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>Steve Madden Limited concluded its first quarter of 2025 with better-than-expected earnings, although revenue growth was modest at 0.2% compared to the previous year, reaching $553.5 million.</li><li>Wholesale revenue mirrored this increase, with the footwear segment contributing $296.1 million and accessories and apparel contributing $143.2 million, both slightly up from the previous period.</li><li>Interestingly, wholesale gains were driven primarily by branded business while private labels saw declines.</li></ul>

Steve Madden Limited concluded its first quarter of 2025 with better-than-expected earnings, although revenue growth was modest at 0.2% compared to the previous year, reaching $553.5 million.Wholesale revenue mirrored this increase, with the footwear segment contributing $296.1 million and accessories and apparel contributing $143.2 million, both slightly up from the previous period.Interestingly, wholesale gains were driven primarily by branded business while private labels saw declines.

Steven Madden Power Play: Shifting Production Out of China to Slash Tariffs & Speed Delivery!

<ul><li>Steven Madden, Ltd. reported solid financial results for the full year 2024, with revenue increasing 15.2% year over-year to $2.3 billion and diluted earnings per share rising 9% to $2.67.</li><li>The company emphasized four key business drivers: international expansion, category diversification beyond footwear, growth in direct-to-consumer (DTC) channels, and reinforcement of its U.S. wholesale footwear business.</li><li>International revenue rose 12%, with notable growth in the EMEA region (18%), including Europe, the Middle East, and South Africa.</li></ul>

Steven Madden, Ltd. reported solid financial results for the full year 2024, with revenue increasing 15.2% year over-year to $2.3 billion and diluted earnings per share rising 9% to $2.67.The company emphasized four key business drivers: international expansion, category diversification beyond footwear, growth in direct-to-consumer (DTC) channels, and reinforcement of its U.S. wholesale footwear business.International revenue rose 12%, with notable growth in the EMEA region (18%), including Europe, the Middle East, and South Africa.

Steven Madden Just Acquired Kurt Geiger—Is This The Start Of A Fashion Empire?

<ul><li>Steve Madden Limited's results for the third quarter of 2024 reveal a mixed performance, characterized by notable achievements in certain areas and challenges in others.</li><li>The company's revenue increased by 13% compared to the third quarter of 2023, totaling $624.7 million.</li><li>This growth was attributed to several factors, including exceptional performance in the accessories and apparel categories, profound contribution from the acquisition of Almost Famous, and strong top-line gains in international markets and direct-to-consumer channels.</li></ul>

Steve Madden Limited's results for the third quarter of 2024 reveal a mixed performance, characterized by notable achievements in certain areas and challenges in others.The company's revenue increased by 13% compared to the third quarter of 2023, totaling $624.7 million.This growth was attributed to several factors, including exceptional performance in the accessories and apparel categories, profound contribution from the acquisition of Almost Famous, and strong top-line gains in international markets and direct-to-consumer channels.

Steve Madden: International Market Expansion As A Primary Growth Accelerator! - Major Drivers

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

<ul>
<li>Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.</li>
<li>Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.</li>
<li>Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.</li>
</ul>


Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.
Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.
Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.


U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

<ul><li>Steven Madden Limited has navigated a complex retail landscape in Q2 2024, demonstrating robust financial performance and strategic progress across multiple fronts.</li><li>In this fiscal quarter, the company achieved a revenue increase of 18% and an adjusted diluted EPS rise of 23% compared to the same period last year.</li><li>This financial success was underpinned by significant growth in accessories and apparel categories and a strong presence in international markets and direct-to-consumer channels.</li></ul>

Steven Madden Limited has navigated a complex retail landscape in Q2 2024, demonstrating robust financial performance and strategic progress across multiple fronts.In this fiscal quarter, the company achieved a revenue increase of 18% and an adjusted diluted EPS rise of 23% compared to the same period last year.This financial success was underpinned by significant growth in accessories and apparel categories and a strong presence in international markets and direct-to-consumer channels.

United States

Steven Madden, Ltd. designs and markets fashion footwear for women.  The Company's shoes are sold through Steve Madden retail stores, department stores, apparel and footwear specialty stores, and online.  Steven Madden has licensees, including sportswear and jeans, outerwear, intimate apparel, eyewear, hosiery, and jewelry, and owns and operates a retail store under its David Aaron brand.

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Steven Madden (SHOO US)

Steven Madden Power Play: Shifting Production Out of China to Slash Tariffs & Speed Delivery!

Steve Madden Limited concluded its first quarter of 2025 with better-than-expected earnings, although revenue growth was modest at 0.2% compared...

Baptista Research

Steven Madden Just Acquired Kurt Geiger—Is This The Start Of A Fashion Empire?

Steven Madden, Ltd. reported solid financial results for the full year 2024, with revenue increasing 15.2% year over-year to $2.3 billion and...

Baptista Research

Steve Madden: International Market Expansion As A Primary Growth Accelerator! - Major Drivers

Steve Madden Limited's results for the third quarter of 2024 reveal a mixed performance, characterized by notable achievements in certain areas...

Baptista Research

U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

U.S. Dollar $DXY Rolling Over; 10- and 30-Yr Treasury Yields Hit Major Resistance; Small-Caps to Follow Mid- and Large-Caps to New Highs $IWM $RTY...

Vermilion Research

Steven Madden

Steven Madden Limited has navigated a complex retail landscape in Q2 2024, demonstrating robust financial performance and strategic progress...

Baptista Research

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