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

Shake Shack Inc Class A / Equity Bottom-Up

<ul><li>Shake Shack's third quarter of 2025 demonstrated significant growth and operational improvements despite facing macroeconomic challenges.</li><li>The company's revenue grew by approximately 16% year-over-year, driven by both strong new Shack openings and the performance of its existing comp Shack base.</li><li>The licensing segment also showed robust performance, with revenue increasing by 21.1% year-over-year.</li></ul>

Shake Shack's third quarter of 2025 demonstrated significant growth and operational improvements despite facing macroeconomic challenges.The company's revenue grew by approximately 16% year-over-year, driven by both strong new Shack openings and the performance of its existing comp Shack base.The licensing segment also showed robust performance, with revenue increasing by 21.1% year-over-year.

Shake Shack Launches a Pricing Power Play — Can Smart Sourcing Crush Inflation Pressures?

<ul><li>Shake Shack's recent quarter results indicate a dynamic period for the company, showcasing both substantial progress and areas with potential challenges.</li><li>The company has positioned 2025 as a transformative year, beginning with an ambitious expansion strategy to increase the number of company-operated Shacks to at least 1,500.</li><li>This expansion will demand strong leadership and innovative strategies, with a focus on enhancing the guest experience, operational efficiency, and margin improvements.</li></ul>

Shake Shack's recent quarter results indicate a dynamic period for the company, showcasing both substantial progress and areas with potential challenges.The company has positioned 2025 as a transformative year, beginning with an ambitious expansion strategy to increase the number of company-operated Shacks to at least 1,500.This expansion will demand strong leadership and innovative strategies, with a focus on enhancing the guest experience, operational efficiency, and margin improvements.

Shake Shack: Looking To Redefine Fast-Casual Dining with High-Impact Innovation & Smart Pricing!

<ul><li>Shake Shack Inc. reported its fourth-quarter 2024 earnings, showcasing a robust financial performance with a revenue increase of 14.8%, driven by a 4.3% increase in same-shack sales.</li><li>The company achieved notable expansion in its restaurant-level margins, gaining nearly 300 basis points to 22.7%, and observed an almost 50% growth in adjusted EBITDA.</li><li>Despite these positive financial metrics, Shake Shack faces a challenging macroeconomic landscape, including unpredictable weather impacts and the aftermath of the tragic Los Angeles wildfires.</li></ul>

Shake Shack Inc. reported its fourth-quarter 2024 earnings, showcasing a robust financial performance with a revenue increase of 14.8%, driven by a 4.3% increase in same-shack sales.The company achieved notable expansion in its restaurant-level margins, gaining nearly 300 basis points to 22.7%, and observed an almost 50% growth in adjusted EBITDA.Despite these positive financial metrics, Shake Shack faces a challenging macroeconomic landscape, including unpredictable weather impacts and the aftermath of the tragic Los Angeles wildfires.

Shake Shack: An Analysis Of Its Recent Menu Innovation, Culinary Strategy & Critical Growth Levers!

<ul><li>Shake Shack delivered a strong financial performance in the third quarter of 2024, showcasing positive trends and potential areas for caution.</li><li>The company achieved its 15th consecutive quarter of positive same-Shack sales growth, with a 4.4% rise and a significant expansion in restaurant-level margins for the ninth consecutive quarter.</li><li>This resulted in a 28% increase in adjusted EBITDA to $45.8 million.</li></ul>

Shake Shack delivered a strong financial performance in the third quarter of 2024, showcasing positive trends and potential areas for caution.The company achieved its 15th consecutive quarter of positive same-Shack sales growth, with a 4.4% rise and a significant expansion in restaurant-level margins for the ninth consecutive quarter.This resulted in a 28% increase in adjusted EBITDA to $45.8 million.

Shake Shack Inc.: Can Its Expansion of Drive-Thru & Operational Efficiency Up Their Game? - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we talk about the not-so-positive aspects of the deal.


Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

United States

Shake Shack Inc is a modern day "roadside" burger stand known for its all-natural burgers. Shake Shack is part of Danny Meyer's Union Square Hospitality Group (USHG).

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Shake Shack Inc Class A (SHAK US)

Shake Shack Launches a Pricing Power Play — Can Smart Sourcing Crush Inflation Pressures?

Shake Shack's third quarter of 2025 demonstrated significant growth and operational improvements despite facing macroeconomic challenges. The...

Baptista Research

Shake Shack: Looking To Redefine Fast-Casual Dining with High-Impact Innovation & Smart Pricing!

Shake Shack's recent quarter results indicate a dynamic period for the company, showcasing both substantial progress and areas with potential...

Baptista Research

Shake Shack: An Analysis Of Its Recent Menu Innovation, Culinary Strategy & Critical Growth Levers!

Shake Shack Inc. reported its fourth-quarter 2024 earnings, showcasing a robust financial performance with a revenue increase of 14.8%, driven by...

Baptista Research

Shake Shack Inc.: Can Its Expansion of Drive-Thru & Operational Efficiency Up Their Game? - Major Drivers

Shake Shack delivered a strong financial performance in the third quarter of 2024, showcasing positive trends and potential areas for caution. The...

Baptista Research

Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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