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>Lyft's Q3 2025 performance reflects a mixed bag of positive developments and ongoing challenges as it navigates the competitive rideshare landscape.</li><li>On the upside, Lyft reported a record quarter with significant increases in operational metrics.</li><li>Active Riders grew by 18% year-over-year, gross bookings saw a 16% increase, and Adjusted EBITDA rose by 29%.</li></ul>

Lyft's Q3 2025 performance reflects a mixed bag of positive developments and ongoing challenges as it navigates the competitive rideshare landscape.On the upside, Lyft reported a record quarter with significant increases in operational metrics.Active Riders grew by 18% year-over-year, gross bookings saw a 16% increase, and Adjusted EBITDA rose by 29%.

Lyft Expands Into Europe’s Weak Ride-Hailing Market—Will It Take Over?

<ul><li>Lyft's second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.</li><li>The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.</li><li>Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.</li></ul>

Lyft's second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.

Lyft Inc: Can AV Partnerships & Its New European Strategy Fuel Long-Term Growth?

<ul><li>Lyft Inc.'s performance in the first quarter of 2025 reflects a significant blend of strengths and ongoing challenges.</li><li>The company's marked growth in various financial metrics, including gross bookings, adjusted EBITDA, and free cash flow, underscores a robust operational quarter.</li><li>The strength is particularly evident as the company boasts a record in quarterly figures for active riders, rides, and driver hours.</li></ul>

Lyft Inc.'s performance in the first quarter of 2025 reflects a significant blend of strengths and ongoing challenges.The company's marked growth in various financial metrics, including gross bookings, adjusted EBITDA, and free cash flow, underscores a robust operational quarter.The strength is particularly evident as the company boasts a record in quarterly figures for active riders, rides, and driver hours.

Lyft Inc.: Building a Fleet for the Future—Autonomous, Affordable, & Unstoppable!

<ul><li>Lyft's recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors.</li><li>In 2024, Lyft achieved several milestones that signal its efforts toward strengthening its market position.</li><li>The company reported substantial records with a peak in rides, riders, and driver hours, resulting in increased market share compared to previous years.</li></ul>

Lyft's recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors.In 2024, Lyft achieved several milestones that signal its efforts toward strengthening its market position.The company reported substantial records with a peak in rides, riders, and driver hours, resulting in increased market share compared to previous years.

Lyft Inc.: The AV Race & Why It Could Make Or Break the Company!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.
</li>
<li>Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.</li>
<li>The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.</li>
</ul>



DiDi Global (DIDI US) has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.

Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.
The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.


2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Lyft Expands Into Europe’s Weak Ride-Hailing Market—Will It Take Over?

Lyft's Q3 2025 performance reflects a mixed bag of positive developments and ongoing challenges as it navigates the competitive rideshare...

Baptista Research

Lyft Inc: Can AV Partnerships & Its New European Strategy Fuel Long-Term Growth?

Lyft's second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without...

Baptista Research

Lyft Inc.: Building a Fleet for the Future—Autonomous, Affordable, & Unstoppable!

Lyft Inc.'s performance in the first quarter of 2025 reflects a significant blend of strengths and ongoing challenges. The company's marked growth...

Baptista Research

Lyft Inc.: The AV Race & Why It Could Make Or Break the Company!

Lyft's recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors. In 2024, Lyft achieved...

Baptista Research

2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Didi's share price has now broken major resistance levels at $5 and $6 on surging volume. The company's profit remains on track to double in 2025....

David Mudd

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