Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>I remain bullish on the stock and reiterate a $37 PT. <a href="https://www.smartkarma.com/entities/confluent-inc" target="_blank" data-smartkarma-citation="entities:33443:1" rel="noopener">Confluent (CFLT US)</a> delivered upside to total revenue, gross margin, and non-GAAP operating margin estimates.</li>
<li>The company raised guidance for CY23 total revenue and profitability. There were plenty of positives, including cloud momentum and customer demand.</li>
<li>The US-based data streaming pioneer appears well positioned to outperform my estimates, and I see a path to profitability (non-GAAP) in CY24 at the earliest.</li>
</ul>


I remain bullish on the stock and reiterate a $37 PT. Confluent (CFLT US) delivered upside to total revenue, gross margin, and non-GAAP operating margin estimates.
The company raised guidance for CY23 total revenue and profitability. There were plenty of positives, including cloud momentum and customer demand.
The US-based data streaming pioneer appears well positioned to outperform my estimates, and I see a path to profitability (non-GAAP) in CY24 at the earliest.


Confluent. 2Q Wrap: Solid Results and Leadership Position In a $60B+ TAM

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.

<ul><li>Airbnb delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.</li><li>The company experienced significantly high bookings, with over 120 million Nights and Experiences Booked in Q1.</li><li>Revenue grew significantly year-over-year, and the quarter was the most profitable GAAP-based.</li></ul>

Airbnb delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.The company experienced significantly high bookings, with over 120 million Nights and Experiences Booked in Q1.Revenue grew significantly year-over-year, and the quarter was the most profitable GAAP-based.

Airbnb Inc.: Possible Revenue Growth From The Affordable Rooms Offering – Key Drivers

<ul><li>Airbnb had a solid year in 2022 with revenues growing 40% year-over-year.</li><li>Moreover, they saw that guest bookings for trips continued to rise, maintaining a robust backlog for Q1.</li><li>Excluding all of the Mainland China listings, the team increased supply by 900,000 listings, or 16%, in comparison to a year ago.</li></ul>

Airbnb had a solid year in 2022 with revenues growing 40% year-over-year.Moreover, they saw that guest bookings for trips continued to rise, maintaining a robust backlog for Q1.Excluding all of the Mainland China listings, the team increased supply by 900,000 listings, or 16%, in comparison to a year ago.

<ul><li>This is our first report on Airbnb, one of the largest online marketplaces linking travellers to hosts across the globe.</li><li>This quarter demonstrated a number of positive business trends, the foremost being guests demanding Airbnb stays strong.</li><li>In November, it introduced an all-new quite easy way for millions of people to turn Airbnb into their homes.</li></ul>

This is our first report on Airbnb, one of the largest online marketplaces linking travellers to hosts across the globe.This quarter demonstrated a number of positive business trends, the foremost being guests demanding Airbnb stays strong.In November, it introduced an all-new quite easy way for millions of people to turn Airbnb into their homes.

Airbnb Inc.: Initiation of Coverage – Network Effects & Key Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.</li>
<li>EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.
EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.
In this note, we talk about the positive aspects of the deal.


EbixCash Pre-IPO - The Positives - The Few that There Are: Diversified Offering, Fast Revenue Growth

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)

Confluent. 2Q Wrap: Solid Results and Leadership Position In a $60B+ TAM

Confluent reported solid results and achieved sustained high growth despite a choppy macro environment and smaller average deal sizes. The company...

Andrei Zakharov

Airbnb Inc.: Possible Revenue Growth From The Affordable Rooms Offering – Key Drivers

Airbnb delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in...

Baptista Research

Airbnb Inc.: Major Drivers

Airbnb had a solid year in 2022 with revenues growing 40% year-over-year. Moreover, they saw that guest bookings for trips continued to rise,...

Baptista Research

Airbnb Inc.: Initiation of Coverage – Network Effects & Key Drivers

This is our first report on Airbnb, one of the largest online marketplaces linking travellers to hosts across the globe. This quarter demonstrated...

Baptista Research

EbixCash Pre-IPO - The Positives - The Few that There Are: Diversified Offering, Fast Revenue Growth

EbixCash is looking to raise around US$800m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

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