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

Casey's General Stores / Equity Bottom-Up

Casey's General Stores, Inc. operates convenience stores in the Midwest.  The Company's stores, operating under the name Casey's General Store, carry a selection of food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items, as well as sells gasoline.

<ul><li>Casey’s General Stores, Inc., reported a strong fiscal second quarter for 2026, showcasing significant growth across various metrics.</li><li>The company’s financial performance was highlighted by a 14% year-over-year increase in diluted earnings per share, reaching $5.53, and net income rose to $206 million.</li><li>EBITDA also saw a notable surge, increasing by 17.5% to $410 million compared to the previous year.</li></ul>

Casey’s General Stores, Inc., reported a strong fiscal second quarter for 2026, showcasing significant growth across various metrics.The company’s financial performance was highlighted by a 14% year-over-year increase in diluted earnings per share, reaching $5.53, and net income rose to $206 million.EBITDA also saw a notable surge, increasing by 17.5% to $410 million compared to the previous year.

Casey’s General Stores: Reinventing the Convenience Model Through Food, Fuel, & Consumer Value!

Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries.  The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

<ul><li>Costco Wholesale Corporation's first-quarter earnings report for fiscal year 2026 presented a mix of growth strategies, operational advancements, and financial outcomes that together outline the company's current market position and future trajectory.</li><li>Here are some critical highlights from the earnings call: From a growth perspective, Costco continues to expand its physical footprint with eight new warehouses opened in Q1, bringing their total to 921 worldwide.</li><li>Expansion efforts are particularly focused on optimizing real estate investments.</li></ul>

Costco Wholesale Corporation's first-quarter earnings report for fiscal year 2026 presented a mix of growth strategies, operational advancements, and financial outcomes that together outline the company's current market position and future trajectory.Here are some critical highlights from the earnings call: From a growth perspective, Costco continues to expand its physical footprint with eight new warehouses opened in Q1, bringing their total to 921 worldwide.Expansion efforts are particularly focused on optimizing real estate investments.

Costco Wholesale Corporation Is Quietly Expanding Its Footprint — And the Opportunity Is Massive!

Hormel Foods Corporation manufactures and markets consumer-branded meat and food products.  The Company processes meat and poultry products and produces a variety of prepared foods.  Hormel markets its products around the world under a variety of branded names.

<ul><li>Hormel Foods Corporation delivered a mixed operating outcome, with management commentary reflecting a clear divergence between resilient top-line performance and persistent pressure on profitability.</li><li>The company reported continued organic net sales growth across all three operating segments, supported by a diversified, protein-focused portfolio and strong brand positions in retail and foodservice channels.</li><li>Demand for value-added protein offerings such as ground turkey, branded bacon, prepared meats, and snack nuts remained intact despite a constrained consumer environment, and management emphasized that distribution recovery for key brands, most notably Planters, is largely complete.</li></ul>

Hormel Foods Corporation delivered a mixed operating outcome, with management commentary reflecting a clear divergence between resilient top-line performance and persistent pressure on profitability.The company reported continued organic net sales growth across all three operating segments, supported by a diversified, protein-focused portfolio and strong brand positions in retail and foodservice channels.Demand for value-added protein offerings such as ground turkey, branded bacon, prepared meats, and snack nuts remained intact despite a constrained consumer environment, and management emphasized that distribution recovery for key brands, most notably Planters, is largely complete.

Hormel Foods Corporation: Is Its Recent Portfolio Reshaping the Hidden Catalyst—or a Strategic Risk?

Brown Forman Corp Class B / Equity Bottom-Up

Brown-Forman Corporation manufactures, bottles, imports, exports, and markets a wide variety of alcoholic beverage brands. The Company's products include branded whiskey, vodka, wines, tequila, bourbon, and gin.

<ul><li>Brown-Forman Corporation reported mixed results for the second quarter and first half of fiscal 2026, facing several challenges and opportunities.</li><li>The company experienced a 4% decline in reported net sales, while organic net sales remained flat when adjusted for the divestiture of Korbel and Sonoma-Cutrer from its portfolio.</li><li>A significant portion of this decline was due to macroeconomic and geopolitical uncertainties, particularly affecting consumer confidence and discretionary spending in the U.S. and developed international markets.</li></ul>

Brown-Forman Corporation reported mixed results for the second quarter and first half of fiscal 2026, facing several challenges and opportunities.The company experienced a 4% decline in reported net sales, while organic net sales remained flat when adjusted for the divestiture of Korbel and Sonoma-Cutrer from its portfolio.A significant portion of this decline was due to macroeconomic and geopolitical uncertainties, particularly affecting consumer confidence and discretionary spending in the U.S. and developed international markets.

Brown-Forman: From New Product Launches to Pricing Power—A Resilient Growth Story!

The Kroger Co. operates supermarkets and convenience stores in the United States.  The Company also manufactures and processes some of the foods that its supermarkets sell.

<ul><li>The Kroger Co. reported a quarter characterized by stable core performance, strategic recalibration, and notable one-time impacts, as reflected in management’s responses.</li><li>The company continued to emphasize strengthening its core grocery operations while adjusting its e-commerce strategy to improve profitability and capital efficiency.</li><li>Identical sales without fuel increased modestly, supported primarily by pharmacy and digital channels, while broader consumer behavior reflected ongoing macroeconomic pressure, particularly among middle- and lower-income households.</li></ul>

The Kroger Co. reported a quarter characterized by stable core performance, strategic recalibration, and notable one-time impacts, as reflected in management’s responses.The company continued to emphasize strengthening its core grocery operations while adjusting its e-commerce strategy to improve profitability and capital efficiency.Identical sales without fuel increased modestly, supported primarily by pharmacy and digital channels, while broader consumer behavior reflected ongoing macroeconomic pressure, particularly among middle- and lower-income households.

Kroger Is Rewiring Its Digital Fulfillment Model — A Turning Point for Margins & Cash Flow!

Consumer Staples
Insights in the Consumer Staples Space

Casey’s General Stores: Reinventing the Convenience Model Through Food, Fuel, & Consumer Value!

Casey’s General Stores, Inc., reported a strong fiscal second quarter for 2026, showcasing significant growth across various metrics. The...

Baptista Research

Costco Wholesale Corporation Is Quietly Expanding Its Footprint — And the Opportunity Is Massive!

Costco Wholesale Corporation's first-quarter earnings report for fiscal year 2026 presented a mix of growth strategies, operational advancements,...

Baptista Research

Hormel Foods Corporation: Is Its Recent Portfolio Reshaping the Hidden Catalyst—or a Strategic Risk?

Hormel Foods Corporation delivered a mixed operating outcome, with management commentary reflecting a clear divergence between resilient top-line...

Baptista Research

Brown-Forman: From New Product Launches to Pricing Power—A Resilient Growth Story!

Brown-Forman Corporation reported mixed results for the second quarter and first half of fiscal 2026, facing several challenges and...

Baptista Research

Kroger Is Rewiring Its Digital Fulfillment Model — A Turning Point for Margins & Cash Flow!

The Kroger Co. reported a quarter characterized by stable core performance, strategic recalibration, and notable one-time impacts, as reflected in...

Baptista Research