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>DoorDash Inc. reported results reflecting ongoing growth across its core marketplace and newer verticals, with a focus on enhancing unit economics and scaling international operations.</li><li>The company highlighted strong performance in its grocery business, characterized as the fastest-growing marketplace segment, supported by expanding customer adoption and increasing basket sizes.</li><li>While specifics on partner economics were not disclosed, DoorDash indicated healthy relationships with grocers and emphasized opportunities for both volume growth and improving profitability.</li></ul>

DoorDash Inc. reported results reflecting ongoing growth across its core marketplace and newer verticals, with a focus on enhancing unit economics and scaling international operations.The company highlighted strong performance in its grocery business, characterized as the fastest-growing marketplace segment, supported by expanding customer adoption and increasing basket sizes.While specifics on partner economics were not disclosed, DoorDash indicated healthy relationships with grocers and emphasized opportunities for both volume growth and improving profitability.

DoorDash’s Wolt & Deliveroo Expansion — Can International Scale Unlock Better Economics?

<ul><li>DoorDash is preparing to take delivery beyond cars, bicycles, and scooters by developing its own drones and the infrastructure required to operate them.</li><li>After years of testing aerial delivery through partners such as Alphabet’s Wing and Flytrex, the company has secured an important Federal Aviation Administration certification for commercial drone operations.</li><li>DoorDash is also developing routing software, merchant handoff locations, remote operating systems, and autonomous ground vehicles such as Dot.</li></ul>

DoorDash is preparing to take delivery beyond cars, bicycles, and scooters by developing its own drones and the infrastructure required to operate them.After years of testing aerial delivery through partners such as Alphabet’s Wing and Flytrex, the company has secured an important Federal Aviation Administration certification for commercial drone operations.DoorDash is also developing routing software, merchant handoff locations, remote operating systems, and autonomous ground vehicles such as Dot.

DoorDash’s Drone Army Is Coming—Are Drivers About To Disappear?

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.
</li>
<li>Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.</li>
<li>The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.</li>
</ul>



DiDi Global (DIDI US) has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.

Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.
The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.


2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Deliveroo shareholders approved DoorDash’s 180p cash offer; only court sanction and procedural steps remain. Settlement could occur as early as 30 July 2025.</li>
<li>At 175.9p, the 2.33% gross spread implies a ~36.3% annualised return assuming 30-day closing.</li>
<li>Amazon counterbid now highly improbable under Rule 2.8; DoorDash bid remains dominant with 97% scenario weighting.</li>
</ul>


Deliveroo shareholders approved DoorDash’s 180p cash offer; only court sanction and procedural steps remain. Settlement could occur as early as 30 July 2025.
At 175.9p, the 2.33% gross spread implies a ~36.3% annualised return assuming 30-day closing.
Amazon counterbid now highly improbable under Rule 2.8; DoorDash bid remains dominant with 97% scenario weighting.


High-Conviction Arbitrage: 36% IRR Possible with 30 July Settlement, Court Approval Secured

United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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DoorDash (DASH US)

DoorDash’s Wolt & Deliveroo Expansion — Can International Scale Unlock Better Economics?

DoorDash Inc. reported results reflecting ongoing growth across its core marketplace and newer verticals, with a focus on enhancing unit economics...

Baptista Research

DoorDash’s Drone Army Is Coming—Are Drivers About To Disappear?

DoorDash is preparing to take delivery beyond cars, bicycles, and scooters by developing its own drones and the infrastructure required to operate...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Didi's share price has now broken major resistance levels at $5 and $6 on surging volume. The company's profit remains on track to double in 2025....

David Mudd

High-Conviction Arbitrage: 36% IRR Possible with 30 July Settlement, Court Approval Secured

Deliveroo shareholders backed DoorDash’s 180p offer. With court sanction due late July, settlement could close by 30 July, offering a ~36% IRR.

Jesus Rodriguez Aguilar

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