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>Asana, a work management platform, closed its fourth quarter and fiscal year 2024 on a high note, outperforming operational guidance and making substantial strides in its overall business strategy.</li><li>The company's Q4 revenues grew by 14% year-over-year and annual revenues stood at a 19% increase compared to the previous year.</li><li>Significantly, their non-GAAP operating loss margin was at 9% for Q4, marking a considerable improvement of 16 percentage points compared to the prior year’s Q4.</li></ul>

Asana, a work management platform, closed its fourth quarter and fiscal year 2024 on a high note, outperforming operational guidance and making substantial strides in its overall business strategy.The company's Q4 revenues grew by 14% year-over-year and annual revenues stood at a 19% increase compared to the previous year.Significantly, their non-GAAP operating loss margin was at 9% for Q4, marking a considerable improvement of 16 percentage points compared to the prior year’s Q4.

Asana Inc: Will The Increasing  AI Integration & Adoption Help Catalyze Top-line Growth? - Major Drivers

<ul><li>This is our first report on work management platform provider, Asana.</li><li>The firm reported an over 120% dollar-based net retention rate from customers spending $100,000 or more on an annualized basis, which Moskovitz argued demonstrates positive traction amongst enterprise customers.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on work management platform provider, Asana.The firm reported an over 120% dollar-based net retention rate from customers spending $100,000 or more on an annualized basis, which Moskovitz argued demonstrates positive traction amongst enterprise customers.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Asana Inc: Initiation of Coverage – The Enterprise Game Changer! Discover How Asana's AI is Captivating Big Businesses! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>
<a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  upgraded its revenue guidance to ~$502M at the top end for FY22 and reported a 42% year-over-year revenue growth rate in 1QFY22. </li>
<li>We were impressed with subscription revenue growth, lower-than-expected loss, customer expansion, and efficient SaaS metrics. </li>
<li>We analyzed multiples of 50 publicly listed software companies with various growth profiles and split SaaS/Fintech companies into four growth groups.</li>
</ul>



Freshworks (FRSH US)  upgraded its revenue guidance to ~$502M at the top end for FY22 and reported a 42% year-over-year revenue growth rate in 1QFY22. 
We were impressed with subscription revenue growth, lower-than-expected loss, customer expansion, and efficient SaaS metrics. 
We analyzed multiples of 50 publicly listed software companies with various growth profiles and split SaaS/Fintech companies into four growth groups.


Freshworks: Solid 1Q and Strong Outlook Despite Delays With Closing Deals in Europe

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. </li>
<li>Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.</li>
<li>Today we are flagging Luminar Tech, Asana, Appian, Oak Street Health</li>
</ul>


Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. 
Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.
Today we are flagging Luminar Tech, Asana, Appian, Oak Street Health


Liquidity Risk Short Candidates: Luminar Tech, Asana, Appian, Oak Street Health

<ul>
<li>Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. </li>
<li>Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.</li>
<li>Today we are flagging Bed Bath, Blink Charging, Natera, Asana.</li>
</ul>


Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. 
Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.
Today we are flagging Bed Bath, Blink Charging, Natera, Asana.


Liquidity Risk Short Candidates: Bed Bath, Blink Charging, Natera, Asana

United States

Asana, Inc. provides provides software solutions. The Company offers work management platform that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives. Asana serves customers worldwide.

Asana (ASAN US)

Asana Inc: Will The Increasing AI Integration & Adoption Help Catalyze Top-line Growth? - Major Drivers

Asana, a work management platform, closed its fourth quarter and fiscal year 2024 on a high note, outperforming operational guidance and making...

Baptista Research

Asana Inc: Initiation of Coverage – The Enterprise Game Changer! Discover How Asana's AI is Captivating Big Businesses! - Major Drivers

This is our first report on work management platform provider, Asana. The firm reported an over 120% dollar-based net retention rate from...

Baptista Research

Freshworks: Solid 1Q and Strong Outlook Despite Delays With Closing Deals in Europe

Freshworks reported solid 1QFY22 earnings results and raised outlook for FY22. We believe the company may sustain 30%+ subscription revenue growth...

Andrei Zakharov

Liquidity Risk Short Candidates: Luminar Tech, Asana, Appian, Oak Street Health

Liquidity risk short candidates may not be economically viable given cash flows and capital requirements. This week we flag Luminar Tech, Asana,...

Eric Fernandez, CFA

Liquidity Risk Short Candidates: Bed Bath, Blink Charging, Natera, Asana

Liquidity risk short candidates may not be economically viable given cash flows and capital requirements. This week we flag Bed Bath, Blink...

Eric Fernandez, CFA