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>The third quarter 2024 earnings results for Macy's, Inc. present a mixed picture of the company’s financial health and operational strategy.</li><li>On the positive side, Macy’s showed resilience with sales of $4.7 billion, reflecting a decline of only 2.4% from the previous year, aligned with the company’s expectations.</li><li>Notably, the performance of Macy’s First 50 locations exhibited a 1.9% increase in comparable sales, marking three consecutive quarters of growth.</li></ul>

The third quarter 2024 earnings results for Macy's, Inc. present a mixed picture of the company’s financial health and operational strategy.On the positive side, Macy’s showed resilience with sales of $4.7 billion, reflecting a decline of only 2.4% from the previous year, aligned with the company’s expectations.Notably, the performance of Macy’s First 50 locations exhibited a 1.9% increase in comparable sales, marking three consecutive quarters of growth.

Macy's Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 &Beyond!  - Major Drivers

<ul><li>Macy’s Inc. has been in the spotlight recently as Barington Capital disclosed a stake in the iconic department store chain, pushing for a series of strategic changes aimed at enhancing shareholder value.</li><li>This follows a history of activist investor interest in Macy’s, reflecting its ongoing struggles in a challenging retail environment.</li><li>While Macy’s management has reaffirmed its commitment to its “A Bold New Chapter” turnaround plan, Barington’s proposals focus on optimizing real estate assets, cutting capital expenditures, and exploring strategic alternatives for its premium brands, Bloomingdale’s and Bluemercury.</li></ul>

Macy’s Inc. has been in the spotlight recently as Barington Capital disclosed a stake in the iconic department store chain, pushing for a series of strategic changes aimed at enhancing shareholder value.This follows a history of activist investor interest in Macy’s, reflecting its ongoing struggles in a challenging retail environment.While Macy’s management has reaffirmed its commitment to its “A Bold New Chapter” turnaround plan, Barington’s proposals focus on optimizing real estate assets, cutting capital expenditures, and exploring strategic alternatives for its premium brands, Bloomingdale’s and Bluemercury.

Macy’s vs. Activist Investor: Could Barington Capital’s Strategy Spark a Comeback?

Investment Strategist, Transparently.AI

Mark Jolley

Investment Strategist

AI detection of accounting fraud and manipulation

Transparently.AI

Fraud and manipulation of their numbers see companies lose USD1 trillion+ per year for their stakeholders. Transparently.AI has developed an AI system that determines:

1. The likelihood that a company is committing fraud/serious manipulation of their books;
2. Whether it is serious enough to result in total corporate failure;
3. Estimated $ losses to stakeholders;
4. How that manipulation/fraud evolves through time; and
5. Detailed analytics on the forms of manipulation/fraud (e.g. which parts of the accounts, what tricks of the trade, questions for analysts to ask management, where/how to investigate further, etc.).

This is effectively automating the analysis of forensic accountants, activist short sellers, credit analysts, etc to do work that would typically take weeks per company, and instead run it in seconds and for thousands of companies simultaneously.

Critically, this solution frequently alerts users to the presence of serious manipulation risk up to 2-3 years in advance of the wider market and short sellers becoming aware of problems.

Forensic Accounting

<ul>
<li>Department store chain delayed 3Q earnings report, pending investigation into accounting discrepancies</li>
<li>Investigation scheduled to end by Dec. 11. Discrepancies involved the incorrect recording of small package delivery expenses.</li>
<li>Transparently's AI-powered system highlighted several red flags that align with this manipulation. The system could have warned Macy’s board and investors there were problems afoot. </li>
</ul>


Department store chain delayed 3Q earnings report, pending investigation into accounting discrepancies
Investigation scheduled to end by Dec. 11. Discrepancies involved the incorrect recording of small package delivery expenses.
Transparently's AI-powered system highlighted several red flags that align with this manipulation. The system could have warned Macy’s board and investors there were problems afoot. 


Unpacking Macy's (M) Accounting Problems With AI

<ul>
<li>AI-Powered strategy that shorts high-risk US companies and longs the S&amp;P 500 outperformed the index by 2.5x since July 2021.</li>
<li>Short position targets identified by the Transparently Risk Engine, a tool that assesses listed companies' accounting quality.</li>
<li>Strategy provided better Sharpe ratio, lower maximum drawdown, and negative beta, offering risk-adjusted gains and potential hedge benefits.</li>
</ul>


AI-Powered strategy that shorts high-risk US companies and longs the S&amp;P 500 outperformed the index by 2.5x since July 2021.
Short position targets identified by the Transparently Risk Engine, a tool that assesses listed companies' accounting quality.
Strategy provided better Sharpe ratio, lower maximum drawdown, and negative beta, offering risk-adjusted gains and potential hedge benefits.


Our AI-Powered Accounting Risk Trading Strategy Beat the S&P 500 by 2.5x

<ul><li>Macy's Inc. reported its Q2 2024 earnings, presenting mixed results that illustrate the balance of strengths and challenges currently faced by the retailer.</li><li>This balanced assessment aims to unpack the nuanced performance, potential growth areas, and persistent headwinds, which inform the investment case for the company.</li><li>Starting on a positive note, Macy's Inc. has shown resilience in its luxury segments, with Bloomingdale's and Bluemercury continuing to attract a strong customer base through a wide range of merchandising offerings.</li></ul>

Macy's Inc. reported its Q2 2024 earnings, presenting mixed results that illustrate the balance of strengths and challenges currently faced by the retailer.This balanced assessment aims to unpack the nuanced performance, potential growth areas, and persistent headwinds, which inform the investment case for the company.Starting on a positive note, Macy's Inc. has shown resilience in its luxury segments, with Bloomingdale's and Bluemercury continuing to attract a strong customer base through a wide range of merchandising offerings.

Macy's Inc.: Termination of Acquisition Talks with Arkhouse

United States

Macy's, Inc. operates department stores in the United States.  The Company also operates direct mail catalog and electronic commerce subsidiaries. Macy's retail stores sell a wide range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods.

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Macy's Inc (M US)

Macy's Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

The third quarter 2024 earnings results for Macy's, Inc. present a mixed picture of the company’s financial health and operational strategy. On...

Baptista Research

Macy’s vs. Activist Investor: Could Barington Capital’s Strategy Spark a Comeback?

Macy’s Inc. has been in the spotlight recently as Barington Capital disclosed a stake in the iconic department store chain, pushing for a series...

Baptista Research

Unpacking Macy's (M) Accounting Problems With AI

Department store chain Macy's delays 3Q earnings report due to accounting discrepancies involving small package delivery expenses, Transparently's...

Mark Jolley

Our AI-Powered Accounting Risk Trading Strategy Beat the S&P 500 by 2.5x

AI-powered strategy that shorts high-risk US companies and goes long the S&P 500 has outperformed the index by 2.5x since July 2021, offering...

Mark Jolley

Macy's Inc.: Termination of Acquisition Talks with Arkhouse

Macy's Inc. reported its Q2 2024 earnings, presenting mixed results that illustrate the balance of strengths and challenges currently faced by the...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Macy's Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

The third quarter 2024 earnings results for Macy's, Inc. present a mixed picture of the company’s financial health and operational strategy. On...

Baptista Research

Macy’s vs. Activist Investor: Could Barington Capital’s Strategy Spark a Comeback?

Macy’s Inc. has been in the spotlight recently as Barington Capital disclosed a stake in the iconic department store chain, pushing for a series...

Baptista Research

Unpacking Macy's (M) Accounting Problems With AI

​Department store chain Macy's delays 3Q earnings report due to accounting discrepancies involving small package delivery expenses, Transparently's...

Mark Jolley

Our AI-Powered Accounting Risk Trading Strategy Beat the S&P 500 by 2.5x

​AI-powered strategy that shorts high-risk US companies and goes long the S&P 500 has outperformed the index by 2.5x since July 2021, offering...

Mark Jolley

Macy's Inc.: Termination of Acquisition Talks with Arkhouse

Macy's Inc. reported its Q2 2024 earnings, presenting mixed results that illustrate the balance of strengths and challenges currently faced by the...

Baptista Research

Department store chain Macy's delays 3Q earnings report due to accounting discrepancies involving small package delivery expenses, Transparently's...

AI-powered strategy that shorts high-risk US companies and goes long the S&P 500 has outperformed the index by 2.5x since July 2021, offering...