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>CarGurus Inc. reported a robust financial performance for the fiscal year 2025, achieving 14% revenue growth year-over-year.</li><li>Incidentally, this marked the second consecutive year of mid-teens growth for the company.</li><li>The key contributing factors to this success were product innovation and the expansion of dealer and consumer engagement on the platform.</li></ul>

CarGurus Inc. reported a robust financial performance for the fiscal year 2025, achieving 14% revenue growth year-over-year.Incidentally, this marked the second consecutive year of mid-teens growth for the company.The key contributing factors to this success were product innovation and the expansion of dealer and consumer engagement on the platform.

CarGurus 14% Growth Faces 2026 Investment Pressure!

<ul><li>CarGurus delivered a robust financial performance during the third quarter of 2025, marked by significant achievements across various areas.</li><li>The company's marketplace revenue grew by 14% year-over-year, driven by substantial increases in both U.S. and international sectors.</li><li>This growth is attributed to dealer upgrades, broader adoption of add-on products, and improvements in lead quality and quantity.</li></ul>

CarGurus delivered a robust financial performance during the third quarter of 2025, marked by significant achievements across various areas.The company's marketplace revenue grew by 14% year-over-year, driven by substantial increases in both U.S. and international sectors.This growth is attributed to dealer upgrades, broader adoption of add-on products, and improvements in lead quality and quantity.

CarGurus: The AI-Driven “CG Discover” Pivot That Could Transform How Cars Get Bought!

<ul><li>CarGurus, Inc. demonstrated solid performance in the first quarter of 2025, characterized by significant growth in its Marketplace revenue and strategic advancements across its product offerings.</li><li>The company focused on three key value creation drivers: expanding data-driven solutions for dealers, refining consumer experiences, and enhancing online transaction capabilities.</li><li>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></ul>

CarGurus, Inc. demonstrated solid performance in the first quarter of 2025, characterized by significant growth in its Marketplace revenue and strategic advancements across its product offerings.The company focused on three key value creation drivers: expanding data-driven solutions for dealers, refining consumer experiences, and enhancing online transaction capabilities.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.

CarGurus Triples Dealer Conversions—Is This the Future of Auto Sales?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics which have significantly improved over the past week.</li>
<li>Last week's 11/5/24 report titled "Buy the Pullback" discussed how we were buyers, expecting a strong end-of-year rally to start that day or the following day (day after the election)</li>
<li>The strong rally officially started on election day, and all that is left to do is ride the trend higher into year-end and the early part of 2025</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics which have significantly improved over the past week.
Last week's 11/5/24 report titled "Buy the Pullback" discussed how we were buyers, expecting a strong end-of-year rally to start that day or the following day (day after the election)
The strong rally officially started on election day, and all that is left to do is ride the trend higher into year-end and the early part of 2025


Ride the Trend Higher; Significant End-Of-Year Rally Underway; Four Sector Upgrades, One Downgrade

<ul><li>CarGurus delivered a strong performance in 2024, achieving double-digit growth and margin expansion in its core Marketplace segment, though faced challenges in its Digital Wholesale business which continued to incur losses.</li><li>The company reported a 14% year-over-year increase in Marketplace revenue, driven largely by increased adoption of its value-added products and the success of its innovative data-driven tools.</li><li>This led to improved engagement and retention among car dealers, contributing to better subscription tier upgrades and longer-term contracts.</li></ul>

CarGurus delivered a strong performance in 2024, achieving double-digit growth and margin expansion in its core Marketplace segment, though faced challenges in its Digital Wholesale business which continued to incur losses.The company reported a 14% year-over-year increase in Marketplace revenue, driven largely by increased adoption of its value-added products and the success of its innovative data-driven tools.This led to improved engagement and retention among car dealers, contributing to better subscription tier upgrades and longer-term contracts.

CarGurus Inc.: Integration With Dealer Systems To Strengthen Its Role As A Full-Service Automotive Solution Provider!

United States

CarGurus, Inc. retails automobiles and accessories. The Company offers new and used passenger cars, sports utility vehicles, hatchbacks, convertibles, vans, and pickup trucks. CarGurus serves customers in the United States.

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Cargurus (CARG US)

CarGurus 14% Growth Faces 2026 Investment Pressure!

CarGurus Inc. reported a robust financial performance for the fiscal year 2025, achieving 14% revenue growth year-over-year. Incidentally, this...

Baptista Research

CarGurus: The AI-Driven “CG Discover” Pivot That Could Transform How Cars Get Bought!

CarGurus delivered a robust financial performance during the third quarter of 2025, marked by significant achievements across various areas. The...

Baptista Research

CarGurus Triples Dealer Conversions—Is This the Future of Auto Sales?

CarGurus, Inc. demonstrated solid performance in the first quarter of 2025, characterized by significant growth in its Marketplace revenue and...

Baptista Research

Ride the Trend Higher; Significant End-Of-Year Rally Underway; Four Sector Upgrades, One Downgrade

Ride the Trend Higher; Significant End-of-Year Rally Underway $SPX $QQQ $IWM; Four Sector Upgrades ($XLF to overweight, $XLY $XLI and $IYT to...

Vermilion Research

CarGurus Inc.: Integration With Dealer Systems To Strengthen Its Role As A Full-Service Automotive Solution Provider!

CarGurus delivered a strong performance in 2024, achieving double-digit growth and margin expansion in its core Marketplace segment, though faced...

Baptista Research

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