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>CarGurus recently reported its third-quarter financial results for 2024, revealing several facets of its operational and financial performance that offer insights for potential investors.</li><li>On the positive side, CarGurus demonstrated a robust performance in its Marketplace business, with revenue increasing by 15% year-over-year to $204 million, marking a notable achievement primarily due to new dealer additions globally, a shift towards higher subscription tiers, and increased adoption of value-added services.</li><li>The company outperformed its competitors and gained market share within the automotive marketplace industry, a testament to its effective strategic execution and value proposition for dealer partners.</li></ul>

CarGurus recently reported its third-quarter financial results for 2024, revealing several facets of its operational and financial performance that offer insights for potential investors.On the positive side, CarGurus demonstrated a robust performance in its Marketplace business, with revenue increasing by 15% year-over-year to $204 million, marking a notable achievement primarily due to new dealer additions globally, a shift towards higher subscription tiers, and increased adoption of value-added services.The company outperformed its competitors and gained market share within the automotive marketplace industry, a testament to its effective strategic execution and value proposition for dealer partners.

CarGurus Inc.: An Insight Into Its Digital Deal Expansion & Other Major Drivers

<ul><li>CarGurus, Inc. delivered a mixed yet fundamentally strong performance in its second quarter of 2024, reflecting a robust narrative of growth and strategic enhancements paired with the typical challenges inherent in rapidly expanding and diversifying market operations.</li><li>The management effectively articulated their strategic intentions, focusing on driving value through innovation in their service offerings and deepening market penetration, particularly within robustly growing sectors like digital transactions and international expansion.</li><li>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></ul>

CarGurus, Inc. delivered a mixed yet fundamentally strong performance in its second quarter of 2024, reflecting a robust narrative of growth and strategic enhancements paired with the typical challenges inherent in rapidly expanding and diversifying market operations.The management effectively articulated their strategic intentions, focusing on driving value through innovation in their service offerings and deepening market penetration, particularly within robustly growing sectors like digital transactions and international expansion.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.

CarGurus Inc.: These Are The 4 Biggest Challenges In Its Path! - Major Drivers

<ul><li>CarGurus Inc. recently disclosed its first-quarter 2024 financial results, presenting a mixed outcome with several highlights and areas of concern.</li><li>In terms of positives, the company reported an increase in non-GAAP consolidated adjusted EBITDA by 24% year-over-year, marking the highest first-quarter EBITDA margin in three years.</li><li>This growth was primarily fueled by a continued expansion in the subscription base and revenue generated from its Marketplace business, which witnessed an acceleration of 12% year-over-year growth in revenue.</li></ul>

CarGurus Inc. recently disclosed its first-quarter 2024 financial results, presenting a mixed outcome with several highlights and areas of concern.In terms of positives, the company reported an increase in non-GAAP consolidated adjusted EBITDA by 24% year-over-year, marking the highest first-quarter EBITDA margin in three years.This growth was primarily fueled by a continued expansion in the subscription base and revenue generated from its Marketplace business, which witnessed an acceleration of 12% year-over-year growth in revenue.

CarGurus Inc.: How Is Their International Market Expansion Progressing? - Major Drivers

<ul><li>This is our first report on online automotive marketplace, CarGurus.</li><li>The company ended 2023 on a strong note, surpassing expectations and successfully accelerating their revenue growth across their platform.</li><li>Despite challenges faced by customers, such as weak consumer demand, the lack of affordability, and increased costs linked to floor plan financing, CarGurus' listings business demonstrated commendable resilience, pricing power, and growth acceleration.</li></ul>

This is our first report on online automotive marketplace, CarGurus.The company ended 2023 on a strong note, surpassing expectations and successfully accelerating their revenue growth across their platform.Despite challenges faced by customers, such as weak consumer demand, the lack of affordability, and increased costs linked to floor plan financing, CarGurus' listings business demonstrated commendable resilience, pricing power, and growth acceleration.

CarGurus Inc.: Initiation Of Coverage - Does Its Value Proposition Truly Constitute A Competitive Advantage? - Major Drivers

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>Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics which have significantly improved over the past week.</li>
<li>Last week's 11/5/24 report titled "Buy the Pullback" discussed how we were buyers, expecting a strong end-of-year rally to start that day or the following day (day after the election)</li>
<li>The strong rally officially started on election day, and all that is left to do is ride the trend higher into year-end and the early part of 2025</li>
</ul>


Our outlook remains bullish following the S&amp;P 500's multi-month base breakout above 5670, alongside constructive market dynamics which have significantly improved over the past week.
Last week's 11/5/24 report titled "Buy the Pullback" discussed how we were buyers, expecting a strong end-of-year rally to start that day or the following day (day after the election)
The strong rally officially started on election day, and all that is left to do is ride the trend higher into year-end and the early part of 2025


Ride the Trend Higher; Significant End-Of-Year Rally Underway; Four Sector Upgrades, One Downgrade

United States

CarGurus, Inc. retails automobiles and accessories. The Company offers new and used passenger cars, sports utility vehicles, hatchbacks, convertibles, vans, and pickup trucks. CarGurus serves customers in the United States.

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Cargurus (CARG US)

CarGurus Inc.: An Insight Into Its Digital Deal Expansion & Other Major Drivers

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CarGurus Inc.: These Are The 4 Biggest Challenges In Its Path! - Major Drivers

CarGurus, Inc. delivered a mixed yet fundamentally strong performance in its second quarter of 2024, reflecting a robust narrative of growth and...

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CarGurus Inc.: How Is Their International Market Expansion Progressing? - Major Drivers

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Baptista Research

CarGurus Inc.: Initiation Of Coverage - Does Its Value Proposition Truly Constitute A Competitive Advantage? - Major Drivers

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