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, Inc. recently reported its third-quarter financial results for 2024, revealing both challenges and accomplishments that provide insights into its ongoing journey to strengthen its global presence and financial health.</li><li>On the positive side, Mattel demonstrated resilience in a challenging market environment.</li><li>Despite a 4% decrease in net sales from the previous year, the company managed to maintain its profitability, with adjusted EPS experiencing a 6% increase to $1.14.</li></ul>

Mattel, Inc. recently reported its third-quarter financial results for 2024, revealing both challenges and accomplishments that provide insights into its ongoing journey to strengthen its global presence and financial health.On the positive side, Mattel demonstrated resilience in a challenging market environment.Despite a 4% decrease in net sales from the previous year, the company managed to maintain its profitability, with adjusted EPS experiencing a 6% increase to $1.14.

Mattel Inc.: Diversified Product & Brand Strategy Powering Our Bullishness! - 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 $75 price target for Build-A-Bear Workshop with the company announcing 3QFY25 (October) results before the open on Thursday, December 4th.</li><li>We believe the company remains poised for strong 3Q results, and we believe Build-A-Bear remain one of the best situated retail plays for the Holiday season, with multiple potential upside drivers.</li><li>As such, and with BBW now down over 35% from its 52-week-high, we view the risk/reward in BBW, trading at 11.3X our FY26 EPS, as compelling and reiterate our Buy rating and $75 price target.</li></ul>

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop with the company announcing 3QFY25 (October) results before the open on Thursday, December 4th.We believe the company remains poised for strong 3Q results, and we believe Build-A-Bear remain one of the best situated retail plays for the Holiday season, with multiple potential upside drivers.As such, and with BBW now down over 35% from its 52-week-high, we view the risk/reward in BBW, trading at 11.3X our FY26 EPS, as compelling and reiterate our Buy rating and $75 price target.

BBW; 3Q Preview: Showing Why They Are Different; Reiterate Buy, $75 PT

<ul><li>We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.</li><li>After a strong Halloween, the company has fully pivoted to the Holiday season, with an increased emphasis on Giant "furry friends," the launch of Holiday-specific Sanrio characters, a new 10th anniversary limited edition Glisten and more costumes, Mini Beans and "furry friends" (including axolotls and Giant dogs) to satisfy whatever gifting needs you have for the Holiday season.</li><li>Further, the company is also expanding what is still a relatively small Black Friday season offering.</li></ul>

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.After a strong Halloween, the company has fully pivoted to the Holiday season, with an increased emphasis on Giant "furry friends," the launch of Holiday-specific Sanrio characters, a new 10th anniversary limited edition Glisten and more costumes, Mini Beans and "furry friends" (including axolotls and Giant dogs) to satisfy whatever gifting needs you have for the Holiday season.Further, the company is also expanding what is still a relatively small Black Friday season offering.

BBW: Snapping the Store: Glisten's 10th, Holiday Shines; Reiterate Buy, $75 PT

<ul><li>We are reiterating our Buy rating and $30 price target for JAKKS Pacific after the company reported 3Q25 (September) results even worse than our "doomsday" scenario, as domestic revenue fell 40%, driven by uncertainty over tariffs and push back and cancelation of Freight on Board ("FOB") orders for the start of the Holiday season.</li><li>While JAKKS management once again did a strong job of controlling expenses, it was not enough against a 34% YoY revenue decline.</li><li>Further, management reiterated their decision to remain focused on the FOB model and to not take material inventory risks in 4Q.</li></ul>

We are reiterating our Buy rating and $30 price target for JAKKS Pacific after the company reported 3Q25 (September) results even worse than our "doomsday" scenario, as domestic revenue fell 40%, driven by uncertainty over tariffs and push back and cancelation of Freight on Board ("FOB") orders for the start of the Holiday season.While JAKKS management once again did a strong job of controlling expenses, it was not enough against a 34% YoY revenue decline.Further, management reiterated their decision to remain focused on the FOB model and to not take material inventory risks in 4Q.

JAKK: 3Q Review: Taking Safer Route in an Unsure World; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.</li><li>As the crescendo for Halloween nears, the company is already seeing spot sellouts of key lines, with many Halloween-exclusive "furry friends" at very low levels.</li><li>Further, the NFL driven focus has also helped sales and traffic, even with the dismal performances of the Jets and Giants.</li></ul>

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.As the crescendo for Halloween nears, the company is already seeing spot sellouts of key lines, with many Halloween-exclusive "furry friends" at very low levels.Further, the NFL driven focus has also helped sales and traffic, even with the dismal performances of the Jets and Giants.

BBW: Snapping the Store: Halloween Strong; Early Pivot to Xmas; Reit. Buy, 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.: Diversified Product & Brand Strategy Powering Our Bullishness! - Major Drivers

Mattel, Inc. recently reported its third-quarter financial results for 2024, revealing both challenges and accomplishments that provide insights...

Baptista Research

BBW; 3Q Preview: Showing Why They Are Different; Reiterate Buy, $75 PT

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop with the company announcing 3QFY25 (October) results...

Small Cap Consumer Research

BBW: Snapping the Store: Glisten's 10th, Holiday Shines; Reiterate Buy, $75 PT

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and...

Small Cap Consumer Research

JAKK: 3Q Review: Taking Safer Route in an Unsure World; Reiterate Buy, $30 PT

We are reiterating our Buy rating and $30 price target for JAKKS Pacific after the company reported 3Q25 (September) results even worse than our...

Small Cap Consumer Research

BBW: Snapping the Store: Halloween Strong; Early Pivot to Xmas; Reit. Buy, PT

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and...

Small Cap Consumer Research

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