Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The “Big” rally has now faded less than a week from its start. While many point to a robust economy, strong GDP, and a strengthening U.S. dollar as the bellwether of global currencies, something seems amiss. Higher interest rates have doused the market’s advance, with 10-year yields double what they once were just three years ago. Investors are being jostled about as a determination is made as to whether the Fed has gone too far and too fast. Our concern here is that the Fed is creating a conundrum, indicating that higher rates are still forthcoming despite what we, and the market, are viewing as the possible end of the bull market...In our November Strategy publication, we outline a host of indicators we are watching for signs of the market's health.  In addition we highlight a number of actionable setups within Health care, Consumer Staples and Technology.

The “Big” rally has now faded less than a week from its start. While many point to a robust economy, strong GDP, and a strengthening U.S. dollar as the bellwether of global currencies, something seems amiss. Higher interest rates have doused the market’s advance, with 10-year yields double what they once were just three years ago. Investors are being jostled about as a determination is made as to whether the Fed has gone too far and too fast. Our concern here is that the Fed is creating a conundrum, indicating that higher rates are still forthcoming despite what we, and the market, are viewing as the possible end of the bull market...In our November Strategy publication, we outline a host of indicators we are watching for signs of the market's health.  In addition we highlight a number of actionable setups within Health care, Consumer Staples and Technology.

U.S. Equity Strategy & Sector Commentaries: Defensive Sectors Leading = Unhealthy Market

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

Prestige Brands Holdings, Inc / Equity Bottom-Up

<ul><li>PBH reported 1QFY26 adjusted EPS of $0.95 versus $0.90 in 1QFY25, up 5.6% Y/Y, but below our $1.04 estimate and FactSet consensus of $1.00.</li><li>This is also below management’s expected range of $0.98-1.00 given in May.</li><li>Sales in the quarter decreased 6.6% to $249.5MM, below our $267.2MM estimate and consensus of $260.8MM, as well as management’s expected range of $258-260MM.</li></ul>

PBH reported 1QFY26 adjusted EPS of $0.95 versus $0.90 in 1QFY25, up 5.6% Y/Y, but below our $1.04 estimate and FactSet consensus of $1.00.This is also below management’s expected range of $0.98-1.00 given in May.Sales in the quarter decreased 6.6% to $249.5MM, below our $267.2MM estimate and consensus of $260.8MM, as well as management’s expected range of $258-260MM.

Prestige Consumer Healthcare, Inc: 1QFY26 Results Light on Clear Eyes Supply Constraints

<ul><li>We are initiating coverage of Prestige Consumer Healthcare, Inc. (PBH), a leading provider of over-the-counter (OTC) health and personal care products.</li><li>Our initial FY25 EPS estimate is $4.50, up 6.7% from $4.21 in FY24.</li><li>This is in line with consensus of $4.50 and management guidance of $4.50. Our FY26 EPS estimate is $4.80 (up 6.9%) and slightly above consensus of $4.79.</li></ul>

We are initiating coverage of Prestige Consumer Healthcare, Inc. (PBH), a leading provider of over-the-counter (OTC) health and personal care products.Our initial FY25 EPS estimate is $4.50, up 6.7% from $4.21 in FY24.This is in line with consensus of $4.50 and management guidance of $4.50. Our FY26 EPS estimate is $4.80 (up 6.9%) and slightly above consensus of $4.79.

Prestige Consumer Healthcare, Inc. - Initiating Coverage

United States

Prestige Brands Holdings, Inc. distributes over-the-counter healthcare and household cleaning products to retail stores in the United States, Canada and other international markets.  The Company distributes oral, eye and skin care; cough, cold, allergy and sinus; and household cleansers, sponges, scrubbers and cleaning pads.

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Prestige Brands Holdings, Inc (PBH US)

U.S. Equity Strategy & Sector Commentaries: Defensive Sectors Leading = Unhealthy Market

The “Big” rally has now faded less than a week from its start. While many point to a robust economy, strong GDP, and a strengthening U.S. dollar as...

Vermilion Research

Prestige Consumer Healthcare, Inc: 1QFY26 Results Light on Clear Eyes Supply Constraints

PBH reported 1QFY26 adjusted EPS of $0.95 versus $0.90 in 1QFY25, up 5.6% Y/Y, but below our $1.04 estimate and FactSet consensus of $1.00.

Water Tower Research

Prestige Consumer Healthcare, Inc. - Initiating Coverage

We are initiating coverage of Prestige Consumer Healthcare, Inc. (PBH), a leading provider of over-the-counter (OTC) health and personal care...

Water Tower Research

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