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

Global Business Travel Group I / Equity Bottom-Up

<ul><li>American Express Global Business Travel reported fourth-quarter and full-year 2025 results that reflected solid underlying growth, the impact of the CWT acquisition, and continued investment in AI-driven digital transformation.</li><li>For the full year, total transaction value increased 17%, revenue rose 12%, adjusted gross profit margin remained strong at 60%, adjusted EBITDA grew 11%, and free cash flow reached $104 million.</li><li>In the fourth quarter, growth accelerated with CWT included: TTV rose 45% to $10 billion, revenue increased 34% to $792 million, and adjusted EBITDA grew 17% to $130 million.</li></ul>

American Express Global Business Travel reported fourth-quarter and full-year 2025 results that reflected solid underlying growth, the impact of the CWT acquisition, and continued investment in AI-driven digital transformation.For the full year, total transaction value increased 17%, revenue rose 12%, adjusted gross profit margin remained strong at 60%, adjusted EBITDA grew 11%, and free cash flow reached $104 million.In the fourth quarter, growth accelerated with CWT included: TTV rose 45% to $10 billion, revenue increased 34% to $792 million, and adjusted EBITDA grew 17% to $130 million.

アメリカン・エキスプレス・グローバル・ビジネストラベル：1億5500万ドル規模のシナジープランが具体化しつつある！