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 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!

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/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/caocao-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:189909" rel="noopener">CaoCao IPO: The Bull Case</a></strong></em>, I highlighted the key elements of the bull case. In this note, I outline the bear case.</li>
<li>The bear case rests on low net take rates, unfavourable trends of key cost items, expected losses in the current year and a stretched balance sheet.</li>
</ul>



CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.
In CaoCao IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on low net take rates, unfavourable trends of key cost items, expected losses in the current year and a stretched balance sheet.


<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

<ul><li>Lyft, Inc. recently released its financial results for the second quarter of 2024, highlighting some significant milestones and challenges.</li><li>The quarter was notable as it marked the first instance of GAAP profitability for Lyft, signaling a robust measure of cost management and efficiency within the company.</li><li>However, this financial highlight comes amid various strategic shifts and external factors that could influence the company’s trajectory moving forward.</li></ul>

Lyft, Inc. recently released its financial results for the second quarter of 2024, highlighting some significant milestones and challenges.The quarter was notable as it marked the first instance of GAAP profitability for Lyft, signaling a robust measure of cost management and efficiency within the company.However, this financial highlight comes amid various strategic shifts and external factors that could influence the company’s trajectory moving forward.

Lyft Inc.: Expansion of Serviceable Addressable Market Driving Our Optimism! - 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.: 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

CaoCao IPO: The Bear Case

CaoCao is the second-largest ride-hailing player in China and is seeking to raise US$200-300 million. In this note, I discuss the key elements of...

Arun George

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

Lyft Inc.: Expansion of Serviceable Addressable Market Driving Our Optimism! - Major Drivers

Lyft, Inc. recently released its financial results for the second quarter of 2024, highlighting some significant milestones and challenges. The...

Baptista Research

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