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 second quarter of fiscal 2026 revealed a strong performance, with net sales increasing by 9.3% to $2.8 billion and a comparable sales (comp sales) growth of 6.7%.</li><li>The quarter's performance was driven largely by the core business strength, improved in-store execution, and strategic marketing initiatives.</li><li>Operating profit stood at $345 million, translating to 12.4% of sales, while diluted earnings per share reached $5.78.</li></ul>

Ulta Beauty's second quarter of fiscal 2026 revealed a strong performance, with net sales increasing by 9.3% to $2.8 billion and a comparable sales (comp sales) growth of 6.7%.The quarter's performance was driven largely by the core business strength, improved in-store execution, and strategic marketing initiatives.Operating profit stood at $345 million, translating to 12.4% of sales, while diluted earnings per share reached $5.78.

Ulta Beauty: Leveraging Marketplace Expansion & Loyalty Program To Change The Game!

<ul><li>Ulta Beauty recently reported its first quarter results for fiscal year 2025, reflecting a performance that exceeded initial expectations.</li><li>The company’s net sales grew by 4.5% to $2.8 billion, while operating profit was recorded at 14.1% of sales, translating to diluted earnings per share of $6.70.</li><li>This growth came amidst a challenging macroeconomic environment, where consumers are increasingly making trade-offs in other areas but maintaining spending in beauty and wellness.</li></ul>

Ulta Beauty recently reported its first quarter results for fiscal year 2025, reflecting a performance that exceeded initial expectations.The company’s net sales grew by 4.5% to $2.8 billion, while operating profit was recorded at 14.1% of sales, translating to diluted earnings per share of $6.70.This growth came amidst a challenging macroeconomic environment, where consumers are increasingly making trade-offs in other areas but maintaining spending in beauty and wellness.

Ulta Beauty: Omnichannel Strategy & Technology Integration to Up Their Game!

<ul><li>Ulta Beauty's recent discussion covered its fourth-quarter and full-year 2024 financial results and laid out plans for 2025.</li><li>The company demonstrated resilience and adaptability amidst competitive challenges and internal strategic realignments.</li><li>The earnings call highlighted both positive developments and areas of concern, providing a balanced view of Ulta's current position and future prospects.</li></ul>

Ulta Beauty's recent discussion covered its fourth-quarter and full-year 2024 financial results and laid out plans for 2025.The company demonstrated resilience and adaptability amidst competitive challenges and internal strategic realignments.The earnings call highlighted both positive developments and areas of concern, providing a balanced view of Ulta's current position and future prospects.

Ulta Beauty: Expansion of Wellness and Brand Portfolio  & Other Factors Powering Our Bullishness!

<ul><li>Ulta Beauty's third quarter of fiscal 2024 results displayed both strengths and challenges reflective of the broader and highly competitive beauty market dynamics.</li><li>The company's net sales saw a modest increase of 1.7%, reaching $2.5 billion, with comparable sales inching up by 0.6%, demonstrating a slight improvement compared to prior periods.</li><li>The growth in sales was accompanied by a 1.4% rise in diluted earnings per share, reaching $5.14, reflecting disciplined financial management despite ongoing market headwinds.</li></ul>

Ulta Beauty's third quarter of fiscal 2024 results displayed both strengths and challenges reflective of the broader and highly competitive beauty market dynamics.The company's net sales saw a modest increase of 1.7%, reaching $2.5 billion, with comparable sales inching up by 0.6%, demonstrating a slight improvement compared to prior periods.The growth in sales was accompanied by a 1.4% rise in diluted earnings per share, reaching $5.14, reflecting disciplined financial management despite ongoing market headwinds.

Ulta Beauty Inc.: An Insight Into Its E-commerce and Omnichannel Strategy & Other Major Drivers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Korea surpassed France as the top exporter of cosmetics to the USA in 2024. Korea exported $1.7 billion worth of cosmetics to the USA in 2024, up 54.2% YoY.</li>
<li>CJ Olive Young's online cosmetic sales to overseas markets soared 70% YoY in 1H 2025, fueled largely by the explosive demand from the United States.</li>
<li>We have raised our NAV valuation of CJ Corp to 207,713 won per share (up 28%). We raised the valuation of CJ Olive Young to 7 trillion won. </li>
</ul>


Korea surpassed France as the top exporter of cosmetics to the USA in 2024. Korea exported $1.7 billion worth of cosmetics to the USA in 2024, up 54.2% YoY.
CJ Olive Young's online cosmetic sales to overseas markets soared 70% YoY in 1H 2025, fueled largely by the explosive demand from the United States.
We have raised our NAV valuation of CJ Corp to 207,713 won per share (up 28%). We raised the valuation of CJ Olive Young to 7 trillion won. 


Korea Surpasses France as Top Exporter of Cosmetics to the USA [CJ Olive Young - Key Beneficiary]

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: Leveraging Marketplace Expansion & Loyalty Program To Change The Game!

Ulta Beauty's second quarter of fiscal 2026 revealed a strong performance, with net sales increasing by 9.3% to $2.8 billion and a comparable...

Baptista Research

Ulta Beauty: Omnichannel Strategy & Technology Integration to Up Their Game!

Ulta Beauty recently reported its first quarter results for fiscal year 2025, reflecting a performance that exceeded initial expectations. The...

Baptista Research

Ulta Beauty: Expansion of Wellness and Brand Portfolio & Other Factors Powering Our Bullishness!

Ulta Beauty's recent discussion covered its fourth-quarter and full-year 2024 financial results and laid out plans for 2025. The company...

Baptista Research

Ulta Beauty Inc.: An Insight Into Its E-commerce and Omnichannel Strategy & Other Major Drivers

Ulta Beauty's third quarter of fiscal 2024 results displayed both strengths and challenges reflective of the broader and highly competitive beauty...

Baptista Research

Korea Surpasses France as Top Exporter of Cosmetics to the USA [CJ Olive Young - Key Beneficiary]

Korea surpassed France as the top exporter of cosmetics to the USA in 2024. We have raised our NAV valuation of CJ Corp to 207,713 won per share...

Douglas Kim

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