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>e.l.f. Beauty continues to experience notable growth in its recent financial performance, showcasing strengths while also facing some moderate challenges.</li><li>For the second quarter of fiscal 2025, the company reported a 40% increase in net sales, demonstrating a consistent upward trend that spans 23 consecutive quarters of both sales growth and market share gains.</li><li>International sales provided a significant boost, recording a 91% growth rate as e.l.f. expanded its presence in markets such as Germany by entering 1,600 Rossmann stores.</li></ul>

e.l.f. Beauty continues to experience notable growth in its recent financial performance, showcasing strengths while also facing some moderate challenges.For the second quarter of fiscal 2025, the company reported a 40% increase in net sales, demonstrating a consistent upward trend that spans 23 consecutive quarters of both sales growth and market share gains.International sales provided a significant boost, recording a 91% growth rate as e.l.f. expanded its presence in markets such as Germany by entering 1,600 Rossmann stores.

E.L.F. Beauty: Expansion in Underserved Markets A Potential Future Growth Catalyst? - Major Drivers

<ul><li>e.l.f. Beauty’s first quarter fiscal 2025 financial results reveal robust growth, with net sales increasing by 50% and gross margin expanding by approximately 80 basis points.</li><li>The company reported an adjusted EBITDA of $77 million and sees both national and international markets as strong contributors to this growth trajectory, emphasizing a powerful start to the fiscal year.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

e.l.f. Beauty’s first quarter fiscal 2025 financial results reveal robust growth, with net sales increasing by 50% and gross margin expanding by approximately 80 basis points.The company reported an adjusted EBITDA of $77 million and sees both national and international markets as strong contributors to this growth trajectory, emphasizing a powerful start to the fiscal year.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

e.l.f. Beauty Inc.: A Tale Of Product Innovation & SKU Optimization! - Major Drivers

<ul><li>e.l.f. Beauty reported a solid 2024 fiscal fourth quarter, hitting a significant milestone of over $1 billion in net sales.</li><li>The company grew net sales by 77%, exceeding expectations.</li><li>Q4 marked the 21st consecutive quarter of both net sales growth and market share gains.</li></ul>

e.l.f. Beauty reported a solid 2024 fiscal fourth quarter, hitting a significant milestone of over $1 billion in net sales.The company grew net sales by 77%, exceeding expectations.Q4 marked the 21st consecutive quarter of both net sales growth and market share gains.

e.l.f. Beauty Inc.: Will The Strong Growth in Sales and Market Share Last? - Major Drivers

<ul><li>This is our first report on cosmetics player, e.l.f Beauty.</li><li>The company's third quarter 2022 earnings call ended with the company experiencing significant growth across the board.</li><li>CEO, Tarang Amin highlighted that net sales increased by 85%, gross margin by nearly 350 basis points and adjusted EBITDA by 61%, compared to the previous year.</li></ul>

This is our first report on cosmetics player, e.l.f Beauty.The company's third quarter 2022 earnings call ended with the company experiencing significant growth across the board.CEO, Tarang Amin highlighted that net sales increased by 85%, gross margin by nearly 350 basis points and adjusted EBITDA by 61%, compared to the previous year.

e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Concurrent with its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0429/2024042905713.pdf" target="_blank" rel="noopener">HK$34/share VGO</a>, <strong><a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a></strong>'s disinterested shareholders <em>may</em> be entitled to a share scrip alternative. IF afforded, up to 5% of shares out can participate.</li>
<li>The big unknown is whether you receive shares of the levered-up Bidco, at some as yet undetermined scrip ratio; or keep shares of L’Occitane as-is.</li>
<li>To trigger the rollover option, 10% of disinterested shareholders need to express interest by the 15th May (a Hong Kong holiday btw). A deadline without details. </li>
</ul>


Concurrent with its HK$34/share VGO, L'Occitane (973 HK)'s disinterested shareholders may be entitled to a share scrip alternative. IF afforded, up to 5% of shares out can participate.
The big unknown is whether you receive shares of the levered-up Bidco, at some as yet undetermined scrip ratio; or keep shares of L’Occitane as-is.
To trigger the rollover option, 10% of disinterested shareholders need to express interest by the 15th May (a Hong Kong holiday btw). A deadline without details. 


L'Occitane (973 HK): The Rollover Option, And Alternate Listing Valuations

United States

e.l.f. Beauty, Inc. operates as a cosmetic company. The Company offers beauty products for eyes, lips, and face. e.l.f. Beauty provides eyeliners, lipsticks, lip care and brushes, powder, and skin care products.

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elf Beauty Inc (ELF US)

E.L.F. Beauty: Expansion in Underserved Markets A Potential Future Growth Catalyst? - Major Drivers

e.l.f. Beauty continues to experience notable growth in its recent financial performance, showcasing strengths while also facing some moderate...

Baptista Research

e.l.f. Beauty Inc.: A Tale Of Product Innovation & SKU Optimization! - Major Drivers

e.l.f. Beauty’s first quarter fiscal 2025 financial results reveal robust growth, with net sales increasing by 50% and gross margin expanding by...

Baptista Research

e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers

This is our first report on cosmetics player, e.l.f Beauty. The company's third quarter 2022 earnings call ended with the company experiencing...

Baptista Research

L'Occitane (973 HK): The Rollover Option, And Alternate Listing Valuations

If you are an arbitrageur, I'd be buying here. If you a LO, at a 5.4% gross yield, hold for completion. If you are willing to hold unlisted scrip,...

David Blennerhassett

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E.L.F. Beauty: Expansion in Underserved Markets A Potential Future Growth Catalyst? - Major Drivers

e.l.f. Beauty continues to experience notable growth in its recent financial performance, showcasing strengths while also facing some moderate...

Baptista Research

e.l.f. Beauty Inc.: A Tale Of Product Innovation & SKU Optimization! - Major Drivers

e.l.f. Beauty’s first quarter fiscal 2025 financial results reveal robust growth, with net sales increasing by 50% and gross margin expanding by...

Baptista Research

e.l.f. Beauty Inc.: Will The Strong Growth in Sales and Market Share Last? - Major Drivers

e.l.f. Beauty reported a solid 2024 fiscal fourth quarter, hitting a significant milestone of over $1 billion in net sales. The company grew net...

Baptista Research

e.l.f. Beauty Inc.: Initiation Of Coverage - The 4 Fundamental Aspects Fueling Its Growth Uncovered! - Major Drivers

This is our first report on cosmetics player, e.l.f Beauty. The company's third quarter 2022 earnings call ended with the company experiencing...

Baptista Research

L'Occitane (973 HK): The Rollover Option, And Alternate Listing Valuations

If you are an arbitrageur, I'd be buying here. If you a LO, at a 5.4% gross yield, hold for completion. If you are willing to hold unlisted scrip,...

David Blennerhassett