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>In Q1 2024, Skechers hit a new quarterly sales record of $2.25 billion, a gain of 12.5% or $250 million, compared to the previous year.</li><li>Also, diluted earnings per share registered a record of $1.33.</li><li>These results were fuelled by growth in both direct-to-consumer and wholesale sectors on a global scale.</li></ul>

In Q1 2024, Skechers hit a new quarterly sales record of $2.25 billion, a gain of 12.5% or $250 million, compared to the previous year.Also, diluted earnings per share registered a record of $1.33.These results were fuelled by growth in both direct-to-consumer and wholesale sectors on a global scale.

Skechers U.S.A.: Increased Innovation and Messaging around Comfort Technologies & Other Major Drivers

<ul><li>Skechers ended the 2023 fiscal year on a high note, reaching an annual sales record of $8 billion, a $556 million increase compared to the prior year.</li><li>This milestone was the result of four quarterly sales records, including $1.96 billion for the fourth quarter.</li><li>The company also achieved an annual gross margin record of 51.9%.</li></ul>

Skechers ended the 2023 fiscal year on a high note, reaching an annual sales record of $8 billion, a $556 million increase compared to the prior year.This milestone was the result of four quarterly sales records, including $1.96 billion for the fourth quarter.The company also achieved an annual gross margin record of 51.9%.

Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis?  - Major Drivers

<ul><li>Skechers had a decent third-quarter performance, surpassing expectations with a significant quarterly sale of $2.025 billion.</li><li>They achieved an 8% year-over-year increase in sales, driven by a 9% rise in international sales, constituting 61% of total sales.</li><li>The Direct-to-Consumer segment, representing 42% of total sales, remains a pivotal driver of Skechers' growth strategy.</li></ul>

Skechers had a decent third-quarter performance, surpassing expectations with a significant quarterly sale of $2.025 billion.They achieved an 8% year-over-year increase in sales, driven by a 9% rise in international sales, constituting 61% of total sales.The Direct-to-Consumer segment, representing 42% of total sales, remains a pivotal driver of Skechers' growth strategy.

Skechers USA: Expansion Of Its Footprint & Diversification Into Football – A Global Strategy Unveiled! - Key Drivers

<ul><li>Skechers U.S.A. delivered a positive result and managed an all-around beat in the last quarter.</li><li>The company's direct-to-consumer segment saw significant growth and achieved double-digit growth in international markets.</li><li>Despite challenges in the domestic wholesale market, the company's direct-to-consumer strength and international growth were critical drivers of its impressive performance.</li></ul>

Skechers U.S.A. delivered a positive result and managed an all-around beat in the last quarter.The company's direct-to-consumer segment saw significant growth and achieved double-digit growth in international markets.Despite challenges in the domestic wholesale market, the company's direct-to-consumer strength and international growth were critical drivers of its impressive performance.

Skechers U.S.A. Inc.: The Powerhouse Behind the Third Largest Athletic Footwear Brand! - Major Drivers

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.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a> has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.</li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  </li>
</ul>



Snow Peak Inc (7816 JP) has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.
Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  


Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

United States

Skechers U.S.A., Inc. designs and markets branded contemporary casual, active, rugged, and lifestyle footwear for men, women, and children.  The Company sells its products to department stores and specialty retailers.  Skechers also sells its products internationally through distributors and directly to consumers through its own retail stores.

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Skechers Usa Inc Cl A (SKX US)

Skechers U.S.A.: Increased Innovation and Messaging around Comfort Technologies & Other Major Drivers

In Q1 2024, Skechers hit a new quarterly sales record of $2.25 billion, a gain of 12.5% or $250 million, compared to the previous year. Also,...

Baptista Research

Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? - Major Drivers

Skechers ended the 2023 fiscal year on a high note, reaching an annual sales record of $8 billion, a $556 million increase compared to the prior...

Baptista Research

Skechers USA: Expansion Of Its Footprint & Diversification Into Football – A Global Strategy Unveiled! - Key Drivers

Skechers had a decent third-quarter performance, surpassing expectations with a significant quarterly sale of $2.025 billion. They achieved an 8%...

Baptista Research

Skechers U.S.A. Inc.: The Powerhouse Behind the Third Largest Athletic Footwear Brand! - Major Drivers

Skechers U.S.A. delivered a positive result and managed an all-around beat in the last quarter. The company's direct-to-consumer segment saw...

Baptista Research

Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance...

Arun George

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