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, projections and $41 price target for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.</li><li>Post-Easter, Build-A-Bear has expanded the product mix both large and small, adding giant versions of key "furry friends" and rolling out new Mini Beans to drive incremental add-on purchases.</li><li>Further, with graduation season just starting (from pre-K to college), Build-A-Bear is ready with fun and unique items for every grad.</li></ul>

We are reiterating our Buy rating, projections and $41 price target for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.Post-Easter, Build-A-Bear has expanded the product mix both large and small, adding giant versions of key "furry friends" and rolling out new Mini Beans to drive incremental add-on purchases.Further, with graduation season just starting (from pre-K to college), Build-A-Bear is ready with fun and unique items for every grad.

BBW: Snapping the Store: Adding to the Product Mix; Reiterate Buy, $41 PT

<ul><li>We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after meeting with management in their St.</li><li>Louis headquarters.</li><li>We believe there remain multiple near and longer term growth opportunities for the company, as they expand the product, places and prices they offer "Furry friends" and further leverage the trusted Build-a-Bear brand name.</li></ul>

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after meeting with management in their St.Louis headquarters.We believe there remain multiple near and longer term growth opportunities for the company, as they expand the product, places and prices they offer "Furry friends" and further leverage the trusted Build-a-Bear brand name.

BBW: Management Meetings: Poised for Growth; Reiterate Buy Rating, $41 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>This is our first report on children's entertainment giant, Mattel, Inc. The company's fourth-quarter 2023 and full-year earnings call reveal that the company has successfully navigated a challenging year.</li><li>Despite global toy industry declines and retail inventory headwinds, Mattel achieved significant market share gains, meaningful sales growth, and margin expansion.</li><li>In particular, Mattel's Barbie, Hot Wheels, and Fisher-Price brands stood out as strong performers.</li></ul>

This is our first report on children's entertainment giant, Mattel, Inc. The company's fourth-quarter 2023 and full-year earnings call reveal that the company has successfully navigated a challenging year.Despite global toy industry declines and retail inventory headwinds, Mattel achieved significant market share gains, meaningful sales growth, and margin expansion.In particular, Mattel's Barbie, Hot Wheels, and Fisher-Price brands stood out as strong performers.

Mattel Inc.:  Initiation of Coverage - Is Its Strategic Turnaround Working Out Well For Shareholders? - Major Drivers

<ul><li>We are reiterating our Buy rating and $41 price target for Build-a-Bear, slightly raising our FY24 EPS and rolling out FY25 projections after the company reported basically in-line 4QFY23 (January) results and initiated a quarterly dividend program, with an initial quarterly payout of $0.20 per share.</li><li>We believe Build-A-Bear remains highly focused on shareholder value and the company is poised to register solid returns and upside as their experiential offerings continue to expand and resonate with their growing customer base; further, with net cash per share of over $3.10 (and no debt), a dividend yield of 2.7% and trading under 4.5X our FY25 EBITDA, we view the risk/reward in BBW as compelling, and we reiterate our Buy raring and $41 price target.</li></ul>

We are reiterating our Buy rating and $41 price target for Build-a-Bear, slightly raising our FY24 EPS and rolling out FY25 projections after the company reported basically in-line 4QFY23 (January) results and initiated a quarterly dividend program, with an initial quarterly payout of $0.20 per share.We believe Build-A-Bear remains highly focused on shareholder value and the company is poised to register solid returns and upside as their experiential offerings continue to expand and resonate with their growing customer base; further, with net cash per share of over $3.10 (and no debt), a dividend yield of 2.7% and trading under 4.5X our FY25 EBITDA, we view the risk/reward in BBW as compelling, and we reiterate our Buy raring and $41 price target.

BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT

<ul><li>We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear with the company reporting 4QFY23 (January) results before the open next Thursday.</li><li>We believe the company has remained a key winner in the retailing space, and the launch of the Glisten and the Merry Mission movie turned into a solid driver in 4Q and should drive upside.</li><li>Further, although we expect management to be conservative with initial FY24 guidance, we believe the pieces remain fully in place for further top and bottom line growth going forward, as the company continues to shift the store base, expand internationally and via commercial relationships and roll out new characters and innovations.</li></ul>

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear with the company reporting 4QFY23 (January) results before the open next Thursday.We believe the company has remained a key winner in the retailing space, and the launch of the Glisten and the Merry Mission movie turned into a solid driver in 4Q and should drive upside.Further, although we expect management to be conservative with initial FY24 guidance, we believe the pieces remain fully in place for further top and bottom line growth going forward, as the company continues to shift the store base, expand internationally and via commercial relationships and roll out new characters and innovations.

BBW: 4Q Preview: Lining Up for A Solid FY24; Reiterate Buy Rating, $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)

BBW: Snapping the Store: Adding to the Product Mix; Reiterate Buy, $41 PT

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

Small Cap Consumer Research

BBW: Management Meetings: Poised for Growth; Reiterate Buy Rating, $41 PT

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after meeting with management in their St. Louis...

Small Cap Consumer Research

Mattel Inc.: Initiation of Coverage - Is Its Strategic Turnaround Working Out Well For Shareholders? - Major Drivers

This is our first report on children's entertainment giant, Mattel, Inc. The company's fourth-quarter 2023 and full-year earnings call reveal that...

Baptista Research

BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT

We are reiterating our Buy rating and $41 price target for Build-a-Bear, slightly raising our FY24 EPS and rolling out FY25 projections after the...

Small Cap Consumer Research

BBW: 4Q Preview: Lining Up for A Solid FY24; Reiterate Buy Rating, $41 PT

We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear with the company reporting 4QFY23 (January) results before...

Small Cap Consumer Research

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