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

Walgreens Boots Alliance / Equity Capital Markets

<ul><li>Walgreens Boots Alliance had a scary start to 2022 on account of the spread of the Omicron variant.</li><li>The company was forced to temporarily shut some stores due to staffing issues triggered by the latest surge in Covid-19 infections.</li><li>Its quarterly performance was supported by ongoing contributions from vaccination and testing, as well as improved execution across all of the company's business segments.</li></ul>

Walgreens Boots Alliance had a scary start to 2022 on account of the spread of the Omicron variant.The company was forced to temporarily shut some stores due to staffing issues triggered by the latest surge in Covid-19 infections.Its quarterly performance was supported by ongoing contributions from vaccination and testing, as well as improved execution across all of the company's business segments.

Walgreens Boots Alliance Inc - Investment Thesis

<ul><li>CVS Health and Walgreens Boots Alliance are two of the largest pharmacy chains in the world.</li><li>Both these companies have done their fair share of diversification with CVS Health venturing into clinics and telehealth whereas Walgreens ventured into the cosmetics retail and other domains.</li><li>The retail space is traditionally known to have low revenue multiples and both these companies are no exceptions to this rule.</li></ul>

CVS Health and Walgreens Boots Alliance are two of the largest pharmacy chains in the world.Both these companies have done their fair share of diversification with CVS Health venturing into clinics and telehealth whereas Walgreens ventured into the cosmetics retail and other domains.The retail space is traditionally known to have low revenue multiples and both these companies are no exceptions to this rule.

CVS Health vs. Walgreens Boots Alliance - The Battle Of The Pharmacy Majors

<ul><li>Walgreens Boots Alliance delivered a strong quarter result surpassing Wall Street expectations across all business segments, reflecting a strong operational performance.</li><li>Walgreens company has greater access to these patients than any other provider along the care continuum.</li><li>We are optimistic about Walgreens Boots Alliance and give it a 'Hold' rating with a revised target price.</li></ul>

Walgreens Boots Alliance delivered a strong quarter result surpassing Wall Street expectations across all business segments, reflecting a strong operational performance.Walgreens company has greater access to these patients than any other provider along the care continuum.We are optimistic about Walgreens Boots Alliance and give it a 'Hold' rating with a revised target price.

<ul><li>Pharmacy retail giant, Walgreens Boots Alliance has benefitted heavily from the recent Covid-19 vaccinations and related tailwinds over the past 12 months.</li><li>The company has started providing Covid-19 vaccines to patients in the U.K. and has seen a visible increase in operating margins over the past few quarters.</li><li>The management claims to have vaccinated over 25 million people through its pharmacies, driving double-digit growth in its revenues.</li></ul>

Pharmacy retail giant, Walgreens Boots Alliance has benefitted heavily from the recent Covid-19 vaccinations and related tailwinds over the past 12 months.The company has started providing Covid-19 vaccines to patients in the U.K. and has seen a visible increase in operating margins over the past few quarters.The management claims to have vaccinated over 25 million people through its pharmacies, driving double-digit growth in its revenues.

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*Major US Merchant Deal: Tencent Holding’s (700.HK) [Tencent] Afterpay Touch's (APT.AU) [Afterpay] recently announced that it is further expanding its Buy Now, Pay Later (BNPL) model to several major high profile US merchants in order to boost sales and margins. Afterpay is now allowing all US users to shop at 13 retailers by October 2021 - ahead of the holiday shopping season; and*Tencent’s Midas Touch: Tencent continues to hit it out of the park with its Afterpay stake. In addition to its superb return on investment over the past ten months since the stake announcement - -even after giving back some of its gains, this alliance with Australia’s premier financial technology BNPL company is paying dividends to Tencent in numerous other ways.

*Major US Merchant Deal: Tencent Holding’s (700.HK) [Tencent] Afterpay Touch's (APT.AU) [Afterpay] recently announced that it is further expanding its Buy Now, Pay Later (BNPL) model to several major high profile US merchants in order to boost sales and margins. Afterpay is now allowing all US users to shop at 13 retailers by October 2021 - ahead of the holiday shopping season; and*Tencent’s Midas Touch: Tencent continues to hit it out of the park with its Afterpay stake. In addition to its superb return on investment over the past ten months since the stake announcement - -even after giving back some of its gains, this alliance with Australia’s premier financial technology BNPL company is paying dividends to Tencent in numerous other ways. 

Tencent Holdings – Digging In Their Heals

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.

BJ's Wholesale Club Holdings, Inc. operates as a warehouse club. The Company delivers electronics, furniture, fitness, video games, health, toys, home decor, computers, landscaping, jewelry, and grocery products. BJ's Wholesale Club Holdings serves customers in the United States.

Performance Food Group Company markets and distributes food and food-related products. The Company offers foods such as meats, fruits, vegetables, and desserts, as well as supplies paper products, including pizza boxes, disposable napkins, plates, and cups. Performance Food Group operates in the United States.

Casey's General Stores, Inc. operates convenience stores in the Midwest.  The Company's stores, operating under the name Casey's General Store, carry a selection of food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items, as well as sells gasoline.

US Foods Holding Corp. operates as a holding company. The Company, through its subsidiaries, provides catering services. US Foods Holding serves healthcare, hospitality, educational, government facilities, and other sectors in the United States.

PriceSmart, Inc. owns and manages international merchandising businesses. The Company licenses and owns membership stores using the trade name PriceSmart and PriceCostco. PriceSmart's international market consists of Latin America and Asia. The Company also operates domestic merchandising programs, including its Auto Referral Program and its Travel Program.

Weis Markets, Inc. operates retail food markets in Pennsylvania, Maryland, New Jersey, New York, Virginia, and West Virginia. The Company also operates the SuperPetz pet supply chain of stores.

Grocery Outlet Holding Corp. retails grocery products. The Company owns and operates grocery stores and offers dairy, meat, vegetables, fruits, and health supplements. Grocery Outlet Holding serves customers in the United States.

Chefs' Warehouse Inc. is a premier distributor of specialty food products in the United States. The Company is focused on serving the specific needs of chefs who own and/or operate restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools and specialty food stores.

The Andersons, Inc. merchandises grain, operates grain elevator facilities, distributes wholesale agricultural fertilizer, and distributes agricultural inputs to dealers and farmers.  The Company also manufactures lawn fertilizer and corncob-based products, and purchases, sells, repairs, and leases railcars. In addition, The Andersons operates retail stores and a distribution center.

Alibaba Health Information Technology Limited is an integrated healthcare information and content service provider. The Company uses product identification, authentication, and tracking system data for its healthcare information.

CP Axtra Public Company Limited operates a retail discount store chain. The Company sells food and consumer products to its registered customers including wholesalers, retailers, small businesses, caterers, and private individuals who hold its member cards. CP Axtra serves customers in Thailand.

PT Sumber Alfaria Trijaya Tbk operates a chain of retail supermarkets.

President Chain Store Corp. operates seven-eleven convenience stores throughout Taiwan.  These chain stores also provide bill-payment service, ATM service, and photo development service.  The Company's other business areas include retail, logistics, and retail information system.

Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and carry, and frozen food stores in Europe, the Americas, and Asia.

J Sainsbury plc retails food.  The Company operates Sainsbury supermarkets in the United Kingdom, convenience stores, an Internet-based home delivery service, and Sainsbury Bank.  The Bank offers saving accounts, credit cards, mortgages, insurance products, and consumer loans.

BIM Birlesik Magazalar A.S. operates food and basic consumer goods discount stores in Turkey.  The Company provides an assortment of private label products.

Shoprite Holdings Limited operates as a investment holding company with subsidiaries operating in the supermarket, produce distribution, furniture retailing, and property holding industries.

"Dino Polska" Spolka Akcyjna runs medium-sized proximity supermarkets in residential locations. The Company offers chemicals, cosmetics and grocery products - including fruits, vegetables and fresh meat. The Dino Polska servers customers in Poland.

Bid Corporation Limited operates as a foodservice company. The Company focuses on foodservice operations, as well as acquisitive growth opportunities. Bid offers its services worldwide.

Walgreens Boots Alliance, Inc., operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general goods. Walgreens' also offers health services, including primary and acute care, wellness, pharmacy and disease management services and health and fitness.

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Walgreens Boots Alliance (WBA US)

Walgreens Boots Alliance Inc - Investment Thesis

Walgreens Boots Alliance had a scary start to 2022 on account of the spread of the Omicron variant. The company was forced to temporarily shut...

Baptista Research

CVS Health vs. Walgreens Boots Alliance - The Battle Of The Pharmacy Majors

CVS Health and Walgreens Boots Alliance are two of the largest pharmacy chains in the world. Both these companies have done their fair share of...

Baptista Research

Walgreens Boots Alliance Inc - Investment Thesis

Walgreens Boots Alliance delivered a strong quarter result surpassing Wall Street expectations across all business segments, reflecting a strong...

Baptista Research

Walgreens Boots Alliance Inc - Investment Thesis

Pharmacy retail giant, Walgreens Boots Alliance has benefitted heavily from the recent Covid-19 vaccinations and related tailwinds over the past...

Baptista Research

Tencent Holdings – Digging In Their Heals

TENCENT HOLDINGS: Tencent' s Afterpay recently announced a further expansion of its BNPL model to several major US merchants in order to boost...

Thomas J. Monaco

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