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>WD-40 Company had a decent result for the first quarter of the fiscal year 2024.</li><li>Notably, the company achieved robust revenue growth with net sales reaching $140.4 million, signifying a 12% increase from the corresponding period of the previous fiscal year.</li><li>This growth also aligns with the company's FY'24 guidance and long-term growth predictions, a sign of the company's resilience and adaptability in a highly competitive marketplace.</li></ul>

WD-40 Company had a decent result for the first quarter of the fiscal year 2024.Notably, the company achieved robust revenue growth with net sales reaching $140.4 million, signifying a 12% increase from the corresponding period of the previous fiscal year.This growth also aligns with the company's FY'24 guidance and long-term growth predictions, a sign of the company's resilience and adaptability in a highly competitive marketplace.

WD-40 Company: Initiation Of Coverage - The 4 Key Elements Catalyzing Its Growth Revealed! - Financial Forecasts

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

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<ul>
<li>Previous price increases by WD-40 Company (WDFC) led to the Company reporting a year over year increase in quarterly revenue, but with those prices increases being lapped in fiscal 2024</li>
<li>WDFC was able to reduce its inventory level in the quarter, but unit volume growth remains elusive. Higher operating expenses are expected to prevent earnings growth in fiscal 2024</li>
<li>WDFC reported fiscal fourth quarter sales of $140.5 million compared to $141.7 million achieved in fiscal third quarter.</li>
</ul>


Previous price increases by WD-40 Company (WDFC) led to the Company reporting a year over year increase in quarterly revenue, but with those prices increases being lapped in fiscal 2024
WDFC was able to reduce its inventory level in the quarter, but unit volume growth remains elusive. Higher operating expenses are expected to prevent earnings growth in fiscal 2024
WDFC reported fiscal fourth quarter sales of $140.5 million compared to $141.7 million achieved in fiscal third quarter.


<ul>
<li>WD-40 Company (WDFC) reported fiscal third quarter (May) results benefiting from already announced price increases while unit volume declined in Europe and Americas regions</li>
<li>Unlike prior quarterly results where there was a clear negative in the business, this time WDFC benefited from order timing that is not likely to repeat in the fourth quarte</li>
<li>The price increases WDFC implemented were to help push gross margin back towards the 55 percent level. This has not been the case as demand has waned</li>
</ul>


WD-40 Company (WDFC) reported fiscal third quarter (May) results benefiting from already announced price increases while unit volume declined in Europe and Americas regions
Unlike prior quarterly results where there was a clear negative in the business, this time WDFC benefited from order timing that is not likely to repeat in the fourth quarte
The price increases WDFC implemented were to help push gross margin back towards the 55 percent level. This has not been the case as demand has waned


<ul>
<li>WDFC reported fiscal second quarter (February) results continuing to depict a soft demand environment. WDFC reported a decline in unit volume across all major geographies</li>
<li>WDFC reported fiscal second quarter sales of $130.2 million compared to $124.9 million achieved in fiscal first quarter.</li>
<li>The Company reduced its inventory level only to raise its accounts receivable by more than the decline in inventory and the increase in sales</li>
</ul>


WDFC reported fiscal second quarter (February) results continuing to depict a soft demand environment. WDFC reported a decline in unit volume across all major geographies
WDFC reported fiscal second quarter sales of $130.2 million compared to $124.9 million achieved in fiscal first quarter.
The Company reduced its inventory level only to raise its accounts receivable by more than the decline in inventory and the increase in sales


<ul>
<li>WDFC reported fiscal first quarter (November 2022) results where sales declined more than expected while past price increases helped gross margin rebound from the August quarter</li>
<li>WDFC’s inventory maintained its incline reaching a new record and is now $119.1 million. We believe WDFC’s inventory hides the true cost of the business</li>
<li>The lack of demand remains a headwind that is leading to higher inventory levels. The scale of increase in inventory should continue to play a factor on WDFC’s earnings quality</li>
</ul>


WDFC reported fiscal first quarter (November 2022) results where sales declined more than expected while past price increases helped gross margin rebound from the August quarter
WDFC’s inventory maintained its incline reaching a new record and is now $119.1 million. We believe WDFC’s inventory hides the true cost of the business
The lack of demand remains a headwind that is leading to higher inventory levels. The scale of increase in inventory should continue to play a factor on WDFC’s earnings quality


United States

WD-40 Company manufactures and markets multi-purpose lubricant products and heavy-duty hand cleaners.  The Company's WD-40 acts as a lubricant, rust preventative, penetrant, cleaner, and moisture displacer.  WD-40's 3-IN-ONE Oil is a drip oil lubricant that allows precise application. The Company also manufactures Lava heavy-duty hand cleaner and other household cleaning products.

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WD-40 Company (WDFC US)

WD-40 Company: Initiation Of Coverage - The 4 Key Elements Catalyzing Its Growth Revealed! - Financial Forecasts

WD-40 Company had a decent result for the first quarter of the fiscal year 2024. Notably, the company achieved robust revenue growth with net...

Baptista Research

WDFC: Price Increase Premium Going Away

WDFC reported mixed results and issued fiscal 2024 (August) guidance implying another round of consensus estimates declining. The stock now trades...

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WDFC: No Margin Benefit

Sales were ahead of expectations, but management guided full year results towards the lower end of their guidance range suggesting the sales growth...

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WDFC: Slippery Times for the Stock

WDFC's accounts receivable increased faster than its sales and its inventory balance. Unit volumes continue to remain negative, and management is...

BWS Financial Inc

WDFC: The Floodgates of Inventory

WDFC's inventory balance continues to march higher reaching $119.1M. There is no timing of when inventory would actually decline with management...

BWS Financial Inc

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