Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Booking Holdings reported solid performance in the first quarter of 2026, marked by resilience amid geopolitical challenges, particularly the ongoing Middle East conflict that began in late February 2026.</li><li>Despite this situation, the company achieved 6% year-over-year growth in room nights, amounting to 338 million, with an estimated 2 percentage point drag attributed to the conflict; excluding this impact, room nights would have grown approximately 8%.</li><li>Gross bookings rose 15% year-over-year to $53.8 billion, revenue increased by 16% to $5.5 billion, adjusted EBITDA grew 19% to about $1.3 billion, and adjusted EPS rose 14% to $1.14 (reflecting a 25-for-1 stock split).</li></ul>

Booking Holdings reported solid performance in the first quarter of 2026, marked by resilience amid geopolitical challenges, particularly the ongoing Middle East conflict that began in late February 2026.Despite this situation, the company achieved 6% year-over-year growth in room nights, amounting to 338 million, with an estimated 2 percentage point drag attributed to the conflict; excluding this impact, room nights would have grown approximately 8%.Gross bookings rose 15% year-over-year to $53.8 billion, revenue increased by 16% to $5.5 billion, adjusted EBITDA grew 19% to about $1.3 billion, and adjusted EPS rose 14% to $1.14 (reflecting a 25-for-1 stock split).

Booking Holdings: $53.8 Billion In Gross Bookings But Middle East Cuts Q2 Growth To 2%!