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. reported solid financial performance in the first quarter of 2025, achieving an 8% year-over-year increase in net revenue to $359 million, exceeding their expectations.</li><li>This growth was driven by the continued strength in Yelp’s services business, contrasting with challenges faced in the restaurant, retail, and othercategories (RR&O) which saw a 3% revenue decline year-over-year.</li><li>Profitability saw significant improvements with a net income margin expansion by 3 percentage points and an adjusted EBITDA margin increase by 4 percentage points compared to the same quarter last year.</li></ul>

Yelp Inc. reported solid financial performance in the first quarter of 2025, achieving an 8% year-over-year increase in net revenue to $359 million, exceeding their expectations.This growth was driven by the continued strength in Yelp’s services business, contrasting with challenges faced in the restaurant, retail, and othercategories (RR&O) which saw a 3% revenue decline year-over-year.Profitability saw significant improvements with a net income margin expansion by 3 percentage points and an adjusted EBITDA margin increase by 4 percentage points compared to the same quarter last year.

Yelp Inc.: An Enhanced Advertiser Value Proposition & Critical Growth Levers!

<ul><li>Yelp Inc presented a mixed financial performance in its fourth quarter and full-year 2024 results.</li><li>The company showed significant progress in specific strategic areas while navigating challenges in others.</li><li>In 2024, Yelp's net revenue increased by 6% year-over-year to $1.41 billion, supported by disciplined expense management efforts.</li></ul>

Yelp Inc presented a mixed financial performance in its fourth quarter and full-year 2024 results.The company showed significant progress in specific strategic areas while navigating challenges in others.In 2024, Yelp's net revenue increased by 6% year-over-year to $1.41 billion, supported by disciplined expense management efforts.

Yelp Inc.: 5 Major Roadblocks In Its Path Of 2025 & Beyond!

<ul><li>Yelp Inc.'s latest earnings report for the third quarter of 2024 presents a mixed picture with certain strong elements as well as some ongoing challenges.</li><li>On the positive side, Yelp achieved record net revenue of $360 million, reflecting a 4% increase year-over-year.</li><li>The company successfully maintained strong profitability with a net income margin of 11% and an adjusted EBITDA margin of 28%.</li></ul>

Yelp Inc.'s latest earnings report for the third quarter of 2024 presents a mixed picture with certain strong elements as well as some ongoing challenges.On the positive side, Yelp achieved record net revenue of $360 million, reflecting a 4% increase year-over-year.The company successfully maintained strong profitability with a net income margin of 11% and an adjusted EBITDA margin of 28%.

Yelp Inc.: The Acquisition of RepairPal & Auto Services Expansion! - Major Drivers

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Event-Driven

<ul><li>This week, two charts caught my eye. First, investor sentiment continues to be very bad.</li><li>Second, non-US stocks are actually performing well.<figure class="editor-figure mceNonEditable"></figure></li><li>Quietly, one of my recommendations, Airtel Africa (AAF) is at an all-time high. Airtel Africa is a good example of what you can find in international markets.</li></ul>

This week, two charts caught my eye. First, investor sentiment continues to be very bad.Second, non-US stocks are actually performing well.Quietly, one of my recommendations, Airtel Africa (AAF) is at an all-time high. Airtel Africa is a good example of what you can find in international markets.

<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.

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)

Yelp Inc.: An Enhanced Advertiser Value Proposition & Critical Growth Levers!

Yelp Inc. reported solid financial performance in the first quarter of 2025, achieving an 8% year-over-year increase in net revenue to $359...

Baptista Research

Yelp Inc.: 5 Major Roadblocks In Its Path Of 2025 & Beyond!

Yelp Inc presented a mixed financial performance in its fourth quarter and full-year 2024 results. The company showed significant progress in...

Baptista Research

Yelp Inc.: The Acquisition of RepairPal & Auto Services Expansion! - Major Drivers

Yelp Inc.'s latest earnings report for the third quarter of 2024 presents a mixed picture with certain strong elements as well as some ongoing...

Baptista Research

Weekly Update (ANGI, IAC, HOLN)

This week, two charts caught my eye. First, investor sentiment continues to be very bad. Second, non-US stocks are actually performing well.

Richard Howe

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

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