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>This is our first report on beverage major, Celsius.</li><li>The company reported a strong fiscal year for 2023, which included nearly complete distribution coverage in the United States and over 102% growth in yearly revenue, reaching around $1.3 billion.</li><li>The company's share gains have resulted in it breaking the 10-share barrier in the energy drink market for the first time in over a decade.</li></ul>

This is our first report on beverage major, Celsius.The company reported a strong fiscal year for 2023, which included nearly complete distribution coverage in the United States and over 102% growth in yearly revenue, reaching around $1.3 billion.The company's share gains have resulted in it breaking the 10-share barrier in the energy drink market for the first time in over a decade.

Celsius Holdings: Initiation Of Coverage - Position in the Competitive Energy Drink Landscape & Other Key Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Forensic Accounting

<ul>
<li>This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  </li>
<li>They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.</li>
<li>These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.</li>
</ul>


This model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  
They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.
These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.


Earnings Quality Short Candidates: CELH, FTCH, WOLF, WMG

United States

Celsius Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides thermogenic calorie-burning beverages. The Company markets its beverages multiple channels including grocery, drug, convenience stores, gyms, and nutrition stores. Celsius Holdings serves clients in the United States.

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Celsius Holdings (CELH US)

Celsius Holdings: Initiation Of Coverage - Position in the Competitive Energy Drink Landscape & Other Key Drivers

This is our first report on beverage major, Celsius. The company reported a strong fiscal year for 2023, which included nearly complete...

Baptista Research

Earnings Quality Short Candidates: CELH, FTCH, WOLF, WMG

Earnings Quality shorts lead to idiosyncratic alpha. Today, we show our model rankings and highlight CELH, FTCH, WOLF, WMG.

Eric Fernandez, CFA

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