Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $30 price target and raising our projections after a.k.a. Brands reported solid 3Q24 (September) top and EBITDA upside, as domestic operations continue to register strong, double-digit top line growth and operating results, driven by new store openings at Princess Polly, further online marketplace expansion and strong dress trends at Petal & Pup and continued exclusive offerings at Culture Kings, were only partially offset by weakness in the Australia/New Zealand market.</li><li>With 4Q on track for six Princess Polly stores operating (versus one last year), wholesale expansion at Nordstrom for both Princess Polly and Petal & Pup, and the beginning of the launch of "test and repeat" at Culture Kings, we view the company as primed to be a key Holiday winner and, with more stores (including NYC in 1H25) on track to drive further momentum into 2025 and beyond.</li><li>As such, we remain upbeat on further upside and reiterate our Buy rating and $30 price target for AKA.</li></ul>

We are reiterating our Buy rating, $30 price target and raising our projections after a.k.a. Brands reported solid 3Q24 (September) top and EBITDA upside, as domestic operations continue to register strong, double-digit top line growth and operating results, driven by new store openings at Princess Polly, further online marketplace expansion and strong dress trends at Petal & Pup and continued exclusive offerings at Culture Kings, were only partially offset by weakness in the Australia/New Zealand market.With 4Q on track for six Princess Polly stores operating (versus one last year), wholesale expansion at Nordstrom for both Princess Polly and Petal & Pup, and the beginning of the launch of "test and repeat" at Culture Kings, we view the company as primed to be a key Holiday winner and, with more stores (including NYC in 1H25) on track to drive further momentum into 2025 and beyond.As such, we remain upbeat on further upside and reiterate our Buy rating and $30 price target for AKA.

ANF US - AKA: 3Q Upside Solid, with More Likely On the Way; Reiterate Buy, $30 PT

<ul><li>We are reiterating our Buy rating and projections, but raising our price target for AKA to $30 (from $25) with the company announcing 3Q24 (September) results after the close on Thursday.</li><li>We believe, with at least six Princess Polly stores opened for the Holidays (and more on the way) a.k.a. Brands is well on their way to creating a true omnichannel brand with highly appealing returns and a path to driving overall profitability for the company.</li><li>Further, we believe Culture Kings, with the shift to the company's "test and repeat" inventory model, is setting up to return to profitable growth.</li></ul>

We are reiterating our Buy rating and projections, but raising our price target for AKA to $30 (from $25) with the company announcing 3Q24 (September) results after the close on Thursday.We believe, with at least six Princess Polly stores opened for the Holidays (and more on the way) a.k.a. Brands is well on their way to creating a true omnichannel brand with highly appealing returns and a path to driving overall profitability for the company.Further, we believe Culture Kings, with the shift to the company's "test and repeat" inventory model, is setting up to return to profitable growth.

AKA: 3Q Preview: Becoming an Omnichannel Leader; Reiterate Buy, Raising PT to $30

<ul><li>We are reiterating our Buy rating, projections and $25 price target after visiting Princess Polly and Culture Kings stores, including newly opened locations in San Diego and Scottsdale (Phoenix).</li><li>We believe, as management continues to refine the Princess Polly store model, the opportunity to drive material returns and add new customers will increase, creating a compelling (and higher margin) shopping experience with the potential for further store expansion.</li><li>We view the new Princess Polly locations as setting the stage for further store expansion and upside to our projections and believe management is fully committed to adding incremental locations in the near and medium term.</li></ul>

We are reiterating our Buy rating, projections and $25 price target after visiting Princess Polly and Culture Kings stores, including newly opened locations in San Diego and Scottsdale (Phoenix).We believe, as management continues to refine the Princess Polly store model, the opportunity to drive material returns and add new customers will increase, creating a compelling (and higher margin) shopping experience with the potential for further store expansion.We view the new Princess Polly locations as setting the stage for further store expansion and upside to our projections and believe management is fully committed to adding incremental locations in the near and medium term.

Abercrombie & Fitch Co Cl A - AKA: Snapping the Store: Expanding the Network; Reiterate Buy, $25 PT

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.

<ul><li>Abercrombie & Fitch Co. recently unveiled its results for the second quarter of 2024, divulging key financial metrics and strategic initiatives that might influence investor sentiment.</li><li>The company exceeded prior projections, setting second-quarter records with a robust 21% growth in net sales, reaching $1.1 billion, alongside an impressive operating margin of 15.5%.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Abercrombie & Fitch Co. recently unveiled its results for the second quarter of 2024, divulging key financial metrics and strategic initiatives that might influence investor sentiment.The company exceeded prior projections, setting second-quarter records with a robust 21% growth in net sales, reaching $1.1 billion, alongside an impressive operating margin of 15.5%.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Abercrombie & Fitch Co.: Expanded Product Categories & Brand Partnerships Driving Our Optimism! - Major Drivers

<ul><li>We are reiterating our Buy rating and $25 price target for AKA and raising our 2024 and 2025 projections after the company registered impressive 2Q2H top line, Adjusted EBITDA and EPS upside, raised 2024 guidance and increased the store opening roster for Princess Polly in 2024 to five, adding new locations in Irvine and Santa Clara.</li><li>a.k.a. Brands continues to leverage newness, fashion excitement and omnichannel expansion for their brands to capture stronger domestic market results.</li><li>We believe, with increased 2024 Princess Polly store openings, a focus on increasing margins in Australia, and new (and deepening) digital marketplace relationships, our projections, even after material raises for 2024 and 2025, remain conservative and we reiterate our Buy rating and $25 price target for AKA.</li></ul>

We are reiterating our Buy rating and $25 price target for AKA and raising our 2024 and 2025 projections after the company registered impressive 2Q2H top line, Adjusted EBITDA and EPS upside, raised 2024 guidance and increased the store opening roster for Princess Polly in 2024 to five, adding new locations in Irvine and Santa Clara.a.k.a. Brands continues to leverage newness, fashion excitement and omnichannel expansion for their brands to capture stronger domestic market results.We believe, with increased 2024 Princess Polly store openings, a focus on increasing margins in Australia, and new (and deepening) digital marketplace relationships, our projections, even after material raises for 2024 and 2025, remain conservative and we reiterate our Buy rating and $25 price target for AKA.

Abercrombie & Fitch Co Cl A - AKA; 2Q Review: Showing the Way to Upside; Reiterate Buy, $25 PT

United States

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

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Abercrombie & Fitch Co Cl A (ANF US)

ANF US - AKA: 3Q Upside Solid, with More Likely On the Way; Reiterate Buy, $30 PT

We are reiterating our Buy rating, $30 price target and raising our projections after a.k.a. Brands reported solid 3Q24 (September) top and EBITDA...

Small Cap Consumer Research

AKA: 3Q Preview: Becoming an Omnichannel Leader; Reiterate Buy, Raising PT to $30

We are reiterating our Buy rating and projections, but raising our price target for AKA to $30 (from $25) with the company announcing 3Q24...

Small Cap Consumer Research

Abercrombie & Fitch Co Cl A - AKA: Snapping the Store: Expanding the Network; Reiterate Buy, $25 PT

We are reiterating our Buy rating, projections and $25 price target after visiting Princess Polly and Culture Kings stores, including newly opened...

Small Cap Consumer Research

Abercrombie & Fitch Co.: Expanded Product Categories & Brand Partnerships Driving Our Optimism! - Major Drivers

Abercrombie & Fitch Co. recently unveiled its results for the second quarter of 2024, divulging key financial metrics and strategic...

Baptista Research

Abercrombie & Fitch Co Cl A - AKA; 2Q Review: Showing the Way to Upside; Reiterate Buy, $25 PT

We are reiterating our Buy rating and $25 price target for AKA and raising our 2024 and 2025 projections after the company registered impressive...

Small Cap Consumer Research

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