Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>Angi Inc. (“Angi”) is set to be spun off from IAC Inc. (IAC owns 85% of the company) on March 31, 2025 following a multi-year turnaround that restored profitability and improved cash flow.</li><li>The first day of regular way trading will be April 1, 2025.</li><li>Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network), with an international segment spanning Europe and Canada.</li></ul>

Angi Inc. (“Angi”) is set to be spun off from IAC Inc. (IAC owns 85% of the company) on March 31, 2025 following a multi-year turnaround that restored profitability and improved cash flow.The first day of regular way trading will be April 1, 2025.Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network), with an international segment spanning Europe and Canada.

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>Yelp Inc. recorded a mixed performance in the second quarter of 2024, highlighting several strategic initiatives and financial metrics that provide a nuanced picture of its current positioning and future prospects.</li><li>The company achieved a 6% year-over-year increase in net revenue, amounting to $357 million, surpassing its own forecast marginally.</li><li>This growth was underpinned by the introduction of over 20 new features and updates, emphasizing Yelp’s continued focus on a product-led strategy.</li></ul>

Yelp Inc. recorded a mixed performance in the second quarter of 2024, highlighting several strategic initiatives and financial metrics that provide a nuanced picture of its current positioning and future prospects.The company achieved a 6% year-over-year increase in net revenue, amounting to $357 million, surpassing its own forecast marginally.This growth was underpinned by the introduction of over 20 new features and updates, emphasizing Yelp’s continued focus on a product-led strategy.

Yelp Inc.: Will The Streamlined AI Implementations in AdTech & Search Pay Off? - Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.</li>
<li>Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.</li>
<li>In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.
Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.


Webtoon Entertainment IPO Trading - Not Cheap Given the Lack of Growth

<ul><li>The first quarter of 2024 brought mixed but generally positive results for Yelp Inc., which highlighted strategic strides and challenges faced by different sectors of the business.</li><li>Focused on services categories, particularly Home Services, Yelp demonstrated robust revenue growth in these areas despite a less buoyant environment in its other categories encompassing restaurants, retail, and various outlets.</li><li>Revenue for Home Services increased by about 15% year-over-year, reflecting an impactful return from Yelp's ongoing investment in Request-a-Quote projects.</li></ul>

The first quarter of 2024 brought mixed but generally positive results for Yelp Inc., which highlighted strategic strides and challenges faced by different sectors of the business.Focused on services categories, particularly Home Services, Yelp demonstrated robust revenue growth in these areas despite a less buoyant environment in its other categories encompassing restaurants, retail, and various outlets.Revenue for Home Services increased by about 15% year-over-year, reflecting an impactful return from Yelp's ongoing investment in Request-a-Quote projects.

Yelp Inc.: Expansion of Advertising Revenue & Engagement Platforms As A Growth Catalyst! - Major Drivers

<ul><li>This is our first report on Yelp Inc.</li><li>The management addressed strong performance across several key metrics.</li><li>They reported an impressive 10th consecutive quarter of double-digit revenue growth, achieving a record net revenue of $345 million which signifies a 12% YoY increase.</li></ul>

This is our first report on Yelp Inc.The management addressed strong performance across several key metrics.They reported an impressive 10th consecutive quarter of double-digit revenue growth, achieving a record net revenue of $345 million which signifies a 12% YoY increase.

Yelp Inc: Initiation of Coverage - Unveiling Yelp's High-ROI Ad Innovations That Are Changing the Game! - Major Drivers

United States

Yelp Inc. operates a social networking, user review, and local search web site. The Company provides the site as a guide for online search capabilities for its visitors to find reviews and details about local businesses. Yelp provides listings for businesses throughout the United States and Canada.

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Yelp Inc (YELP US)

ANGI Spin-off Deep Dive

Angi Inc. (“Angi”) is set to be spun off from IAC Inc. (IAC owns 85% of the company) on March 31, 2025 following a multi-year turnaround...

Richard Howe

Yelp Inc.: Will The Streamlined AI Implementations in AdTech & Search Pay Off? - Major Drivers

Yelp Inc. recorded a mixed performance in the second quarter of 2024, highlighting several strategic initiatives and financial metrics that...

Baptista Research

Webtoon Entertainment IPO Trading - Not Cheap Given the Lack of Growth

Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.

Ethan Aw

Yelp Inc.: Expansion of Advertising Revenue & Engagement Platforms As A Growth Catalyst! - Major Drivers

The first quarter of 2024 brought mixed but generally positive results for Yelp Inc., which highlighted strategic strides and challenges faced by...

Baptista Research

Yelp Inc: Initiation of Coverage - Unveiling Yelp's High-ROI Ad Innovations That Are Changing the Game! - Major Drivers

This is our first report on Yelp Inc. The management addressed strong performance across several key metrics. They reported an impressive 10th...

Baptista Research

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