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>Sonos has recently reported its performance for the second quarter of fiscal 2024, encapsulating both successes and pressure points that reflect the current state of the home audio sector.</li><li>During this period, the company achieved a revenue totalling $252.7 million, an outcome that surpassed expectations, slightly bolstered by responsive customer engagement with promotional activities.</li><li>Notably, the revenue per product sold increased by 11% year-over-year to $338, attributed primarily to a favorable product mix.</li></ul>

Sonos has recently reported its performance for the second quarter of fiscal 2024, encapsulating both successes and pressure points that reflect the current state of the home audio sector.During this period, the company achieved a revenue totalling $252.7 million, an outcome that surpassed expectations, slightly bolstered by responsive customer engagement with promotional activities.Notably, the revenue per product sold increased by 11% year-over-year to $338, attributed primarily to a favorable product mix.

Sonos Inc.: Expanding Distribution Channels To Catalyze Top-Line Growth! - Major Drivers

<ul><li>Sonos, the leading speaker manufacturing company, recently reported its Q1 2024 results.</li><li>Extenuating despite various cyclical challenges, Sonos exceeded its expectations by delivering a revenue of $612.9 million, a GAAP gross margin of 46.1%, and adjusted EBITDA of $115 million.</li><li>Its free cash flow was also improved to $269 million.</li></ul>

Sonos, the leading speaker manufacturing company, recently reported its Q1 2024 results.Extenuating despite various cyclical challenges, Sonos exceeded its expectations by delivering a revenue of $612.9 million, a GAAP gross margin of 46.1%, and adjusted EBITDA of $115 million.Its free cash flow was also improved to $269 million.

Sonos Inc.: Expanding Its Portfolio & Entry into New Categories! - Major Drivers

<ul><li>Sonos, Inc. surpassed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Despite a challenging year in their current market segments, Sonos has demonstrated resilience due to a robust brand and dedicated customer base.</li><li>Considering the prevailing weak consumer demand, the management anticipates a flat revenue of $1.6 billion to $1.7 billion in fiscal 2024.</li></ul>

Sonos, Inc. surpassed the revenue expectations as well as the earnings expectations of Wall Street.Despite a challenging year in their current market segments, Sonos has demonstrated resilience due to a robust brand and dedicated customer base.Considering the prevailing weak consumer demand, the management anticipates a flat revenue of $1.6 billion to $1.7 billion in fiscal 2024.

Sonos Inc.: Anticipating Consumer Return - What Trends Are Driving This? - Major Drivers

<ul><li>Sonos, Inc. delivered an all-around beat in the previous quarter.</li><li>The company reported $373.4 million in sales, up 23% sequentially and approximately flat year over year in both reported and constant currency terms.</li><li>This growth was fueled by a full quarter of projected price increases, decreased component costs, and a favorable mix.</li></ul>

Sonos, Inc. delivered an all-around beat in the previous quarter.The company reported $373.4 million in sales, up 23% sequentially and approximately flat year over year in both reported and constant currency terms.This growth was fueled by a full quarter of projected price increases, decreased component costs, and a favorable mix.

Sonos Inc.: Does It Have A Sustainable Competitive Advantage? - Major Drivers

<ul><li>Sonos delivered a positive result and managed an all-around beat in the last quarter.</li><li>The reported revenues were slightly ahead of expectations, although there was a decrease compared to the previous year.</li><li>Sonos observed softening demand in the home theater category due to macroeconomic factors and increased competition but managed to gain market share.</li></ul>

Sonos delivered a positive result and managed an all-around beat in the last quarter.The reported revenues were slightly ahead of expectations, although there was a decrease compared to the previous year.Sonos observed softening demand in the home theater category due to macroeconomic factors and increased competition but managed to gain market share.

Sonos Inc.: A Brave Attempt To Steer Clear of Macroeconomic Headwinds! – Key Drivers

United States

La-Z-Boy Incorporated manufactures residential and office upholstered furniture. The Company's product lines include motion, stationary and modular seating, desks, cabinets, conference tables, dining room and bedroom furniture, and book cases.  La-Z-Boy markets its products through department and furniture stores, mass merchandisers, and La-Z-Boy showcase galleries.

Helen of Troy Limited designs, produces, and markets brand-name hair dryers, curling irons, hair setters, women's shavers, brushes, combs, hair accessories, mirrors, and comfort products. The Company's products are sold through mass merchandisers, drug chains, warehouse clubs, and grocery stores.

Leggett & Platt, Incorporated manufactures a wide range of engineered products. The Company's products include components for bedding, furniture, and other residential furnishings, as well as office and institutional furnishings components, retail store fixtures, and displays, specialty wire products, and automotive seating suspension and lumbar systems.

Beazer Homes USA, Inc. designs, builds, and sells single family homes in the Southeast, Southwest, and South Central regions of the United States.  The Company's homes are designed to appeal to entry-level and first move-up home buyers.

Hovnanian Enterprises, Inc. designs, constructs, and markets single-family homes, townhomes, and condominiums in planned residential communities. The Company operates in the states of New Jersey, North Carolina, Pennsylvania, Virginia, Maryland, New York, California, Texas, Tennessee, Alabama, and Mississippi, and in Poland. Hovnanian also provides mortgages to its homebuyers.

LGI Homes, Inc. designs and constructs homes . The Company builds homes located in Texas, Arizona, Florida and Georgia.

Newell Rubbermaid Inc. manufactures and markets branded consumer products which are sold through a variety of retail and wholesale distribution channels.  The Company's products include housewares, juvenile products, home furnishings, office products, tools and hardware, and hair accessories.

JS Global Lifestyle Company Limited provides household appliances. The Company offers pressure and induction cookers, air fryers, countertop grills, upright and robotic  vacuums, water purifier, ventilator, thermos, and other related products. JS Global Lifestyle serves customers worldwide.

The Lovesac Company retails home furnishing products. The Company offers alternative furniture store, sectionals, bean bags, bean bag chairs, as well as other accessories such as blankets, footsacs, and throw pillows. Lovesac serves customers in the State of Connecticut.

iRobot Corporation manufactures robots that vacuum and wash floors and perform battlefield reconnaissance and bomb disposal. The Company markets its products to consumers through retailers, the United States military, and other government agencies worldwide.

Fujitsu General Ltd. manufactures air-conditioning units, refrigerators, and information-communication equipment. The products include air conditioners, and purifiers. The Company also manufactures computer software and electronic devices.

Suofeiya Home Collection Company Ltd develops, produces and sells custom wardrobes and matching custom furniture.  The Company's main products includes closets, sliding doors, wardrobes, walk-in closets, custom bookcases, computer desks, beds, beside cabinets, dressing tables, dressing stools, drawer cabinets, TV cabinets, shoe and accessories cabinets etc.

Bajaj Electricals Limited manufactures electric fans and general lighting items, such as lamps, special lamps, fluorescent tubes, and lighting fixtures.  The Company also manufactures consumer durables like small electrical appliances.

TTK Prestige Limited manufactures a range of domestic appliances.  The Group's products include pressure cookers and non-stick cookware, stainless steel and glass vacuum flasks, and gas stoves.

Sichuan Jiuzhou Electric Co., Ltd. manufactures and markets electronic audio equipment for commercial and consumer uses.

Edifier Technology Co.,Ltd. develops computer software operating systems, manufactures and sales active speakers and related accessories.  The Company's products include multimedia speakers, head phones and automobile stereo systems.

Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. manufactures appliances. The Company designs, manufactures, and sells small household appliances including electric kettles, coffee machines, bread makers, mixers, toasters, and blenders.

Guangdong Xnbo Elctl Applns Hldgs (002705 CH)

TCL Multimedia Technology Holdings Limited, through its subsidiaries, manufactures television sets, trades television related components, and manufactures audio visual products.  The Company also manufactures personal computers and peripheral products. In addition, TCL Intenational operates information technology and other business.

JANUS (Dongguan) Precision Components Co.,Ltd. designs, manufactures, and sells consumer electronics precision molds and precision structural parts.  The Company's products are precision molds, mobile phones cases and other consumer electronics cases.

NavInfo Co., Ltd. develops, manufactures and sells electronic map product.  The Company's products include car electronic navigation product, consumer electronic navigation product, and electronic map service.

Sonos, Inc. designs, develops, and produces audio products. The Company offers charging cradles, music players, alternating current adapters, controllers, wireless speakers, and loudspeakers. Sonos serves customers worldwide.

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Sonos Inc (SONO US)

Sonos Inc.: Expanding Distribution Channels To Catalyze Top-Line Growth! - Major Drivers

Sonos has recently reported its performance for the second quarter of fiscal 2024, encapsulating both successes and pressure points that reflect...

Baptista Research

Sonos Inc.: Expanding Its Portfolio & Entry into New Categories! - Major Drivers

Sonos, the leading speaker manufacturing company, recently reported its Q1 2024 results. Extenuating despite various cyclical challenges, Sonos...

Baptista Research

Sonos Inc.: Anticipating Consumer Return - What Trends Are Driving This? - Major Drivers

Sonos, Inc. surpassed the revenue expectations as well as the earnings expectations of Wall Street. Despite a challenging year in their current...

Baptista Research

Sonos Inc.: Does It Have A Sustainable Competitive Advantage? - Major Drivers

Sonos, Inc. delivered an all-around beat in the previous quarter. The company reported $373.4 million in sales, up 23% sequentially and...

Baptista Research

Sonos Inc.: A Brave Attempt To Steer Clear of Macroeconomic Headwinds! – Key Drivers

Sonos delivered a positive result and managed an all-around beat in the last quarter. The reported revenues were slightly ahead of expectations,...

Baptista Research

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