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>Sonos, Inc. delivered an all-around beat in the previous quarter.</li><li>The company reported $373.4 million in sales, up 23% sequentially and approximately flat year over year in both reported and constant currency terms.</li><li>This growth was fueled by a full quarter of projected price increases, decreased component costs, and a favorable mix.</li></ul>

Sonos, Inc. delivered an all-around beat in the previous quarter.The company reported $373.4 million in sales, up 23% sequentially and approximately flat year over year in both reported and constant currency terms.This growth was fueled by a full quarter of projected price increases, decreased component costs, and a favorable mix.

Sonos Inc.: Does It Have A Sustainable Competitive Advantage? - Major Drivers

<ul><li>Sonos delivered a positive result and managed an all-around beat in the last quarter.</li><li>The reported revenues were slightly ahead of expectations, although there was a decrease compared to the previous year.</li><li>Sonos observed softening demand in the home theater category due to macroeconomic factors and increased competition but managed to gain market share.</li></ul>

Sonos delivered a positive result and managed an all-around beat in the last quarter.The reported revenues were slightly ahead of expectations, although there was a decrease compared to the previous year.Sonos observed softening demand in the home theater category due to macroeconomic factors and increased competition but managed to gain market share.

Sonos Inc.: A Brave Attempt To Steer Clear of Macroeconomic Headwinds! – Key Drivers

Equity Capital Markets

<ul><li>Sonos delivered a decent performance in the last quarter with revenue growth beyond market expectations and narrower-than-expected losses despite the challenging macroeconomic backdrop.</li><li>In the last quarter, installer solutions revenue grew, driven by robust demand for the company’s Port and Amp products in spite of persistent supply challenges.</li><li>Sonos continues to see strong performance in its installer solutions channel in spite of slowing house activity in the United States.</li></ul>

Sonos delivered a decent performance in the last quarter with revenue growth beyond market expectations and narrower-than-expected losses despite the challenging macroeconomic backdrop.In the last quarter, installer solutions revenue grew, driven by robust demand for the company’s Port and Amp products in spite of persistent supply challenges.Sonos continues to see strong performance in its installer solutions channel in spite of slowing house activity in the United States.

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>We normally write these “Workbench” reports in between our larger initiation pieces.  They are intended to offer a window into our short investment process and to highlight potentially interesting names.</li>
<li>This Workbench focuses exclusively on earnings quality shorts.  We continue to work on these names. Today we highlight:</li>
<li>Moderna (MRNA),  Knowles (KN)    Juniper Networks (JNPR)  Upstart Holdings (UPST)  Beauty Health Co (SKIN), Sonos (SONO). Kraft Heinz (KHC), AZEK Co. (AZEK), Energizer Holdings (ENR),  Fox Factory Holding  (FOXF)</li>
</ul>


We normally write these “Workbench” reports in between our larger initiation pieces.  They are intended to offer a window into our short investment process and to highlight potentially interesting names.
This Workbench focuses exclusively on earnings quality shorts.  We continue to work on these names. Today we highlight:
Moderna (MRNA),  Knowles (KN)    Juniper Networks (JNPR)  Upstart Holdings (UPST)  Beauty Health Co (SKIN), Sonos (SONO). Kraft Heinz (KHC), AZEK Co. (AZEK), Energizer Holdings (ENR),  Fox Factory Holding  (FOXF)


Short Ideas on Our Workbench:  Earnings Quality

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/johnson-johnson-831a1ab9-b291-4564-99b0-dc7f8d2b8175" target="_blank" data-smartkarma-citation="entities:26818:1" rel="noopener">Johnson &amp; Johnson (JNJ UN)</a> , <a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a> and <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US), which have the highest weighting in each portfolio</a>
</li>
<li>For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  </li>
</ul>


We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Johnson &amp; Johnson (JNJ UN) , Mondelez International (MDLZ US) and Qorvo Inc (QRVO US), which have the highest weighting in each portfolio

For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  


How the Portfolios Did for the First Week

United States

Sonos, Inc. designs, develops, and produces audio products. The Company offers charging cradles, music players, alternating current adapters, controllers, wireless speakers, and loudspeakers. Sonos serves customers worldwide.

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Sonos Inc (SONO US)

Sonos Inc.: Does It Have A Sustainable Competitive Advantage? - Major Drivers

Sonos, Inc. delivered an all-around beat in the previous quarter. The company reported $373.4 million in sales, up 23% sequentially and...

Baptista Research

Sonos Inc.: A Brave Attempt To Steer Clear of Macroeconomic Headwinds! – Key Drivers

Sonos delivered a positive result and managed an all-around beat in the last quarter. The reported revenues were slightly ahead of expectations,...

Baptista Research

Sonos Inc: New Launches & Other Drivers

Sonos delivered a decent performance in the last quarter with revenue growth beyond market expectations and narrower-than-expected losses despite...

Baptista Research

Short Ideas on Our Workbench: Earnings Quality

Our "Workbench" focuses exclusively on potential earnings quality shorts. We continue to work on these names. Today we highlight ten names of...

Eric Fernandez, CFA

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

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52-week Range

Market Cap (USDm)

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