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>For the first time since the Covid-19 pandemic, Booking Holdings managed to exceed the levels for room nights in the last quarter which is a significant milestone in its recovery.</li><li>Nearly 0.25 billion room nights were reserved by the company's clients in Q2, a slight increase from the first quarter's 9% fall and a rise of 16% compared to Q2 2019.</li><li>The near-term macroeconomic climate is unpredictable which is why we maintain our 'Hold' rating on Booking Holdings with a revised target price.</li></ul>

For the first time since the Covid-19 pandemic, Booking Holdings managed to exceed the levels for room nights in the last quarter which is a significant milestone in its recovery.Nearly 0.25 billion room nights were reserved by the company's clients in Q2, a slight increase from the first quarter's 9% fall and a rise of 16% compared to Q2 2019.The near-term macroeconomic climate is unpredictable which is why we maintain our 'Hold' rating on Booking Holdings with a revised target price.

Booking Holdings: Collaboration With Citigroup & Other Drivers

Equity Capital Markets

Booking Holdings / Equity Capital Markets

<ul><li>Booking Holdings commenced 2022 on a positive note.</li><li>The achievement of this gross booking record was aided by continued improvement in their room night trends, increased accommodation ADRs, and significant growth in global flight products.</li><li>While the net increase in the last quarter was still a small number of properties, Booking Holdings plans to continue expanding its alternative accommodation offering and attracting more partners to its platform throughout 2022.</li></ul>

Booking Holdings commenced 2022 on a positive note.The achievement of this gross booking record was aided by continued improvement in their room night trends, increased accommodation ADRs, and significant growth in global flight products.While the net increase in the last quarter was still a small number of properties, Booking Holdings plans to continue expanding its alternative accommodation offering and attracting more partners to its platform throughout 2022.

Booking Holdings Inc.: The Europe Advantage

<ul><li>Despite the emergence of the Omicron variant in late November and its rapid spread throughout Europe, the United States, and other parts of the world, Booking Holdings ended 2021 on a fairly decent note.</li><li>The management saw a consistently higher mix of its customers booking directly with Booking Holdings in the fourth quarter and for the full year than in 2019 which is a positive sign.</li><li>Moreover, its direct mix improved even as the company leaned into performance marketing channels during the year.</li></ul>

Despite the emergence of the Omicron variant in late November and its rapid spread throughout Europe, the United States, and other parts of the world, Booking Holdings ended 2021 on a fairly decent note.The management saw a consistently higher mix of its customers booking directly with Booking Holdings in the fourth quarter and for the full year than in 2019 which is a positive sign.Moreover, its direct mix improved even as the company leaned into performance marketing channels during the year.

Booking Holdings: Financial & Price Forecasts

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

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<a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a> is a leading hospitality technology platform. Its DRHP aimed for a $1.2 billion raise although <a href="https://economictimes.indiatimes.com/tech/startups/oyo-may-reduce-ipo-size-valuation-may-be-readjusted-too/articleshow/89463277.cms" target="_blank" rel="noopener">recent reports</a> point to a less than $1 billion raise.</li>
<li>The fundamentals are mixed as it remains uncertain if it can deliver profits or cash generation with a return to growth (due to gradual lifting of travel restrictions).</li>
<li>Based on the information in the DRHP, we believe the negatives outweigh the positives and we would give the IPO a pass.</li>
</ul>



Oyo (1698548D IN) is a leading hospitality technology platform. Its DRHP aimed for a $1.2 billion raise although recent reports point to a less than $1 billion raise.
The fundamentals are mixed as it remains uncertain if it can deliver profits or cash generation with a return to growth (due to gradual lifting of travel restrictions).
Based on the information in the DRHP, we believe the negatives outweigh the positives and we would give the IPO a pass.


OYO (Oravel Stays) IPO Initiation: Tripped Up

Credit

<ul><li>Booking Holdings delivered strong results prior to the onset of the Omicron variant and has a particularly decent performance in Europe, which benefited from strong cross-border travel within the region.</li><li>Booking Holdings’ management has executed well and produced strong results during their peak travel season.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of Booking Holdings as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Booking Holdings delivered strong results prior to the onset of the Omicron variant and has a particularly decent performance in Europe, which benefited from strong cross-border travel within the region.Booking Holdings’ management has executed well and produced strong results during their peak travel season.Baptista Research looks to evaluate the different credit strengths and credit risks of Booking Holdings as well as a line-by-line analysis of the financial statements of the company for the past four years.

Booking Holdings Inc: Detailed Credit Analysis & Financial Strength Evaluation Report (01/2022)

United States

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

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Booking Holdings (BKNG US)

Booking Holdings: Collaboration With Citigroup & Other Drivers

For the first time since the Covid-19 pandemic, Booking Holdings managed to exceed the levels for room nights in the last quarter which is a...

Baptista Research

Booking Holdings Inc.: The Europe Advantage

Booking Holdings commenced 2022 on a positive note. The achievement of this gross booking record was aided by continued improvement in their room...

Baptista Research

Booking Holdings: Financial & Price Forecasts

Despite the emergence of the Omicron variant in late November and its rapid spread throughout Europe, the United States, and other parts of the...

Baptista Research

OYO (Oravel Stays) IPO Initiation: Tripped Up

OYO is rumoured to be seeking a lower raise (<$1 bn vs $1.2 bn) at a lower valuation ($7 bn vs $9-12 bn) due to market conditions. The fundamentals...

Arun George

Booking Holdings Inc: Detailed Credit Analysis & Financial Strength Evaluation Report (01/2022)

Booking Holdings delivered strong results prior to the onset of the Omicron variant and has a particularly decent performance in Europe, which...

Baptista Research

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