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>Expedia Group's Q1 2024 performance reflected a primarily healthy market environment, but growth differed according to geographical area and product line.</li><li>Notably, North America had the slowest growth compared to other major international markets.</li><li>Additionally, despite meeting projections on revenue and EBITDA, Expedia experienced weaker gross bookings, with its Vrbo business producing slower recovery than anticipated.</li></ul>

Expedia Group's Q1 2024 performance reflected a primarily healthy market environment, but growth differed according to geographical area and product line.Notably, North America had the slowest growth compared to other major international markets.Additionally, despite meeting projections on revenue and EBITDA, Expedia experienced weaker gross bookings, with its Vrbo business producing slower recovery than anticipated.

Expedia Group:  Advancements in GenAI and Personalized Travel Experiences! - Major Drivers

<ul><li>Expedia Group's Q4 2023 financial results revealed a solid year of performance with the company meeting its guidance despite significant changes and unpredictability.</li><li>A key highlight was the strong revenue and EBITDA performance, with lodging business recording another record quarter in hotel gross bookings, growing 13% YoY. There was, however, some softness in gross bookings primarily driven by air, which was largely due to a reduction in average ticket prices.</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>

Expedia Group's Q4 2023 financial results revealed a solid year of performance with the company meeting its guidance despite significant changes and unpredictability.A key highlight was the strong revenue and EBITDA performance, with lodging business recording another record quarter in hotel gross bookings, growing 13% YoY. There was, however, some softness in gross bookings primarily driven by air, which was largely due to a reduction in average ticket prices.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.

Expedia Group: Boosting European Travel with New Partnerships! - Major Drivers

<ul><li>Expedia Group, Inc. delivered an all-around beat in the previous quarter, surpassing expectations with significant revenue and EBITDA despite challenges such as the Maui fires impacting the Vrbo business.</li><li>Amid global challenges, the management closely monitored escalating violence in the Middle East, affecting travel in early October.</li><li>Additionally, the B2C business has gained momentum, with year-over-year revenue growth in Q3 accelerating over 400 basis points sequentially.</li></ul>

Expedia Group, Inc. delivered an all-around beat in the previous quarter, surpassing expectations with significant revenue and EBITDA despite challenges such as the Maui fires impacting the Vrbo business.Amid global challenges, the management closely monitored escalating violence in the Middle East, affecting travel in early October.Additionally, the B2C business has gained momentum, with year-over-year revenue growth in Q3 accelerating over 400 basis points sequentially.

Expedia Group Inc.: Pioneering Travel with AI and Machine Learning Marvels! - Major Drivers

<ul><li>This is our first report on travel booking giant, Expedia Group.</li><li>The company delivered mixed results for the previous quarter, with revenues well below analyst expectations, but managed an earning beat.</li><li>With the recent launch of "One Key," offering flexible travel rewards, and the ongoing Vrbo migration, Expedia's team anticipates substantial growth and increased customer loyalty.</li></ul>

This is our first report on travel booking giant, Expedia Group.The company delivered mixed results for the previous quarter, with revenues well below analyst expectations, but managed an earning beat.With the recent launch of "One Key," offering flexible travel rewards, and the ongoing Vrbo migration, Expedia's team anticipates substantial growth and increased customer loyalty.

Expedia Group Inc: Initiation of Coverage – Business Strategy

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

United States

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

Wayfair Inc. retails household goods online. The Company offers bedroom, living room, kitchen and dining, home entertainment, home office, game room and bar, patio, hallway and entryway, and bathroom furniture. Wayfair offers products and services in the United States.

TripAdvisor Inc. is an online travel research company. The Company's travel research platform aggregates reviews and opinions of members about destinations, accommodations (including hotels, bed and breakfasts ("B&Bs"), specialty lodging and vacation rentals), restaurants and activities throughout the world.

1-800-FLOWERS.COM, Inc. is an e-commerce provider of floral products and gifts. The Company's product offerings, including fresh-cut and seasonal flowers, plants, floral arrangements, and home and garden merchandise, can be purchased online or by calling its toll-free telephone number.

Overstock.com, Inc. offers discounted brand-name merchandise for sale over the Internet. Products include bed-and-bath goods, kitchenware, jewelry, sporting goods, electronics, and designer accessories.

Porter Holding International, Inc. operates online to offline (O2O) business platforms for consumer manufacturing enterprises. The Company operates cloud platforms that provide Internet-based intelligent e-commerce information services.

Lands' End, Inc. manufactures men's, women's and children's apparel and accessories. The Company produces and distributes swimwear, clothing, bedding, totes, furniture, bath accessories, uniforms, outter wear and various related products. Lands' End offers its products through its catalog and website around the world.

Stitch Fix, Inc. operates as an online subscription and personal shopping platform. The Company offers shirts, jackets, sweaters, blazers, leggings, vests, scarfs, jeans, loafers, and boots for men and women. Stitch Fix serves customers in the United States.

Qurate Retail, Inc. provides e-commerce services. The Company engages in the video and digital commerce via television networks and e-commerce sites, social pages, mobile application, print catalogs, and in-store destinations. Qurate Retail serves customers worldwide.

Duluth Holdings Inc., doing business as Duluth Trading Company, designs and retails apparel products. The Company offers shirts, t-shirts, jeans, footwear, sweaters, big and tall pants, shorts, boxers, socks, jackets, coats, gloves, rainwear, hats, glasses, and watches. Duluth Trading Company serves customers in the United States.

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

ZOZO Inc operates internet shopping sites for apparel.  The Company also provides communication services relating to apparel such as blogs by fashion moguls and internet chat room for users.

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

Vipshop Holdings Ltd. retails branded products at discount over the Internet. The Company retails through flash sales, in which limited quantities of an item are sold at deep discount for a specified period of time.

Ocado Group PLC distributes a wide range of retail consumer products.  The Company provides home delivery of a wide range of products including food and drink, toiletries and baby, household, pet care, and holiday products.

Mango Excellent Media Co.,Ltd. offers television based services. The Company provides television shopping, online shopping, outbound shopping, and other services. Mango Excellent Media also operates new media platform operation.

Momo.com Inc is an e-commerce services company. The Company offers TV shopping and Internet shopping services, including beauty products, clothing, leather goods and food shops.

Webjet Limited provides branded online travel services for travelers.  The Company offers one-stop travel shopping and reservation services, providing real-time access to schedule, pricing, and availability information for airlines hotels, and major car rental companies.

ASKUL Corporation sells office equipment products to medium and small sized business offices via the Internet and facsimiles.  The Company provides next day delivery services throughout Japan.

zooplus AG retails pet supplies over the Internet.

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

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Expedia Group, Inc. (EXPE US)

Expedia Group: Advancements in GenAI and Personalized Travel Experiences! - Major Drivers

Expedia Group's Q1 2024 performance reflected a primarily healthy market environment, but growth differed according to geographical area and...

Baptista Research

Expedia Group: Boosting European Travel with New Partnerships! - Major Drivers

Expedia Group's Q4 2023 financial results revealed a solid year of performance with the company meeting its guidance despite significant changes...

Baptista Research

Expedia Group Inc.: Pioneering Travel with AI and Machine Learning Marvels! - Major Drivers

Expedia Group, Inc. delivered an all-around beat in the previous quarter, surpassing expectations with significant revenue and EBITDA despite...

Baptista Research

Expedia Group Inc: Initiation of Coverage – Business Strategy

This is our first report on travel booking giant, Expedia Group. The company delivered mixed results for the previous quarter, with revenues well...

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

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