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 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

United States

IAC Inc operates as a holding company. The Company, through its subsidiaries, provides media and Internet services. IAC serves customers worldwide.

EverQuote, Inc. operates as an Internet based marketing firm. The Company, through its platform, enables consumers to connect with auto insurance carriers and agents to meet their auto insurance needs. EverQuote serves customers in the United States.

John Wiley & Sons, Inc. publishes print and electronic products. The Company specializes in scientific, technical, and medical books and journals, as well as professional and consumer books and subscription services. Wiley also provides textbooks and educational materials.

36Kr Holdings Inc. operates as a prominent brand and a pioneering platform dedicated to serving new economy participants in China. The Company offers high quality new economy focused contents covering internet, hardware and software, consumer and retail, finance, and more. 36Kr Holdings offers online advertising, enterprise value-added service, subscription service, and more.

Lions Gate Entertainment Corporation develops and distributes film entertainment contents. The Company produces motion pictures, television programming, animation, and digital media. Lions Gate Entertainment serves customers worldwide.

Magnite, Inc. provides online advertising solutions. The Company offers real-time cloud and big data computing systems. Magnite serves customers worldwide.

AMC Entertainment Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides theatrical exhibition, movie screening, food distribution, online ticket booking, and other related services. AMC Entertainment offers movie theaters worldwide.

Altice USA, Inc. operates as a telecommunication and media company. The Company offers digital cable television, high-speed broadband and ultra-HD video, internet, local news and voice offerings, data, and digital advertising solutions. Altice USA serves customers in the United States.

Gannett Co., Inc. operates as a local newspaper company. The Company publishes news through storytelling and events that connect readers and communities, as well as focuses on business practices for sourcing, consumption, and waste. Gannett serves customers in the United States.

News Corporation operates in the publishing industry. The Company provides publications consisting of newspapers, magazines, books and promotional inserts.

Domain Holdings Australia Limited offers multi-platform property solutions. The Company operates an online portal that delivers property marketing solutions for residential, new development, and commercial properties. Domain Holdings Australia serves buyers, sellers, renters, and investors in Australia.

Hello Group Inc. operates as a mobile-based social networking platform. The Company enables users to establish and expand social relationships based on location and interests. Hello Group operates out of the Peoples Republic of China.

New Work SE operates an an online business network. The Company offers social network for business professionals to connect and share ideas, projects, jobs, and advice. New Work serves customers in Europe.

Tongdao Liepin Group operates as a online talent service platform. The Company offers online personal career files, online job search, online recruitment, talent solutions, and other related services. Tongdao Liepin Group also provides talent community network and other services.

Crazy Sports Group Limited operates as a digital sports entertainment community operator. The Company provides provide online sports information, sports knowledge payment, event quiz, sports mobile games, online sports lottery tickets purchasing, and other services. Crazy Sports Group offers services in China.

Solocal Group operates as a digital media company. The Company focuses on media with audiences, geolocated data, technological platforms, commercial coverage, partnerships with GAFAM, and numerous talents. Solocal Group also develops websites adapted to all channels, including the Internet, mobile, and social networks.

Phoenix New Media Ltd. is a new media company the provides premium content on an integrated platform across Internet, mobile and TV channels in China.  The Company enables consumers to access professional news and other information and share user-generated content on the Internet and through their mobile devices.

IOUpay Limited offers software solutions. The Company offers products to assist in the fields of enterprise mobility, electronic payment, and digital content. IOUpay serves customers worldwide.

9F Inc provides IT services. The Company offers digital financial accounting platform for integrating and personalizing solutions. 9F serves customers in China.

Fangdd Network Group Ltd. provides real estate services. The Company offers buying, selling, and renting houses. Fangdd Network Group serves customers in China.

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

CarGurus Inc. recently disclosed its first-quarter 2024 financial results, presenting a mixed outcome with several highlights and areas of...

Baptista Research

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

This is our first report on online automotive marketplace, CarGurus. The company ended 2023 on a strong note, surpassing expectations and...

Baptista Research

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