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

People Incorporated (IAC) / Equity Bottom-Up

<ul><li>IAC continues to transition strategically by streamlining its operations and focusing its portfolio primarily on People Inc. and its stake in MGM Resorts.</li><li>The recent quarter demonstrated an 8% growth in digital revenues at People Inc., marking the tenth consecutive quarter of digital expansion.</li><li>This growth was driven largely by a diversified mix of audiences and revenues, with significant momentum in non-session-based revenues, which increased by 24% year-over-year to represent 41% of digital revenue.</li></ul>

IAC continues to transition strategically by streamlining its operations and focusing its portfolio primarily on People Inc. and its stake in MGM Resorts.The recent quarter demonstrated an 8% growth in digital revenues at People Inc., marking the tenth consecutive quarter of digital expansion.This growth was driven largely by a diversified mix of audiences and revenues, with significant momentum in non-session-based revenues, which increased by 24% year-over-year to represent 41% of digital revenue.

IAC’s Growth Reset—Can Owned Audiences, MGM Exposure & Buybacks Drive Investor Focus?

<ul><li>IAC said on March 2, 2026 that it agreed to sell Care.com to private-equity firm Pacific Avenue Capital Partners for about $320 million, with closing expected in the first half of 2026.</li><li>The announced price point matters because IAC bought Care.com for $500 million in 2020, setting an unmistakable benchmark for what management is willing to accept to “sharpen” focus elsewhere.</li><li>On the most recent earnings call in this conversation, executives framed Care.com as a business that had been working through a soft patch—particularly in Enterprise—yet still produced strong profitability, reporting $19 million of adjusted EBITDA in the fourth quarter at a 22% margin while expecting consumer and total revenue to return to growth by midyear.</li></ul>

IAC said on March 2, 2026 that it agreed to sell Care.com to private-equity firm Pacific Avenue Capital Partners for about $320 million, with closing expected in the first half of 2026.The announced price point matters because IAC bought Care.com for $500 million in 2020, setting an unmistakable benchmark for what management is willing to accept to “sharpen” focus elsewhere.On the most recent earnings call in this conversation, executives framed Care.com as a business that had been working through a soft patch—particularly in Enterprise—yet still produced strong profitability, reporting $19 million of adjusted EBITDA in the fourth quarter at a 22% margin while expecting consumer and total revenue to return to growth by midyear.

IAC Dumps Care.com—Why Private Equity Is Pouncing Now!

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>Small caps generally trade between a 50% discount to the S&amp;P 500 and a 50% premium. The current discount is 22%.</li>
<li>Relative periods of outperformance tend to last for waves of at least 13 years.</li>
<li>The current dominance of large caps over small caps has lasted ~13 years. This suggests the cycle could be due to change.</li>
</ul>


Small caps generally trade between a 50% discount to the S&amp;P 500 and a 50% premium. The current discount is 22%.
Relative periods of outperformance tend to last for waves of at least 13 years.
The current dominance of large caps over small caps has lasted ~13 years. This suggests the cycle could be due to change.


<ul>
<li>Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.</li>
<li>Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.</li>
<li>Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.</li>
</ul>


Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.
Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.
Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.


<ul>
<li>
This week, IAC Inc (IAC) provided <a href="https://www.prnewswire.com/news-releases/iac-announces-plan-to-spin-off-angi-reorganizes-leadership-302349721.html" target="_blank" rel="noopener">an update</a> on its Angi Inc (ANGI) spin-off plans.
</li>
<li>
Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.
</li>
<li>
IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 
</li>
</ul>



This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans.


Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.


IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 



United States

IAC Inc operates as a holding company. The Company, through its subsidiaries, provides media and Internet services. IAC serves customers worldwide.

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People Incorporated (IAC) (IAC US)

IAC’s Growth Reset—Can Owned Audiences, MGM Exposure & Buybacks Drive Investor Focus?

IAC continues to transition strategically by streamlining its operations and focusing its portfolio primarily on People Inc. and its stake in MGM...

Baptista Research

IAC Dumps Care.com—Why Private Equity Is Pouncing Now!

IAC said on March 2, 2026 that it agreed to sell Care.com to private-equity firm Pacific Avenue Capital Partners for about $320 million, with...

Baptista Research

Weekly Update (WDC, SNDK, MRP, IAC)

Small caps generally trade between a 50% discount to the S&P 500 and a 50% premium. The current discount is 22%. Relative periods of outperformance...

Richard Howe

Weekly Update (MRP, WDC, HON, LGFA)

Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024. Subsequently, on February 6, 2025,...

Richard Howe

Weekly Update (SNRE, HHH, ANGI, MRP)

This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans. Previously, IAC had suggested that it would spin off ANGI but...

Richard Howe

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