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>Airbnb, Inc. reported its financial results for the third quarter of 2024, showcasing a mixture of positives and negatives.</li><li>The company experienced continued growth in Nights and Experiences Booked, with bookings reaching 123 million, and saw a 10% increase in revenue year-over-year to $3.7 billion.</li><li>Net income stood at $1.4 billion, translating to a notable 37% net income margin.</li></ul>

Airbnb, Inc. reported its financial results for the third quarter of 2024, showcasing a mixture of positives and negatives.The company experienced continued growth in Nights and Experiences Booked, with bookings reaching 123 million, and saw a 10% increase in revenue year-over-year to $3.7 billion.Net income stood at $1.4 billion, translating to a notable 37% net income margin.

Airbnb Inc.: Expansion into New Markets As A Strategic Growth Enabler! - Major Drivers

<ul><li>Airbnb's earnings for Q2 2024 revealed both substantial achievements and challenges.</li><li>The company reported an 11% increase in revenue year-over-year, reaching $2.75 billion.</li><li>Moreover, Airbnb achieved a net income of $555 million, translating to a 20% net income margin, and generated $1 billion of free cash flow.</li></ul>

Airbnb's earnings for Q2 2024 revealed both substantial achievements and challenges.The company reported an 11% increase in revenue year-over-year, reaching $2.75 billion.Moreover, Airbnb achieved a net income of $555 million, translating to a 20% net income margin, and generated $1 billion of free cash flow.

Airbnb Inc.: Will The Enhanced International Expansion Efforts Pay Off? - Major Drivers

<ul><li>Airbnb reported a strong start to 2024, with 133 million Nights and Experiences Booked in Q1 marking its best first quarter ever.</li><li>Revenues came in at $2.1 billion, a year-over-year growth of 18% primarily driven by the rise in travel demand and the timing of Easter.</li><li>Minus thousands of listings that failed meeting guest expectations, active listings grew by 17% YoY. Airbnb noted that supply has grown so rapidly it felt comfortable making cuts or takedowns to the supply base to consistently upgrade the quality level delivered to guests.</li></ul>

Airbnb reported a strong start to 2024, with 133 million Nights and Experiences Booked in Q1 marking its best first quarter ever.Revenues came in at $2.1 billion, a year-over-year growth of 18% primarily driven by the rise in travel demand and the timing of Easter.Minus thousands of listings that failed meeting guest expectations, active listings grew by 17% YoY. Airbnb noted that supply has grown so rapidly it felt comfortable making cuts or takedowns to the supply base to consistently upgrade the quality level delivered to guests.

Airbnb Inc.: What Are The Implications of AI in Airbnb’s Operations! - Major Drivers

<ul><li>Airbnb's Fourth Quarter earnings for 2023 revealed significant financial growth, with 99 million Nights and Experiences booked in Q4, marking Airbnb's highest ever fourth-quarter results.</li><li>Revenue increased by 70% year on year to reach $2.2 billion.</li><li>However, the net loss for the company stood at $249 million.</li></ul>

Airbnb's Fourth Quarter earnings for 2023 revealed significant financial growth, with 99 million Nights and Experiences booked in Q4, marking Airbnb's highest ever fourth-quarter results.Revenue increased by 70% year on year to reach $2.2 billion.However, the net loss for the company stood at $249 million.

Airbnb Inc: Increased Supply & Better Conversion Rates Can Lead To A Solid 2024? - Major Drivers

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.
</li>
<li>Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.</li>
<li>The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.</li>
</ul>



DiDi Global (DIDI US) has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.

Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.
The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.


2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

United States

Airbnb, Inc. operates an online marketplace for travel information and booking services. The Company offers lodging, home-stay, and tourism services via websites and mobile applications. Airbnb serves clients worldwide.

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Airbnb (ABNB US)

Airbnb Inc.: Expansion into New Markets As A Strategic Growth Enabler! - Major Drivers

Airbnb, Inc. reported its financial results for the third quarter of 2024, showcasing a mixture of positives and negatives. The company...

Baptista Research

Airbnb Inc.: Will The Enhanced International Expansion Efforts Pay Off? - Major Drivers

Airbnb's earnings for Q2 2024 revealed both substantial achievements and challenges. The company reported an 11% increase in revenue...

Baptista Research

Airbnb Inc.: What Are The Implications of AI in Airbnb’s Operations! - Major Drivers

Airbnb reported a strong start to 2024, with 133 million Nights and Experiences Booked in Q1 marking its best first quarter ever. Revenues came in...

Baptista Research

Airbnb Inc: Increased Supply & Better Conversion Rates Can Lead To A Solid 2024? - Major Drivers

Airbnb's Fourth Quarter earnings for 2023 revealed significant financial growth, with 99 million Nights and Experiences booked in Q4, marking...

Baptista Research

2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Didi Global has become EBITDA positive and is expanding rapidly into Tier 3 cities where it has an technical and market share advantage. The...

David Mudd

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