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>TripAdvisor has been thrust back into the spotlight following activist investor Starboard Value's disclosure of a 9% stake in the company.</li><li>The move comes on the heels of major strategic shifts at the travel-review giant, including the completion of its buyout of Liberty TripAdvisor Holdings, the removal of its dual-class share structure, and a renewed push to stabilize its legacy business while scaling up its Viator and TheFork segments.</li><li>The investment, estimated at around $160 million, instantly made Starboard one of TripAdvisor’s top shareholders and sent the stock surging more than 16% on the news.</li></ul>

TripAdvisor has been thrust back into the spotlight following activist investor Starboard Value's disclosure of a 9% stake in the company.The move comes on the heels of major strategic shifts at the travel-review giant, including the completion of its buyout of Liberty TripAdvisor Holdings, the removal of its dual-class share structure, and a renewed push to stabilize its legacy business while scaling up its Viator and TheFork segments.The investment, estimated at around $160 million, instantly made Starboard one of TripAdvisor’s top shareholders and sent the stock surging more than 16% on the news.

TripAdvisor Just Got a Starboard Jolt: Why the Activist Stake Could Reshape the Travel Giant

<ul><li>TripAdvisor, a prominent player in the online travel space, recently held a conference call to discuss its first quarter 2025 financial results.</li><li>The company showcased both triumphs and challenges in navigating the evolving landscape of travel and experiences.</li><li>On the positive side, TripAdvisor reported consolidated revenue of $398 million, marking a 1% increase or approximately 3% growth in constant currency.</li></ul>

TripAdvisor, a prominent player in the online travel space, recently held a conference call to discuss its first quarter 2025 financial results.The company showcased both triumphs and challenges in navigating the evolving landscape of travel and experiences.On the positive side, TripAdvisor reported consolidated revenue of $398 million, marking a 1% increase or approximately 3% growth in constant currency.

TripAdvisor: Enhancing User Experience Through Smart Tech & Personalization But Is It Enough?

<ul><li>Tripadvisor has been a frequent subject of acquisition speculation, with the latest developments adding fuel to the fire.</li><li>Liberty TripAdvisor Holdings (OTCQB:LTRPA, LTRPB) recently disclosed a proposal from an undisclosed "Party 7" to acquire Tripadvisor and Liberty TripAdvisor.</li><li>The bid, initially offered at $17.50 per share in October 2024, was later revised to $18-$19 per share in January 2025, representing a 14-21% premium over the current stock price.</li></ul>

Tripadvisor has been a frequent subject of acquisition speculation, with the latest developments adding fuel to the fire.Liberty TripAdvisor Holdings (OTCQB:LTRPA, LTRPB) recently disclosed a proposal from an undisclosed "Party 7" to acquire Tripadvisor and Liberty TripAdvisor.The bid, initially offered at $17.50 per share in October 2024, was later revised to $18-$19 per share in January 2025, representing a 14-21% premium over the current stock price.

Why Tripadvisor Is A Magnet For Takeover Interest: Insights On Its Unmatched Appeal!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.</li>
<li>The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.</li>
</ul>


Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.
The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.
My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.


Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

<ul><li>Tripadvisor's third-quarter 2024 results present a mixed picture of the company's performance and strategic direction.</li><li>On a consolidated basis, revenue was $532 million, essentially flat compared to the previous year.</li><li>This stagnation in revenue reflects headwinds in Tripadvisor's legacy hotel meta offering, which declined 17% year-over-year in branded hotels revenue.</li></ul>

Tripadvisor's third-quarter 2024 results present a mixed picture of the company's performance and strategic direction.On a consolidated basis, revenue was $532 million, essentially flat compared to the previous year.This stagnation in revenue reflects headwinds in Tripadvisor's legacy hotel meta offering, which declined 17% year-over-year in branded hotels revenue.

Tripadvisor’s The Viator Power Play: How Experience Bookings Could Outpace Travel Industry Growth! - Major Drivers

United States

TripAdvisor Inc. is an online travel research company. The Company's travel research platform aggregates reviews and opinions of members about destinations, accommodations (including hotels, bed and breakfasts ("B&Bs"), specialty lodging and vacation rentals), restaurants and activities throughout the world.

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Tripadvisor Inc (TRIP US)

TripAdvisor Just Got a Starboard Jolt: Why the Activist Stake Could Reshape the Travel Giant

TripAdvisor has been thrust back into the spotlight following activist investor Starboard Value's disclosure of a 9% stake in the company. The...

Baptista Research

TripAdvisor: Enhancing User Experience Through Smart Tech & Personalization But Is It Enough?

TripAdvisor, a prominent player in the online travel space, recently held a conference call to discuss its first quarter 2025 financial...

Baptista Research

Why Tripadvisor Is A Magnet For Takeover Interest: Insights On Its Unmatched Appeal!

Tripadvisor has been a frequent subject of acquisition speculation, with the latest developments adding fuel to the fire. Liberty TripAdvisor...

Baptista Research

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Tripadvisor’s The Viator Power Play: How Experience Bookings Could Outpace Travel Industry Growth! - Major Drivers

Tripadvisor's third-quarter 2024 results present a mixed picture of the company's performance and strategic direction. On a consolidated basis,...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TripAdvisor Just Got a Starboard Jolt: Why the Activist Stake Could Reshape the Travel Giant

TripAdvisor has been thrust back into the spotlight following activist investor Starboard Value's disclosure of a 9% stake in the company. The...

Baptista Research

TripAdvisor: Enhancing User Experience Through Smart Tech & Personalization But Is It Enough?

TripAdvisor, a prominent player in the online travel space, recently held a conference call to discuss its first quarter 2025 financial...

Baptista Research

Why Tripadvisor Is A Magnet For Takeover Interest: Insights On Its Unmatched Appeal!

Tripadvisor has been a frequent subject of acquisition speculation, with the latest developments adding fuel to the fire. Liberty TripAdvisor...

Baptista Research

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

​Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Tripadvisor’s The Viator Power Play: How Experience Bookings Could Outpace Travel Industry Growth! - Major Drivers

Tripadvisor's third-quarter 2024 results present a mixed picture of the company's performance and strategic direction. On a consolidated basis,...

Baptista Research

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...