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. 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?

<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!

<ul><li>CarGurus recently reported its third-quarter financial results for 2024, revealing several facets of its operational and financial performance that offer insights for potential investors.</li><li>On the positive side, CarGurus demonstrated a robust performance in its Marketplace business, with revenue increasing by 15% year-over-year to $204 million, marking a notable achievement primarily due to new dealer additions globally, a shift towards higher subscription tiers, and increased adoption of value-added services.</li><li>The company outperformed its competitors and gained market share within the automotive marketplace industry, a testament to its effective strategic execution and value proposition for dealer partners.</li></ul>

CarGurus recently reported its third-quarter financial results for 2024, revealing several facets of its operational and financial performance that offer insights for potential investors.On the positive side, CarGurus demonstrated a robust performance in its Marketplace business, with revenue increasing by 15% year-over-year to $204 million, marking a notable achievement primarily due to new dealer additions globally, a shift towards higher subscription tiers, and increased adoption of value-added services.The company outperformed its competitors and gained market share within the automotive marketplace industry, a testament to its effective strategic execution and value proposition for dealer partners.

CarGurus Inc.: An Insight Into Its Digital Deal Expansion & Other Major Drivers

<ul><li>CarGurus, Inc. delivered a mixed yet fundamentally strong performance in its second quarter of 2024, reflecting a robust narrative of growth and strategic enhancements paired with the typical challenges inherent in rapidly expanding and diversifying market operations.</li><li>The management effectively articulated their strategic intentions, focusing on driving value through innovation in their service offerings and deepening market penetration, particularly within robustly growing sectors like digital transactions and international expansion.</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. delivered a mixed yet fundamentally strong performance in its second quarter of 2024, reflecting a robust narrative of growth and strategic enhancements paired with the typical challenges inherent in rapidly expanding and diversifying market operations.The management effectively articulated their strategic intentions, focusing on driving value through innovation in their service offerings and deepening market penetration, particularly within robustly growing sectors like digital transactions and international expansion.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 Inc.: These Are The 4 Biggest Challenges In Its Path! - Major Drivers

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.

Event-Driven

<ul>
<li>Kaname Capital, the second-largest shareholder of <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>, has issued an <a href="https://www.businesswire.com/news/home/20250218252175/en/Kaname-Capital-Sends-an-Open-Letter-of-Inquiry-Regarding-Opportunistic-MBO-by-Founder-of-Proto-Corporation1" target="_blank" rel="noopener">open letter</a> stating that the JPY2,100 MBO tender offer is a bad conclusion at the wrong price.</li>
<li>Some assertions are valid, while others do not stand up to scrutiny. Kaname claims that Proto is worth JPY3,778, which will make it hard to reach a compromise. </li>
<li>Maintaining terms is increasingly not viable. The Chairman is likely to respond by lowering the minimum acceptance condition and/or bumping to secure the support of minorities (excluding Kaname).</li>
</ul>


Kaname Capital, the second-largest shareholder of Proto Corp (4298 JP), has issued an open letter stating that the JPY2,100 MBO tender offer is a bad conclusion at the wrong price.
Some assertions are valid, while others do not stand up to scrutiny. Kaname claims that Proto is worth JPY3,778, which will make it hard to reach a compromise. 
Maintaining terms is increasingly not viable. The Chairman is likely to respond by lowering the minimum acceptance condition and/or bumping to secure the support of minorities (excluding Kaname).


Proto Corp (4298 JP): Kaname Capital Throws a Spanner in the Works

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 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

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

CarGurus Inc.: An Insight Into Its Digital Deal Expansion & Other Major Drivers

CarGurus recently reported its third-quarter financial results for 2024, revealing several facets of its operational and financial performance...

Baptista Research

CarGurus Inc.: These Are The 4 Biggest Challenges In Its Path! - Major Drivers

CarGurus, Inc. delivered a mixed yet fundamentally strong performance in its second quarter of 2024, reflecting a robust narrative of growth and...

Baptista Research

Proto Corp (4298 JP): Kaname Capital Throws a Spanner in the Works

Some of Kaname's assertions are valid, while others do not stand up to scrutiny. The Chairman will likely respond by lowering the minimum...

Arun George

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