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>Lyft's second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.</li><li>The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.</li><li>Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.</li></ul>

Lyft's second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.

Lyft Inc: Can AV Partnerships & Its New European Strategy Fuel Long-Term Growth?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a>  plans to raise around US$825m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note.</li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



Pony AI (PONY US)  plans to raise around US$825m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.


Pony AI Secondary HK Offering - Needs to Correct Some More

<ul><li>Lyft Inc.'s performance in the first quarter of 2025 reflects a significant blend of strengths and ongoing challenges.</li><li>The company's marked growth in various financial metrics, including gross bookings, adjusted EBITDA, and free cash flow, underscores a robust operational quarter.</li><li>The strength is particularly evident as the company boasts a record in quarterly figures for active riders, rides, and driver hours.</li></ul>

Lyft Inc.'s performance in the first quarter of 2025 reflects a significant blend of strengths and ongoing challenges.The company's marked growth in various financial metrics, including gross bookings, adjusted EBITDA, and free cash flow, underscores a robust operational quarter.The strength is particularly evident as the company boasts a record in quarterly figures for active riders, rides, and driver hours.

Lyft Inc.: Building a Fleet for the Future—Autonomous, Affordable, & Unstoppable!

<ul><li>Lyft's recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors.</li><li>In 2024, Lyft achieved several milestones that signal its efforts toward strengthening its market position.</li><li>The company reported substantial records with a peak in rides, riders, and driver hours, resulting in increased market share compared to previous years.</li></ul>

Lyft's recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors.In 2024, Lyft achieved several milestones that signal its efforts toward strengthening its market position.The company reported substantial records with a peak in rides, riders, and driver hours, resulting in increased market share compared to previous years.

Lyft Inc.: The AV Race & Why It Could Make Or Break the Company!

<ul><li>The third quarter 2024 financial results for Lyft, Inc. provide a complex picture of the company’s current standing and future outlook.</li><li>On the positive side, Lyft reported gross bookings exceeding $4.1 billion, marking a 16% year-over-year increase.</li><li>The company also saw strong demand across its services with a 9% growth in active riders and a 6% rise in ride frequency, propelled by various strategic initiatives such as the 'Price Lock' feature aimed at commuters.</li></ul>

The third quarter 2024 financial results for Lyft, Inc. provide a complex picture of the company’s current standing and future outlook.On the positive side, Lyft reported gross bookings exceeding $4.1 billion, marking a 16% year-over-year increase.The company also saw strong demand across its services with a 9% growth in active riders and a 6% rise in ride frequency, propelled by various strategic initiatives such as the 'Price Lock' feature aimed at commuters.

Lyft Inc.: How First-Party Data is Powering a Digital Advertising Revolution! - Major Drivers

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Lyft Inc: Can AV Partnerships & Its New European Strategy Fuel Long-Term Growth?

Lyft's second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without...

Baptista Research

Pony AI Secondary HK Offering - Needs to Correct Some More

Pony AI (PONY US) plans to raise around US$825m in its secondary listing in Hong Kong. In this note, we talk about the deal structure and pricing.

Sumeet Singh

Lyft Inc.: Building a Fleet for the Future—Autonomous, Affordable, & Unstoppable!

Lyft Inc.'s performance in the first quarter of 2025 reflects a significant blend of strengths and ongoing challenges. The company's marked growth...

Baptista Research

Lyft Inc.: The AV Race & Why It Could Make Or Break the Company!

Lyft's recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors. In 2024, Lyft achieved...

Baptista Research

Lyft Inc.: How First-Party Data is Powering a Digital Advertising Revolution! - Major Drivers

The third quarter 2024 financial results for Lyft, Inc. provide a complex picture of the company’s current standing and future outlook. On the...

Baptista Research

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