Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.</li><li>We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.</li><li>As such, we reiterate our Buy rating and $3 price target for VNCE.</li></ul>

We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24 (April) results and reiterated FY24 guidance.We believe, as the Vince operating model continues to normalize in FY24, it will become increasingly clear to investors the material positives at Vince, from a focus on full price selling, strong wholesale order book, continuing emphasis on higher overall returns and a strengthening balance sheet, which we believe will drive a higher valuation for VNCE, especially with momentum ramping even higher from a "normalized" 2HFY24.As such, we reiterate our Buy rating and $3 price target for VNCE.

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; Reiterate Buy, $3 PT

<ul><li>We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday.</li><li>With comparisons negatively impacted by capital constraints and the company not anniversarying the formation of ABG Vince until May 2024, we believe 1Q upside is somewhat limited.</li><li>That said, we believe the compelling aspects of the overall Vince story, from strong fashion sense, opportunity to expand men's offerings, the potential for new domestic and international expansion, continued focus on reducing costs/expenses and the ability to reduce discounting, especially in the outlet and wholesale channel, all bode well for the company going forward.</li></ul>

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday.With comparisons negatively impacted by capital constraints and the company not anniversarying the formation of ABG Vince until May 2024, we believe 1Q upside is somewhat limited.That said, we believe the compelling aspects of the overall Vince story, from strong fashion sense, opportunity to expand men's offerings, the potential for new domestic and international expansion, continued focus on reducing costs/expenses and the ability to reduce discounting, especially in the outlet and wholesale channel, all bode well for the company going forward.

Pvh Corp - VNCE: 1Q Preview: Taking Positive Steps; Reiterate Buy, $3 PT

<ul><li>We are initiating coverage of Vince Holding Corp., a leading ready to wear brand, offering luxury men's and women's apparel, accessories and home goods via their own stores, online and in wholesale partnerships with key retailers, with a Buy rating and $3 price target, or 6.5X our FY25 EBITDA projection.</li><li>We believe, after a momentous FY23, where the company formed a partnership with Authentic Brands Group, a leading brand licensor, materially recast their balance sheet with debt paydowns and maturity extensions, and began a $30 million transformation program, Vince is ready to shine once again in 2HFY24 and return to top line growth, with higher returns and a more enduring business model.</li><li>As such, and with investor skepticism remaining a drag, we view the longer term risk/reward as compelling, and are initiating coverage of VNCE with a Buy rating and $3 price target.</li></ul>

We are initiating coverage of Vince Holding Corp., a leading ready to wear brand, offering luxury men's and women's apparel, accessories and home goods via their own stores, online and in wholesale partnerships with key retailers, with a Buy rating and $3 price target, or 6.5X our FY25 EBITDA projection.We believe, after a momentous FY23, where the company formed a partnership with Authentic Brands Group, a leading brand licensor, materially recast their balance sheet with debt paydowns and maturity extensions, and began a $30 million transformation program, Vince is ready to shine once again in 2HFY24 and return to top line growth, with higher returns and a more enduring business model.As such, and with investor skepticism remaining a drag, we view the longer term risk/reward as compelling, and are initiating coverage of VNCE with a Buy rating and $3 price target.

Pvh Corp - VNCE: Upside Clarity Increasing; Initiating Coverage with a Buy Rating, $3 PT

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Lvmh Moet Hennessy Louis Vuitton / Equity Bottom-Up

<ul>
<li>In this insight, we provide the income statement comparisons of the eight largest global luxury brand Korea operations including Louis Vuitton Korea, Prada Korea, Ralph Lauren Korea, and Moncler Korea.</li>
<li>In 2022, Korea spent $16.8 billion in luxury goods, representing per capita consumption of $325 per person, surpassing the United States ($280 per person) and China ($55 per person). </li>
<li>Luxury brand spending in Korea is often a leading indicator of global luxury brand spending. Luxury brand spending in Korea has been weak this year and this continued in 3Q23.</li>
</ul>


In this insight, we provide the income statement comparisons of the eight largest global luxury brand Korea operations including Louis Vuitton Korea, Prada Korea, Ralph Lauren Korea, and Moncler Korea.
In 2022, Korea spent $16.8 billion in luxury goods, representing per capita consumption of $325 per person, surpassing the United States ($280 per person) and China ($55 per person). 
Luxury brand spending in Korea is often a leading indicator of global luxury brand spending. Luxury brand spending in Korea has been weak this year and this continued in 3Q23.


Income Statement Analysis of Global Luxury Brand Korea Operations and Luxury Brand Spending Slowdown

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.

<ul><li>Ralph Lauren managed an all-around beat in the last quarter delivering a strong performance that highlights the resilience of its strategy and the adaptability of its teams in a dynamic global environment.</li><li>The quarter witnessed positive revenue growth that surpassed guidance, marking a return to gross margin expansion while effectively managing peak raw material costs.</li><li>The company's commitment to cost discipline enabled a 100 basis point expansion in adjusted operating margin, reaching 13.7%, resulting in a 9% increase in operating profit.</li></ul>

Ralph Lauren managed an all-around beat in the last quarter delivering a strong performance that highlights the resilience of its strategy and the adaptability of its teams in a dynamic global environment.The quarter witnessed positive revenue growth that surpassed guidance, marking a return to gross margin expansion while effectively managing peak raw material costs.The company's commitment to cost discipline enabled a 100 basis point expansion in adjusted operating margin, reaching 13.7%, resulting in a 9% increase in operating profit.

Ralph Lauren Corporation: Exclusive Insight into the Power Moves Driving Positive Revenue! - Major Drivers

United States

Ralph Lauren Corporation designs, markets, and distributes men's, women's and children's apparel, accessories, fragrances, and home furnishings. The Company's products are sold under a wide range of brands. Ralph Lauren's operations include wholesale, retail, and licensing.

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Ralph Lauren (RL US)

Pvh Corp - VNCE: 1Q Review: Multiple Positives Coming to the Fore; Reiterate Buy, $3 PT

We are reiterating our Buy rating and $3 price target for Vince Holding Corp. after the company reported slightly better-than expected 1QFY24...

Small Cap Consumer Research

Pvh Corp - VNCE: 1Q Preview: Taking Positive Steps; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 1QFY24 (April) results before the open on Tuesday. With...

Small Cap Consumer Research

Pvh Corp - VNCE: Upside Clarity Increasing; Initiating Coverage with a Buy Rating, $3 PT

We are initiating coverage of Vince Holding Corp., a leading ready to wear brand, offering luxury men's and women's apparel, accessories and home...

Small Cap Consumer Research

Income Statement Analysis of Global Luxury Brand Korea Operations and Luxury Brand Spending Slowdown

In this insight, we provide income statement comparisons of the eight largest global luxury brand Korea operations including Louis Vuitton Korea,...

Douglas Kim

Ralph Lauren Corporation: Exclusive Insight into the Power Moves Driving Positive Revenue! - Major Drivers

Ralph Lauren managed an all-around beat in the last quarter delivering a strong performance that highlights the resilience of its strategy and the...

Baptista Research

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