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>Uber Technologies announced an agreement on October 6, 2026, to acquire workplace catering platform ezCater for $2.3 billion in cash, a transaction that would extend Uber Eats into corporate catering and workplace meal programs.</li><li>The proposed acquisition, which would provide access to ezCater's network of more than 140,000 U.S. restaurants, remains subject to regulatory approvals and customary closing conditions.</li><li>The target generated over $2.5 billion in trailing annual gross bookings, growing at a high-teens rate, with average orders exceeding $400.</li></ul>

Uber Technologies announced an agreement on October 6, 2026, to acquire workplace catering platform ezCater for $2.3 billion in cash, a transaction that would extend Uber Eats into corporate catering and workplace meal programs.The proposed acquisition, which would provide access to ezCater's network of more than 140,000 U.S. restaurants, remains subject to regulatory approvals and customary closing conditions.The target generated over $2.5 billion in trailing annual gross bookings, growing at a high-teens rate, with average orders exceeding $400.

Uber’s $2.3 Billion ezCater Acquisition: Four Hidden Growth Opportunities!

<ul><li>Uber CEO Dara Khosrowshahi has sent investors an unusually direct signal at a time when Wall Street is debating whether autonomous vehicles could eventually undermine the ride-hailing giant.</li><li>Khosrowshahi recently purchased 141,000 Uber shares at an average price of $70.96, investing roughly $10 million of his own money in his first open-market purchase since May 2022.</li><li>The transaction followed another sizeable insider purchase by COO Andrew Macdonald, who bought roughly $5.3 million of stock days earlier.</li></ul>

Uber CEO Dara Khosrowshahi has sent investors an unusually direct signal at a time when Wall Street is debating whether autonomous vehicles could eventually undermine the ride-hailing giant.Khosrowshahi recently purchased 141,000 Uber shares at an average price of $70.96, investing roughly $10 million of his own money in his first open-market purchase since May 2022.The transaction followed another sizeable insider purchase by COO Andrew Macdonald, who bought roughly $5.3 million of stock days earlier.

Uber’s CEO Just Made A $10 Million Bet—Is Wall Street Wrong About Robotaxis?

<ul><li>The company reported a strong second quarter in 2026, highlighted by a 22% year-over-year increase in gross bookings to over $58 billion, exceeding the high end of guidance and marking the fourth consecutive quarter with growth above 20%.</li><li>Non-GAAP earnings per share rose 35% year-over-year, accompanied by trailing twelve-month free cash flow surpassing $10 billion for the first time.</li><li>These financial metrics illustrate an improvement in operating leverage and cash generation.</li></ul>

The company reported a strong second quarter in 2026, highlighted by a 22% year-over-year increase in gross bookings to over $58 billion, exceeding the high end of guidance and marking the fourth consecutive quarter with growth above 20%.Non-GAAP earnings per share rose 35% year-over-year, accompanied by trailing twelve-month free cash flow surpassing $10 billion for the first time.These financial metrics illustrate an improvement in operating leverage and cash generation.

Uber Technologies: A Tale Of Network Scale, Engagement & Operating Leverage!

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Full Truck Alliance showed strong improvement in core margin in Q226 due to mix change</li>
<li>We believe the company's rate of top-line growth could begin to accelerate by end of H226</li>
<li>At ~12x FY26 EPS and featuring a 4% dividend yield, shares appear attractive below US$9</li>
</ul>


Full Truck Alliance showed strong improvement in core margin in Q226 due to mix change
We believe the company's rate of top-line growth could begin to accelerate by end of H226
At ~12x FY26 EPS and featuring a 4% dividend yield, shares appear attractive below US$9


Full Truck Alliance Q226 Result: Sharp Improvement in Core Margin, Shares Attractive Below US$9

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Delivery Hero closed at €37.05 on 27 August, leaving 12.0% upside to Uber's €41.50 cash offer, versus an 8.6% spread when we last wrote.</li>
<li>The offer document confirms multiple parallel approvals for the acquisition and SSW disposal, with settlement potentially delayed until November 2027.</li>
<li>We retain an 85% completion probability. The spread now offers c.9.7% annualised to mid-November 2027, with the downside/upside ratio improving from c.2.3x to c.1.5x.</li>
</ul>


Delivery Hero closed at €37.05 on 27 August, leaving 12.0% upside to Uber's €41.50 cash offer, versus an 8.6% spread when we last wrote.
The offer document confirms multiple parallel approvals for the acquisition and SSW disposal, with settlement potentially delayed until November 2027.
We retain an 85% completion probability. The spread now offers c.9.7% annualised to mid-November 2027, with the downside/upside ratio improving from c.2.3x to c.1.5x.


Uber Technologies / Delivery Hero: Paid to Wait

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Uber’s $2.3 Billion ezCater Acquisition: Four Hidden Growth Opportunities!

Uber Technologies announced an agreement on October 6, 2026, to acquire workplace catering platform ezCater for $2.3 billion in cash, a...

Baptista Research

Uber’s CEO Just Made A $10 Million Bet—Is Wall Street Wrong About Robotaxis?

Uber CEO Dara Khosrowshahi has sent investors an unusually direct signal at a time when Wall Street is debating whether autonomous vehicles could...

Baptista Research

Uber Technologies: A Tale Of Network Scale, Engagement & Operating Leverage!

The company reported a strong second quarter in 2026, highlighted by a 22% year-over-year increase in gross bookings to over $58 billion,...

Baptista Research

Full Truck Alliance Q226 Result: Sharp Improvement in Core Margin, Shares Attractive Below US$9

Here in Q326 Full Truck Alliance is lapping the last set of challenging Y/Y revenue comps; it should return to improved top-line growth in Q426 and...

Tracking Traffic

Uber Technologies / Delivery Hero: Paid to Wait

Delivery Hero's discount to Uber's cash offer has widened. The formal offer document provides some clues as to why — and whether the risk/reward...

Jesus Rodriguez Aguilar

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