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>CoStar Group reported a strong start to 2026 with revenue growth accelerating across both its commercial and residential businesses, while adjusted EBITDA more than doubled year-over-year due to operating leverage, AI-driven efficiency initiatives, and tighter expense management.</li><li>The company continued to benefit from broad-based momentum in Apartments.com, Homes.com, LoopNet, international operations, and Matterport integration, while also reaffirming its long-term revenue growth and earnings expansion targets.</li><li>Residential revenue growth remained particularly strong, supported by accelerating Homes.com subscriber additions, higher engagement metrics, and improving monetization trends.</li></ul>

CoStar Group reported a strong start to 2026 with revenue growth accelerating across both its commercial and residential businesses, while adjusted EBITDA more than doubled year-over-year due to operating leverage, AI-driven efficiency initiatives, and tighter expense management.The company continued to benefit from broad-based momentum in Apartments.com, Homes.com, LoopNet, international operations, and Matterport integration, while also reaffirming its long-term revenue growth and earnings expansion targets.Residential revenue growth remained particularly strong, supported by accelerating Homes.com subscriber additions, higher engagement metrics, and improving monetization trends.

<ul><li>CoStar Group's financial results for the fourth quarter and full year 2025 showcase significant growth alongside strategic investments and developments that reflect both opportunities and challenges for the company.</li><li>For the fourth quarter, CoStar Group reported a 27% year-over-year increase in revenue, reaching $900 million.</li><li>For the full year, revenue rose to $3.2 billion, marking a 19% increase from the previous year.</li></ul>

CoStar Group's financial results for the fourth quarter and full year 2025 showcase significant growth alongside strategic investments and developments that reflect both opportunities and challenges for the company.For the fourth quarter, CoStar Group reported a 27% year-over-year increase in revenue, reaching $900 million.For the full year, revenue rose to $3.2 billion, marking a 19% increase from the previous year.

CoStar Group Goes Global Fast—Inside the Bold Australia and Europe Push and What It Could Unlock Next!

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.</li>
<li>The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.</li>
<li>Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.</li>
</ul>



Walmart (WMT US) is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.
The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.
Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.


Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

<ul><li>Activist pressure at CoStar Group has entered a more confrontational phase as hedge fund D.E. Shaw publicly escalates its campaign for governance and strategic change at the commercial real estate data giant.</li><li>The firm’s renewed push for a board shake-up comes as CoStar’s shares have materially underperformed, with investors increasingly focused on the capital intensity, losses, and execution risk tied to the Homes.com expansion.</li><li>The situation has been further complicated by the re-emergence of activist Third Point, whose prior standstill agreement with CoStar has expired, reopening the door to proxy contests and director nominations.</li></ul>

Activist pressure at CoStar Group has entered a more confrontational phase as hedge fund D.E. Shaw publicly escalates its campaign for governance and strategic change at the commercial real estate data giant.The firm’s renewed push for a board shake-up comes as CoStar’s shares have materially underperformed, with investors increasingly focused on the capital intensity, losses, and execution risk tied to the Homes.com expansion.The situation has been further complicated by the re-emergence of activist Third Point, whose prior standstill agreement with CoStar has expired, reopening the door to proxy contests and director nominations.

CoStar Under Fire: Hedge Funds Revolt As Boardroom Pressure Explodes!

<ul><li>CoStar Group's Q3 2025 financial performance demonstrated strong revenue growth, with significant achievements in multiple segments, yet it presents a complicated landscape for potential investors to navigate.</li><li>Positive aspects of the report include a robust 20% year-over-year revenue increase, bringing the total to $834 million for the quarter, marking the 58th consecutive quarter of double-digit revenue growth.</li><li>The adjusted EBITDA rose by an impressive 51% compared to the previous year, indicating efficient operational management and cost control.</li></ul>

CoStar Group's Q3 2025 financial performance demonstrated strong revenue growth, with significant achievements in multiple segments, yet it presents a complicated landscape for potential investors to navigate.Positive aspects of the report include a robust 20% year-over-year revenue increase, bringing the total to $834 million for the quarter, marking the 58th consecutive quarter of double-digit revenue growth.The adjusted EBITDA rose by an impressive 51% compared to the previous year, indicating efficient operational management and cost control.

CoStar Group: Is LoopNet's Momentum Sustainable?

United States

CoStar Group Inc. provides building-specific information to the United States commercial real estate industry and related industries. The Company's database details office and industrial space. The database provides digitized photographs and floor plan images on individual commercial buildings in the company's markets.

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Baptista Research

CoStar Group Goes Global Fast—Inside the Bold Australia and Europe Push and What It Could Unlock Next!

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Baptista Research

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

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Activist pressure at CoStar Group has entered a more confrontational phase as hedge fund D.E. Shaw publicly escalates its campaign for governance...

Baptista Research

CoStar Group: Is LoopNet's Momentum Sustainable?

CoStar Group's Q3 2025 financial performance demonstrated strong revenue growth, with significant achievements in multiple segments, yet it...

Baptista Research

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