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

MGM Resorts International / Equity Bottom-Up

<ul><li>MGM Resorts suddenly finds itself back on its own after Barry Diller’s People Inc. withdrew its proposal to take the casino operator private for $48.30 per share in cash.</li><li>The market reaction was immediate: MGM shares fell 11% in after-hours trading, highlighting how much takeover expectations had become embedded in the investment story.</li><li>Yet the withdrawal does not erase the company’s recent operating momentum—or Diller’s continuing exposure to the stock.</li></ul>

MGM Resorts suddenly finds itself back on its own after Barry Diller’s People Inc. withdrew its proposal to take the casino operator private for $48.30 per share in cash.The market reaction was immediate: MGM shares fell 11% in after-hours trading, highlighting how much takeover expectations had become embedded in the investment story.Yet the withdrawal does not erase the company’s recent operating momentum—or Diller’s continuing exposure to the stock.

MGM Stock Crashes 11% After Barry Diller Withdraws $48.30 Buyout Bid—What Happens Now?

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Richard Howe

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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>MGM Resorts International reported strong performance in the second quarter of 2026, driven by record consolidated net revenue and notable growth across its core segments.</li><li>The Las Vegas Strip operations recorded consecutive quarters of year-over-year revenue growth, supported by a robust group and convention business that accounted for 20% of the room mix for the full year.</li><li>This growth was bolstered by various large-scale events, such as a successful baccarat tournament and high-attendance sports and entertainment offerings, including the Vegas Golden Knights’ playoff run.</li></ul>

MGM Resorts International reported strong performance in the second quarter of 2026, driven by record consolidated net revenue and notable growth across its core segments.The Las Vegas Strip operations recorded consecutive quarters of year-over-year revenue growth, supported by a robust group and convention business that accounted for 20% of the room mix for the full year.This growth was bolstered by various large-scale events, such as a successful baccarat tournament and high-attendance sports and entertainment offerings, including the Vegas Golden Knights’ playoff run.

MGM Resorts International's $1 Billion Osaka Bet Could Reshape Its Growth Story!

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αSK Primers

Smartkarma AI Primers

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Research Reinvented

<ul>
  <li>MGM is well-positioned to capitalize on the continued recovery and growth in its core Las Vegas and Macau markets, complemented by a significant digital footprint through its BetMGM joint venture.</li>
  <li>The company's long-term growth trajectory is substantially influenced by its strategic expansion into Japan with the ~$10 billion MGM Osaka integrated resort, targeting a 2030 opening.</li>
  <li>Takeover speculation from People Inc. provides a potential valuation floor and catalyst, though uncertainty remains as MGM's board currently believes the offer undervalues the company's diverse asset portfolio.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  MGM is well-positioned to capitalize on the continued recovery and growth in its core Las Vegas and Macau markets, complemented by a significant digital footprint through its BetMGM joint venture.
  The company's long-term growth trajectory is substantially influenced by its strategic expansion into Japan with the ~$10 billion MGM Osaka integrated resort, targeting a 2030 opening.
  Takeover speculation from People Inc. provides a potential valuation floor and catalyst, though uncertainty remains as MGM's board currently believes the offer undervalues the company's diverse asset portfolio.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: MGM Resorts International (MGM US) - Aug 2026

<ul><li>While I do not own MGM and am not formally recommending the stock, it is an important company to analyze given that IAC Inc. is a core holding and its most valuable asset is its approximately $2 billion stake in MGM.</li><li>After reviewing MGM in detail, I’m comfortable concluding that the company is well positioned and attractively valued, which strengthens my conviction in the IAC investment case.</li><li>MGM currently trades at roughly 7.7x free cash flow and offers meaningful growth potential driven by three key factors</li></ul>

While I do not own MGM and am not formally recommending the stock, it is an important company to analyze given that IAC Inc. is a core holding and its most valuable asset is its approximately $2 billion stake in MGM.After reviewing MGM in detail, I’m comfortable concluding that the company is well positioned and attractively valued, which strengthens my conviction in the IAC investment case.MGM currently trades at roughly 7.7x free cash flow and offers meaningful growth potential driven by three key factors

MGM Resorts: Too Cheap for its Cash Flow and Growth Outlook

United States

MGM Resorts International operates gaming, hospitality and entertainment resorts.  The Company owns properties in Nevada, Mississippi and Michigan in the United States; and owns interests in properties in Nevada and Illinois in the United States, and Macau. MGM Resorts also offers hospitality management services for casino and non-casino properties around the world.

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MGM Resorts International (MGM US)

MGM Stock Crashes 11% After Barry Diller Withdraws $48.30 Buyout Bid—What Happens Now?

MGM Resorts suddenly finds itself back on its own after Barry Diller’s People Inc. withdrew its proposal to take the casino operator private for...

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

MGM Resorts International's $1 Billion Osaka Bet Could Reshape Its Growth Story!

MGM Resorts International reported strong performance in the second quarter of 2026, driven by record consolidated net revenue and notable growth...

Baptista Research

Primer: MGM Resorts International (MGM US) - Aug 2026

MGM is well-positioned to capitalize on the continued recovery and growth in its core Las Vegas and Macau markets, complemented by a significant...

αSK Primers

MGM Resorts: Too Cheap for its Cash Flow and Growth Outlook

While I do not own MGM and am not formally recommending the stock, it is an important company to analyze given that IAC Inc is a core holding...

Richard Howe

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