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 Walt Disney Company reported its third-quarter financial results for 2024, reflecting a mixed performance across its diverse business segments.</li><li>The company reported a revenue growth of 2% during the quarter, indicating resilience in its theme parks segment despite slight moderation in demand.</li><li>Attendance at the domestic parks remained flat, with a slight increase in per capita spending, contributing to a steady revenue outlook for the fourth quarter.</li></ul>

The Walt Disney Company reported its third-quarter financial results for 2024, reflecting a mixed performance across its diverse business segments.The company reported a revenue growth of 2% during the quarter, indicating resilience in its theme parks segment despite slight moderation in demand.Attendance at the domestic parks remained flat, with a slight increase in per capita spending, contributing to a steady revenue outlook for the fourth quarter.

The Walt Disney Company: Enhanced Streaming Services Strategy

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy rating and $24 price target and raising our 2024 and 2025 projections for JAKKS Pacific after the company handily beat our 2Q24 projections, as gains in the core business offset expected material weakness in content-led (i.e. movie driven) offerings.</li><li>Further, with the recent launch of The Simpsons and Authentic Brands driven licensed offerings, the upcoming launch of key Holiday movie properties (Moana 2 and Sonic the Hedgehog 3), new owned properties and a continued focus on international expansion, we view our projections, even after our top and bottom line increases, as conservative.</li><li>Further, with JAKK continuing to trade at a material discount to their peers, we believe the risk/reward in the name remains impressive, and we reiterate our Buy rating and $24 price target.</li></ul>

We are reiterating our Buy rating and $24 price target and raising our 2024 and 2025 projections for JAKKS Pacific after the company handily beat our 2Q24 projections, as gains in the core business offset expected material weakness in content-led (i.e. movie driven) offerings.Further, with the recent launch of The Simpsons and Authentic Brands driven licensed offerings, the upcoming launch of key Holiday movie properties (Moana 2 and Sonic the Hedgehog 3), new owned properties and a continued focus on international expansion, we view our projections, even after our top and bottom line increases, as conservative.Further, with JAKK continuing to trade at a material discount to their peers, we believe the risk/reward in the name remains impressive, and we reiterate our Buy rating and $24 price target.

JAKK: Setting Sail for Sunnier Climes; Reiterate Buy, $24 Price Target

<ul><li>We are reiterating our Buy rating, projections and $24 price target for JAKKS Pacific with the company announcing 2Q24 (June) results after the close on Wednesday.</li><li>While we do not expect, nor have we projected, a strong 2Q, we do believe management will be upbeat on a number of key fronts, including: 1) Cleaning up inventory levels in anticipation of Holiday strength and new launches; 2) gearing up for more normalized Halloween costume demand; 3) initial launches for The Simpsons lines to key domestic and international retailers; 4) progress on the international expansion front; 5) the initial shipments for the Authentic Brands partnership and 6) potential demand for Moana 2 and Sonic the Hedgehog 3 Holiday movies.</li><li>Further, we expect the balance sheet has remained debt free, cash rich and management will provide an update on potential return to shareholders.</li></ul>

We are reiterating our Buy rating, projections and $24 price target for JAKKS Pacific with the company announcing 2Q24 (June) results after the close on Wednesday.While we do not expect, nor have we projected, a strong 2Q, we do believe management will be upbeat on a number of key fronts, including: 1) Cleaning up inventory levels in anticipation of Holiday strength and new launches; 2) gearing up for more normalized Halloween costume demand; 3) initial launches for The Simpsons lines to key domestic and international retailers; 4) progress on the international expansion front; 5) the initial shipments for the Authentic Brands partnership and 6) potential demand for Moana 2 and Sonic the Hedgehog 3 Holiday movies.Further, we expect the balance sheet has remained debt free, cash rich and management will provide an update on potential return to shareholders.

JAKK: 2Q Preview: Setting up for Success; Reiterate Buy Rating, $24 PT

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India's CCI intensively scrutinizes Reliance-Disney $8.5 billion merger amid major antitrust concerns.</li>
<li>Eureka Forbes, under new leadership, plans extensive distribution network growth and product launches.</li>
<li>Suzlon's Q1 consolidated net profit soars 200% YoY, reaching ₹302 crore with a 50% revenue increase.</li>
</ul>


India's CCI intensively scrutinizes Reliance-Disney $8.5 billion merger amid major antitrust concerns.
Eureka Forbes, under new leadership, plans extensive distribution network growth and product launches.
Suzlon's Q1 consolidated net profit soars 200% YoY, reaching ₹302 crore with a 50% revenue increase.


# 32 India Insight: Reliance Disney Merger, Eureka Forbes Distribution Plans, Suzlon Profits Surges

<ul><li>We are initiating coverage of JAKKS Pacific, Inc. ("JAKKS" or the company), a leading designer, producer, marketer, seller and distributor of multi-brand licensed toys and related products, with a Buy rating and a $24 price target, or 7.5X our 2025 EPS projection of $3.20.</li><li>We believe, after a rough start to 2024, driven by weak content-led movie driven results, JAKKS is nearing a stabilization of the business and, with new licensing relationships (The Simpsons and Authentic Brands) and content-led movies (Moana 2, Sonic the Hedgehog 3) coming to the fore, is positioned for upside.</li><li>Further, as of 1Q24, JAKKS is debt free for the first time in recent history, with cash per share of over $3.40 and tangible book value of over $14.75 per share.</li></ul>

We are initiating coverage of JAKKS Pacific, Inc. ("JAKKS" or the company), a leading designer, producer, marketer, seller and distributor of multi-brand licensed toys and related products, with a Buy rating and a $24 price target, or 7.5X our 2025 EPS projection of $3.20.We believe, after a rough start to 2024, driven by weak content-led movie driven results, JAKKS is nearing a stabilization of the business and, with new licensing relationships (The Simpsons and Authentic Brands) and content-led movies (Moana 2, Sonic the Hedgehog 3) coming to the fore, is positioned for upside.Further, as of 1Q24, JAKKS is debt free for the first time in recent history, with cash per share of over $3.40 and tangible book value of over $14.75 per share.

JAKK: Initiating Coverage of JAKKS with Buy, $24 PT; Building a Better Model

United States

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

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The Walt Disney Co (DIS US)

The Walt Disney Company: Enhanced Streaming Services Strategy

The Walt Disney Company reported its third-quarter financial results for 2024, reflecting a mixed performance across its diverse business...

Baptista Research

JAKK: Setting Sail for Sunnier Climes; Reiterate Buy, $24 Price Target

We are reiterating our Buy rating and $24 price target and raising our 2024 and 2025 projections for JAKKS Pacific after the company handily beat...

Small Cap Consumer Research

JAKK: 2Q Preview: Setting up for Success; Reiterate Buy Rating, $24 PT

We are reiterating our Buy rating, projections and $24 price target for JAKKS Pacific with the company announcing 2Q24 (June) results after the...

Small Cap Consumer Research

# 32 India Insight: Reliance Disney Merger, Eureka Forbes Distribution Plans, Suzlon Profits Surges

India's CCI closely examines Reliance-Disney merger, Eureka Forbes expands distribution network, Suzlon's Q1 profits surge 200% YoY.

Sudarshan Bhandari

JAKK: Initiating Coverage of JAKKS with Buy, $24 PT; Building a Better Model

We are initiating coverage of JAKKS Pacific, Inc. ("JAKKS" or the company), a leading designer, producer, marketer, seller and distributor of...

Small Cap Consumer Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Walt Disney Company: Enhanced Streaming Services Strategy

The Walt Disney Company reported its third-quarter financial results for 2024, reflecting a mixed performance across its diverse business...

Baptista Research

JAKK: Setting Sail for Sunnier Climes; Reiterate Buy, $24 Price Target

We are reiterating our Buy rating and $24 price target and raising our 2024 and 2025 projections for JAKKS Pacific after the company handily beat...

Small Cap Consumer Research

JAKK: 2Q Preview: Setting up for Success; Reiterate Buy Rating, $24 PT

We are reiterating our Buy rating, projections and $24 price target for JAKKS Pacific with the company announcing 2Q24 (June) results after the...

Small Cap Consumer Research

# 32 India Insight: Reliance Disney Merger, Eureka Forbes Distribution Plans, Suzlon Profits Surges

​India's CCI closely examines Reliance-Disney merger, Eureka Forbes expands distribution network, Suzlon's Q1 profits surge 200% YoY.

Sudarshan Bhandari

JAKK: Initiating Coverage of JAKKS with Buy, $24 PT; Building a Better Model

We are initiating coverage of JAKKS Pacific, Inc. ("JAKKS" or the company), a leading designer, producer, marketer, seller and distributor of...

Small Cap Consumer Research

India's CCI closely examines Reliance-Disney merger, Eureka Forbes expands distribution network, Suzlon's Q1 profits surge 200% YoY.