Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating on GES, raising our price target to $37 (from $32.50) and rolling out FY26 projections after Guess?</li><li>ended FY24 with a strong 4Q which easily beat both top and bottom line Street expectations and announced a $2.25 per share special dividend.</li><li>Further, initial FY25 projections, which incorporate the acquisition of Rag & Bone, handily beat Street top line projections and bracket bottom line expectations, even as Guess?</li></ul>

We are reiterating our Buy rating on GES, raising our price target to $37 (from $32.50) and rolling out FY26 projections after Guess?ended FY24 with a strong 4Q which easily beat both top and bottom line Street expectations and announced a $2.25 per share special dividend.Further, initial FY25 projections, which incorporate the acquisition of Rag & Bone, handily beat Street top line projections and bracket bottom line expectations, even as Guess?

GES; 4Q Review: Best Still in Store for GUESS?; Reiterate Buy & Raising PT

<ul><li>We are reiterating our Buy rating, $32.50 price target and projections for Guess?</li><li>with the company announcing 4QFY24 (January) results after the close on Wednesday.</li><li>We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range.</li></ul>

We are reiterating our Buy rating, $32.50 price target and projections for Guess?with the company announcing 4QFY24 (January) results after the close on Wednesday.We believe management remained conservative in their 4Q projections, already incorporating a tough domestic environment, which should allow the company to achieve top and bottom line results in their projected range.

GES: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 PT

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.

<ul><li>This is our special, one-time report on Guess Inc., a notable entity in the fashion industry that recently made headlines with its strategic acquisition of the New York-based fashion brand Rag & Bone.</li><li>This move signifies a significant leap towards expanding its portfolio and solidifying its presence in the highly competitive fashion sector.</li><li>The announcement was followed by a surge in the company's stock, further fueled by speculations of a possible take-private initiative.</li></ul>

This is our special, one-time report on Guess Inc., a notable entity in the fashion industry that recently made headlines with its strategic acquisition of the New York-based fashion brand Rag & Bone.This move signifies a significant leap towards expanding its portfolio and solidifying its presence in the highly competitive fashion sector.The announcement was followed by a surge in the company's stock, further fueled by speculations of a possible take-private initiative.

Guess? Inc.: Does It Have The Steam To Be Taken Private & At What Valuation? - Key Drivers

<ul><li>We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+) denim player rag & bone by Guess?</li><li>and a joint venture with leading brand licensor WHP Global.</li><li>We view this acquisition, Guess?' first, as an accretive winner, offering multiple (and material) expansion opportunities which leverage Guess?' strong international presence, infrastructure, category expansion and licensing ability and position as a leading global lifestyle brand retailer.</li></ul>

We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+) denim player rag & bone by Guess?and a joint venture with leading brand licensor WHP Global.We view this acquisition, Guess?' first, as an accretive winner, offering multiple (and material) expansion opportunities which leverage Guess?' strong international presence, infrastructure, category expansion and licensing ability and position as a leading global lifestyle brand retailer.

GES: Rag & Bone an Auspicious First Acquisition; Reiterate Buy, $32.50 PT

<ul><li>We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? Inventories, with the exception of outerwear, were in solid shape and should, after end of season sales, be clean for Spring.</li><li>Further, the company has already begun to slowly flow in new Spring items, with patterned looks and dresses.</li></ul>

We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? Inventories, with the exception of outerwear, were in solid shape and should, after end of season sales, be clean for Spring.Further, the company has already begun to slowly flow in new Spring items, with patterned looks and dresses.

GES: Snapping the Store: Picking the Key Winners; Reiterate Buy, $32.50 PT

United States

The ODP Corporation is a holding company which operates in the USA. Its subsidiaries include The Office Depot Inc, which operates a chain of office product warehouse stores in North America, Europe, Asia, and Central America. The Company sells branded merchandise and provides business services primarily to small and medium-sized businesses and the home office market.

Caleres Inc manufactures and distributes footwear. The Company offers shoes, sandals, and heel sandals for men, women, and children.

Shoe Carnival, Inc., a retailer of family footwear, operates primarily in the Midwest, South, and Southeastern regions of the United States. The Company seeks to create a carnival-like atmosphere in each of its stores by decorating with bright lights, colors, and neon signs.

Sally Beauty Holdings, Inc. distributes and retails beauty products.  The Company distributes products directly to salons, and retails beauty products through a chain of cash and carry stores.

Winmark Corporation develops, franchises, and operates value-oriented retail concepts for stores that buy, sell, trade, and consign used and new merchandise. The Company's stores operate under various names, including Play It Again Sports, Once Upon A Child, Music Go Round, and Plato's Closet.

Franchise Group, Inc. is an owner and operator of franchised and franchisable businesses. The Company's business lines include pet supplies plus, american freight, the vitamin shoppe, badcock home furniture, buddy's home furnishings, and sylvan learning. Franchise Group serves customers in the United States and Canada.

Hibbett Sports Inc. operates a chain of sporting goods stores in the southeastern United States.  The stores sell athletic footwear, apparel, and equipment.

National Vision Holdings, Inc. operates as a optical retailer. The Company provides eye exams, eyeglasses, and contact lenses. National Vision Holdings also offers their products through online. National Vision Holdings serves optical retail industry in the United States.

Chico's FAS, Inc. sells private label women's casual clothing and related accessories.  The Company's clothing includes tops, pants, shorts, skirts, and dresses.  Chico's owns and operates stores throughout the United States.

Petco Health and Wellness Company, Inc. operates as a pet health and wellness company. The Company provides pet health services, including veterinary care, grooming, and training, as well as offers pet nutrition products and supplies. Petco Health and Wellness serves customers in the United States, Mexico, and Puerto Rico.

Hotel Shilla Co.,Ltd operates and manages hotels in Seoul and Jeju. The Company also operates duty free shops, bakeries, restaurants, and catering and laundry service businesses.

KOMERI CO., LTD. operates a home center chain based in Niigata Prefecture. The Company sells DIY (do-it-yourself) products, building materials, tools, hardware, household utensils, gardening materials, car care goods, and leisure goods.  Komeri also operates business in China.

T-GAIA CORPORATION sells cell-phone units and service contracts in Japan. The Company also offers high-speed internet connection service through sales agencies.

Nojima Corporation operates consumer electronic store chains that specialize in computers and communication products.  The Company also sells entertainment related items such as game software and CDs, and household appliances. The Company operates  and franchises stores in Kanagawa Prefecture.

NEXTAGE Co., Ltd. operates a used automobile business. Its main line of business is retail of used domestic cars but it also sells imported cars and SUV/vans. In addition, the company also operates an automobile maintenace business.

DCM Holdings Co., Ltd. is a holding company established through merger of Kahma, Daiki, and Homac.  The Company operates home center chain stores throughout Japan.  DCM Japan Holdings offers merchandise such as home improvement products, household utensils, gardening supplies, sporting/leisure goods, and pet products .

EDION Corporation owns and manages its subsidiaries, DEODEO Corp and EIDEN Co, Ltd.  The Company's subsidiaries operate electronics retail stores.

Luk Fook Holdings (International) Limited retails jewellery. The Company engages in the sourcing, designing, wholesaling and retailing of a variety of platinum and gold jewellery, gold ornaments, gem-set jewellery, natural jadeites, gemstones, and other related products. Luk Fook offers its products in Hong Kong, Mainland China, Macau, Singapore, the United States and Canada.

Hornbach Holding AG & Co KGaA, through subsidiaries, retails building materials and garden supplies.  The Company operates stores in Germany, Austria, Luxembourg, the Netherlands, and the Czech Republic.

Currys PLC operates as an electrical and telecommunications retailer and services company. The Company offers a wide range of electrical and mobile products, as well as connectivity and after-sales services. Currys serves customers in Europe.

Guess?, Inc. designs, markets, distributes, and licenses a collection of casual apparel, accessories, and related consumer products.  The Company's apparel for men, women, and girls are marketed under branded names.  Guess? provides full collections of denim and cotton clothing and has granted licenses to manufacture complementary products.

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Guess? Inc (GES US)

GES; 4Q Review: Best Still in Store for GUESS?; Reiterate Buy & Raising PT

We are reiterating our Buy rating on GES, raising our price target to $37 (from $32.50) and rolling out FY26 projections after Guess? ended FY24...

Small Cap Consumer Research

GES: 4Q Preview: Showing the Way; Reiterate Buy Rating, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and projections for Guess? with the company announcing 4QFY24 (January) results after the...

Small Cap Consumer Research

Guess? Inc.: Does It Have The Steam To Be Taken Private & At What Valuation? - Key Drivers

This is our special, one-time report on Guess Inc., a notable entity in the fashion industry that recently made headlines with its strategic...

Baptista Research

GES: Rag & Bone an Auspicious First Acquisition; Reiterate Buy, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and raising our projections to reflect the announced acquisition of leading premium ($195+)...

Small Cap Consumer Research

GES: Snapping the Store: Picking the Key Winners; Reiterate Buy, $32.50 PT

We are reiterating our Buy rating, $32.50 price target and projections after visiting Guess? Inventories, with the exception of outerwear, were in...

Small Cap Consumer Research

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