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>Booking Holdings' third-quarter earnings for 2024 reflected a robust performance, with significant improvements in key financial metrics, driven by strong demand, especially in the European and Asian markets.</li><li>The company reported an 8% year-over-year increase in room nights, with total bookings on Booking Holdings' platforms approaching 300 million for the quarter.</li><li>This growth translated into a 9% rise in revenue year-over-year, reaching $8 billion, and an adjusted EBITDA increase of 12% year-over-year to $3.7 billion.</li></ul>

Booking Holdings' third-quarter earnings for 2024 reflected a robust performance, with significant improvements in key financial metrics, driven by strong demand, especially in the European and Asian markets.The company reported an 8% year-over-year increase in room nights, with total bookings on Booking Holdings' platforms approaching 300 million for the quarter.This growth translated into a 9% rise in revenue year-over-year, reaching $8 billion, and an adjusted EBITDA increase of 12% year-over-year to $3.7 billion.

Booking Holdings Inc.: Can They Tackle The Risks Associated With Intensified Competition in the Global Market? - Major Drivers

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

<ul>
<li>4Q23 results beat expectations with record revenues and profits and announced a maiden cash dividend of USD8.75/share (0.35% yield)</li>
<li>But, share price plunged by 10% on soft guidance of 4-6% YoY growth in room-night booked in 1Q24, due to the impact of high-interest rates and the ongoing wars </li>
<li>Good opportunity to buy on dips, stock trading at ~20x FY24 PE, ~18% discount to LT mean. Plus, there is a balance USD7.5b (6.1% shares in issue) of share buybacks  </li>
</ul>


4Q23 results beat expectations with record revenues and profits and announced a maiden cash dividend of USD8.75/share (0.35% yield)
But, share price plunged by 10% on soft guidance of 4-6% YoY growth in room-night booked in 1Q24, due to the impact of high-interest rates and the ongoing wars 
Good opportunity to buy on dips, stock trading at ~20x FY24 PE, ~18% discount to LT mean. Plus, there is a balance USD7.5b (6.1% shares in issue) of share buybacks  


Booking.com (BKNG US): Buying Back Shares Until There Is None Left

<ul><li>Booking Holdings, a prominent player in the global online travel market, reported its second quarter 2024 financial results, highlighting a performance that exceeded expectations in various key metrics including room nights, revenue, and adjusted EBITDA.</li><li>Room nights booked during the quarter grew by 7% year-over-year, achieving a total of 287 million.</li><li>Revenue and adjusted EBITDA both rose by 7% to $5.9 billion and $1.9 billion respectively, while adjusted earnings per share experienced an 11% increase.</li></ul>

Booking Holdings, a prominent player in the global online travel market, reported its second quarter 2024 financial results, highlighting a performance that exceeded expectations in various key metrics including room nights, revenue, and adjusted EBITDA.Room nights booked during the quarter grew by 7% year-over-year, achieving a total of 287 million.Revenue and adjusted EBITDA both rose by 7% to $5.9 billion and $1.9 billion respectively, while adjusted earnings per share experienced an 11% increase.

Booking Holdings: Their Strategy Of Expansion Into Alternative Accommodations Paying Off? - Major Drivers

<ul><li>Booking Holdings has made a robust start to 2024 by posting strong first quarter results.</li><li>The company revealed that travelers booked nearly 300 million room nights across its platforms in Q1, exceeding its expectations and showing growth of 9% YoY. Moreover, revenue for Q1 stood at $4.4 billion, reflecting a growth of 17%, while adjusted EBITDA was approximately $900 million, climbing Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Booking Holdings has made a robust start to 2024 by posting strong first quarter results.The company revealed that travelers booked nearly 300 million room nights across its platforms in Q1, exceeding its expectations and showing growth of 9% YoY. Moreover, revenue for Q1 stood at $4.4 billion, reflecting a growth of 17%, while adjusted EBITDA was approximately $900 million, climbing Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Booking Holdings Inc.: Expanding Beyond Traditional Accommodations & How AI Is Helping Them Change The Game! - Major Drivers

<ul><li>Booking Holdings recently reported solid Q4 and full-year 2023 results due to global leisure travel demand resilience.</li><li>Room nights grew by 9% YoY, and revenue of $4.8 billion alongside adjusted EBITDA of $1.5 billion exceeded expectations.</li><li>Non-GAAP earnings per share also grew by 29% YoY, attributed to a reduced share count from the previous year.</li></ul>

Booking Holdings recently reported solid Q4 and full-year 2023 results due to global leisure travel demand resilience.Room nights grew by 9% YoY, and revenue of $4.8 billion alongside adjusted EBITDA of $1.5 billion exceeded expectations.Non-GAAP earnings per share also grew by 29% YoY, attributed to a reduced share count from the previous year.

Booking Holdings Inc: Leveraging Technology & AI For Growth! - Major Drivers

United States

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

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Booking Holdings (BKNG US)

Booking Holdings Inc.: Can They Tackle The Risks Associated With Intensified Competition in the Global Market? - Major Drivers

Booking Holdings' third-quarter earnings for 2024 reflected a robust performance, with significant improvements in key financial metrics, driven...

Baptista Research

Booking.com (BKNG US): Buying Back Shares Until There Is None Left

Booking.com's record 2023 results and cash dividend announcement was overshadowed by soft guidance, leading to a 10% share price drop. However,...

Mohshin Aziz

Booking Holdings: Their Strategy Of Expansion Into Alternative Accommodations Paying Off? - Major Drivers

Booking Holdings, a prominent player in the global online travel market, reported its second quarter 2024 financial results, highlighting a...

Baptista Research

Booking Holdings Inc.: Expanding Beyond Traditional Accommodations & How AI Is Helping Them Change The Game! - Major Drivers

Booking Holdings has made a robust start to 2024 by posting strong first quarter results. The company revealed that travelers booked nearly 300...

Baptista Research

Booking Holdings Inc: Leveraging Technology & AI For Growth! - Major Drivers

Booking Holdings recently reported solid Q4 and full-year 2023 results due to global leisure travel demand resilience. Room nights grew by 9% YoY,...

Baptista Research

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