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>Expedia Group's Q2 2025 results show both strengths and challenges in their performance.</li><li>On the positive side, the company has managed to surpass expectations for gross bookings, revenue, and adjusted EBITDA margins, indicating effective execution amid a soft U.S. travel market.</li><li>Gross bookings grew by 5%, while revenue increased by 6%, suggesting solid underlying business momentum.</li></ul>

Expedia Group's Q2 2025 results show both strengths and challenges in their performance.On the positive side, the company has managed to surpass expectations for gross bookings, revenue, and adjusted EBITDA margins, indicating effective execution amid a soft U.S. travel market.Gross bookings grew by 5%, while revenue increased by 6%, suggesting solid underlying business momentum.

Expedia Group: How Diversification Into B2B Could Become Its Secret Growth Engine!

<ul><li>Expedia Group's recent financial results for Q1 2025 present a complex blend of performance metrics that reveal both strengths and areas of concern.</li><li>The company's gross bookings climbed by 4% to $31.5 billion, while revenue increased by 3% to $3 billion, aligning with expectations but reflecting a modest growth trajectory.</li><li>The growth has been hampered by weaker travel demand within and into the U.S., despite strong performances elsewhere.</li></ul>

Expedia Group's recent financial results for Q1 2025 present a complex blend of performance metrics that reveal both strengths and areas of concern.The company's gross bookings climbed by 4% to $31.5 billion, while revenue increased by 3% to $3 billion, aligning with expectations but reflecting a modest growth trajectory.The growth has been hampered by weaker travel demand within and into the U.S., despite strong performances elsewhere.

Expedia Group: Diverse B2B Growth Opportunities As a Significant Growth Lever!

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.</li><li>We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.</li><li>The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.</li></ul>

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.

<ul><li>The Q4 2024 financial results for Expedia Group present a comprehensive picture with both strengths and challenges.</li><li>The company reported stronger-than-expected growth with room nights, gross bookings, and revenue all achieving double-digit growth.</li><li>This reflects strong market demand and effective execution strategies.</li></ul>

The Q4 2024 financial results for Expedia Group present a comprehensive picture with both strengths and challenges.The company reported stronger-than-expected growth with room nights, gross bookings, and revenue all achieving double-digit growth.This reflects strong market demand and effective execution strategies.

Expedia Group: Can Its Unified Platform Keep Up With Booking and Airbnb?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.</li>
<li>The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.</li>
</ul>


Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.
The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.
My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.


Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

United States

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

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Expedia Group, Inc. (EXPE US)

Expedia Group: How Diversification Into B2B Could Become Its Secret Growth Engine!

Expedia Group's Q2 2025 results show both strengths and challenges in their performance. On the positive side, the company has managed to surpass...

Baptista Research

Expedia Group: Diverse B2B Growth Opportunities As a Significant Growth Lever!

Expedia Group's recent financial results for Q1 2025 present a complex blend of performance metrics that reveal both strengths and areas of...

Baptista Research

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

Expedia Group: Can Its Unified Platform Keep Up With Booking and Airbnb?

The Q4 2024 financial results for Expedia Group present a comprehensive picture with both strengths and challenges. The company reported...

Baptista Research

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Expedia Group: How Diversification Into B2B Could Become Its Secret Growth Engine!

Expedia Group's Q2 2025 results show both strengths and challenges in their performance. On the positive side, the company has managed to surpass...

Baptista Research

Expedia Group: Diverse B2B Growth Opportunities As a Significant Growth Lever!

Expedia Group's recent financial results for Q1 2025 present a complex blend of performance metrics that reveal both strengths and areas of...

Baptista Research

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

Expedia Group: Can Its Unified Platform Keep Up With Booking and Airbnb?

The Q4 2024 financial results for Expedia Group present a comprehensive picture with both strengths and challenges. The company reported...

Baptista Research

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

​Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...