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 Capital Markets

<ul><li>Ulta Beauty delivered another all-around beat in the recent quarter, kicking off fiscal 2022 on a positive note.</li><li>Skin care posted another quarter of strong double-digit sales growth, following strong double-digit growth in the first quarter of last year.</li><li>Furthermore, Ulta Beauty launched a new homepage for both ulta.com and its mobile app as part of its Digital Store of the Future Journey.</li></ul>

Ulta Beauty delivered another all-around beat in the recent quarter, kicking off fiscal 2022 on a positive note.Skin care posted another quarter of strong double-digit sales growth, following strong double-digit growth in the first quarter of last year.Furthermore, Ulta Beauty launched a new homepage for both ulta.com and its mobile app as part of its Digital Store of the Future Journey.

Ulta Beauty: Category-wise Growth & Other Drivers

<ul><li>Ulta Beauty successfully navigated pandemic-related challenges and delivered a decent set of results in 2021 with the beauty category recovering faster than the management expectations.</li><li>With its multichannel campaigns, the company had a good holiday season and consumers responded well to their advertising narrative.</li><li>They also improved their gift card program, adding new multipack options and more innovative and inclusive designs, resulting in double-digit growth in gift card sales across stores and third-party channels.</li></ul>

Ulta Beauty successfully navigated pandemic-related challenges and delivered a decent set of results in 2021 with the beauty category recovering faster than the management expectations.With its multichannel campaigns, the company had a good holiday season and consumers responded well to their advertising narrative.They also improved their gift card program, adding new multipack options and more innovative and inclusive designs, resulting in double-digit growth in gift card sales across stores and third-party channels.

Ulta Beauty Inc.: Financial & Price Forecasts

<ul><li>Ulta Beauty delivered another strong set of results for the recent quarter with net sales increasing 28.6% to a record $2 billion.</li><li>The company’s performance was driven by the beauty category's strength and resilience and the success of its differentiated model.</li><li>All major categories delivered robust double-digit comp growth in the third quarter compared to the similar period of 2020, driven by cycling last year's disruption from the coronavirus, product newness, and strong performance from Ulta Beauty's strategic promotional events, such as 21 Days of Beauty, Fall Haul, and its Gorgeous Hair Event.</li></ul>

Ulta Beauty delivered another strong set of results for the recent quarter with net sales increasing 28.6% to a record $2 billion.The company’s performance was driven by the beauty category's strength and resilience and the success of its differentiated model.All major categories delivered robust double-digit comp growth in the third quarter compared to the similar period of 2020, driven by cycling last year's disruption from the coronavirus, product newness, and strong performance from Ulta Beauty's strategic promotional events, such as 21 Days of Beauty, Fall Haul, and its Gorgeous Hair Event.

Ulta Beauty: The Robust Comps Continue (12/2021)

<ul><li>The Ulta Beauty stock has soared past our last target price close to its 52-week-high as the company delivered an excellent second quarter with overall comps growing by a staggering 56.3% as compared to last year.</li><li>The company’s overall revenues grew 60.2% for the second quarter and it also experienced margin expansion with operating margin increased to 16.9% of sales and gross profit margin increasing to 40.6% of sales, up from 26.8% in the same period of last year.</li><li>We give Ulta Beauty’s stock an 'Outperform' rating with a revised target price.</li></ul>

The Ulta Beauty stock has soared past our last target price close to its 52-week-high as the company delivered an excellent second quarter with overall comps growing by a staggering 56.3% as compared to last year.The company’s overall revenues grew 60.2% for the second quarter and it also experienced margin expansion with operating margin increased to 16.9% of sales and gross profit margin increasing to 40.6% of sales, up from 26.8% in the same period of last year.We give Ulta Beauty’s stock an 'Outperform' rating with a revised target price.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Thematic (Sector/Industry)

<p>Relations between the US and China could (and likely will) deteriorate in the medium-term for any of the three following reasons: a) increased friction over US-China trade issues; b) more intemperate words or actions from the new US administration regarding Taiwan's political status; c) China more aggressively pursuing various territorial claims in the region (South China Sea, Senkaku Islands). </p><p>One likely victim of rising tensions between the US and China is tourism between the two countries…</p>

Relations between the US and China could (and likely will) deteriorate in the medium-term for any of the three following reasons: a) increased friction over US-China trade issues; b) more intemperate words or actions from the new US administration regarding Taiwan's political status; c) China more aggressively pursuing various territorial claims in the region (South China Sea, Senkaku Islands). One likely victim of rising tensions between the US and China is tourism between the two countries…

Rising US-China Tensions Will Hurt Tourism; Who Stands to Lose (And to Gain) The Most?

United States

Dick's Sporting Goods, Inc. operates as a sporting goods retailer that manages stores primarily in the eastern and central United States. The Company owns stores that offers a broad selection of brand name sporting goods equipment, apparel, and footwear.

Burlington Stores, Inc. owns and operates clothing retail stores. The Company offers, through its stores and internet sites, men's, women's, and children's apparel. Burlington Holding operates within the United States and Puerto Rico.

Tractor Supply Company operates a retail farm store chain in the United States. The Company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products.  Customers include hobby, part-time, and full-time farmers and ranchers, as well as rural customers, contractors, and tradesman.

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

Murphy USA Inc. produces and distributes petroleum products. The Company engages in refining, marketing, and transportation of oil and gas products. Murphy USA provides products and services worldwide.

The Gap, Inc., is an international specialty retailer operating retail and outlet stores.  The Company sells casual apparel, accessories and personal care products for men, women, and children. The Gap operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.

Lithia Motors, Inc. retails, finances, and services new and used vehicles. The Company also provides other related services and products, such as the sale of parts and accessories, extended service contracts, aftermarket automotive products, and collision repair services. Lithia Motors operates throughout the United States.

Williams-Sonoma, Inc. retails cooking and serving equipment, home furnishings, and home accessories through retail stores, mail order catalogs and e-commerce. The Company offers its merchandise under the Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, and West Elm.

GameStop Corporation operates specialty electronic game and PC entertainment software stores throughout the United States, Australia, Canada and Europe. The Company stores sell new and used video game hardware, video game software and accessories, as well as PC entertainment software, and related accessories and other merchandise.

Penske Automotive Group, Inc. operates franchised automobile dealerships. The Company's franchises are located throughout the United States, Puerto Rico and the United Kingdom.  Penske Automotive sells new and used vehicles as well as offers maintenance and repair services on all brands it represents.

Chow Tai Fook Jewellery Group Limited retails jewelry.  The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues.  Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

HIKARI TSUSHIN, INC. is a mobile telecommunication service subscription agency. The Company also operates telecommunication services stores, HIT SHOP, which sell cellular telephones, and related goods.  Hikari Tsushin also sells office automation equipment and insurance.

Hotai Motor Company Ltd. operates as an automobile dealership. The Company sells and services new and used cars and trucks in Taiwan.

Nitori Holdings Co., Ltd., is based in Hokkaido and operates a furniture retail chain.  The Company sells living room furniture, storage furniture, dining furniture, office furniture, beds, and interior goods.  Nitori Holdings also sells original brand merchandise and imported merchandise.

Zalando SE provides online sale of fashion accessories. The Company offers clothing, sports products, shoes, bags, and other accessories for men, women, and children. Zalando markets its products worldwide.

JD Sports Fashion PLC operates a chain of retail stores which sell brand-name sports and leisure wear. The Company sells sports and leisure footwear, clothing, and accessories, among other items. JD Sports Fashion serves customers in the United Kingdom.

Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens, and children.  The Company sells a variety trendy, sporty, and classic garments in addition to accessories such as jewelery, bags, and scarves, and cosmetics. H&M owns and operates stores in many European countries and the United States.

JB Hi-Fi Limited is a music and electronic goods retailer in Australia.  The Company operates stores at sites located in most Australian States.  Products include consumer electronics, car sound systems, music and DVDs.

ABC-MART, INC. plans, develops, wholesales, and retails shoes.  The Company also plans and develops brand name shoes such as VANS and G.T. HAWKINS.  ABC-Mart imports and wholesales shoes, apparel, bags, and sundries as well.

L'Occitane International S.A. is a global, natural and organic ingredient based cosmetics and well-being products enterprise.  The Company designs, manufactures and markets a wide range of cosmetics and well-being products based on natural and organic ingredients sourced principally from or near Provence.

Ulta Beauty, Inc. operates a chain of beauty stores. The Company offers cosmetics, fragrance, skin, and hair care products, as well as salon services. Ulta Beauty serves customers throughout the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ulta Beauty (ULTA US)

Ulta Beauty: Category-wise Growth & Other Drivers

Ulta Beauty delivered another all-around beat in the recent quarter, kicking off fiscal 2022 on a positive note. Skin care posted another quarter...

Baptista Research

Ulta Beauty Inc.: Financial & Price Forecasts

Ulta Beauty successfully navigated pandemic-related challenges and delivered a decent set of results in 2021 with the beauty category recovering...

Baptista Research

Ulta Beauty: The Robust Comps Continue (12/2021)

Ulta Beauty delivered another strong set of results for the recent quarter with net sales increasing 28.6% to a record $2 billion. The company’s...

Baptista Research

Ulta Beauty Inc. - Investment Thesis

The Ulta Beauty stock has soared past our last target price close to its 52-week-high as the company delivered an excellent second quarter with...

Baptista Research

Rising US-China Tensions Will Hurt Tourism; Who Stands to Lose (And to Gain) The Most?

Relations between the US and China could (and likely will) deteriorate in the medium-term for any of the three following reasons: a) increased...

Daniel Hellberg

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)