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, a key player in the audio technology sector, presented its third quarter fiscal 2024 results that signaled both promises and challenges.</li><li>The call, led by Patrick Spence, CEO of Sonos, detailed the current predicaments mainly centered around the recent overhaul of their mobile application, alongside highlights of new product introductions and financial metrics.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Sonos, a key player in the audio technology sector, presented its third quarter fiscal 2024 results that signaled both promises and challenges.The call, led by Patrick Spence, CEO of Sonos, detailed the current predicaments mainly centered around the recent overhaul of their mobile application, alongside highlights of new product introductions and financial metrics.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Sonos Inc.: The Tale Of Market Expansion Through Category Diversification! - Major Drivers

<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

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>TK Group announced a positive profit alert for 1H24 with 40%+ YoY earnings growth.</li><li>After speaking with TK’s mgmt., we reiterate our positive view on TK’s 2H24 outlook, driven by strong order pipelines, new client wins, and revenue/margin recovery across most segments.</li><li>Following challenging business environment in 2022 and 2023, we believe TK is on track to deliver 38%/19% YoY earnings growth in FY24/25E, backed by client demand recovery (e.g. Jabra, Polycom), new order ramp-up (e.g. Meta, SONOS, Dyson), utilization improvement and operating leverage. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

TK Group announced a positive profit alert for 1H24 with 40%+ YoY earnings growth.After speaking with TK’s mgmt., we reiterate our positive view on TK’s 2H24 outlook, driven by strong order pipelines, new client wins, and revenue/margin recovery across most segments.Following challenging business environment in 2022 and 2023, we believe TK is on track to deliver 38%/19% YoY earnings growth in FY24/25E, backed by client demand recovery (e.g. Jabra, Polycom), new order ramp-up (e.g. Meta, SONOS, Dyson), utilization improvement and operating leverage. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TK Group (2283 HK) - Positive Profit Alert in 1H24E

United States

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.: The Tale Of Market Expansion Through Category Diversification! - Major Drivers

Sonos, a key player in the audio technology sector, presented its third quarter fiscal 2024 results that signaled both promises and...

Baptista Research

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

TK Group (2283 HK) - Positive Profit Alert in 1H24E

After speaking with TK’s mgmt., we reiterate our positive view on TK’s 2H24 outlook, driven by strong order pipelines, new client wins, and revenue...

CMB International

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