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>eBay's third-quarter financial performance for 2025 highlighted a balance of strengths and areas for potential improvement.</li><li>The company's gross merchandise volume (GMV) grew by 8% year-over-year, amounting to $20.1 billion, and revenue increased by over 8% to $2.82 billion.</li><li>Furthermore, non-GAAP earnings per share rose over 14% to $1.36.</li></ul>

eBay's third-quarter financial performance for 2025 highlighted a balance of strengths and areas for potential improvement.The company's gross merchandise volume (GMV) grew by 8% year-over-year, amounting to $20.1 billion, and revenue increased by over 8% to $2.82 billion.Furthermore, non-GAAP earnings per share rose over 14% to $1.36.

eBay Live Growth Explodes 5X – Can It Beat Amazon at Its Own Game?

<ul><li>eBay Inc.'s second quarter of 2025 report reflects a mix of strategic progress and challenges in a fluctuating market environment.</li><li>The company reported gross merchandise volume (GMV) growth of 4%, reaching $19.5 billion, and revenue growth of over 4% to $2.73 billion.</li><li>Operating income grew by 8% to $775 million, with nonGAAP earnings per share seeing a significant year-over-year increase of 16% to $1.37.</li></ul>

eBay Inc.'s second quarter of 2025 report reflects a mix of strategic progress and challenges in a fluctuating market environment.The company reported gross merchandise volume (GMV) growth of 4%, reaching $19.5 billion, and revenue growth of over 4% to $2.73 billion.Operating income grew by 8% to $775 million, with nonGAAP earnings per share seeing a significant year-over-year increase of 16% to $1.37.

eBay: Reinventing Itself With AI, Ads, & Niche Market Power Plays—Is a New Era Here?

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/atrenew-inc" target="_blank" data-smartkarma-citation="entities:33426:1" rel="noopener">ATRenew (RERE US)</a> operates the largest pre-owned consumer electronics transactions and services platform in China. It is listed in June 2021 at US$14 per ADS. </li>
<li>The shares are down 63% YTD largely due to the tech market sell-off. Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks.</li>
<li>The valuation is undemanding compared to a peer group of pre-owned marketplaces and global online retail marketplaces. It will also appeal to investors with an ESG mandate.</li>
</ul>



ATRenew (RERE US) operates the largest pre-owned consumer electronics transactions and services platform in China. It is listed in June 2021 at US$14 per ADS. 
The shares are down 63% YTD largely due to the tech market sell-off. Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks.
The valuation is undemanding compared to a peer group of pre-owned marketplaces and global online retail marketplaces. It will also appeal to investors with an ESG mandate.


ATRenew (RERE US): Pre-Owned Satisfaction

<ul><li>eBay Inc. began 2025 with results surpassing expectations across key financial metrics, despite a challenging operational environment triggered by ongoing trade policy changes and consumer concerns over increasing prices for imported goods.</li><li>The first quarter saw a nearly 2% increase in Gross Merchandise Volume (GMV) to approximately $18.8 billion, marking a consecutive streak of positive growth for four quarters.</li><li>The company's revenue rose over 1% to $2.58 billion, and non-GAAP earnings per share grew by 10% to $1.38.</li></ul>

eBay Inc. began 2025 with results surpassing expectations across key financial metrics, despite a challenging operational environment triggered by ongoing trade policy changes and consumer concerns over increasing prices for imported goods.The first quarter saw a nearly 2% increase in Gross Merchandise Volume (GMV) to approximately $18.8 billion, marking a consecutive streak of positive growth for four quarters.The company's revenue rose over 1% to $2.58 billion, and non-GAAP earnings per share grew by 10% to $1.38.

eBay Is Navigating Tariffs Like a Pro—How Its China Strategy Is Fueling Global Resilience!

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>Qoo10 is tiny in comparison to Amazon, Rakuten and Yahoo but it punches well above its weight by specialisation. </li>
<li>The online mall’s focus on Korean cosmetics and lifestyle has given it a depth of loyalty among young women that was once the preserve of Zozo.</li>
<li>Along with its other platform Move, Ebay Japan has built a solid presence in the Japanese market which looks set to continue to expand.</li>
</ul>


Qoo10 is tiny in comparison to Amazon, Rakuten and Yahoo but it punches well above its weight by specialisation. 
The online mall’s focus on Korean cosmetics and lifestyle has given it a depth of loyalty among young women that was once the preserve of Zozo.
Along with its other platform Move, Ebay Japan has built a solid presence in the Japanese market which looks set to continue to expand.


United States

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

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Ebay Inc (EBAY US)

eBay Live Growth Explodes 5X – Can It Beat Amazon at Its Own Game?

eBay's third-quarter financial performance for 2025 highlighted a balance of strengths and areas for potential improvement. The company's gross...

Baptista Research

eBay: Reinventing Itself With AI, Ads, & Niche Market Power Plays—Is a New Era Here?

eBay Inc.'s second quarter of 2025 report reflects a mix of strategic progress and challenges in a fluctuating market environment. The company...

Baptista Research

ATRenew (RERE US): Pre-Owned Satisfaction

Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks. The valuation remains undemanding.

Arun George

eBay Is Navigating Tariffs Like a Pro—How Its China Strategy Is Fueling Global Resilience!

eBay Inc. began 2025 with results surpassing expectations across key financial metrics, despite a challenging operational environment triggered by...

Baptista Research

Ebay's Qoo10 Surges on K-Style Boom

Ebay's Qoo10 may be small compared to giants like Amazon, but its specialization in Korean cosmetics has earned it a loyal following among young...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

eBay Live Growth Explodes 5X – Can It Beat Amazon at Its Own Game?

eBay's third-quarter financial performance for 2025 highlighted a balance of strengths and areas for potential improvement. The company's gross...

Baptista Research

eBay: Reinventing Itself With AI, Ads, & Niche Market Power Plays—Is a New Era Here?

eBay Inc.'s second quarter of 2025 report reflects a mix of strategic progress and challenges in a fluctuating market environment. The company...

Baptista Research

ATRenew (RERE US): Pre-Owned Satisfaction

Unlike most tech companies, ATRenew is starting to deliver growth with profits, cash generation and share buybacks. The valuation remains undemanding.

Arun George

eBay Is Navigating Tariffs Like a Pro—How Its China Strategy Is Fueling Global Resilience!

eBay Inc. began 2025 with results surpassing expectations across key financial metrics, despite a challenging operational environment triggered by...

Baptista Research

Ebay's Qoo10 Surges on K-Style Boom

Ebay's ​Qoo10 may be small compared to giants like Amazon, but its specialization in Korean cosmetics has earned it a loyal following among young...

Michael Causton

Ebay's Qoo10 may be small compared to giants like Amazon, but its specialization in Korean cosmetics has earned it a loyal following among young...