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>After a sharp correction, Lyft saw a recovery in the stock price and its results justified the same.</li><li>Rideshare rides were up 27% year over year, and both active riders and rides have reached post-COVID highs.</li><li>A mixture of new and seasoned drivers contributed to the largest number of active drivers in the past two years.</li></ul>

After a sharp correction, Lyft saw a recovery in the stock price and its results justified the same.Rideshare rides were up 27% year over year, and both active riders and rides have reached post-COVID highs.A mixture of new and seasoned drivers contributed to the largest number of active drivers in the past two years.

Lyft Inc: Marketing & Advertising Unit & Other Drivers

Equity Bottom-Up

<ul>
<li>This is our first report on ride sharing major, Lyft.</li>
<li>The number of active drivers increased by more than 40% in Q1, compared to the same period last year, and new driver activations increased by 70%.</li>
<li>Even though their market has been improving, Lyft intends to keep raising service standards to prepare for future expansion.</li>
</ul>


This is our first report on ride sharing major, Lyft.
The number of active drivers increased by more than 40% in Q1, compared to the same period last year, and new driver activations increased by 70%.
Even though their market has been improving, Lyft intends to keep raising service standards to prepare for future expansion.


Lyft Inc.: Initiation of Coverage – Business Strategy

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August). </li>
<li>The IPO price range remains at 34,000 won to 45,000 won. The IPO base offering size is also between US$120 million to US$159 million. </li>
<li>We maintain our base case valuation of Socar (target price of 27,967 won), which is 18% lower than the low end of the IPO price range of 34,000 won. </li>
</ul>


SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August). 
The IPO price range remains at 34,000 won to 45,000 won. The IPO base offering size is also between US$120 million to US$159 million. 
We maintain our base case valuation of Socar (target price of 27,967 won), which is 18% lower than the low end of the IPO price range of 34,000 won. 


Socar IPO: Slightly Revises IPO Prospectus Details

<ul>
<li>Our base case valuation of Socar is target price of 27,967 won, which is 18% lower than the low end of the IPO price range of 34,000 won.</li>
<li>Given the lack of upside, we would Pass on this IPO. Our valuation is also 23% lower than the valuation that Lotte Rental paid for its 13.9% stake in Socar.</li>
<li>We estimate Socar to generate sales of 396.4 billion won (up 37.2% YoY) and EBITDA margins of 12.6% in 2022. </li>
</ul>


Our base case valuation of Socar is target price of 27,967 won, which is 18% lower than the low end of the IPO price range of 34,000 won.
Given the lack of upside, we would Pass on this IPO. Our valuation is also 23% lower than the valuation that Lotte Rental paid for its 13.9% stake in Socar.
We estimate Socar to generate sales of 396.4 billion won (up 37.2% YoY) and EBITDA margins of 12.6% in 2022. 


<ul>
<li>Socar, the largest car sharing platform in Korea, is getting ready to complete its IPO in KOSPI. The IPO base case offering size is from $120 million to $159 million.</li>
<li>The IPO price range is from 34,000 won to 45,000 won. The expected market cap of the company is from 1.2 trillion won to 1.6 trillion won.</li>
<li>Book building for the institutional investors starts on 1 August. Mirae Asset Securities and Samsung Securities are the lead underwriters in this IPO. </li>
</ul>


Socar, the largest car sharing platform in Korea, is getting ready to complete its IPO in KOSPI. The IPO base case offering size is from $120 million to $159 million.
The IPO price range is from 34,000 won to 45,000 won. The expected market cap of the company is from 1.2 trillion won to 1.6 trillion won.
Book building for the institutional investors starts on 1 August. Mirae Asset Securities and Samsung Securities are the lead underwriters in this IPO. 


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 Inc: Marketing & Advertising Unit & Other Drivers

After a sharp correction, Lyft saw a recovery in the stock price and its results justified the same. Rideshare rides were up 27% year over year,...

Baptista Research

Socar IPO: Slightly Revises IPO Prospectus Details

SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August). We...

Douglas Kim

Socar IPO Valuation Analysis

Our base case valuation of Socar is target price of 27,967 won, which is 18% lower than the low end of the IPO price range of 34,000 won. Given the...

Douglas Kim

Socar IPO Preview

Socar, the largest car sharing platform in Korea, is getting ready to complete its IPO in KOSPI. The IPO base case offering size is from $120...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lyft Inc: Marketing & Advertising Unit & Other Drivers

After a sharp correction, Lyft saw a recovery in the stock price and its results justified the same. Rideshare rides were up 27% year over year,...

Baptista Research

Lyft Inc.: Initiation of Coverage – Business Strategy

This is our first report on ride sharing major, Lyft. The number of active drivers increased by more than 40% in Q1, compared to the same period...

Baptista Research

Socar IPO: Slightly Revises IPO Prospectus Details

SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August). We...

Douglas Kim

Socar IPO Valuation Analysis

Our base case valuation of Socar is target price of 27,967 won, which is 18% lower than the low end of the IPO price range of 34,000 won. Given the...

Douglas Kim

Socar IPO Preview

Socar, the largest car sharing platform in Korea, is getting ready to complete its IPO in KOSPI. The IPO base case offering size is from $120...

Douglas Kim