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>Zillow Group's third-quarter 2025 financial results present a mixed picture of the company's performance and strategic direction.</li><li>Revenue increased by 16% year-over-year to $676 million, surpassing the high end of their guidance.</li><li>This growth was driven by both the For Sale and Rentals segments, which grew 10% and 41% year-over-year, respectively.</li></ul>

Zillow Group's third-quarter 2025 financial results present a mixed picture of the company's performance and strategic direction.Revenue increased by 16% year-over-year to $676 million, surpassing the high end of their guidance.This growth was driven by both the For Sale and Rentals segments, which grew 10% and 41% year-over-year, respectively.

Zillow Group: An Insight Into The Growth in Rentals and Multichannel Advertiser Strategies!

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>The author recommends a long position in Zillow, arguing that negative perceptions are overstated.</li><li>Zillow's profitability is expected to improve with its residential super-app strategy, potentially doubling or tripling stock price.</li><li>The investment thesis has become less risky since early 2022, with potential for a rebound in housing turnover.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)The author recommends a long position in Zillow, arguing that negative perceptions are overstated.Zillow's profitability is expected to improve with its residential super-app strategy, potentially doubling or tripling stock price.The investment thesis has become less risky since early 2022, with potential for a rebound in housing turnover.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Zillow Group Inc (ZG) - Tuesday, Jul 15, 2025

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Zillow's strategic pivot away from capital-intensive iBuying to an asset-light marketplace model is yielding positive results, with a return to GAAP profitability in the first half of 2025 and strong growth in high-margin segments like Rentals and Mortgages.</li>
 <li>The company commands a dominant market position with unparalleled brand recognition and the largest online real estate audience, creating a powerful network effect that is difficult for competitors to replicate. This forms the basis of a wide economic moat.</li>
 <li>Significant risks remain, including intense competition from well-capitalized players like CoStar Group, sensitivity to the cyclical nature of the real estate market, and potential disruptions from litigation surrounding real estate agent commissions, which could impact its core Premier Agent revenue stream.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Zillow's strategic pivot away from capital-intensive iBuying to an asset-light marketplace model is yielding positive results, with a return to GAAP profitability in the first half of 2025 and strong growth in high-margin segments like Rentals and Mortgages.
  The company commands a dominant market position with unparalleled brand recognition and the largest online real estate audience, creating a powerful network effect that is difficult for competitors to replicate. This forms the basis of a wide economic moat.
  Significant risks remain, including intense competition from well-capitalized players like CoStar Group, sensitivity to the cyclical nature of the real estate market, and potential disruptions from litigation surrounding real estate agent commissions, which could impact its core Premier Agent revenue stream.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Zillow Group Inc C (Z US) - Sep 2025

<ul><li>Zillow Group's recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that offer a comprehensive view of its current and future growth trajectory.</li><li>Zillow Group reported a 15% year-over-year increase in total revenue, reaching $655 million for the second quarter, surpassing their predicted outlook.</li><li>This growth is an encouraging sign, especially when paired with the attainment of a positive net income for the second consecutive quarter.</li></ul>

Zillow Group's recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that offer a comprehensive view of its current and future growth trajectory.Zillow Group reported a 15% year-over-year increase in total revenue, reaching $655 million for the second quarter, surpassing their predicted outlook.This growth is an encouraging sign, especially when paired with the attainment of a positive net income for the second consecutive quarter.

Zillow Group: Initiation of Coverage- Riding a 56% Rentals Revenue Surge—Will Partnerships Unlock Even Bigger Gains?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.</li>
<li>Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.
Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL


Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

United States

Zillow Group, Inc. provides e-commerce services. The Company provides information about homes, real estate listings, and mortgages through their website and mobile applications. Zillow serves homeowners, buyers, sellers, renters, and real estate professionals throughout the United States.

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Zillow Group Inc A (ZG US)

Zillow Group: An Insight Into The Growth in Rentals and Multichannel Advertiser Strategies!

Zillow Group's third-quarter 2025 financial results present a mixed picture of the company's performance and strategic direction. Revenue...

Baptista Research

Zillow Group Inc (ZG) - Tuesday, Jul 15, 2025

The author advocates for a long position in Zillow, citing overstated concerns and anticipating improved profitability and stock growth as the...

Value Investors Club (VIC)

Primer: Zillow Group Inc C (Z US) - Sep 2025

Zillow's strategic pivot away from capital-intensive iBuying to an asset-light marketplace model is yielding positive results, with a return to...

αSK

Zillow Group: Initiation of Coverage- Riding a 56% Rentals Revenue Surge—Will Partnerships Unlock Even Bigger Gains?

Zillow Group's recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that...

Baptista Research

Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

Downgrading Utilities $XLU to Market Weight; Bullish Outlook Intact; Time for Prior Leadership to Shine? $IGV $PLTR $APP $SOUN $RZLV $SHOP $FROG $U...

Vermilion Research

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