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>Mattel's second quarter of 2024 presented a mixed set of results, reflecting both the challenges and strategic progress within the toy industry.</li><li>In terms of financial performance, net sales slightly declined by 1% but were stable on a constant currency basis.</li><li>This relatively flat sales trajectory indicates a degree of resilience amidst broader economic fluctuations, with the company managing to maintain its sales levels year-over-year.</li></ul>

Mattel's second quarter of 2024 presented a mixed set of results, reflecting both the challenges and strategic progress within the toy industry.In terms of financial performance, net sales slightly declined by 1% but were stable on a constant currency basis.This relatively flat sales trajectory indicates a degree of resilience amidst broader economic fluctuations, with the company managing to maintain its sales levels year-over-year.

Mattel Inc.: Will Its Strategic Expansion Into Entertainment & Digital Content Yield Dividends? - Major Drivers

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).

<ul><li>We are reiterating our Buy rating, projections and $30 price target for JAKKS Pacific after meeting with management and viewing the company's product offerings.</li><li>We believe momentum has remained strong at JAKKS Pacific, driven by strong sales of core items, expansion into new categories/licenses and continued excitement over the upcoming Holiday movie slate.</li><li>Further, with JAKKS now net cash positive, the company is well positioned to strategically expand and potentially return capital to shareholders.</li></ul>

We are reiterating our Buy rating, projections and $30 price target for JAKKS Pacific after meeting with management and viewing the company's product offerings.We believe momentum has remained strong at JAKKS Pacific, driven by strong sales of core items, expansion into new categories/licenses and continued excitement over the upcoming Holiday movie slate.Further, with JAKKS now net cash positive, the company is well positioned to strategically expand and potentially return capital to shareholders.

JAKK: Management Meetings Reinforce Enthusiasm on JAKK; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear workshop after visiting partner-operated locations in London, Milan and Paris.</li><li>With international expansion a key, and a high margin, focus for the company, we believe now is an opportune time to visit international locations.</li><li>We have remained impressed with Build-A-Bear partners ability to replicate the core of Build-A-Bear's business model, from a strong assortment of "furry friends," a personalized buying experience, the joy of having your own "furry friend" made in front of you and creating lasting memories.</li></ul>

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear workshop after visiting partner-operated locations in London, Milan and Paris.With international expansion a key, and a high margin, focus for the company, we believe now is an opportune time to visit international locations.We have remained impressed with Build-A-Bear partners ability to replicate the core of Build-A-Bear's business model, from a strong assortment of "furry friends," a personalized buying experience, the joy of having your own "furry friend" made in front of you and creating lasting memories.

BBW: Snapping the Store - Europe Review; Building w/Partners; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating and $24 price target and raising our 2024 and 2025 projections for JAKKS Pacific after the company handily beat our 2Q24 projections, as gains in the core business offset expected material weakness in content-led (i.e. movie driven) offerings.</li><li>Further, with the recent launch of The Simpsons and Authentic Brands driven licensed offerings, the upcoming launch of key Holiday movie properties (Moana 2 and Sonic the Hedgehog 3), new owned properties and a continued focus on international expansion, we view our projections, even after our top and bottom line increases, as conservative.</li><li>Further, with JAKK continuing to trade at a material discount to their peers, we believe the risk/reward in the name remains impressive, and we reiterate our Buy rating and $24 price target.</li></ul>

We are reiterating our Buy rating and $24 price target and raising our 2024 and 2025 projections for JAKKS Pacific after the company handily beat our 2Q24 projections, as gains in the core business offset expected material weakness in content-led (i.e. movie driven) offerings.Further, with the recent launch of The Simpsons and Authentic Brands driven licensed offerings, the upcoming launch of key Holiday movie properties (Moana 2 and Sonic the Hedgehog 3), new owned properties and a continued focus on international expansion, we view our projections, even after our top and bottom line increases, as conservative.Further, with JAKK continuing to trade at a material discount to their peers, we believe the risk/reward in the name remains impressive, and we reiterate our Buy rating and $24 price target.

Duplicate of JAKK: Setting Sail for Sunnier Climes; Reiterate Buy, $24 Price Target

<ul><li>We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.</li><li>We believe the company's decision to materially move up the Halloween offerings (from August 29th last year to August 6th in 2024) has driven customer excitement and material incremental revenue, as the company has added new characters, multiple drops and the ability to leverage the first Halloween for both Mini Beans and Skoosherz, with more exciting items (including the return of Nightmare before Xmas "furry friends") on their way.</li><li>As such, we expect momentum to remain strong throughout the season and then almost immediately pivot into the Xmas holiday items.</li></ul>

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.We believe the company's decision to materially move up the Halloween offerings (from August 29th last year to August 6th in 2024) has driven customer excitement and material incremental revenue, as the company has added new characters, multiple drops and the ability to leverage the first Halloween for both Mini Beans and Skoosherz, with more exciting items (including the return of Nightmare before Xmas "furry friends") on their way.As such, we expect momentum to remain strong throughout the season and then almost immediately pivot into the Xmas holiday items.

BBW: Snapping the Store: Halloween Rules (Already!); Reiterate Buy, $41 PT

United States

Mattel, Inc. designs, manufactures, and markets a broad variety of children's toy products on a worldwide basis.  The Company sells its products to retailers and directly to consumers.  Mattel's products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles, among others.

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Mattel Inc (MAT US)

Mattel Inc.: Will Its Strategic Expansion Into Entertainment & Digital Content Yield Dividends? - Major Drivers

Mattel's second quarter of 2024 presented a mixed set of results, reflecting both the challenges and strategic progress within the toy...

Baptista Research

JAKK: Management Meetings Reinforce Enthusiasm on JAKK; Reiterate Buy, $30 PT

We are reiterating our Buy rating, projections and $30 price target for JAKKS Pacific after meeting with management and viewing the company's...

Small Cap Consumer Research

BBW: Snapping the Store - Europe Review; Building w/Partners; Reiterate Buy, PT

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear workshop after visiting partner-operated locations in London,...

Small Cap Consumer Research

Duplicate of JAKK: Setting Sail for Sunnier Climes; Reiterate Buy, $24 Price Target

We are reiterating our Buy rating and $24 price target and raising our 2024 and 2025 projections for JAKKS Pacific after the company handily beat...

Small Cap Consumer Research

BBW: Snapping the Store: Halloween Rules (Already!); Reiterate Buy, $41 PT

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and...

Small Cap Consumer Research

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