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 latest financial results of RH, formerly known as Restoration Hardware, present a mixed picture of ongoing strategic initiatives and financial challenges.</li><li>RH reported industry-leading growth with an 8.4% increase in revenue and a 13.7% increase in demand for the second quarter of the fiscal year 2025.</li><li>Over a two-year period, revenues increased by 12% and demand by 21%, highlighting significant market share gains despite prevailing economic headwinds, notably the challenges in the housing market and tariff uncertainties.</li></ul>

The latest financial results of RH, formerly known as Restoration Hardware, present a mixed picture of ongoing strategic initiatives and financial challenges.RH reported industry-leading growth with an 8.4% increase in revenue and a 13.7% increase in demand for the second quarter of the fiscal year 2025.Over a two-year period, revenues increased by 12% and demand by 21%, highlighting significant market share gains despite prevailing economic headwinds, notably the challenges in the housing market and tariff uncertainties.

Restoration Hardware’s (RH) Bold Global Push: Inside Its Paris Success & London & Milan Plans!

<ul><li>The latest financial results of Restoration Hardware Holdings, Inc. (RH) for the first quarter of fiscal 2025 portray a company navigating multiple challenges with a strategic approach aimed at long-term growth rather than immediate short-term gains.</li><li>RH reported a 12% increase in revenue, attributed to their significant investments in product elevation and platform expansion despite facing uncertainty due to tariffs and a struggling housing market.</li><li>A key positive indicator for RH is their international expansion, particularly in Europe, where demand at RH England increased substantially by 47% in the gallery and 44% online.</li></ul>

The latest financial results of Restoration Hardware Holdings, Inc. (RH) for the first quarter of fiscal 2025 portray a company navigating multiple challenges with a strategic approach aimed at long-term growth rather than immediate short-term gains.RH reported a 12% increase in revenue, attributed to their significant investments in product elevation and platform expansion despite facing uncertainty due to tariffs and a struggling housing market.A key positive indicator for RH is their international expansion, particularly in Europe, where demand at RH England increased substantially by 47% in the gallery and 44% online.

RH: The Launch Of A New European Expansion Strategy Can Up Their Global Luxury Game!

<ul><li>Restoration Hardware Holdings Inc. (RH), a high-end furniture and home décor retailer, reported its fiscal year 2024 third-quarter results and provided a cautiously optimistic outlook for the coming year.</li><li>The company experienced positive momentum in demand growth despite operating in a challenging housing market, widely regarded as the worst in three decades.</li><li>RH reported a 13% increase in demand during the third quarter and further accelerated to 18% in November, driven by the introduction of new product lines, notably the RH Modern Sourcebook.</li></ul>

Restoration Hardware Holdings Inc. (RH), a high-end furniture and home décor retailer, reported its fiscal year 2024 third-quarter results and provided a cautiously optimistic outlook for the coming year.The company experienced positive momentum in demand growth despite operating in a challenging housing market, widely regarded as the worst in three decades.RH reported a 13% increase in demand during the third quarter and further accelerated to 18% in November, driven by the introduction of new product lines, notably the RH Modern Sourcebook.

Restoration Hardware (RH): These Are The 5 Biggest Factors Influencing Its Stock Price In 2025 & Beyond!

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

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

<ul><li>The WTR Consumer Products Index is down 17.5% YTD through June 23, 2025, on a 2.8x decline in its 12-month prospective absolute P/E ratio to 15.3x from 18.1x at the end of 2024.</li><li>Prospective earnings for the index are down 2.3% so far this year, but we note that it has outperformed the broader S&amp;P 600 Small Cap Index, which is down 6.3%.</li><li>Meanwhile, the S&amp;P SmallCap 600 Index is down 13.1% YTD, better than the WTR Consumer Products Index, despite relative earnings underperformance versus our index, as its prospective absolute P/E ratio compressed a lesser 1.2x to 15.3x from 16.5x at the end of 2024. </li></ul>

The WTR Consumer Products Index is down 17.5% YTD through June 23, 2025, on a 2.8x decline in its 12-month prospective absolute P/E ratio to 15.3x from 18.1x at the end of 2024.Prospective earnings for the index are down 2.3% so far this year, but we note that it has outperformed the broader S&amp;P 600 Small Cap Index, which is down 6.3%.Meanwhile, the S&amp;P SmallCap 600 Index is down 13.1% YTD, better than the WTR Consumer Products Index, despite relative earnings underperformance versus our index, as its prospective absolute P/E ratio compressed a lesser 1.2x to 15.3x from 16.5x at the end of 2024. 

WTR Consumer Products Index Lags S&P 600 YTD Despite Relative Earnings Outperformance

United States

RH distributes home furnishing products. The Company offers products such as furniture, lighting, textiles, bathware, decor, outdoor, and garden, as well as baby and child products. RH distributes its products through retail stores, catalogs, and websites.

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RH (RH US)

Restoration Hardware’s (RH) Bold Global Push: Inside Its Paris Success & London & Milan Plans!

The latest financial results of RH, formerly known as Restoration Hardware, present a mixed picture of ongoing strategic initiatives and financial...

Baptista Research

RH: The Launch Of A New European Expansion Strategy Can Up Their Global Luxury Game!

The latest financial results of Restoration Hardware Holdings, Inc. (RH) for the first quarter of fiscal 2025 portray a company navigating...

Baptista Research

Restoration Hardware (RH): These Are The 5 Biggest Factors Influencing Its Stock Price In 2025 & Beyond!

Restoration Hardware Holdings Inc. (RH), a high-end furniture and home décor retailer, reported its fiscal year 2024 third-quarter results and...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

WTR Consumer Products Index Lags S&P 600 YTD Despite Relative Earnings Outperformance

The WTR Consumer Products Index is down 17.5% YTD through June 23, 2025, on a 2.8x decline in its 12-month prospective absolute P/E ratio to 15.3x...

Water Tower Research

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