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

Abercrombie & Fitch Co Cl A / Equity Bottom-Up

<ul><li>Abercrombie & Fitch's latest quarterly performance showed strong results, effectively capitalizing on consumer demand and strategic execution across multiple facets of their business.</li><li>The company reported a record net sales figure of $1.2 billion for the third quarter, marking a 14% increase from the previous year, alongside a comparable sales rise of 16%.</li><li>The operating income also witnessed a 30% growth year-over-year, driven by a 170 basis point improvement in operating margin to 14.8%.</li></ul>

Abercrombie & Fitch's latest quarterly performance showed strong results, effectively capitalizing on consumer demand and strategic execution across multiple facets of their business.The company reported a record net sales figure of $1.2 billion for the third quarter, marking a 14% increase from the previous year, alongside a comparable sales rise of 16%.The operating income also witnessed a 30% growth year-over-year, driven by a 170 basis point improvement in operating margin to 14.8%.

Abercrombie & Fitch Co.: Expansion of Global Brand Awareness & Localization Efforts Driving Our Bullishness! - Major Drivers

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Our estimations for FY 2024 (ending February 2025) annual revenue range at around $4,977 million and for FY 2025 at around $5,820 million.</li><li>The company’s annual revenue reached $4,281 million in 2023 compared to $3,698 million in 2022, posting an increase of 15.76%.</li><li>Abercrombie &amp; Fitch’s gross profit for FY 2023 was $2,693 million increased by 27.98% compared to $2,105 million for the corresponding period of 2022. </li></ul>

Our estimations for FY 2024 (ending February 2025) annual revenue range at around $4,977 million and for FY 2025 at around $5,820 million.The company’s annual revenue reached $4,281 million in 2023 compared to $3,698 million in 2022, posting an increase of 15.76%.Abercrombie &amp; Fitch’s gross profit for FY 2023 was $2,693 million increased by 27.98% compared to $2,105 million for the corresponding period of 2022. 

Abercrombie & Fitch Co. - October 11, 2024

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).

<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

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)

Abercrombie & Fitch Co.: Expansion of Global Brand Awareness & Localization Efforts Driving Our Bullishness! - Major Drivers

Abercrombie & Fitch's latest quarterly performance showed strong results, effectively capitalizing on consumer demand and strategic execution...

Baptista Research

Abercrombie & Fitch Co. - October 11, 2024

Our estimations for FY 2024 (ending February 2025) annual revenue range at around $4,977 million and for FY 2025 at around $5,820 million.

VRS (Valuation & Research Specialists)

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

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