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

<ul><li>Ulta Beauty surpassed the revenue and earnings expectations of Wall Street.</li><li>For the quarter, all major categories produced comp growth.</li><li>The quarter saw double-digit growth in both prestige and mass skin care.</li></ul>

Ulta Beauty surpassed the revenue and earnings expectations of Wall Street.For the quarter, all major categories produced comp growth.The quarter saw double-digit growth in both prestige and mass skin care.

Ulta Beauty Inc.: The Powerhouses Behind Their Double-Digit Comp Growth! - Major Drivers

Equity Capital Markets

<ul><li>Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>However, the importance of self-care remains strong as evidenced by the solid engagement with beauty products.</li><li>They look to enhance guest experiences across touchpoints, including their digital store and Ulta Beauty at Target.</li></ul>

Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings.However, the importance of self-care remains strong as evidenced by the solid engagement with beauty products.They look to enhance guest experiences across touchpoints, including their digital store and Ulta Beauty at Target.

Ulta Beauty: Strong Self-Care Sales Are a Sign of Things to Come – Key Drivers

<ul><li>Ulta Beauty delivered a good performance in the last quarter with robust revenue growth driving double-digit earnings growth and operating margin expansion.</li><li>The double-digit comp of Ulta Beauty in this quarter was an outcome of growth from its core assortment, compelling newness, and price increases.</li><li>To support guest education and drive discovery, this quarter Ulta Beauty introduced its Skincare We Love All in every store.</li></ul>

Ulta Beauty delivered a good performance in the last quarter with robust revenue growth driving double-digit earnings growth and operating margin expansion.The double-digit comp of Ulta Beauty in this quarter was an outcome of growth from its core assortment, compelling newness, and price increases.To support guest education and drive discovery, this quarter Ulta Beauty introduced its Skincare We Love All in every store.

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

Ulta Beauty Inc.: The Powerhouses Behind Their Double-Digit Comp Growth! - Major Drivers

Ulta Beauty surpassed the revenue and earnings expectations of Wall Street. For the quarter, all major categories produced comp growth. The...

Baptista Research

Ulta Beauty: Strong Self-Care Sales Are a Sign of Things to Come – Key Drivers

Ulta Beauty managed to exceed analyst expectations in terms of revenue as well as earnings. However, the importance of self-care remains strong as...

Baptista Research

Ulta Beauty: Major Drivers

Ulta Beauty delivered a good performance in the last quarter with robust revenue growth driving double-digit earnings growth and operating margin...

Baptista Research

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