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>Ulta Beauty's Q4 and fiscal 2023 results present an investment thesis focused on continued growth, strategic expansion, and platform transformation.</li><li>Ulta Beauty carries forward a positive momentum with Q4 net sales recording an increase of 10.2% to $3.6 billion and fiscal year net sales bumping up by 9.8% to $11.2 billion.</li><li>The company robustly exceeded its internal expectations in sales, operating margin, and EPS. Ulta Beauty’s strategic move of curating an assortment, enhancing marketing strategies, and incorporating new fulfillment and technology capabilities have catalyzed their sustainable growth.</li></ul>

Ulta Beauty's Q4 and fiscal 2023 results present an investment thesis focused on continued growth, strategic expansion, and platform transformation.Ulta Beauty carries forward a positive momentum with Q4 net sales recording an increase of 10.2% to $3.6 billion and fiscal year net sales bumping up by 9.8% to $11.2 billion.The company robustly exceeded its internal expectations in sales, operating margin, and EPS. Ulta Beauty’s strategic move of curating an assortment, enhancing marketing strategies, and incorporating new fulfillment and technology capabilities have catalyzed their sustainable growth.

Ulta Beauty: Will Its International Expansion Efforts Bear Fruit? - Major Drivers

<ul><li>Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings, surpassing internal expectations in sales, gross profit, and EPS.</li><li>This quarter, they achieved a 6.4% increase in net sales to $2.5 billion, with operating profit at 13.1% of sales and diluted EPS reaching $5.07 per share.</li><li>In makeup, while overall sales remained flat, mass makeup experienced mid-single-digit growth, offsetting a modest decline in prestige makeup.</li></ul>

Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings, surpassing internal expectations in sales, gross profit, and EPS.This quarter, they achieved a 6.4% increase in net sales to $2.5 billion, with operating profit at 13.1% of sales and diluted EPS reaching $5.07 per share.In makeup, while overall sales remained flat, mass makeup experienced mid-single-digit growth, offsetting a modest decline in prestige makeup.

Ulta Beauty Inc.: Skincare Sales & Digital Channels Skyrocketing - What's Driving the Growth? - Major Drivers

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, $40 price target and projections for Regis as we look forward to 2024.</li><li>Further, we believe management's current strategic review will, at least, extend current debt maturities and could, potentially, re-equitize and delever the balance sheets.</li><li>Finally, we believe there remains the potential to begin to once again focus on growing the franchise base after another round of reducing low value franchises in 1H24.</li></ul>

We are reiterating our Buy rating, $40 price target and projections for Regis as we look forward to 2024.Further, we believe management's current strategic review will, at least, extend current debt maturities and could, potentially, re-equitize and delever the balance sheets.Finally, we believe there remains the potential to begin to once again focus on growing the franchise base after another round of reducing low value franchises in 1H24.

RGS: 2024 Signposts: Taking the Next Steps; Reiterate Buy, Price Target

<ul><li>We are reiterating our Buy rating, $2 price target and projections for Regis after the company announced a one for twenty reverse stock split.</li><li>We believe the reverse stock split, which will allow RGS to regain compliance with the NYSE Minimum Bid Price Requirements, is the first step in the company's strategic alternatives review, which, we believe, could also include deleveraging the balance sheet and placing the company on a stronger financial footing and prepared to register franchisee driven growth.</li><li>As such, we are reiterating our Buy rating asnd $2 price targt for RGS.</li></ul>

We are reiterating our Buy rating, $2 price target and projections for Regis after the company announced a one for twenty reverse stock split.We believe the reverse stock split, which will allow RGS to regain compliance with the NYSE Minimum Bid Price Requirements, is the first step in the company's strategic alternatives review, which, we believe, could also include deleveraging the balance sheet and placing the company on a stronger financial footing and prepared to register franchisee driven growth.As such, we are reiterating our Buy rating asnd $2 price targt for RGS.

RGS: Announces 1 for 20 Reverse Stock Split; 1st Step in Strategic Review

<ul><li>We are reiterating our Buy rating and updating our projections and price target to reflect the 1 for 20 RGS reverse stock split, which was completed yesterday.</li><li>We continue to view this action as the first step in the company's recently announced strategic review; we note the reverse stock split will allow RGS to regain compliance with the NYSE Minimum Bid Price Requirements.</li><li>We reiterate our Buy rating and now $40 price target for RGS.</li></ul>

We are reiterating our Buy rating and updating our projections and price target to reflect the 1 for 20 RGS reverse stock split, which was completed yesterday.We continue to view this action as the first step in the company's recently announced strategic review; we note the reverse stock split will allow RGS to regain compliance with the NYSE Minimum Bid Price Requirements.We reiterate our Buy rating and now $40 price target for RGS.

RGS: Updating Model for Reverse Stock Split; Reiterate Buy Rating

United States

Ulta Beauty, Inc. operates a chain of beauty stores. The Company offers cosmetics, fragrance, skin, and hair care products, as well as salon services. Ulta Beauty serves customers throughout the United States.

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Ulta Beauty (ULTA US)

Ulta Beauty: Will Its International Expansion Efforts Bear Fruit? - Major Drivers

Ulta Beauty's Q4 and fiscal 2023 results present an investment thesis focused on continued growth, strategic expansion, and platform...

Baptista Research

Ulta Beauty Inc.: Skincare Sales & Digital Channels Skyrocketing - What's Driving the Growth? - Major Drivers

Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings, surpassing internal expectations in sales, gross...

Baptista Research

RGS: 2024 Signposts: Taking the Next Steps; Reiterate Buy, Price Target

We are reiterating our Buy rating, $40 price target and projections for Regis as we look forward to 2024. Further, we believe management's current...

Small Cap Consumer Research

RGS: Announces 1 for 20 Reverse Stock Split; 1st Step in Strategic Review

We are reiterating our Buy rating, $2 price target and projections for Regis after the company announced a one for twenty reverse stock split. We...

Small Cap Consumer Research

RGS: Updating Model for Reverse Stock Split; Reiterate Buy Rating

We are reiterating our Buy rating and updating our projections and price target to reflect the 1 for 20 RGS reverse stock split, which was...

Small Cap Consumer Research

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