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

Ollie'S Bargain Outlet Holdings / Equity Bottom-Up

<ul><li>Ollie's Bargain Outlet recently discussed its financial results for the first quarter of fiscal year 2024, presenting a detailed analysis of its operational performance and outlook.</li><li>During the presentation, the company highlighted several positives including a notable 49% increase in adjusted earnings per share, underpinned by better-than expected performances in comparable store sales, total revenue, gross margin, and expenses.</li><li>This robust performance underscores the company’s effective execution despite the ongoing economic pressures influencing consumer spending.</li></ul>

Ollie's Bargain Outlet recently discussed its financial results for the first quarter of fiscal year 2024, presenting a detailed analysis of its operational performance and outlook.During the presentation, the company highlighted several positives including a notable 49% increase in adjusted earnings per share, underpinned by better-than expected performances in comparable store sales, total revenue, gross margin, and expenses.This robust performance underscores the company’s effective execution despite the ongoing economic pressures influencing consumer spending.

Ollie's Bargain Outlet Holdings: How Is The Management Carrying Out Gross Margin Improvement through Supply Chain Optimization? - Major Drivers

<ul><li>Ollie's Bargain Outlet showcased a robust performance in the first quarter of fiscal year 2024, reflecting a strong execution of its business strategies amid challenging market conditions.</li><li>The company delivered an overall 11% increase in net sales, totaling $509 million, driven by new store growth and a 3% uptick in comparable store sales.</li><li>Adjusted earnings per share rose by 49% to $0.73, exceeding expectations.</li></ul>

Ollie's Bargain Outlet showcased a robust performance in the first quarter of fiscal year 2024, reflecting a strong execution of its business strategies amid challenging market conditions.The company delivered an overall 11% increase in net sales, totaling $509 million, driven by new store growth and a 3% uptick in comparable store sales.Adjusted earnings per share rose by 49% to $0.73, exceeding expectations.

Ollie's Bargain Outlet Holdings: Expansion of Store Network & 3 Pivotal Drivers

<ul><li>This is our first report on retail major, Ollie's Bargain Outlet Holdings Inc. The company ended its fiscal year 2023 on a strong note, with robust growth recorded in the fourth quarter and across the fiscal year.</li><li>The company reported better-than-expected top and bottom line results for Q4, achieving a 3.9% increase in comparable store sales, its seventh consecutive quarter of positive comps.</li><li>Gross margin increased significantly by 290 basis points to 40.5%, driving a 46% increase in adjusted earnings per share.</li></ul>

This is our first report on retail major, Ollie's Bargain Outlet Holdings Inc. The company ended its fiscal year 2023 on a strong note, with robust growth recorded in the fourth quarter and across the fiscal year.The company reported better-than-expected top and bottom line results for Q4, achieving a 3.9% increase in comparable store sales, its seventh consecutive quarter of positive comps.Gross margin increased significantly by 290 basis points to 40.5%, driving a 46% increase in adjusted earnings per share.

Ollie's Bargain Outlet Holdings: Initiation of Coverage - 4 Critical Growth Drivers & 3 Major Challenges In Its Path! - Financial Forecasts

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:130521" rel="noopener">Trial Holdings IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts" target="_blank" data-smartkarma-citation="insights:132126" rel="noopener">Trial Holdings IPO: Valuation Thoughts</a>. </li>
<li>The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. </li>
</ul>



Trial Holdings (5882 JP) priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.
We previously discussed the IPO in Trial Holdings IPO: The Investment Case and Trial Holdings IPO: Valuation Thoughts. 
The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>, a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:130521" rel="noopener">Trial Holdings IPO: The Investment Case</a>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.</li>
</ul>



Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.
We previously discussed the IPO in Trial Holdings IPO: The Investment Case. 
In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.


United States

Dillard's, Inc. operates retail department stores located primarily in the southwestern, southeastern, and midwestern United States. The Company offers name-brand and private-label merchandise, including fashion apparel and home furnishings.

Macy's, Inc. operates department stores in the United States.  The Company also operates direct mail catalog and electronic commerce subsidiaries. Macy's retail stores sell a wide range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods.

Kohl's Corporation operates a chain of family-oriented department stores.  The Company's stores feature apparel, footwear and accessories for women, men and children; soft home products such as sheets and pillows; and housewares targeted to middle income customers.  Kohl's also offers online shopping as well as offers store credit cards.

Nordstrom, Inc. is a fashion retailer of apparel, shoes, and accessories for men, women, and children.  The Company operates through multiple retail channels, discount stores, boutiques, catalogs, and on the Internet. Nordstrom, Inc. also offers, through a subsidiary, private label card credit and debit cards.

Groupon, Inc. operates a shopping website that shares information on local goods, services, and cultural events for businesses and consumers worldwide. The Company provides information on activities, travel destinations, consumer products, and live events.

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

Wayfair Inc. retails household goods online. The Company offers bedroom, living room, kitchen and dining, home entertainment, home office, game room and bar, patio, hallway and entryway, and bathroom furniture. Wayfair offers products and services in the United States.

Five Below, Inc. operates as a specialty value retailer. The Company offers products such as crafts, party, candy, sports, media, and seasonal products. Five Below serves its customers throughout the United States.

The Gap, Inc., is an international specialty retailer operating retail and outlet stores.  The Company sells casual apparel, accessories and personal care products for men, women, and children. The Gap operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.

Hainan Island Construction Co Ltd.  is a property development company. The Company also operates regional malls and hotels.

RYOHIN KEIKAKU CO., LTD. is a retailer and wholesaler of Mujirushi Ryohin brand products, which were originally a generic private-brand product.  The Company's product line includes knitwear, food, and household items

Isetan Mitsukoshi Holdings Ltd. is a holding company established through a merger of Mitsukoshi and Isetan. The group operates department stores nationwide, selling clothing, foods, household goods, cosmetics and general merchandise.

B&M European Value Retail S.A. operates as a general merchandise discount retailer. The Company sells products ranging electronics to home goods.

Marks & Spencer Group PLC is a holding company. The Company, through its subsidiaries, provides retail of clothing, food and home products.

Falabella S.A. provides digital and physical retail space in Latin America. The Company runs different formats such as department stores, home improvement, supermarkets, regional shopping centers and power centers, and provide financial services. Falabella operates in 7 countries.

Canadian Tire Corporation Limited is a family of businesses that includes a retail segment, a financial services division and CT REIT. The Company's retail business provides Canadians with products for life in Canada across its living, playing, fixing, automotive and seasonal categories. Canadian Tire Corporation's  retail products include casual, industrial and active wear.

Central Retail Corp Ltd operates general merchandise stores. The Company offers electronics, sports, stationery, home improvement, and office products. Central Retail serves customers in Thailand.

Takashimaya Company, Limited., founded in Kyoto in 1831, operates department stores.  The Company's main stores are located in Tokyo, Osaka, and Kyoto. Takashimaya also operates department stores in Paris, France, Singapore, China, Australia, and New York, USA.  The Company retails clothing, foods, art objects, sundry goods, and household utensils.  The Company also operates restaurants.

Harvey Norman Holdings Limited is a holding company for companies and trusts in a third party franchise agreement. The franchises operate stores under the name "Harvey Norman Discounts," selling home wares and electrical goods. The Company also provides advisory and advertising to the franchises. In addition, the Company provides consumer finance and has property investments.

Ollie's Bargain Outlet Holdings, Inc. operates a chain of retail stores that offers brand name products at discounted and closeout prices. The Company provides products, including housewares, food, books and stationery, bed and bath, floor coverings, toys, and hardware.

Ollie'S Bargain Outlet Holdings (OLLI US)

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Ollie'S Bargain Outlet Holdings (OLLI US)

Ollie's Bargain Outlet Holdings: How Is The Management Carrying Out Gross Margin Improvement through Supply Chain Optimization? - Major Drivers

Ollie's Bargain Outlet recently discussed its financial results for the first quarter of fiscal year 2024, presenting a detailed analysis of its...

Baptista Research

Ollie's Bargain Outlet Holdings: Expansion of Store Network & 3 Pivotal Drivers

Ollie's Bargain Outlet showcased a robust performance in the first quarter of fiscal year 2024, reflecting a strong execution of its business...

Baptista Research

Ollie's Bargain Outlet Holdings: Initiation of Coverage - 4 Critical Growth Drivers & 3 Major Challenges In Its Path! - Financial Forecasts

This is our first report on retail major, Ollie's Bargain Outlet Holdings Inc. The company ended its fiscal year 2023 on a strong note, with...

Baptista Research

Trial Holdings IPO: Trading Debut

The shares will start trading on 21 March. The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains...

Arun George

Trial Holdings IPO: Valuation Thoughts

Trial has upsized its IPO from US$236m to US$260m by launching its IPO at JPY1,600-1,700 per share vs. the reference price of JPY1,550. The offer...

Arun George

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