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>Domino’s Pizza delivered a disappointing result barely managing to meet analyst expectations with respect to its revenues and missing out on earnings.</li><li>The company, along with its franchisees, opened more than 200 net new stores with net new store additions in 44 markets.</li><li>We provide the stock of Domino’s Pizza with a ‘Hold’ rating and a revision in the target price.</li></ul>

Domino’s Pizza delivered a disappointing result barely managing to meet analyst expectations with respect to its revenues and missing out on earnings.The company, along with its franchisees, opened more than 200 net new stores with net new store additions in 44 markets.We provide the stock of Domino’s Pizza with a ‘Hold’ rating and a revision in the target price.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

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<a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a> is India’s largest food service company. In hindsight, CEO's exit in March 2022 under a high inflationary environment was just "NOISE".</li>
<li>Industry drivers are favourable, JUBI's renewed focus on growth, additional brands and a new CEO, all put JUBI back on track to deliver robust growth. </li>
<li>Currently trading at 68.5x NTM, JUBI is available at a 22% discount compared to it's 3Y mean, considering the growth prospects discussed below, this discount is attractive.</li>
</ul>



Jubilant Foodworks (JUBI IN) is India’s largest food service company. In hindsight, CEO's exit in March 2022 under a high inflationary environment was just "NOISE".
Industry drivers are favourable, JUBI's renewed focus on growth, additional brands and a new CEO, all put JUBI back on track to deliver robust growth. 
Currently trading at 68.5x NTM, JUBI is available at a 22% discount compared to it's 3Y mean, considering the growth prospects discussed below, this discount is attractive.


Jubilant Foodworks (JUBI IN) | Discount Is Attractive

<ul><li>Given the impact of inflationary headwinds, Domino's has been working out ways to improve its consumer pricing architecture in the U.S.</li><li>The management saw the average price rise close to 6% in the last quarter which helped the company surpass revenue expectations of Wall Street.</li><li>In the new season of Stranger Things, they also introduced their Mind Ordering app, which offered a new ordering experience.</li></ul>

Given the impact of inflationary headwinds, Domino's has been working out ways to improve its consumer pricing architecture in the U.S.The management saw the average price rise close to 6% in the last quarter which helped the company surpass revenue expectations of Wall Street.In the new season of Stranger Things, they also introduced their Mind Ordering app, which offered a new ordering experience.

Domino's Pizza: Sources of Competitive Advantage

Credit

<ul><li>Domino's delivered a strong set of results for 2021 manifesting the immense growth potential of the brand all over the world.</li><li>The company’s retail sales growth has improved, driven by a combination of same-store sales and store additions.</li><li>The ROCE of the company remains quite strong and it continues to see a strong pipeline of future store openings.</li></ul>

Domino's delivered a strong set of results for 2021 manifesting the immense growth potential of the brand all over the world.The company’s retail sales growth has improved, driven by a combination of same-store sales and store additions.The ROCE of the company remains quite strong and it continues to see a strong pipeline of future store openings.

Domino's Pizza Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>The 2021 results of Domino’s once again demonstrated the powerful growth potential of the brand all over the world.</li><li>The company’s retail sales growth has improved, driven by a combination of same-store sales and store additions.</li><li>Aggressive purchasing in Domino’s company-owned store markets contributed to the same-store sales gap between franchise store and corporate store business.</li></ul>

The 2021 results of Domino’s once again demonstrated the powerful growth potential of the brand all over the world.The company’s retail sales growth has improved, driven by a combination of same-store sales and store additions.Aggressive purchasing in Domino’s company-owned store markets contributed to the same-store sales gap between franchise store and corporate store business.

Domino's Pizza Inc.: Financial & Price Forecasts

United States

Domino's Pizza, Inc. operates a network of Company-owned and franchise Domino's Pizza stores, located throughout the United States and in other countries.  The Company also operates regional dough manufacturing and distribution centers in the contiguous United States and outside the United States.

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Domino's Pizza (DPZ US)

Domino’s Pizza: Major Drivers

Domino’s Pizza delivered a disappointing result barely managing to meet analyst expectations with respect to its revenues and missing out on...

Baptista Research

Jubilant Foodworks (JUBI IN) | Discount Is Attractive

Jubilant Foodworks (JUBI IN) is India’s largest food service company. Industry drivers are favourable, with a renewed focus on growth, additional...

Pranav Bhavsar

Domino's Pizza: Sources of Competitive Advantage

Given the impact of inflationary headwinds, Domino's has been working out ways to improve its consumer pricing architecture in the U.S. The...

Baptista Research

Domino's Pizza Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Domino's delivered a strong set of results for 2021 manifesting the immense growth potential of the brand all over the world. The company’s retail...

Baptista Research

Domino's Pizza Inc.: Financial & Price Forecasts

The 2021 results of Domino’s once again demonstrated the powerful growth potential of the brand all over the world. The company’s retail sales...

Baptista Research

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