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

Life Time Group Holdings / Equity Bottom-Up

<ul><li>Life Time Group Holdings, Inc. showcased a strong financial performance in the first quarter of 2024, although there were some mixed aspects within the results.</li><li>The company reported a notable increase in total revenue, which rose by 16.8% to $596.7 million from the year earlier.</li><li>This rise was predominantly fueled by a 19% growth in membership dues and enrollment fees and a 10.5% uptick in in-center revenue.</li></ul>

Life Time Group Holdings, Inc. showcased a strong financial performance in the first quarter of 2024, although there were some mixed aspects within the results.The company reported a notable increase in total revenue, which rose by 16.8% to $596.7 million from the year earlier.This rise was predominantly fueled by a 19% growth in membership dues and enrollment fees and a 10.5% uptick in in-center revenue.

Life Time Group Holdings Inc.: The Enhanced Member Retention & 3 Critical Factors Driving Our Optimism! - Financial Forecasts

<ul><li>Life Time Group Holdings, Inc.'s Q4 2023 earnings call emphasized impressive financial performance and strategic growth plans.</li><li>The revenue increased by 18.2% in Q4, driven by a rise of 20.9% in membership dues and enrollment fees, and an 11% increase in in-center revenue.</li><li>Access memberships increased by 5.2%, ending the year with over 763,000 memberships, while average monthly dues stood at $183, a rise of 13.2% from the previous year.</li></ul>

Life Time Group Holdings, Inc.'s Q4 2023 earnings call emphasized impressive financial performance and strategic growth plans.The revenue increased by 18.2% in Q4, driven by a rise of 20.9% in membership dues and enrollment fees, and an 11% increase in in-center revenue.Access memberships increased by 5.2%, ending the year with over 763,000 memberships, while average monthly dues stood at $183, a rise of 13.2% from the previous year.

Life Time Group Holdings Inc.: Initiation Of Coverage - Unveiling the 4 Major Forces Propelling Its Success! - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Event-Driven

<ul>
<li>This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input. </li>
<li>The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized. </li>
<li>This week we flag: Carvana, Life Time Group, Bed Bath &amp; Beyond, Surgery Partners</li>
</ul>


This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input. 
The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized. 
This week we flag: Carvana, Life Time Group, Bed Bath &amp; Beyond, Surgery Partners


Solvency Risk Short Candidates: Carvana, Life Time Group, Bed Bath & Beyond, Surgery Partners

<ul>
<li>This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input. </li>
<li>The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized.</li>
<li>This week we flag: Peleton, Life Time Group, Cano Health, Cinemark</li>
</ul>


This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input. 
The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized.
This week we flag: Peleton, Life Time Group, Cano Health, Cinemark


Solvency Risk Short Candidates: Peloton, Life Time Group, Cano Health, Cinemark

United States

The Wendy's Company operates fast-food restaurants. The Company owns, operates, and franchises fast-food restaurants located throughout countries that include the United States, Singapore, the Middle East and North Africa, the Russian Federation, the Eastern Caribbean, Argentina, the Philippines and Japan.

Marriott Vacations Worldwide Corporation is a worldwide developer, marketer, seller and manager of vacation ownership resorts and vacation club, destination club and exchange programs, principally under the "Marriott" and "Ritz-Carlton" brands and trademarks, which we license from Marriott International and Ritz-Carlton.

Travel + Leisure Co. operates as a hospitality company. The Company focuses on providing vacation ownership, managed rental, and exchange services, as well as owns vacation resorts and exchange properties. Travel + Leisure serves customers worldwide.

Brinker International, Inc. is a restaurant operator who owns, operates or franchises establishments in the United States and internationally.  These restaurants offer customers burgers, ribs, salads, steaks, classic Italian fare, and Tex-Mex offerings.

Shake Shack Inc is a modern day "roadside" burger stand known for its all-natural burgers. Shake Shack is part of Danny Meyer's Union Square Hospitality Group (USHG).

International Game Technology PLC designs, develops, manufactures and distributes computerized gaming equipment, software and network systems. The Company's products consist of slot machines, social gaming platforms and other interactive gaming machines. International Games also provides maintenance services.

International Game Technology Ordinary Shares (IGT US)

International Game Technology Ordinary Shares

United Parks and Resorts Inc. is a theme park and entertainment company. The Company owns and licenses a portfolio of theme and water parks with a diverse array of thrill and family-friendly rides and coasters, as well as educational presentations, shows, and other attractions. United Parks and Resorts serves customers worldwide.

Hilton Grand Vacations Inc. develops, markets, sells, and manager timeshare resorts. The Company markets and sells vacation ownership intervals, manages resorts located in leisure and urban destinations, and operates a points-based vacation club. Hilton Grand Vacations offers its services in North America, Europe and the Asia Pacific.

Red Rock Resorts, Inc. operates as a gaming, development, and management company. The Company owns and manages casino and entertainment properties. Red Rock Resorts offers restaurants, entertainment venues, movie theaters, bowling, and banquet space, as well as casino gaming such as video poker, slot machines, table games, bingo, and race and sports wagering.

Penn National Gaming, Inc. owns and operates Charles Town Races in West Virginia which features slot machines, casinos in Mississippi, and a riverboat gaming facility in Louisiana.  The Company also owns racetracks and off-track wagering facilities in Pennsylvania, as well as manages a gaming facility in the Province of Ontario, Canada.

Wynn Macau, Limited owns and operates Wynn Macau, a destination casino resort currently featuring hotel rooms and suites, a casino, casual and fine dining restaurants, retail space and leisure amenities.

Skylark Co. Ltd. mainly operates a family restaurant chain across Japan.  The Company offers Japanese-style, Western-style, and Asia-style foods for a wide variety of targeted customer segments.  Skylark also sells food and provides delivery servies.

McDonald's Holdings Company (Japan), Ltd. operates a hamburger fast food restaurant chain throughout Japan.  The Company operates its own stores and franchise stores.

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

Jollibee Foods Corporation owns, franchises and manages a network of fast food restaurants under the trade name Jollibee. The Company was incorporated in 1978.

Minor International PCL is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution.

Genting Malaysia Berhad operates a tourist resort in Genting Highlands which includes hotels, restaurants, casinos, and recreational and amusement facilities. Through its subsidiaries, the Company also develops and leases property, operates leisure and hospitality services, and provides time share ownership scheme.

EIH Limited owns and operates luxury hotels and resorts in India under the name "Oberoi."  The Company also manages a mid-price hotel chain in India, in addition to hotels in Egypt, Australia, Sri Lanka, Indonesia and Saudi Arabia.

Flight Centre Travel Group Ltd operates as a retail travel agency in Australia.  The Company operates close to 1200 outlets throughout Australia and internationally including New Zealand, Hong Kong, South Africa, Canada and the United Kingdom. The Company's agencies and brands include Flight Centre, Travel Associates and Student Flights.

Genting Berhad is an investment holding company.  The Company, through its subsidiaries, provides leisure and hospitality, gaming, and entertainment businesses. Genting also operates plantations, develops and manages property, provides tours and travel related services, manufactures and trades paper, explores oil and gas, and provides money lending services.

Life Time Group Holdings, Inc. operates as a health, fitness, and wellness company. The Company offers itness floors with equipment, locker rooms, group fitness studios, indoor and outdoor pools and bistros, tennis and basketball courts, spa, and kids academy learning spaces.

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Life Time Group Holdings (LTH US)

Life Time Group Holdings Inc.: The Enhanced Member Retention & 3 Critical Factors Driving Our Optimism! - Financial Forecasts

Life Time Group Holdings, Inc. showcased a strong financial performance in the first quarter of 2024, although there were some mixed aspects...

Baptista Research

Life Time Group Holdings Inc.: Initiation Of Coverage - Unveiling the 4 Major Forces Propelling Its Success! - Major Drivers

Life Time Group Holdings, Inc.'s Q4 2023 earnings call emphasized impressive financial performance and strategic growth plans. The revenue...

Baptista Research

Solvency Risk Short Candidates: Carvana, Life Time Group, Bed Bath & Beyond, Surgery Partners

This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows. This week we flag: Carvana, Life Time...

Eric Fernandez, CFA

Solvency Risk Short Candidates: Peloton, Life Time Group, Cano Health, Cinemark

This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows. This week we flag: Peloton, Life Time...

Eric Fernandez, CFA

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