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

Royal Caribbean Cruises / Equity Bottom-Up

<ul><li>Royal Caribbean Group's third-quarter 2025 earnings showcased solid operational performance and strategic investments, positioning them to capture larger market share within the leisure travel industry.</li><li>The company recorded a rise in adjusted earnings per share (EPS) to $5.75, up 11% compared to the previous year, aided by increased demand and lower costs, significantly contributing to surpassing initial earnings expectations.</li><li>Net yields experienced a growth of 2.4%, driven primarily by strong close-in demand and increased guest satisfaction across all key itineraries.</li></ul>

Royal Caribbean Group's third-quarter 2025 earnings showcased solid operational performance and strategic investments, positioning them to capture larger market share within the leisure travel industry.The company recorded a rise in adjusted earnings per share (EPS) to $5.75, up 11% compared to the previous year, aided by increased demand and lower costs, significantly contributing to surpassing initial earnings expectations.Net yields experienced a growth of 2.4%, driven primarily by strong close-in demand and increased guest satisfaction across all key itineraries.

Royal Caribbean Group: Will Its European Cruise Expansion Be A Game Changer?

<ul><li>Royal Caribbean Group delivered a strong performance in the second quarter of 2025, demonstrating significant improvements in key financial metrics largely driven by strong consumer demand and strategic operational enhancements.</li><li>The company exceeded expectations with adjusted earnings per share reaching $4.38, which is a 36% increase compared to last year, surpassing guidance by $0.33.</li><li>A key contributor was a robust 5.2% growth in net yields, driven by strong close-in bookings and a split between new and existing fleet contributions.</li></ul>

Royal Caribbean Group delivered a strong performance in the second quarter of 2025, demonstrating significant improvements in key financial metrics largely driven by strong consumer demand and strategic operational enhancements.The company exceeded expectations with adjusted earnings per share reaching $4.38, which is a 36% increase compared to last year, surpassing guidance by $0.33.A key contributor was a robust 5.2% growth in net yields, driven by strong close-in bookings and a split between new and existing fleet contributions.

Royal Caribbean Group: Optimization of Loyalty Programs to Build Stronger Relationships With Guests!

<ul><li>Royal Caribbean Group reported its first-quarter 2025 results, highlighting a mix of strong performance and strategic initiatives offset by awareness of potential macroeconomic challenges.</li><li>The company exceeded expectations with adjusted earnings per share of $2.71, surpassing their guidance by $0.23.</li><li>This outperformance was driven by strong consumer demand and pricing, particularly with close-in bookings surpassing prior trends.</li></ul>

Royal Caribbean Group reported its first-quarter 2025 results, highlighting a mix of strong performance and strategic initiatives offset by awareness of potential macroeconomic challenges.The company exceeded expectations with adjusted earnings per share of $2.71, surpassing their guidance by $0.23.This outperformance was driven by strong consumer demand and pricing, particularly with close-in bookings surpassing prior trends.

Royal Caribbean Group: Will Its Market Expansion Into The Vacation Industry Help Expand Footprint Beyond Traditional Cruising?

<ul><li>Royal Caribbean Group recently reported strong financial results for the fourth quarter and the full year of 2024.</li><li>Their performance reflected growth in net yields and operating cash flow, achieving their financial goals ahead of schedule.</li><li>Their exceptional customer satisfaction scores and robust cash generation highlight successful execution amidst a recovering travel industry.</li></ul>

Royal Caribbean Group recently reported strong financial results for the fourth quarter and the full year of 2024.Their performance reflected growth in net yields and operating cash flow, achieving their financial goals ahead of schedule.Their exceptional customer satisfaction scores and robust cash generation highlight successful execution amidst a recovering travel industry.

Royal Caribbean: An Analysis Of Its Expansion into River Cruising & Other Major Drivers

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Waterways Leisure Tourism / Equity Bottom-Up

<ul>
<li>Cordelia Cruises, India's only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.</li>
<li>The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.</li>
<li>The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.</li>
</ul>


Cordelia Cruises, India's only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.
The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.
The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.


Cordelia Cruises IPO: A Game-Changer in India's Growing Cruise Market

United States

Royal Caribbean Cruises Ltd. is a global cruise company operating a fleet of vessels in the cruise vacation industry. The Company operates through brands which primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments.

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Royal Caribbean Cruises (RCL US)

Royal Caribbean Group: Will Its European Cruise Expansion Be A Game Changer?

Royal Caribbean Group's third-quarter 2025 earnings showcased solid operational performance and strategic investments, positioning them to capture...

Baptista Research

Royal Caribbean Group: Optimization of Loyalty Programs to Build Stronger Relationships With Guests!

Royal Caribbean Group delivered a strong performance in the second quarter of 2025, demonstrating significant improvements in key financial...

Baptista Research

Royal Caribbean Group: Will Its Market Expansion Into The Vacation Industry Help Expand Footprint Beyond Traditional Cruising?

Royal Caribbean Group reported its first-quarter 2025 results, highlighting a mix of strong performance and strategic initiatives offset by...

Baptista Research

Royal Caribbean: An Analysis Of Its Expansion into River Cruising & Other Major Drivers

Royal Caribbean Group recently reported strong financial results for the fourth quarter and the full year of 2024. Their performance reflected...

Baptista Research

Cordelia Cruises IPO: A Game-Changer in India's Growing Cruise Market

India's Cordelia Cruises going public with Rs. 7.27 billion IPO to triple fleet by 2028, capitalizing on under-penetrated Indian cruise market...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Royal Caribbean Group: Will Its European Cruise Expansion Be A Game Changer?

Royal Caribbean Group's third-quarter 2025 earnings showcased solid operational performance and strategic investments, positioning them to capture...

Baptista Research

Royal Caribbean Group: Optimization of Loyalty Programs to Build Stronger Relationships With Guests!

Royal Caribbean Group delivered a strong performance in the second quarter of 2025, demonstrating significant improvements in key financial...

Baptista Research

Royal Caribbean Group: Will Its Market Expansion Into The Vacation Industry Help Expand Footprint Beyond Traditional Cruising?

Royal Caribbean Group reported its first-quarter 2025 results, highlighting a mix of strong performance and strategic initiatives offset by...

Baptista Research

Royal Caribbean: An Analysis Of Its Expansion into River Cruising & Other Major Drivers

Royal Caribbean Group recently reported strong financial results for the fourth quarter and the full year of 2024. Their performance reflected...

Baptista Research

Cordelia Cruises IPO: A Game-Changer in India's Growing Cruise Market

​India's Cordelia Cruises going public with Rs. 7.27 billion IPO to triple fleet by 2028, capitalizing on under-penetrated Indian cruise market...

Sudarshan Bhandari

India's Cordelia Cruises going public with Rs. 7.27 billion IPO to triple fleet by 2028, capitalizing on under-penetrated Indian cruise market...