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>Sabre Corporation, a major player in the travel technology arena, reported on its fourth quarter and full year results for 2023.</li><li>Significant revenue growth, margin expansion, and impressive gains in adjusted EBITDA and operating cash flow marked the year.</li><li>The company closed 2023 with positive free cash flow, a prime financial objective it continues prioritizing.</li></ul>

Sabre Corporation, a major player in the travel technology arena, reported on its fourth quarter and full year results for 2023.Significant revenue growth, margin expansion, and impressive gains in adjusted EBITDA and operating cash flow marked the year.The company closed 2023 with positive free cash flow, a prime financial objective it continues prioritizing.

Sabre Corporation: Decoding the 6 Primary Factors Contributing To Its Growth! - Major Drivers

<ul><li>In the third quarter, Sabre Corporation had a decent performance with above-par revenues and on-par earnings.</li><li>The company’s quarter was marked by financial growth, advancements in the strategic partnership with Google, commercial victories, and progress in technology transformation.</li><li>The four strategic priorities, encompassing positive free cash flow, long-term sustainable growth, innovation, and technology transformation, remain unchanged and guide resource allocation and decision-making.</li></ul>

In the third quarter, Sabre Corporation had a decent performance with above-par revenues and on-par earnings.The company’s quarter was marked by financial growth, advancements in the strategic partnership with Google, commercial victories, and progress in technology transformation.The four strategic priorities, encompassing positive free cash flow, long-term sustainable growth, innovation, and technology transformation, remain unchanged and guide resource allocation and decision-making.

Sabre Corporation: A Deep Dive into Their Winning Strategy in the Tech-Driven Travel Market! - Major Drivers

<ul><li>Sabre Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>During the second quarter, the company reached its technology migration milestones, and it is still on schedule to meet its longer-term financial and operational objectives.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Sabre Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.During the second quarter, the company reached its technology migration milestones, and it is still on schedule to meet its longer-term financial and operational objectives.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Sabre Corporation: Can The Acquisition Of Techsembly Be A Game Changer? - Major Drivers

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Travelsky Technology Ltd H / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travelsky-technology-ltd-h" target="_blank" data-smartkarma-citation="entities:19829:1" rel="noopener">Travelsky Technology Ltd H (696 HK)</a> (TravelSky) issued its 2023 operating statistics and a profit warning that is far below market expectations, the share price has plunged by 36% </li>
<li>Our analysis suggests that staff cost, commission, and systems costs have soared. This will be contained when traffic accelerates and absorbs these fixed cost items </li>
<li>Our target price of HKD9.92 <strong>(+21% UPSIDE)</strong> is based on 2024 PE 14.8x (1SD below mean). Keep an eye, worthwhile trade, due for a bounce    </li>
</ul>



Travelsky Technology Ltd H (696 HK) (TravelSky) issued its 2023 operating statistics and a profit warning that is far below market expectations, the share price has plunged by 36% 
Our analysis suggests that staff cost, commission, and systems costs have soared. This will be contained when traffic accelerates and absorbs these fixed cost items 
Our target price of HKD9.92 (+21% UPSIDE) is based on 2024 PE 14.8x (1SD below mean). Keep an eye, worthwhile trade, due for a bounce    


Travelsky (696 HK | BUY | TP:HKD9.92): Forget 2023, Think of 2024-25 Which Will Be Much Better

Equity Capital Markets

<ul><li>Sabre had a challenging Q3 and failed to meet the revenue expectations of Wall Street while delivering wider-than-expected losses.</li><li>Sabre generated total revenue of $441 million in the quarter, a substantial improvement compared to $278 million in Q3 2020.</li><li>The distribution revenue of Sabre increased by $140 million year-on-year, and the IT Solutions revenue increased to $145 million in Q3.</li></ul>

Sabre had a challenging Q3 and failed to meet the revenue expectations of Wall Street while delivering wider-than-expected losses.Sabre generated total revenue of $441 million in the quarter, a substantial improvement compared to $278 million in Q3 2020.The distribution revenue of Sabre increased by $140 million year-on-year, and the IT Solutions revenue increased to $145 million in Q3.

Sabre Corp: Leveraging The Global Travel Recovery? - Key Drivers

United States

Sabre Corporation provides technology solutions to the global travel and tourism industry. The Company offers tours and travel services, as well as, online reservations for airlines, hotels, cruises, car rental companies, and vacation packages.

Sabre Corp (SABR US)

Sabre Corporation: Decoding the 6 Primary Factors Contributing To Its Growth! - Major Drivers

Sabre Corporation, a major player in the travel technology arena, reported on its fourth quarter and full year results for 2023. Significant...

Baptista Research

Sabre Corporation: A Deep Dive into Their Winning Strategy in the Tech-Driven Travel Market! - Major Drivers

In the third quarter, Sabre Corporation had a decent performance with above-par revenues and on-par earnings. The company’s quarter was marked by...

Baptista Research

Sabre Corporation: Can The Acquisition Of Techsembly Be A Game Changer? - Major Drivers

Sabre Corporation managed to exceed analyst expectations in terms of revenue as well as earnings. During the second quarter, the company reached...

Baptista Research

Travelsky (696 HK | BUY | TP:HKD9.92): Forget 2023, Think of 2024-25 Which Will Be Much Better

Travelsky issued a profit warning, causing a 36% drop in its share price. Our analysis suggests costs will eventually be in control when traffic...

Mohshin Aziz

Sabre Corp: Leveraging The Global Travel Recovery? - Key Drivers

Sabre had a challenging Q3 and failed to meet the revenue expectations of Wall Street while delivering wider-than-expected losses. Sabre generated...

Baptista Research

Sabre Corporation: Decoding the 6 Primary Factors Contributing To Its Growth! - Major Drivers

Sabre Corporation, a major player in the travel technology arena, reported on its fourth quarter and full year results for 2023. Significant...

Baptista Research

Sabre Corporation: A Deep Dive into Their Winning Strategy in the Tech-Driven Travel Market! - Major Drivers

In the third quarter, Sabre Corporation had a decent performance with above-par revenues and on-par earnings. The company’s quarter was marked by...

Baptista Research

Sabre Corporation: Can The Acquisition Of Techsembly Be A Game Changer? - Major Drivers

Sabre Corporation managed to exceed analyst expectations in terms of revenue as well as earnings. During the second quarter, the company reached...

Baptista Research

Travelsky (696 HK | BUY | TP:HKD9.92): Forget 2023, Think of 2024-25 Which Will Be Much Better

​Travelsky issued a profit warning, causing a 36% drop in its share price. Our analysis suggests costs will eventually be in control when traffic...

Mohshin Aziz

Sabre Corp: Leveraging The Global Travel Recovery? - Key Drivers

Sabre had a challenging Q3 and failed to meet the revenue expectations of Wall Street while delivering wider-than-expected losses. Sabre generated...

Baptista Research

Travelsky issued a profit warning, causing a 36% drop in its share price. Our analysis suggests costs will eventually be in control when traffic...