The move marks the brand’s first-ever partnership with the National Football League and is aimed at diversifying its consumer base while reigniting sluggish U.S. sales.</li><li>The collection—available on Fanatics.com, NFLShop.com, and at team stadium stores—includes men’s and women’s gear from Lululemon’s signature styles such as Steady State, Define, Scuba, and Align.</li></ul>

Lululemon Athletica is making its most ambitious leap yet into professional sports apparel with a new licensed collection for all 32 NFL teams.The move marks the brand’s first-ever partnership with the National Football League and is aimed at diversifying its consumer base while reigniting sluggish U.S. sales.The collection—available on Fanatics.com, NFLShop.com, and at team stadium stores—includes men’s and women’s gear from Lululemon’s signature styles such as Steady State, Define, Scuba, and Align.

Lululemon Tackles Pro Sports With NFL Deal—Game-Changer or Gimmick?

<ul><li>Lululemon Athletica Inc. reported its second-quarter fiscal 2025 results, highlighting both triumphs and challenges faced amidst a dynamic retail environment.</li><li>The period saw Lululemon exceed earnings per share (EPS) projections; however, it fell short on revenue guidance, resulting in a downward revision of full-year revenue and earnings expectations.</li><li>The company's resilience in international markets, driven particularly by robust growth in China, was notable, yet the U.S. segment underperformed amid a challenging premium athletic wear market landscape.</li></ul>

Lululemon Athletica Inc. reported its second-quarter fiscal 2025 results, highlighting both triumphs and challenges faced amidst a dynamic retail environment.The period saw Lululemon exceed earnings per share (EPS) projections; however, it fell short on revenue guidance, resulting in a downward revision of full-year revenue and earnings expectations.The company's resilience in international markets, driven particularly by robust growth in China, was notable, yet the U.S. segment underperformed amid a challenging premium athletic wear market landscape.

Lululemon Athletica: Strengthening Supply Chain Agility to Sustain Market Competitiveness & Growth!

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Lulu is again back to LSD growth in the US; what makes it more disappointing is they actually had a somewhat easier comparison since 1Q’24 growth was just 2%.</li><li>Canada, despite a low double digit growth in 1Q’24, again had higher growth than the US this quarter.</li><li>China and Rest of the World (RoW) maintained healthy growth rates but growth has materially decelerated. </li></ul>

Lulu is again back to LSD growth in the US; what makes it more disappointing is they actually had a somewhat easier comparison since 1Q’24 growth was just 2%.Canada, despite a low double digit growth in 1Q’24, again had higher growth than the US this quarter.China and Rest of the World (RoW) maintained healthy growth rates but growth has materially decelerated. 

<ul><li>Lululemon Athletica Inc. reported its financial results for the first quarter of 2025, posting revenue growth that reached the high end of its guidance range with a notable improvement in the United States, where revenues grew by 2%.</li><li>The overall revenue increased by 7% (or 8% in constant currency) reaching $2.4 billion, driven by strong performance across various regions, despite a seemingly cautious consumer sentiment in the U.S. The brand witnessed robust in-market performance with revenues in Canada increasing by 9% and a significant 22% increase in Mainland China.</li><li>The company also saw 17% revenue growth in the rest of the world.</li></ul>

Lululemon Athletica Inc. reported its financial results for the first quarter of 2025, posting revenue growth that reached the high end of its guidance range with a notable improvement in the United States, where revenues grew by 2%.The overall revenue increased by 7% (or 8% in constant currency) reaching $2.4 billion, driven by strong performance across various regions, despite a seemingly cautious consumer sentiment in the U.S. The brand witnessed robust in-market performance with revenues in Canada increasing by 9% and a significant 22% increase in Mainland China.The company also saw 17% revenue growth in the rest of the world.

Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

United States

lululemon athletica Inc. designs and retails athletic clothing.  The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness. lululemon serves customers throughout the world.

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Lululemon Athletica (LULU US)

Lululemon Tackles Pro Sports With NFL Deal—Game-Changer or Gimmick?

Lululemon Athletica is making its most ambitious leap yet into professional sports apparel with a new licensed collection for all 32 NFL...

Baptista Research

Lululemon Athletica: Strengthening Supply Chain Agility to Sustain Market Competitiveness & Growth!

Lululemon Athletica Inc. reported its second-quarter fiscal 2025 results, highlighting both triumphs and challenges faced amidst a dynamic retail...

Baptista Research

Lululemon 1Q'25 Update

Lulu is again back to LSD growth in the US; what makes it more disappointing is they actually had a somewhat easier comparison since 1Q’24 growth...

MBI Deep Dives

Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!

Lululemon Athletica Inc. reported its financial results for the first quarter of 2025, posting revenue growth that reached the high end of its...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lululemon Tackles Pro Sports With NFL Deal—Game-Changer or Gimmick?

Lululemon Athletica is making its most ambitious leap yet into professional sports apparel with a new licensed collection for all 32 NFL...

Baptista Research

Lululemon Athletica: Strengthening Supply Chain Agility to Sustain Market Competitiveness & Growth!

Lululemon Athletica Inc. reported its second-quarter fiscal 2025 results, highlighting both triumphs and challenges faced amidst a dynamic retail...

Baptista Research

Lululemon 1Q'25 Update

Lulu is again back to LSD growth in the US; what makes it more disappointing is they actually had a somewhat easier comparison since 1Q’24 growth...

MBI Deep Dives

Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!

Lululemon Athletica Inc. reported its financial results for the first quarter of 2025, posting revenue growth that reached the high end of its...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...