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>The Wendy's Company recently delivered its fiscal 2025 third-quarter earnings results, which reflected a blend of challenges and strategic initiatives aimed at revitalizing the brand and driving long-term growth.</li><li>The global system-wide sales declined by 2.6%, predominantly due to a 4.7% drop in U.S. same-restaurant sales amidst heightened industry competition and economic pressures on consumers, particularly those with lower incomes.</li><li>Despite these challenges, Wendy’s international business posted a strong performance, showcasing 8.6% growth in system-wide sales and delivering positive same-restaurant sales across all regions.</li></ul>

The Wendy's Company recently delivered its fiscal 2025 third-quarter earnings results, which reflected a blend of challenges and strategic initiatives aimed at revitalizing the brand and driving long-term growth.The global system-wide sales declined by 2.6%, predominantly due to a 4.7% drop in U.S. same-restaurant sales amidst heightened industry competition and economic pressures on consumers, particularly those with lower incomes.Despite these challenges, Wendy’s international business posted a strong performance, showcasing 8.6% growth in system-wide sales and delivering positive same-restaurant sales across all regions.

Wendy’s: What’s Really Behind the 400-Basis-Point Same-Restaurant Sales Outperformance at Company Stores?

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Thematic (Sector/Industry)

<ul>
<li>China M1 and M2 data disappoints and reinforces deflationary risks. Closely watched Consumer Sentiment barometer, new &amp; used prices in top 70 cities, unequivocally weak</li>
<li>. Rise in the dynamic of US auto delinquencies is cause for concern</li>
<li>Corporate caution at investor conferences from <a href="https://www.smartkarma.com/entities/coca-cola-co-the" target="_blank" data-smartkarma-citation="entities:979:1" rel="noopener">Coca Cola Co (KO US)</a> , <a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa (V US), </a><a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a>, <a href="https://www.smartkarma.com/entities/wendy-s-co-the" target="_blank" data-smartkarma-citation="entities:2950:1" rel="noopener">Wendy's Co/The (WEN US), </a><a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a>, 3M and Campari</li>
</ul>


China M1 and M2 data disappoints and reinforces deflationary risks. Closely watched Consumer Sentiment barometer, new &amp; used prices in top 70 cities, unequivocally weak
. Rise in the dynamic of US auto delinquencies is cause for concern
Corporate caution at investor conferences from Coca Cola Co (KO US) , Visa (V US), Mondelez International (MDLZ US), Wendy's Co/The (WEN US), Dow (DOW US), 3M and Campari


Consumer Weekly. China Macro, US Auto Data, Visa, Coca-Cola, Wendy's, Mondelez, Campari, Ally

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the Restaurant and Retail Industries.</p></li><li><p>Our report will focus on stock performance, short interest, an outlook for restaurant commodity costs, interesting themes, and company interviews.</p></li><li><p>In this note, we interviewed Gary Schnierow, Vice-President of Investor Relations, and Corporate Finance for Build-A-Bear Workshop, Inc. (NASDAQ: BBW). </p></li></ul></div></div></div></div>

Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the Restaurant and Retail Industries.Our report will focus on stock performance, short interest, an outlook for restaurant commodity costs, interesting themes, and company interviews.In this note, we interviewed Gary Schnierow, Vice-President of Investor Relations, and Corporate Finance for Build-A-Bear Workshop, Inc. (NASDAQ: BBW). 

Restaurant & Retail Roundup - Interview with Build-A-Bear Workshop (BBW)

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

<ul><li>One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic such as e-commerce, flexible working arrangements, streaming/entertainment at home, digital transformation, MRNA biotechnology, among others.</li><li>Many of these trends in place prior to the pandemic were turbocharged by a quick pivot and responses to adjust to the “new normal” disruption of the dealing with COVID-19 waves, lockdowns, and companies muddling through how to adapt their business model.</li><li>The aftermath of the combination of a bazooka fiscal and monetary stimulus has resulted in the Federal Reserve embarking on the most aggressive interest rate hiking campaign in decades in attempts to arrest and reverse inflation.</li></ul>

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic such as e-commerce, flexible working arrangements, streaming/entertainment at home, digital transformation, MRNA biotechnology, among others.Many of these trends in place prior to the pandemic were turbocharged by a quick pivot and responses to adjust to the “new normal” disruption of the dealing with COVID-19 waves, lockdowns, and companies muddling through how to adapt their business model.The aftermath of the combination of a bazooka fiscal and monetary stimulus has resulted in the Federal Reserve embarking on the most aggressive interest rate hiking campaign in decades in attempts to arrest and reverse inflation.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our outlook remains cautious as we continue to expect heightened volatility and a potential retest of the February 2018 lows over the next several weeks. Near-term we are monitoring for S&amp;P 500 support near 2,600 (i.e., the October low) and resistance near 2,817 or the 100- and 50-day moving averages. In today’s report we outline our current concerns along with developments that would cause us to become more constructive on the market. We also highlight attractive set ups within the Financials, Consumer Discretionary, and Health Care Sectors.</p>

Our outlook remains cautious as we continue to expect heightened volatility and a potential retest of the February 2018 lows over the next several weeks. Near-term we are monitoring for S&amp;P 500 support near 2,600 (i.e., the October low) and resistance near 2,817 or the 100- and 50-day moving averages. In today’s report we outline our current concerns along with developments that would cause us to become more constructive on the market. We also highlight attractive set ups within the Financials, Consumer Discretionary, and Health Care Sectors.

U.S. Equity Strategy: Retest of October Lows Underway; Upgrading Financials

United States

The Wendy's Company operates fast-food restaurants. The Company owns, operates, and franchises fast-food restaurants located throughout countries that include the United States, Singapore, the Middle East and North Africa, the Russian Federation, the Eastern Caribbean, Argentina, the Philippines and Japan.

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Wendy's Co/The (WEN US)

Wendy’s: What’s Really Behind the 400-Basis-Point Same-Restaurant Sales Outperformance at Company Stores?

The Wendy's Company recently delivered its fiscal 2025 third-quarter earnings results, which reflected a blend of challenges and strategic...

Baptista Research

Consumer Weekly. China Macro, US Auto Data, Visa, Coca-Cola, Wendy's, Mondelez, Campari, Ally

China's weak M1 and M2 data signals deflationary risks, while US auto delinquencies and corporate caution at investor conferences raise concerns.

Neil Campling

Restaurant & Retail Roundup - Interview with Build-A-Bear Workshop (BBW)

Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the...

Water Tower Research

Weekly Stock Bullfinder - Week of 5/15

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic...

Weekly Stock Bull Finder

U.S. Equity Strategy: Retest of October Lows Underway; Upgrading Financials

Our outlook remains cautious as we continue to expect heightened volatility and a potential retest of the February 2018 lows over the next several...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wendy’s: What’s Really Behind the 400-Basis-Point Same-Restaurant Sales Outperformance at Company Stores?

The Wendy's Company recently delivered its fiscal 2025 third-quarter earnings results, which reflected a blend of challenges and strategic...

Baptista Research

Consumer Weekly. China Macro, US Auto Data, Visa, Coca-Cola, Wendy's, Mondelez, Campari, Ally

​China's weak M1 and M2 data signals deflationary risks, while US auto delinquencies and corporate caution at investor conferences raise concerns.

Neil Campling

Restaurant & Retail Roundup - Interview with Build-A-Bear Workshop (BBW)

Monthly report on restaurant and retail companies. At Water Tower Research, we are introducing a new monthly report to focus exclusively on the...

Water Tower Research

Weekly Stock Bullfinder - Week of 5/15

One of the lasting legacies of the COVID-19 pandemic was the acceleration of secular trends which were already in place prior to the start pandemic...

Weekly Stock Bull Finder

U.S. Equity Strategy: Retest of October Lows Underway; Upgrading Financials

Our outlook remains cautious as we continue to expect heightened volatility and a potential retest of the February 2018 lows over the next several...

Vermilion Research

China's weak M1 and M2 data signals deflationary risks, while US auto delinquencies and corporate caution at investor conferences raise concerns.