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>CAVA's first quarter of 2024 financial results depict a mixed yet optimistic scenario for the Mediterranean cuisine leader.</li>
<li>The company reported solid revenue growth of 30.3% year-over-year reaching $256.3 million and a notable addition of 14 new restaurants, indicating aggressive expansion strategies into both existing and new markets.</li>
<li>The same-restaurant sales experienced a moderate increase of 2.3% or 30.7% on a 2-year basis which, while positive, might suggest a deceleration in same-restaurant sales growth momentum when compared to historical data.</li>
</ul>


CAVA's first quarter of 2024 financial results depict a mixed yet optimistic scenario for the Mediterranean cuisine leader.
The company reported solid revenue growth of 30.3% year-over-year reaching $256.3 million and a notable addition of 14 new restaurants, indicating aggressive expansion strategies into both existing and new markets.
The same-restaurant sales experienced a moderate increase of 2.3% or 30.7% on a 2-year basis which, while positive, might suggest a deceleration in same-restaurant sales growth momentum when compared to historical data.


<ul>
<li>CAVA Group's performance in 2023 underscored its burgeoning dominance in the fast-casual Mediterranean dining segment, juxtaposing strong growth against the broader restaurant industry's fluctuating recovery post pandemic.</li>
<li>The company's strategic expansions, coupled with its culinary innovation and emphasis on digital and in-restaurant experiences, have positioned it well for sustained growth.</li>
<li>However, operational adjustments to maintain this trajectory come with their set of challenges and uncertainties, especially in an unpredictable macroeconomic environment.</li>
</ul>


CAVA Group's performance in 2023 underscored its burgeoning dominance in the fast-casual Mediterranean dining segment, juxtaposing strong growth against the broader restaurant industry's fluctuating recovery post pandemic.
The company's strategic expansions, coupled with its culinary innovation and emphasis on digital and in-restaurant experiences, have positioned it well for sustained growth.
However, operational adjustments to maintain this trajectory come with their set of challenges and uncertainties, especially in an unpredictable macroeconomic environment.


CAVA Group: Is Its Emphasis on Digital & In-Store Experience Enhancements Paying Off?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we talk about the not-so-positive aspects of the deal.


Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez </a> raised around US$221m in its upsized Australian IPO. </li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>We have looked at the company’s performance  and valuation in our past notes. In this note, we talk about the trading dynamics.</li>
</ul>



Guzman Y Gomez  raised around US$221m in its upsized Australian IPO. 
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
We have looked at the company’s performance  and valuation in our past notes. In this note, we talk about the trading dynamics.


Guzman Y Gomez IPO Trading - Strong Demand, Not All Shares in Escrow

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we continued to look at <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a>,  <a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> and <a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a>, along with <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd" target="_blank" data-smartkarma-citation="entities:41297:1" rel="noopener">Mao Geping Cosmetics</a>. </li>
<li>On the placement front, there were quite a few deals in India, while <a href="https://www.smartkarma.com/entities/atour-lifestyle-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33481:1" rel="noopener">Atour Lifestyle Holdings (ATAT US)</a> was the major Asia linked offerings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we continued to look at Shift Up (462870 KS),  Guzman Y Gomez and Webtoon Entertainment (WBTN US), along with Mao Geping Cosmetics. 
On the placement front, there were quite a few deals in India, while Atour Lifestyle Holdings (ATAT US) was the major Asia linked offerings.


ECM Weekly (17th June 2024)-Shift Up, Webtoon, Quantum, Guzman, MaoGeping, Johor Plant, Telix, Atour

United States

CAVA Group, Inc. owns and operates Mediterranean fast-casual restaurants. The Company offers desserts, beverages, and other fast food products, as well as producing dips, spreads, and dressings. CAVA Group serves customers in the United States.

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Cava Group (CAVA US)

CAVA Group Inc.

CAVA's first quarter of 2024 financial results depict a mixed yet optimistic scenario for the Mediterranean cuisine leader. The company reported...

Baptista Research

CAVA Group: Is Its Emphasis on Digital & In-Store Experience Enhancements Paying Off?

CAVA Group's performance in 2023 underscored its burgeoning dominance in the fast-casual Mediterranean dining segment, juxtaposing strong growth...

Baptista Research

Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Guzman Y Gomez IPO Trading - Strong Demand, Not All Shares in Escrow

Guzman Y Gomez raised around US$221m in its upsized Australian IPO. Demand was said to be strong, as per media reports. In this note, we talk...

Sumeet Singh

ECM Weekly (17th June 2024)-Shift Up, Webtoon, Quantum, Guzman, MaoGeping, Johor Plant, Telix, Atour

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

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