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 delivered a strong performance in the third quarter, demonstrating resilience and adaptability in a dynamic travel industry landscape.</li><li>The company's broad global footprint and diversified revenue streams contributed to robust financial results that surpassed expectations.</li><li>These results were highlighted by several key metrics that combined both positive trends and potential areas of caution.</li></ul>

Booking Holdings delivered a strong performance in the third quarter, demonstrating resilience and adaptability in a dynamic travel industry landscape.The company's broad global footprint and diversified revenue streams contributed to robust financial results that surpassed expectations.These results were highlighted by several key metrics that combined both positive trends and potential areas of caution.

Booking Holdings Just Launched a B2B Shakeup—Here’s What It Means for Travel Giants!

<ul><li>Booking Holdings delivered a robust performance in the second quarter of 2025, showcasing resilience and strong demand in the global travel industry.</li><li>Key financial metrics exceeded prior expectations, with room nights reaching 309 million, an 8% year-over-year increase, and gross bookings and revenue increasing 13% and 16%, respectively.</li><li>This growth was driven by strong performances in Europe and Asia, with Asia experiencing low double-digit growth.</li></ul>

Booking Holdings delivered a robust performance in the second quarter of 2025, showcasing resilience and strong demand in the global travel industry.Key financial metrics exceeded prior expectations, with room nights reaching 309 million, an 8% year-over-year increase, and gross bookings and revenue increasing 13% and 16%, respectively.This growth was driven by strong performances in Europe and Asia, with Asia experiencing low double-digit growth.

Booking Holdings: An Analysis Of Its Game-Changing ‘Connected Trip’

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

<ul>
<li>4Q23 results beat expectations with record revenues and profits and announced a maiden cash dividend of USD8.75/share (0.35% yield)</li>
<li>But, share price plunged by 10% on soft guidance of 4-6% YoY growth in room-night booked in 1Q24, due to the impact of high-interest rates and the ongoing wars </li>
<li>Good opportunity to buy on dips, stock trading at ~20x FY24 PE, ~18% discount to LT mean. Plus, there is a balance USD7.5b (6.1% shares in issue) of share buybacks  </li>
</ul>


4Q23 results beat expectations with record revenues and profits and announced a maiden cash dividend of USD8.75/share (0.35% yield)
But, share price plunged by 10% on soft guidance of 4-6% YoY growth in room-night booked in 1Q24, due to the impact of high-interest rates and the ongoing wars 
Good opportunity to buy on dips, stock trading at ~20x FY24 PE, ~18% discount to LT mean. Plus, there is a balance USD7.5b (6.1% shares in issue) of share buybacks  


Booking.com (BKNG US): Buying Back Shares Until There Is None Left

<ul><li>Booking Holdings delivered a robust performance in the first quarter of 2025, surpassing Wall Street expectations despite mounting concerns about the macroeconomic and geopolitical landscape.</li><li>The company reported revenue of $4.8 billion—beating analyst projections of $4.6 billion—and adjusted earnings per share of $24.81, significantly ahead of the expected $17.37.</li><li>These results were underpinned by a record-breaking quarter of over 300 million room nights booked, a more than 7% year-over-year increase.</li></ul>

Booking Holdings delivered a robust performance in the first quarter of 2025, surpassing Wall Street expectations despite mounting concerns about the macroeconomic and geopolitical landscape.The company reported revenue of $4.8 billion—beating analyst projections of $4.6 billion—and adjusted earnings per share of $24.81, significantly ahead of the expected $17.37.These results were underpinned by a record-breaking quarter of over 300 million room nights booked, a more than 7% year-over-year increase.

Booking Holdings: A Tale Of Global Diversification & Travel Pattern Adaptation!

<ul><li>Booking Holdings, a major player in the global online travel industry, reported its fourth-quarter and full-year 2024 financial results, showcasing a strong performance across several key metrics.</li><li>The company achieved a 13% year-over-year growth in room nights during the fourth quarter, surpassing its expectations and reflecting robust demand across all major regions.</li><li>The growth in room nights contributed to a 17% increase in gross bookings and 14% revenue growth, both exceeding the company's prior guidance.</li></ul>

Booking Holdings, a major player in the global online travel industry, reported its fourth-quarter and full-year 2024 financial results, showcasing a strong performance across several key metrics.The company achieved a 13% year-over-year growth in room nights during the fourth quarter, surpassing its expectations and reflecting robust demand across all major regions.The growth in room nights contributed to a 17% increase in gross bookings and 14% revenue growth, both exceeding the company's prior guidance.

Booking Holdings: An Insight Into Its Merchant Model Expansion & Payment Innovations!

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 Just Launched a B2B Shakeup—Here’s What It Means for Travel Giants!

Booking Holdings delivered a strong performance in the third quarter, demonstrating resilience and adaptability in a dynamic travel industry...

Baptista Research

Booking Holdings: An Analysis Of Its Game-Changing ‘Connected Trip’

Booking Holdings delivered a robust performance in the second quarter of 2025, showcasing resilience and strong demand in the global travel...

Baptista Research

Booking.com (BKNG US): Buying Back Shares Until There Is None Left

Booking.com's record 2023 results and cash dividend announcement was overshadowed by soft guidance, leading to a 10% share price drop. However,...

Mohshin Aziz

Booking Holdings: A Tale Of Global Diversification & Travel Pattern Adaptation!

Booking Holdings delivered a robust performance in the first quarter of 2025, surpassing Wall Street expectations despite mounting concerns about...

Baptista Research

Booking Holdings: An Insight Into Its Merchant Model Expansion & Payment Innovations!

Booking Holdings, a major player in the global online travel industry, reported its fourth-quarter and full-year 2024 financial results,...

Baptista Research

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