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

Planet Fitness Inc Cl A / Equity Bottom-Up

<ul><li>Planet Fitness has provided a detailed update on its performance and strategic plans during the first quarter of 2024.</li><li>The company reported a growth in its membership base, ending the quarter with approximately 19.6 million members.</li><li>This represents an increase from the prior period but fell short of the company's expectations for what is typically a robust quarter for new memberships.</li></ul>

Planet Fitness has provided a detailed update on its performance and strategic plans during the first quarter of 2024.The company reported a growth in its membership base, ending the quarter with approximately 19.6 million members.This represents an increase from the prior period but fell short of the company's expectations for what is typically a robust quarter for new memberships.

Planet Fitness Inc.: Why We Are Neutral Despite Their Membership Growth and Retention Focus! - Major Drivers

<ul><li>This is our first report on Planet Fitness Inc. The company had a positive performance in Q4 2023, as it reportedly ended with 18.7 million members and a system-wide same-store sales growth of 8.7% primarily driven by new member growth.</li><li>The fitness company also notched a 19% adjusted EBITDA growth and successfully opened 165 new locations globally.</li><li>It also saw improvements in the age demographic of its members, with increased participation across all age groups, led by the Gen Z segment which now comprises over 25% of Planet Fitness's total membership.</li></ul>

This is our first report on Planet Fitness Inc. The company had a positive performance in Q4 2023, as it reportedly ended with 18.7 million members and a system-wide same-store sales growth of 8.7% primarily driven by new member growth.The fitness company also notched a 19% adjusted EBITDA growth and successfully opened 165 new locations globally.It also saw improvements in the age demographic of its members, with increased participation across all age groups, led by the Gen Z segment which now comprises over 25% of Planet Fitness's total membership.

Planet Fitness:  Initiation of Coverage - Real Estate Constraints & 3 Major Challenges In Its Path! - Major Drivers

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

Norwegian Cruise Line Holdings Ltd. operates a fleet of passenger cruise ships. The Company offers an array of cruise itineraries as well as theme cruises, while markets its services through various distribution channels including retail and travel agents, consumer direct, international sales, as well as incentive sales. Norwegian Cruise extends its services worldwide.

Scientific Games Corporation provides services, systems, and products to both the pari-mutuel gaming and instant ticket lottery industries.  The Company operates an instant ticket and online lottery products, systems, and services business.  Scientific also operates wagering and communications, venue management, and telecommunications products businesses.

Caesars Entertainment, Inc. owns and operates as a chain of resorts. The Company offers casino, poker, roulette, and other gaming facilities, as well as provides food and beverages services. Caesars Entertainment serves customers in the United States.

Choice Hotels International, Inc. franchises hotel properties.  The Company franchises hotels throughout the United States, Puerto Rico, and the District of Columbia, as well as other countries.  Choice Hotels' properties operate under the Comfort, Quality, Clarion, Sleep, Rodeway, Econo Lodge, and MainStay brand names.

Vail Resorts, Inc. operates resorts in Colorado.  The Company's resorts include Vail Mountain, a ski mountain complex, and Beaver Creek Resort, a family oriented mountain resort.  Vail Resorts also operates Breckenridge Mountain, a destination resort with apres-ski activities, and Keystone Resort, a year-round family vacation destination.

Aramark provides food and facilities management services. The Company offers uniform, refreshments, work apparel, and cleanroom services to healthcare institutions, universities, school districts, stadiums, and businesses. Aramark serves clients worldwide.

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

Boyd Gaming Corporation owns and operates several gaming properties throughout the United States.  The Company also operates entertainment, restaurants, shopping, and recreational facilities on its properties.

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.

Genting Singapore Limited, through its subsidiaries, develops resort properties as well as operates casinos. The Company has casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom.

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

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.

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.

ZENSHO Holdings CO., LTD. operates a fast food chain specialized in GYUDON which serves bowls of rice topped with seasoned beef based in Kanto.      The Company operates also diversifying into other types of food chains such as "Coco's" and "Big Boy" in Japan.

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.

Whitbread PLC is a hotel and restaurant group. The Company operates businesses in budget hotels, restaurants and coffee shops.

Planet Fitness, Inc. owns and operates a chain of fitness clubs. The Company offers offers personal fitness training programs for its members. Planet Fitness serves customers in the United States.

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Planet Fitness Inc Cl A (PLNT US)

Planet Fitness Inc.: Why We Are Neutral Despite Their Membership Growth and Retention Focus! - Major Drivers

Planet Fitness has provided a detailed update on its performance and strategic plans during the first quarter of 2024. The company reported a...

Baptista Research

Planet Fitness: Initiation of Coverage - Real Estate Constraints & 3 Major Challenges In Its Path! - Major Drivers

This is our first report on Planet Fitness Inc. The company had a positive performance in Q4 2023, as it reportedly ended with 18.7 million...

Baptista Research

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