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>Lowe's Companies reported its recent earnings and maintained the company's expectations for fiscal 2024.</li><li>Their first quarter sales were $21.4 billion, with comparable sales down 4.1% from the same period last year.</li><li>Despite the continued pressure in DIY big ticket discretionary spending, the company delivered better-than-expected spring seasonal sales.</li></ul>

Lowe's Companies reported its recent earnings and maintained the company's expectations for fiscal 2024.Their first quarter sales were $21.4 billion, with comparable sales down 4.1% from the same period last year.Despite the continued pressure in DIY big ticket discretionary spending, the company delivered better-than-expected spring seasonal sales.

Lowe's Companies: Front-End Transformation and Investment in Technology! - Major Drivers

<ul><li>In the fourth quarter of 2023, Lowe's Companies reported a decline in comparable sales of 6.2% due to cautious consumer spending on home improvement projects and unfavorable weather.</li><li>The company faced challenges in attracting the do-it-yourself(DIY) customer segment to spend on big-ticket home improvement purchases, as macroeconomic factors such as persistent inflation and a stagnant housing market led these customers to focus on smaller, value-oriented projects.</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>

In the fourth quarter of 2023, Lowe's Companies reported a decline in comparable sales of 6.2% due to cautious consumer spending on home improvement projects and unfavorable weather.The company faced challenges in attracting the do-it-yourself(DIY) customer segment to spend on big-ticket home improvement purchases, as macroeconomic factors such as persistent inflation and a stagnant housing market led these customers to focus on smaller, value-oriented projects.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.

Lowe's Companies Inc.: Will The Seasonality & Changing Demand Trends Have An Impact On Its Near-Term Performance? - Major Drivers

<ul><li>Lowe's Companies, Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.</li><li>In the third quarter, Lowe's experienced a 7.4% decline in comparable sales, primarily attributed to a greater-than-expected reduction in discretionary spending by DIY customers, particularly in higher-priced categories.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Lowe's Companies, Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.In the third quarter, Lowe's experienced a 7.4% decline in comparable sales, primarily attributed to a greater-than-expected reduction in discretionary spending by DIY customers, particularly in higher-priced categories.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Lowe's Companies Inc.: The Latest Partnership With Carhatt & Other Major Developments

<ul><li>Lowe's Companies delivered a positive result and managed an all-around beat last quarter.</li><li>Despite uncertainties in the macro environment, these investments yielded positive results with favorable comps in the Pro segment and substantial growth of 6.9% in comparable online sales, underscoring the enhancements made in the omnichannel experience.</li><li>Core Pro customers responded well to the expanded national brands, MVP's Pro Rewards program, and improved online tools.</li></ul>

Lowe's Companies delivered a positive result and managed an all-around beat last quarter.Despite uncertainties in the macro environment, these investments yielded positive results with favorable comps in the Pro segment and substantial growth of 6.9% in comparable online sales, underscoring the enhancements made in the omnichannel experience.Core Pro customers responded well to the expanded national brands, MVP's Pro Rewards program, and improved online tools.

Lowe's Companies Inc.: Is The Expansion of Store-in-Store Concept A Possible Game Changer? - Major Drivers

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

<ul>
<li>2/3 of sales face secular decline in housing demand/shrinking population and the other 1/3 facing weak housing environment due to rising rates</li>
<li>Competition from private label and weak trends and ratios exist</li>
<li>The valuation does not seem to reflect the risks highlighted</li>
</ul>


2/3 of sales face secular decline in housing demand/shrinking population and the other 1/3 facing weak housing environment due to rising rates
Competition from private label and weak trends and ratios exist
The valuation does not seem to reflect the risks highlighted


Lixil (5938 JP): Levered Business Facing Cyclical & Secular Headwinds & Continued Mkt Share Pressure

United States

Lowe's Companies, Inc. is a home improvement retailer that distributes building materials and supplies through stores in the United States. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling, and property maintenance.

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Lowe's Companies Inc (LOW US)

Lowe's Companies: Front-End Transformation and Investment in Technology! - Major Drivers

Lowe's Companies reported its recent earnings and maintained the company's expectations for fiscal 2024. Their first quarter sales were $21.4...

Baptista Research

Lowe's Companies Inc.: Will The Seasonality & Changing Demand Trends Have An Impact On Its Near-Term Performance? - Major Drivers

In the fourth quarter of 2023, Lowe's Companies reported a decline in comparable sales of 6.2% due to cautious consumer spending on home...

Baptista Research

Lowe's Companies Inc.: The Latest Partnership With Carhatt & Other Major Developments

Lowe's Companies, Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. In the third quarter,...

Baptista Research

Lowe's Companies Inc.: Is The Expansion of Store-in-Store Concept A Possible Game Changer? - Major Drivers

Lowe's Companies delivered a positive result and managed an all-around beat last quarter. Despite uncertainties in the macro environment, these...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lowe's Companies: Front-End Transformation and Investment in Technology! - Major Drivers

Lowe's Companies reported its recent earnings and maintained the company's expectations for fiscal 2024. Their first quarter sales were $21.4...

Baptista Research

Lowe's Companies Inc.: Will The Seasonality & Changing Demand Trends Have An Impact On Its Near-Term Performance? - Major Drivers

In the fourth quarter of 2023, Lowe's Companies reported a decline in comparable sales of 6.2% due to cautious consumer spending on home...

Baptista Research

Lowe's Companies Inc.: The Latest Partnership With Carhatt & Other Major Developments

Lowe's Companies, Inc. delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. In the third quarter,...

Baptista Research

Lowe's Companies Inc.: Is The Expansion of Store-in-Store Concept A Possible Game Changer? - Major Drivers

Lowe's Companies delivered a positive result and managed an all-around beat last quarter. Despite uncertainties in the macro environment, these...

Baptista Research

Lixil (5938 JP): Levered Business Facing Cyclical & Secular Headwinds & Continued Mkt Share Pressure

Expensive stock with a levered balance sheet, increasing competition, declining cash flow where Free Cash Flow does not cover the dividend, and...

Robert C Prather Jr