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>Natura &amp;Co's Q2 2024 Earnings presented a mixed set of results indicating robust strategic execution amid some challenges.</li>
<li>Financially, Natura &amp;Co's brands, particularly Natura and The Body Shop, exhibited growth and operational turnaround especially in the Latin American markets.</li>
<li>The EBITDA for Q2 2024 reflected continued growth, marking it as the sixth consecutive quarter of EBITDA increase, a positive reflection of the company's operational efficiency and strategic initiatives, such as portfolio optimization and commercial strategy enhancements in different regions.</li>
</ul>


Natura &amp;Co's Q2 2024 Earnings presented a mixed set of results indicating robust strategic execution amid some challenges.
Financially, Natura &amp;Co's brands, particularly Natura and The Body Shop, exhibited growth and operational turnaround especially in the Latin American markets.
The EBITDA for Q2 2024 reflected continued growth, marking it as the sixth consecutive quarter of EBITDA increase, a positive reflection of the company's operational efficiency and strategic initiatives, such as portfolio optimization and commercial strategy enhancements in different regions.


NTCO:  Expansion and Streamlining of International Operations To Catapult Their Performance!

<ul>
<li>The earnings call transcript for Natura &amp;Co has revealed a mixed performance for fiscal year 2023.</li>
<li>On the positive side, the company has disclosed key advancements in operational strategy, financial performance, and enhanced overall financial position.</li>
<li>The year was driven by the enablers of simplifying the business, focusing on profitability and cash conversion, and advancing structure projects.</li>
</ul>


The earnings call transcript for Natura &amp;Co has revealed a mixed performance for fiscal year 2023.
On the positive side, the company has disclosed key advancements in operational strategy, financial performance, and enhanced overall financial position.
The year was driven by the enablers of simplifying the business, focusing on profitability and cash conversion, and advancing structure projects.


Natura &Co Holding S.A.: Are Its Transformational Initiatives Paying Off? - Major Drivers

<ul>
<li>This is our first report on Natura &amp;Co, a multinational cosmetics and personal care company.</li>
<li>The Wave 2 roll-out in Brazil did, however, have positive results, showing combined year-on-year revenue growth in certain categories.</li>
<li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li>
</ul>


This is our first report on Natura &amp;Co, a multinational cosmetics and personal care company.
The Wave 2 roll-out in Brazil did, however, have positive results, showing combined year-on-year revenue growth in certain categories.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.


Natura & Co: See How This Cosmetics Giant Is Unlocking Sustainable Shareholder Value!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2023-08-09/l-occitane-boss-is-said-in-advanced-talks-on-6-5-billion-buyout?in_source=embedded-checkout-banner" target="_blank" rel="noopener">According to Bloomberg</a>, <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> is set to receive a HK$35 per share privatisation offer from Reinold Geiger, the Chairman and the largest shareholder.</li>
<li>The rumoured price is attractive and represents an all-time high share price. Therefore, Acatis KVG, the shareholder with a blocking stake, would be supportive.</li>
<li>The rumoured price implies multiples at a discount to peer multiples, which explains Mr Geiger’s ambitions for a possible European listing to secure higher valuation multiples. </li>
</ul>



According to Bloomberg, L'Occitane (973 HK) is set to receive a HK$35 per share privatisation offer from Reinold Geiger, the Chairman and the largest shareholder.
The rumoured price is attractive and represents an all-time high share price. Therefore, Acatis KVG, the shareholder with a blocking stake, would be supportive.
The rumoured price implies multiples at a discount to peer multiples, which explains Mr Geiger’s ambitions for a possible European listing to secure higher valuation multiples. 


L’Occitane (973 HK): HK$35 Offer from the Controlling Shareholder?

<ul>
<li>
<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> is drawing takeover interest from Reinold Geiger, the Chairman and the largest shareholder, <a href="https://www.bloomberg.com/news/articles/2023-07-25/l-occitane-owner-said-to-mull-buyout-of-4-billion-beauty-firm" target="_blank" rel="noopener">according to Bloomberg</a>. Mr Geiger has been exploring financing options for the potential deal.</li>
<li>The presence of a significant disinterested shareholder, Acatis KVG, necessitates an attractive takeover premium. Acatis KVG trimmed its stake in July 2021 at HK$30.01 per share.</li>
<li>L’Occitane released a solid <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0725/2023072500263.pdf" target="_blank" rel="noopener">1QFY2024 update</a> today with constant currency growth of 24.5% YoY. Irrespective of a bid materialising, the valuation is undemanding compared to peer multiples. </li>
</ul>



L'Occitane (973 HK) is drawing takeover interest from Reinold Geiger, the Chairman and the largest shareholder, according to Bloomberg. Mr Geiger has been exploring financing options for the potential deal.
The presence of a significant disinterested shareholder, Acatis KVG, necessitates an attractive takeover premium. Acatis KVG trimmed its stake in July 2021 at HK$30.01 per share.
L’Occitane released a solid 1QFY2024 update today with constant currency growth of 24.5% YoY. Irrespective of a bid materialising, the valuation is undemanding compared to peer multiples. 


L’Occitane (973 HK): Controlling Shareholder Mulling a Bid?

Brazil

Natura & Co Holding S.A. retails beauty products. The Company offers skin, hair, and body beauty products, as well as provides delivery services. Natura serves customers worldwide.

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Natura & Holding (NTCO US)

NTCO: Expansion and Streamlining of International Operations To Catapult Their Performance!

Natura &Co's Q2 2024 Earnings presented a mixed set of results indicating robust strategic execution amid some challenges.

Baptista Research

Natura &Co Holding S.A.: Are Its Transformational Initiatives Paying Off? - Major Drivers

The earnings call transcript for Natura &Co has revealed a mixed performance for fiscal year 2023. On the positive side, the company has...

Baptista Research

Natura & Co: See How This Cosmetics Giant Is Unlocking Sustainable Shareholder Value!

This is our first report on Natura &Co, a multinational cosmetics and personal care company. The Wave 2 roll-out in Brazil did, however, have...

Baptista Research

L’Occitane (973 HK): HK$35 Offer from the Controlling Shareholder?

Shares are currently in a trading halt. The rumoured offer price of HK$35 per share is attractive and represents an all-time high price. Therefore,...

Arun George

L’Occitane (973 HK): Controlling Shareholder Mulling a Bid?

The presence of a significant disinterested shareholder necessitates an attractive takeover premium. Irrespective of a bid materialising, the...

Arun George

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