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>Booking Holdings has made a robust start to 2024 by posting strong first quarter results.</li><li>The company revealed that travelers booked nearly 300 million room nights across its platforms in Q1, exceeding its expectations and showing growth of 9% YoY. Moreover, revenue for Q1 stood at $4.4 billion, reflecting a growth of 17%, while adjusted EBITDA was approximately $900 million, climbing Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Booking Holdings has made a robust start to 2024 by posting strong first quarter results.The company revealed that travelers booked nearly 300 million room nights across its platforms in Q1, exceeding its expectations and showing growth of 9% YoY. Moreover, revenue for Q1 stood at $4.4 billion, reflecting a growth of 17%, while adjusted EBITDA was approximately $900 million, climbing Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Booking Holdings Inc.: Expanding Beyond Traditional Accommodations & How AI Is Helping Them Change The Game! - Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tbo-tek" target="_blank" data-smartkarma-citation="entities:36284:1" rel="noopener">TBO Tek (0395045D IN)</a> raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.</li>
<li>TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



TBO Tek (0395045D IN) raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.
TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


TBO Tek IPO Trading - Has One of the Highest Subscription Rates so Far This Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tbo-tek" target="_blank" data-smartkarma-citation="entities:36284:1" rel="noopener">TBO Tek (0395045D IN)</a> is looking to raise approximately US$200m in its upcoming India IPO.</li>
<li>TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.</li>
<li>In this note, we provide a summary of its RHP updates and share our quick thoughts on valuation.</li>
</ul>



TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO.
TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
In this note, we provide a summary of its RHP updates and share our quick thoughts on valuation.


TBO Tek IPO - RHP Updates & Quick Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tbo-tek" target="_blank" data-smartkarma-citation="entities:36284:1" rel="noopener">TBO Tek (0395045D IN)</a> is looking to raise approximately US$200m in its upcoming India IPO.</li>
<li>TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its refiling updates and undertake a peer comparison.</li>
</ul>



TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO.
TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its refiling updates and undertake a peer comparison.


TBO Tek Pre-IPO - Refiling Updates & Peer Comparison

<ul><li>Booking Holdings recently reported solid Q4 and full-year 2023 results due to global leisure travel demand resilience.</li><li>Room nights grew by 9% YoY, and revenue of $4.8 billion alongside adjusted EBITDA of $1.5 billion exceeded expectations.</li><li>Non-GAAP earnings per share also grew by 29% YoY, attributed to a reduced share count from the previous year.</li></ul>

Booking Holdings recently reported solid Q4 and full-year 2023 results due to global leisure travel demand resilience.Room nights grew by 9% YoY, and revenue of $4.8 billion alongside adjusted EBITDA of $1.5 billion exceeded expectations.Non-GAAP earnings per share also grew by 29% YoY, attributed to a reduced share count from the previous year.

Booking Holdings Inc: Leveraging Technology & AI For Growth! - Major Drivers

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 Inc.: Expanding Beyond Traditional Accommodations & How AI Is Helping Them Change The Game! - Major Drivers

Booking Holdings has made a robust start to 2024 by posting strong first quarter results. The company revealed that travelers booked nearly 300...

Baptista Research

TBO Tek IPO Trading - Has One of the Highest Subscription Rates so Far This Year

TBO Tek (0395045D IN) raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.

Ethan Aw

TBO Tek IPO - RHP Updates & Quick Thoughts on Valuation

TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO. In this note, we provide a summary of its RHP updates...

Ethan Aw

TBO Tek Pre-IPO - Refiling Updates & Peer Comparison

TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO. In this note, we talk about its refiling updates and...

Ethan Aw

Booking Holdings Inc: Leveraging Technology & AI For Growth! - Major Drivers

Booking Holdings recently reported solid Q4 and full-year 2023 results due to global leisure travel demand resilience. Room nights grew by 9% YoY,...

Baptista Research

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