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>Under Armour's recent earnings present a picture of a company undergoing significant transformation while facing notable challenges.</li><li>The company's management team, led by CEO Kevin Plank, highlights a strategic direction aimed at strengthening Under Armour's brand identity, fostering innovation in product offerings, and bolstering consumer engagement.</li><li>This reinvention strategy is juxtaposed with immediate market adversities, including declining revenues and the impact of newly introduced tariffs.</li></ul>

Under Armour's recent earnings present a picture of a company undergoing significant transformation while facing notable challenges.The company's management team, led by CEO Kevin Plank, highlights a strategic direction aimed at strengthening Under Armour's brand identity, fostering innovation in product offerings, and bolstering consumer engagement.This reinvention strategy is juxtaposed with immediate market adversities, including declining revenues and the impact of newly introduced tariffs.

Under Armour’s Bold Comeback: How the Brand Is Winning Over Young Consumers!

<ul><li>Under Armour's fourth-quarter fiscal 2025 earnings report reveals a complex narrative, reflecting both strides in strategic realignment and significant challenges in market execution and financial performance.</li><li>On the positive side, Under Armour demonstrated notable progress in several areas, including gross margin improvement, strategic streamlining, and brand repositioning efforts.</li><li>The company increased its gross margin by 170 basis points to 46.7%, driven by reductions in product and freight costs, a decrease in promotional activities, and strategic pricing benefits.</li></ul>

Under Armour's fourth-quarter fiscal 2025 earnings report reveals a complex narrative, reflecting both strides in strategic realignment and significant challenges in market execution and financial performance.On the positive side, Under Armour demonstrated notable progress in several areas, including gross margin improvement, strategic streamlining, and brand repositioning efforts.The company increased its gross margin by 170 basis points to 46.7%, driven by reductions in product and freight costs, a decrease in promotional activities, and strategic pricing benefits.

Under Armour Working On A Bold Restructuring Move; Will It Result In A Retail Rebound?

<ul><li>The Under Armour earnings for the second quarter of fiscal 2025 presents a picture of both challenges and early successes in the company's efforts to reposition itself in the highly competitive athletic apparel market.</li><li>On the positive side, Under Armour has managed to report profitability that exceeded expectations, with an adjusted operating income beat of approximately $50 million.</li><li>This is attributed to effective cost-control measures, a reduction in promotion and discounting activities, and ongoing product costing initiatives.</li></ul>

The Under Armour earnings for the second quarter of fiscal 2025 presents a picture of both challenges and early successes in the company's efforts to reposition itself in the highly competitive athletic apparel market.On the positive side, Under Armour has managed to report profitability that exceeded expectations, with an adjusted operating income beat of approximately $50 million.This is attributed to effective cost-control measures, a reduction in promotion and discounting activities, and ongoing product costing initiatives.

Under Armour Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

<ul><li>Under Armour's first quarter fiscal 2025 earnings reflected a blend of strategic advancement and lingering challenges.</li><li>With Kevin Plank at the helm, the company appears focused on fortifying its branding, signifying a pivot towards a clearer segmentation of their market and a concerted effort to enhance product value rather than volume.</li><li>Starting with the positive aspects, Under Armour has delineated a path to refine its identity as an athletic brand through its "Protect This House" strategy, aiming to invigorate its connection with athletes and consumers globally.</li></ul>

Under Armour's first quarter fiscal 2025 earnings reflected a blend of strategic advancement and lingering challenges.With Kevin Plank at the helm, the company appears focused on fortifying its branding, signifying a pivot towards a clearer segmentation of their market and a concerted effort to enhance product value rather than volume.Starting with the positive aspects, Under Armour has delineated a path to refine its identity as an athletic brand through its "Protect This House" strategy, aiming to invigorate its connection with athletes and consumers globally.

Under Armour Inc.: An Enhanced Retail Strategy and SKU Optimization To Catalyze Growth! - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the upcoming lock-up expiry and deal dynamics.</li>
</ul>



Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the upcoming lock-up expiry and deal dynamics.


Amer Sports IPO Lock-Up Expiry - PE Investor Might Look to Trim US$750m Stake

United States

Under Armour, Inc. develops, markets, and distributes branded performance products for men, women, and youth. The Company designs and sells a broad offering of apparel and accessories made of synthetic microfibers.

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Under Armour (UAA US)

Under Armour’s Bold Comeback: How the Brand Is Winning Over Young Consumers!

Under Armour's recent earnings present a picture of a company undergoing significant transformation while facing notable challenges. The company's...

Baptista Research

Under Armour Working On A Bold Restructuring Move; Will It Result In A Retail Rebound?

Under Armour's fourth-quarter fiscal 2025 earnings report reveals a complex narrative, reflecting both strides in strategic realignment and...

Baptista Research

Under Armour Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

The Under Armour earnings for the second quarter of fiscal 2025 presents a picture of both challenges and early successes in the company's efforts...

Baptista Research

Under Armour Inc.: An Enhanced Retail Strategy and SKU Optimization To Catalyze Growth! - Major Drivers

Under Armour's first quarter fiscal 2025 earnings reflected a blend of strategic advancement and lingering challenges. With Kevin Plank at the...

Baptista Research

Amer Sports IPO Lock-Up Expiry - PE Investor Might Look to Trim US$750m Stake

Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range. Its pre-IPO investors will be...

Sumeet Singh

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