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

Sprouts Farmers Market / Equity Bottom-Up

<ul><li>Sprouts Farmers Market's second quarter 2024 results demonstrate both growth and resilience amidst varying market conditions.</li><li>The company reported a significant increase in sales—up 12% year-over-year to $1.9 billion, propelled by a robust 6.7% growth in comparable store sales.</li><li>Key drivers of this growth include increased e-commerce sales, which surged by 30%, and now constitute 14% of total sales, and the company’s strategic expansion through new stores.</li></ul>

Sprouts Farmers Market's second quarter 2024 results demonstrate both growth and resilience amidst varying market conditions.The company reported a significant increase in sales—up 12% year-over-year to $1.9 billion, propelled by a robust 6.7% growth in comparable store sales.Key drivers of this growth include increased e-commerce sales, which surged by 30%, and now constitute 14% of total sales, and the company’s strategic expansion through new stores.

Sprouts Farmers Market Inc.: Why Are They Expanding Store Footprint in Emerging Markets? - Major Drivers

<ul><li>Sprouts Farmers Market reported strong financial performance in the first quarter of 2024, with a revenue increase of 9% to $1.9 billion, driven by a combination of comparable store sales growth of 4% and the opening of new stores.</li><li>The firm achieved a notable improvement in diluted earnings per share, which rose by 14% compared to the same period last year.</li><li>This positive trajectory underscores the effectiveness of Sprouts Farmers Market's tailored strategies and operational excellence.</li></ul>

Sprouts Farmers Market reported strong financial performance in the first quarter of 2024, with a revenue increase of 9% to $1.9 billion, driven by a combination of comparable store sales growth of 4% and the opening of new stores.The firm achieved a notable improvement in diluted earnings per share, which rose by 14% compared to the same period last year.This positive trajectory underscores the effectiveness of Sprouts Farmers Market's tailored strategies and operational excellence.

Sprouts Farmers Market Inc.: How They Are Focusing on Differentiated and Innovative Product Offerings! - Major Drivers

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. </li>
<li>Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. </li>
<li>Today we are flagging Weight Watchers, Triumph Grp, Sprouts, Ormat Tech .</li>
</ul>


Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. 
Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns. 
Today we are flagging Weight Watchers, Triumph Grp, Sprouts, Ormat Tech .


Declining Business Short Candidates: Weight Watchers, Triumph Grp, Sprouts, Ormat Tech

<ul><li>Sprouts Farmers Market's 4th Quarter 2023 Earnings demonstrated a decent performance.</li><li>Positives include a 7% sales growth for the year while maintaining a stable margin, as well as a 19% increase in their adjusted diluted earnings per share.</li><li>The company's focus on specialty positioning in order to provide quality, differentiated, and healthy food products appears to be paying off, as indicated in the results.</li></ul>

Sprouts Farmers Market's 4th Quarter 2023 Earnings demonstrated a decent performance.Positives include a 7% sales growth for the year while maintaining a stable margin, as well as a 19% increase in their adjusted diluted earnings per share.The company's focus on specialty positioning in order to provide quality, differentiated, and healthy food products appears to be paying off, as indicated in the results.

Sprouts Farmers Market Inc.: Initiation Of Coverage - Effective Private Brand Expansion & 3 Critical Growth Drivers In 2024 & Beyond! - Financial Forecasts

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>The <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a> IE considers Paine Schwartz Partners’ A$3.20 offer fair and reasonable as it is towards the upper end of its A$2.62-3.28 valuation range. </li>
<li>The scheme requires China SAMR and European Commission approvals. SAMR approval poses a timing risk but the scheduling of the scheme meeting reflects PSP's confidence in securing the approvals.</li>
<li>While not a knockout bid, the profit warning should help sway the retail vote in favour of the scheme. At the last close, the gross spread was 8.1%.</li>
</ul>


The Costa Group Holdings (CGC AU) IE considers Paine Schwartz Partners’ A$3.20 offer fair and reasonable as it is towards the upper end of its A$2.62-3.28 valuation range. 
The scheme requires China SAMR and European Commission approvals. SAMR approval poses a timing risk but the scheduling of the scheme meeting reflects PSP's confidence in securing the approvals.
While not a knockout bid, the profit warning should help sway the retail vote in favour of the scheme. At the last close, the gross spread was 8.1%.


Costa Group (CGC AU): Wide Spread Ahead of the 30 January Vote

United States

Sprouts Farmers Market, Inc. operates a chain of retail grocery stores. The Company offers meats, cheese, dairy products, bakery, beer and wine, bulk foods, vitamins, and supplements. Sprouts Farmers Market serves customers throughout the United States.

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Sprouts Farmers Market (SFM US)

Sprouts Farmers Market Inc.: Why Are They Expanding Store Footprint in Emerging Markets? - Major Drivers

Sprouts Farmers Market's second quarter 2024 results demonstrate both growth and resilience amidst varying market conditions. The company reported...

Baptista Research

Sprouts Farmers Market Inc.: How They Are Focusing on Differentiated and Innovative Product Offerings! - Major Drivers

Sprouts Farmers Market reported strong financial performance in the first quarter of 2024, with a revenue increase of 9% to $1.9 billion, driven...

Baptista Research

Declining Business Short Candidates: Weight Watchers, Triumph Grp, Sprouts, Ormat Tech

Declining business shorts pursue profit riding negative business momentum. Today we are flagging Weight Watchers, Triumph Grp, Sprouts, Ormat Tech.

Eric Fernandez, CFA

Sprouts Farmers Market Inc.: Initiation Of Coverage - Effective Private Brand Expansion & 3 Critical Growth Drivers In 2024 & Beyond! - Financial Forecasts

Sprouts Farmers Market's 4th Quarter 2023 Earnings demonstrated a decent performance. Positives include a 7% sales growth for the year while...

Baptista Research

Costa Group (CGC AU): Wide Spread Ahead of the 30 January Vote

While China SAMR approval is an overhang, the scheduling of the vote reflects PSP's confidence in securing the approval. The profit warning should...

Arun George

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