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>Harley-Davidson's latest earnings call reflects a challenging quarter marked by macroeconomic and geopolitical uncertainties that have adversely impacted the company's performance, particularly in its global retail sales.</li><li>The company reported a 13% decline in global retail sales of new motorcycles during the third quarter, with North America experiencing a 10% drop and international regions seeing an 18% downturn.</li><li>Despite the overall decline, Harley-Davidson managed to maintain a better performance than the overall U.S. motorcycle industry, highlighting a 4 percentage point increase in market share.</li></ul>

Harley-Davidson's latest earnings call reflects a challenging quarter marked by macroeconomic and geopolitical uncertainties that have adversely impacted the company's performance, particularly in its global retail sales.The company reported a 13% decline in global retail sales of new motorcycles during the third quarter, with North America experiencing a 10% drop and international regions seeing an 18% downturn.Despite the overall decline, Harley-Davidson managed to maintain a better performance than the overall U.S. motorcycle industry, highlighting a 4 percentage point increase in market share.

Harley-Davidson Inc.: Dealer Network Optimization As A Vital Tool For Growth! - Major Drivers

<ul><li>Harley-Davidson recently reported its financial results for the second quarter of 2024, showcasing several advancements and challenges in its performance.</li><li>The company reported a 12% increase in consolidated revenue, driven by growth in both the Harley-Davidson Motor Company (HDMC) and the Harley-Davidson Financial Services (HDFS) sectors, marking a resilient performance amid prevailing economic headwinds.</li><li>The earnings per share showed a significant improvement at $1.63, and the overall operating income grew by 9% to $241 million.</li></ul>

Harley-Davidson recently reported its financial results for the second quarter of 2024, showcasing several advancements and challenges in its performance.The company reported a 12% increase in consolidated revenue, driven by growth in both the Harley-Davidson Motor Company (HDMC) and the Harley-Davidson Financial Services (HDFS) sectors, marking a resilient performance amid prevailing economic headwinds.The earnings per share showed a significant improvement at $1.63, and the overall operating income grew by 9% to $241 million.

Harley-Davidson Inc.: Expansion Into Electric Motorcycles & Global Market Penetration! - Major Drivers

<ul><li>Harley-Davidson had a mixed performance in the recent result.</li><li>The company delivered in line with expectations, reporting a 6% growth in North America, the most important region.</li><li>However, this growth was offset by soft performances in Europe and the Asia Pacific primarily due to regional macroeconomic conditions.</li></ul>

Harley-Davidson had a mixed performance in the recent result.The company delivered in line with expectations, reporting a 6% growth in North America, the most important region.However, this growth was offset by soft performances in Europe and the Asia Pacific primarily due to regional macroeconomic conditions.

Harley-Davidson Inc.: Investment in LiveWire segment & The Impact On revenue! - Major Drivers

<ul><li>This is our first report on motorcycle giant, Harley-Davidson.</li><li>The company has demonstrated progress in key aspects of its strategic plan, the Hardwire strategy, despite challenges due to high-interest-rate environment and consumer confidence and affordability concerns impacting premium discretionary products.</li><li>The company's focus on its profitable categories, innovation, and enhancing the customer experience has enhanced its business and contributed to long-term value creation.</li></ul>

This is our first report on motorcycle giant, Harley-Davidson.The company has demonstrated progress in key aspects of its strategic plan, the Hardwire strategy, despite challenges due to high-interest-rate environment and consumer confidence and affordability concerns impacting premium discretionary products.The company's focus on its profitable categories, innovation, and enhancing the customer experience has enhanced its business and contributed to long-term value creation.

Harley-Davidson Inc.:  Initiation of Coverage - An Analysis Of Its Competitive Advantage

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>  &amp; <a href="https://www.smartkarma.com/entities/harley-davidson-inc" target="_blank" data-smartkarma-citation="entities:4386:1" rel="noopener">Harley Davidson (HOG US)</a> launched their collaborative creation, the Harley-Davidson X440, in India.</li>
<li>While this is a step in the right and anticipated direction, there are potentially grave mistakes that need to be corrected.</li>
<li>For HOG, there is more to lose than to gain from this development. Additionally, <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> moat around the brand and a strong riding culture is likely underrated.</li>
</ul>



Hero Motocorp (HMCL IN)  &amp; Harley Davidson (HOG US) launched their collaborative creation, the Harley-Davidson X440, in India.
While this is a step in the right and anticipated direction, there are potentially grave mistakes that need to be corrected.
For HOG, there is more to lose than to gain from this development. Additionally, Eicher Motors (EIM IN) moat around the brand and a strong riding culture is likely underrated.


United States

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles.  The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.  Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

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Harley Davidson (HOG US)

Harley-Davidson Inc.: Dealer Network Optimization As A Vital Tool For Growth! - Major Drivers

Harley-Davidson's latest earnings call reflects a challenging quarter marked by macroeconomic and geopolitical uncertainties that have adversely...

Baptista Research

Harley-Davidson Inc.: Expansion Into Electric Motorcycles & Global Market Penetration! - Major Drivers

Harley-Davidson recently reported its financial results for the second quarter of 2024, showcasing several advancements and challenges in its...

Baptista Research

Harley-Davidson Inc.: Investment in LiveWire segment & The Impact On revenue! - Major Drivers

Harley-Davidson had a mixed performance in the recent result. The company delivered in line with expectations, reporting a 6% growth in North...

Baptista Research

Harley-Davidson Inc.: Initiation of Coverage - An Analysis Of Its Competitive Advantage

This is our first report on motorcycle giant, Harley-Davidson. The company has demonstrated progress in key aspects of its strategic plan, the...

Baptista Research

Hero Motocorp (HMCL IN) | The "HOG" Wash

Hero MotoCorp (HMCL IN) & Harley-Davidson (HOG US) launched the Harley-Davidson X440 in India. Though a step in the right direction, there are...

Pranav Bhavsar

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