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 Capital Markets

Columbia Sportswear Co / Equity Capital Markets

<ul><li>Columbia Sportswear continued to suffer from supply chain disruptions during the recent quarter which is why it was not able to meet the customer demand, impacting its top-line.</li><li>Delayed inventory receipts impacted wholesale shipments in the United States and resulted in a net sales shortfall compared to management expectations.</li><li>Besides, industrial closures in Southern Vietnam have added strain to an already stretched global supply chain.</li></ul>

Columbia Sportswear continued to suffer from supply chain disruptions during the recent quarter which is why it was not able to meet the customer demand, impacting its top-line.Delayed inventory receipts impacted wholesale shipments in the United States and resulted in a net sales shortfall compared to management expectations.Besides, industrial closures in Southern Vietnam have added strain to an already stretched global supply chain.

Columbia Sportswear Company - Investment Thesis

<ul><li>Columbia Sportswear has recently been in the news for the launch of its new Omni-Heat Infinity Technology with a new gold metallic lining material in a pattern scientifically engineered to optimize warmth and breathability.</li><li>The company had a solid financial result with net sales increasing 79%, driven by an 89% growth in their Wholesale business and 69% growth in their Direct-to-Consumer (DTC) business.</li><li>It is important to highlight that even as consumers returned to in-store shopping, their e-commerce business also remained strong.</li></ul>

Columbia Sportswear has recently been in the news for the launch of its new Omni-Heat Infinity Technology with a new gold metallic lining material in a pattern scientifically engineered to optimize warmth and breathability.The company had a solid financial result with net sales increasing 79%, driven by an 89% growth in their Wholesale business and 69% growth in their Direct-to-Consumer (DTC) business.It is important to highlight that even as consumers returned to in-store shopping, their e-commerce business also remained strong.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

A consortium led by <a href="https://www.smartkarma.com/entities/10261" target="_blank" data-smartkarma-citation="entities:10261:1">Anta Sports Products (2020 HK)</a> launched a recommended public cash tender offer for <a href="https://www.smartkarma.com/entities/21751" target="_blank" data-smartkarma-citation="entities:21751:1">Amer Sports Oyj (AMEAS FH)</a> last Friday. The tender offer of €40 per share values Amer Sports at an EV of €5.5 billion. The proposed acquisition would be the largest outbound deal into Europe by a Chinese company in 2018. If successful, the deal would mark the culmination of a multi-month negotiation that has seen Amer Sports resist the advances of ANTA Sports as it preferred to stay independent.<div class="content-highlight">Our analysis suggests that the proposed acquisition and deal structure is good for Amer Sports’ shareholders and FountainVest. However, ANTA Sports' shareholders appear to be getting the short end of the stick.</div>

A consortium led by Anta Sports Products (2020 HK) launched a recommended public cash tender offer for Amer Sports Oyj (AMEAS FH) last Friday. The tender offer of €40 per share values Amer Sports at an EV of €5.5 billion. The proposed acquisition would be the largest outbound deal into Europe by a Chinese company in 2018. If successful, the deal would mark the culmination of a multi-month negotiation that has seen Amer Sports resist the advances of ANTA Sports as it preferred to stay independent.Our analysis suggests that the proposed acquisition and deal structure is good for Amer Sports’ shareholders and FountainVest. However, ANTA Sports' shareholders appear to be getting the short end of the stick.

ANTA/Amer: Good Deal for Amer and FountainVest, a Poor Deal for ANTA

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

YETI Holdings Inc / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27727" target="_blank" data-smartkarma-citation="entities:27727:1">YETI Holdings Inc (YETI US)</a>, a US-based company specializing in premium outdoor equipment, has filed to sell its shares on the New York Stock Exchange in an offering that could raise as much as US$483 mn. 
In this note we will provide brief overviews of the deal, Yeti's history, and its main products. 
We will also review recent financial performance, which shows mostly strong but volatile top-line growth over the last few years.
Then we will attempt to answer three critical questions facing investors who may consider buying shares in Yeti's IPO: First, how quickly can Yeti grow its revenues in the medium-term? Second, does the company have any sustainable advantages over rivals? And third, which companies are the best comparables to use when trying to establish a reasonable valuation range for Yeti's shares?
Finally, we'll provide our take on Yeti's valuation versus peers at the US$20 per share mid-point. 
We have included a link to Yeti's Form S-1 filing <a href="https://www.sec.gov/Archives/edgar/data/1670592/000104746918006711/a2236865zs-1a.htm" target="_blank">here</a> and at the end of this note.

YETI Holdings Inc (YETI US), a US-based company specializing in premium outdoor equipment, has filed to sell its shares on the New York Stock Exchange in an offering that could raise as much as US$483 mn. 
In this note we will provide brief overviews of the deal, Yeti's history, and its main products. 
We will also review recent financial performance, which shows mostly strong but volatile top-line growth over the last few years.
Then we will attempt to answer three critical questions facing investors who may consider buying shares in Yeti's IPO: First, how quickly can Yeti grow its revenues in the medium-term? Second, does the company have any sustainable advantages over rivals? And third, which companies are the best comparables to use when trying to establish a reasonable valuation range for Yeti's shares?
Finally, we'll provide our take on Yeti's valuation versus peers at the US$20 per share mid-point. 
We have included a link to Yeti's Form S-1 filing here and at the end of this note.

Yeti, Inc IPO: How Much Should Investors Pay to Be Cool?

United States

Columbia Sportswear Company designs, manufactures, markets, and distributes active outdoor apparel.  The Company's products include outerwear, sportswear, rugged footwear, and related accessories.  Columbia's products are sold to specialty and department store retailers in the United States and other countries.

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Columbia Sportswear Co (COLM US)

Columbia Sportswear Company - Investment Thesis

Columbia Sportswear continued to suffer from supply chain disruptions during the recent quarter which is why it was not able to meet the customer...

Baptista Research

Columbia Sportswear Company - Investment Thesis

Columbia Sportswear has recently been in the news for the launch of its new Omni-Heat Infinity Technology with a new gold metallic lining material...

Baptista Research

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion Research

ANTA/Amer: Good Deal for Amer and FountainVest, a Poor Deal for ANTA

A consortium led by Anta Sports Products (2020 HK) launched a recommended public cash tender offer for Amer Sports Oyj (AMEAS FH) last Friday. The...

Arun George

Yeti, Inc IPO: How Much Should Investors Pay to Be Cool?

YETI Holdings Inc (YETI US), a US-based company specializing in premium outdoor equipment, has filed to sell its shares on the New York Stock...

Daniel Hellberg

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