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>VF Corporation's first quarter earnings for fiscal year 2025 highlighted both achievements and challenges the company faces as it continues its transformation.</li><li>In its execution of the Reinvent transformation program, VF Corporation is focused on improving profitability and operational efficiency.</li><li>The company reported $50 million in cost savings during the quarter, contributing to its target of $300 million in savings, which it anticipates will be fully realized in the profit and loss statement by the end of the fiscal year.</li></ul>

VF Corporation's first quarter earnings for fiscal year 2025 highlighted both achievements and challenges the company faces as it continues its transformation.In its execution of the Reinvent transformation program, VF Corporation is focused on improving profitability and operational efficiency.The company reported $50 million in cost savings during the quarter, contributing to its target of $300 million in savings, which it anticipates will be fully realized in the profit and loss statement by the end of the fiscal year.

V.F. Corporation: Direct-to-Consumer (DTC) Growth & Omnichannel Enhancement As A Critical Growth Lever! - Major Drivers

<ul><li>From the Q4 2024 Earnings of VF Corporation, it can be inferred that the company is working on a transformation strategy named Reinvent to return to long-term growth.</li><li>The company seems to be undergoing significant changes both structurally and operationally.</li><li>Reinvent's primary focus is on restructuring the U.S. business, cost base adjustment, and balance sheet enhancement.</li></ul>

From the Q4 2024 Earnings of VF Corporation, it can be inferred that the company is working on a transformation strategy named Reinvent to return to long-term growth.The company seems to be undergoing significant changes both structurally and operationally.Reinvent's primary focus is on restructuring the U.S. business, cost base adjustment, and balance sheet enhancement.

V.F. Corporation: Expansion of Direct-to-Consumer (DTC) Channel & Other Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points<ul><li>VFC is a large apparel company with iconic brands such as The North Face and Vans</li><li>Shares are currently undervalued following a disappointing FY23, with estimated fair value of $40/share</li><li>Strong brands and opportunities for portfolio rationalization and margin improvement make VFC a potential growth opportunity with new management in place.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key pointsVFC is a large apparel company with iconic brands such as The North Face and VansShares are currently undervalued following a disappointing FY23, with estimated fair value of $40/shareStrong brands and opportunities for portfolio rationalization and margin improvement make VFC a potential growth opportunity with new management in place.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a> has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.</li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  </li>
</ul>



Snow Peak Inc (7816 JP) has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.
Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  


Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

<ul>
<li>The <a href="https://asia.nikkei.com/Business/Business-deals/Japan-s-Snow-Peak-plans-330m-management-buyout-with-Bain-help" target="_blank" rel="noopener">Nikkei reports</a> that <a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a> is set to disclose a Bain-sponsored MBO this week “in the range of 1,200 yen per share.”</li>
<li>Mergermarket first disclosed a potential MBO on Friday. Snow Peak responded that while it is true that we are considering going private, no decision has been made at this time.</li>
<li>The rumoured JPY1,200 offer price is light vs historical trading ranges but attractive vs peer and historical multiples. The probability of an offer materialising is high. </li>
</ul>


The Nikkei reports that Snow Peak Inc (7816 JP) is set to disclose a Bain-sponsored MBO this week “in the range of 1,200 yen per share.”
Mergermarket first disclosed a potential MBO on Friday. Snow Peak responded that while it is true that we are considering going private, no decision has been made at this time.
The rumoured JPY1,200 offer price is light vs historical trading ranges but attractive vs peer and historical multiples. The probability of an offer materialising is high. 


Snow Peak (7816 JP): Bain Contemplating Backing an MBO at JPY1,200

United States

VF Corporation is an international apparel company. The Company owns a broad portfolio of brands in the jeanswear, outerwear, packs, footwear, sportswear and occupational apparel categories. VF Corp's products are marketed to consumers shopping in specialty stores, upscale and traditional department stores, national chains and mass merchants.

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Vf Corp (VFC US)

V.F. Corporation: Direct-to-Consumer (DTC) Growth & Omnichannel Enhancement As A Critical Growth Lever! - Major Drivers

VF Corporation's first quarter earnings for fiscal year 2025 highlighted both achievements and challenges the company faces as it continues its...

Baptista Research

V.F. Corporation: Expansion of Direct-to-Consumer (DTC) Channel & Other Major Drivers

From the Q4 2024 Earnings of VF Corporation, it can be inferred that the company is working on a transformation strategy named Reinvent to return...

Baptista Research

Vf Corp (VFC) - Monday, Jan 22, 2024

VFC is a large apparel company with iconic brands such as The North Face and Vans. Shares are currently undervalued following a disappointing FY23,...

Value Investors Club (VIC)

Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance...

Arun George

Snow Peak (7816 JP): Bain Contemplating Backing an MBO at JPY1,200

The rumoured JPY1,200 offer price is light vs historical trading ranges but attractive vs peer and historical multiples. The probability of an...

Arun George

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