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>Match Group, Inc., the parent company of several leading dating apps, including Tinder and Hinge, presented its second quarter of 2025 financial results.</li><li>The company's strategy, as laid out by CEO Spencer Rascoff, emphasizes a phased transformation to refocus on user outcomes, enhanced product innovation, and an overall revitalization of their brands.</li><li>One of the primary focuses has been on Tinder, which, despite its scale and global recognition, faced criticism for stagnation and overemphasis on short-term monetization.</li></ul>

Match Group, Inc., the parent company of several leading dating apps, including Tinder and Hinge, presented its second quarter of 2025 financial results.The company's strategy, as laid out by CEO Spencer Rascoff, emphasizes a phased transformation to refocus on user outcomes, enhanced product innovation, and an overall revitalization of their brands.One of the primary focuses has been on Tinder, which, despite its scale and global recognition, faced criticism for stagnation and overemphasis on short-term monetization.

Match Group: Revamping Tinder With Bold Features to Reignite Gen Z Engagement; Will It Work?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 24th October, Ray Zage (director) and James Lu (chairman), collectively holding ~60% in <strong><a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a></strong>, proposed to take the company private in a US$3.5bn deal.</li>
<li>The non-binding cash Offer of $18/share, is a 51% premium to undisturbed. A condition to a firm Offer <em>may</em> incorporate a majority of minority vote.</li>
<li>While the Special Committee considers the proposal, James Lu has unusually opted to step down. Currently trading at a ~30% gross spread to indicative terms. </li>
</ul>


Back on the 24th October, Ray Zage (director) and James Lu (chairman), collectively holding ~60% in Grindr (GRND US), proposed to take the company private in a US$3.5bn deal.
The non-binding cash Offer of $18/share, is a 51% premium to undisturbed. A condition to a firm Offer may incorporate a majority of minority vote.
While the Special Committee considers the proposal, James Lu has unusually opted to step down. Currently trading at a ~30% gross spread to indicative terms. 


Grindr (GRND US)'s Wide Spread As Majority Owners Court Delisting

<ul><li>Match Group, the prominent digital dating service operator, highlighted several strategic shifts and performance outcomes during its recent financial results call.</li><li>The company's leadership, headed by new CEO Spencer Rascoff, underscored its mission to foster meaningful connections and its recalibration towards a more unified and innovative organizational structure.</li><li>This reorganization involves consolidating operations from previously independent brand units, allowing Match Group to harness the full potential of its scale and diverse brand portfolio.</li></ul>

Match Group, the prominent digital dating service operator, highlighted several strategic shifts and performance outcomes during its recent financial results call.The company's leadership, headed by new CEO Spencer Rascoff, underscored its mission to foster meaningful connections and its recalibration towards a more unified and innovative organizational structure.This reorganization involves consolidating operations from previously independent brand units, allowing Match Group to harness the full potential of its scale and diverse brand portfolio.

Match Group Doubles Down on Gen-Z With Bold Tinder Turnaround & Velocity Push; But Will It Work?

<ul><li>Match Group recently reported their Fourth Quarter 2024 Earnings, shedding light on financial performance and strategic directions.</li><li>The company reported revenues of $3.5 billion for 2024, reflecting a 3% increase year-over year, or 6% on an FX-neutral basis.</li><li>Despite facing lower revenue growth than initially anticipated, Match Group succeeded in meeting their Adjusted Operating Income (AOI) margin target of 36%, indicating strong cost management practices.</li></ul>

Match Group recently reported their Fourth Quarter 2024 Earnings, shedding light on financial performance and strategic directions.The company reported revenues of $3.5 billion for 2024, reflecting a 3% increase year-over year, or 6% on an FX-neutral basis.Despite facing lower revenue growth than initially anticipated, Match Group succeeded in meeting their Adjusted Operating Income (AOI) margin target of 36%, indicating strong cost management practices.

Match Group: Will the AI Integration Provide A Much-Needed Boost Its Share In The Growing Online Dating Market?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Milian Technology / Equity Capital Markets

<ul>
<li>Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.  </li>
<li>Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.</li>
<li>I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.</li>
</ul>


Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.  
Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.
I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.


Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

United States

Match Group, Inc. is a dating service provider. The Company offers diverse portfolio of apps and services which enables connections across the spectrum of age, race, gender, sexual orientation, and backgrounds. Match Group serves customers worldwide.

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Match Group (MTCH US)

Match Group: Revamping Tinder With Bold Features to Reignite Gen Z Engagement; Will It Work?

Match Group, Inc., the parent company of several leading dating apps, including Tinder and Hinge, presented its second quarter of 2025 financial...

Baptista Research

Grindr (GRND US)'s Wide Spread As Majority Owners Court Delisting

I'd be picking up shares here. Zage and Lu, having sourced financing, suggests they're serious. Expect the Committee to make a decision before...

David Blennerhassett

Match Group Doubles Down on Gen-Z With Bold Tinder Turnaround & Velocity Push; But Will It Work?

Match Group, the prominent digital dating service operator, highlighted several strategic shifts and performance outcomes during its recent...

Baptista Research

Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

I have a positive view of upcoming IPO given the company's rare combination of explosive revenue growth, strong paying user conversion rate, viral...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Match Group: Revamping Tinder With Bold Features to Reignite Gen Z Engagement; Will It Work?

Match Group, Inc., the parent company of several leading dating apps, including Tinder and Hinge, presented its second quarter of 2025 financial...

Baptista Research

Grindr (GRND US)'s Wide Spread As Majority Owners Court Delisting

I'd be picking up shares here. Zage and Lu, having sourced financing, suggests they're serious. Expect the Committee to make a decision before...

David Blennerhassett

Match Group Doubles Down on Gen-Z With Bold Tinder Turnaround & Velocity Push; But Will It Work?

Match Group, the prominent digital dating service operator, highlighted several strategic shifts and performance outcomes during its recent...

Baptista Research

Match Group: Will the AI Integration Provide A Much-Needed Boost Its Share In The Growing Online Dating Market?

Match Group recently reported their Fourth Quarter 2024 Earnings, shedding light on financial performance and strategic directions. The company...

Baptista Research

Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

I have a positive view of upcoming IPO given the company's rare combination of explosive revenue growth, strong paying user conversion rate, viral...

Andrei Zakharov