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>PENN Entertainment reported second quarter 2026 results marked by continued growth in its retail segment, further improvements in its Interactive division, and ongoing progress in balance sheet deleveraging.</li><li>The company achieved record quarterly retail revenues of $1.5 billion and adjusted EBITDAR of $517.2 million, reflecting year-over-year increases of approximately 4% and 6%, respectively.</li><li>Importantly, these gains were supported by same-store growth and significant contributions from four recently completed development projects, including new hotel towers and property relocations.</li></ul>

PENN Entertainment reported second quarter 2026 results marked by continued growth in its retail segment, further improvements in its Interactive division, and ongoing progress in balance sheet deleveraging.The company achieved record quarterly retail revenues of $1.5 billion and adjusted EBITDAR of $517.2 million, reflecting year-over-year increases of approximately 4% and 6%, respectively.Importantly, these gains were supported by same-store growth and significant contributions from four recently completed development projects, including new hotel towers and property relocations.

PENN Entertainment: Record $1.5 Billion Retail Revenue Sparks A Pivotal Reset!

<ul><li>PENN Entertainment reported first-quarter 2026 results showing progress across its Retail and Interactive segments, as well as ongoing initiatives to strengthen its balance sheet and free cash flow generation.</li><li>The Retail segment delivered year-over-year adjusted EBITDA growth driven by increased visitation and spend per visit, achieving its largest quarterly revenue increase in three years.</li><li>Strong performances were noted in the West segment, including the ramp-up at M Resort’s new hotel tower and Ameristar Black Hawk, as well as in the Midwest with growth in St. Louis and Hollywood Joliet, Illinois.</li></ul>

PENN Entertainment reported first-quarter 2026 results showing progress across its Retail and Interactive segments, as well as ongoing initiatives to strengthen its balance sheet and free cash flow generation.The Retail segment delivered year-over-year adjusted EBITDA growth driven by increased visitation and spend per visit, achieving its largest quarterly revenue increase in three years.Strong performances were noted in the West segment, including the ramp-up at M Resort’s new hotel tower and Ameristar Black Hawk, as well as in the Midwest with growth in St. Louis and Hollywood Joliet, Illinois.

PENN Entertainment's $800 Million Growth Bet: Can Retail Momentum & iCasino Drive A Turnaround?

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Thematic (Sector/Industry)

Key points (machine generated)<ul><li>Regional casino stocks have been downgraded to historical lows despite recent growth in gross gaming revenue (GGR).</li><li>The report suggests that GGR growth is supported by a loyal customer base and is likely to continue, outpacing GDP growth.</li><li>If growth trends persist, stock prices could appreciate by 30-40% as valuations return to historical ranges of 8-10x EBITDA.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Regional casino stocks have been downgraded to historical lows despite recent growth in gross gaming revenue (GGR).The report suggests that GGR growth is supported by a loyal customer base and is likely to continue, outpacing GDP growth.If growth trends persist, stock prices could appreciate by 30-40% as valuations return to historical ranges of 8-10x EBITDA.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Regional Gaming (Game ) - Monday, Jul 14, 2025

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

<ul>
<li>Our 2022 earnings thesis largely worked: FY12/2021-FY12/2025 profit compounded about 15% annually while adjusted EBITDA margins remained above 66%.</li>
<li>What we underestimated was regulatory and geographic complexity: by Q2 FY12/2026, only 49% of revenue was classified as regulated by player IP.</li>
<li>The next phase depends on renewed organic growth, better regulated-market monetization, and whether large buybacks can convert resilient cash generation into stronger per-share compounding.</li>
</ul>


Our 2022 earnings thesis largely worked: FY12/2021-FY12/2025 profit compounded about 15% annually while adjusted EBITDA margins remained above 66%.
What we underestimated was regulatory and geographic complexity: by Q2 FY12/2026, only 49% of revenue was classified as regulated by player IP.
The next phase depends on renewed organic growth, better regulated-market monetization, and whether large buybacks can convert resilient cash generation into stronger per-share compounding.


Evolution Four Years Later: The Earnings Thesis Worked. The Multiple Did Not.

United States

PENN Entertainment, Inc. owns and operates casinos, hotels, and racetracks facilities. The Company offers an integrated entertainment, sports content, online sports betting, and casino gaming solutions. PENN Entertainment serves customers in the United States and Canada.

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PENN Entertainment (PENN US)

PENN Entertainment: Record $1.5 Billion Retail Revenue Sparks A Pivotal Reset!

PENN Entertainment reported second quarter 2026 results marked by continued growth in its retail segment, further improvements in its Interactive...

Baptista Research

PENN Entertainment: Record $1.5 Billion Retail Revenue Sparks A Pivotal Reset!

PENN Entertainment reported second quarter 2026 results marked by continued growth in its retail segment, further improvements in its Interactive...

Baptista Research

PENN Entertainment's $800 Million Growth Bet: Can Retail Momentum & iCasino Drive A Turnaround?

PENN Entertainment reported first-quarter 2026 results showing progress across its Retail and Interactive segments, as well as ongoing initiatives...

Baptista Research

Regional Gaming (Game ) - Monday, Jul 14, 2025

Regional casino stocks, undervalued due to stagnant trends, may see a 30-40% price increase as GGR growth resumes, potentially returning valuations...

Value Investors Club (VIC)

Evolution Four Years Later: The Earnings Thesis Worked. The Multiple Did Not.

Four years after our 2022 Evolution thesis, earnings broadly delivered as expected, but regulation, player geography and valuation exposed what the...

Urbem Capital

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