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>Atlassian's second quarter of the fiscal year 2025 presented a mixed yet insightful picture for investors.</li>
<li>The company's strategy continues to be shaped by its evolving product offerings, investment in innovation, particularly in AI, and a strategic focus on enterprise-level clients.</li>
<li>Below is a detailed analysis, capturing both the positive and negative aspects from the earnings call and related materials.</li>
</ul>


Atlassian's second quarter of the fiscal year 2025 presented a mixed yet insightful picture for investors.
The company's strategy continues to be shaped by its evolving product offerings, investment in innovation, particularly in AI, and a strategic focus on enterprise-level clients.
Below is a detailed analysis, capturing both the positive and negative aspects from the earnings call and related materials.


Atlassian Corporation: Here Are The 6 Game-Changing Plans Set To Drive Expansion In 2025!

<ul>
<li>Atlassian Corporation reported its first quarter results for fiscal year 2025, reflecting a mix of developments that impacted the company's dynamics.</li>
<li>The earnings report and management commentary highlighted several positive advancements and ongoing challenges.</li>
<li>A key strength of Atlassian is its innovative approach, notably in leveraging AI technology to enhance product offerings.</li>
</ul>


Atlassian Corporation reported its first quarter results for fiscal year 2025, reflecting a mix of developments that impacted the company's dynamics.
The earnings report and management commentary highlighted several positive advancements and ongoing challenges.
A key strength of Atlassian is its innovative approach, notably in leveraging AI technology to enhance product offerings.


Atlassian Corporation: The Tale Of Cloud Platform Expansion & Integration!

<ul>
<li>Analyzing the latest quarterly earnings from Atlassian Corporation Plc reveals a comprehensive progress report with a few challenges hidden in the details.</li>
<li>During the fourth quarter of Fiscal Year 2024, Atlassian reported a significant revenue generation of $4.4 billion, along with a robust $1.4 billion in free cash flow, illustrating the company's financial health and operational efficiency.</li>
<li>Additionally, the customer base continued to expand, crossing the 300,000 threshold, which speaks to the company's market penetration and product acceptance.</li>
</ul>


Analyzing the latest quarterly earnings from Atlassian Corporation Plc reveals a comprehensive progress report with a few challenges hidden in the details.
During the fourth quarter of Fiscal Year 2024, Atlassian reported a significant revenue generation of $4.4 billion, along with a robust $1.4 billion in free cash flow, illustrating the company's financial health and operational efficiency.
Additionally, the customer base continued to expand, crossing the 300,000 threshold, which speaks to the company's market penetration and product acceptance.


Atlassian Corporation Plc: Enhanced Enterprise Focus

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.</li>
<li>I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.</li>
<li>I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.</li>
</ul>


Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.
I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.


Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

Monolithic Power Systems, Inc / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> is a direct addition followed by <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/dollar-tree-inc" target="_blank" data-smartkarma-citation="entities:10913:1" rel="noopener">Dollar Tree Inc (DLTR US)</a> is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. </li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> , <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna (MRNA US)</a> are amongst the prioritized constituents preventing eligible candidates from entering the index. </li>
</ul>



Monolithic Power Systems (MPWR US) is a direct addition followed by AppLovin (APP US) which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.

Dollar Tree Inc (DLTR US) is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. 

Super Micro Computer (SMCI US) , ARM Holdings (ARM US) and Moderna (MRNA US) are amongst the prioritized constituents preventing eligible candidates from entering the index. 


Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

United States

Atlassian Corporation provides technology solutions. The Company designs and develops enterprise software platform for project management, collaboration, issue tracking, integration, deployment, and support services. Atlassian serves customers worldwide.

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Atlassian (TEAM US)

Atlassian Corporation: Here Are The 6 Game-Changing Plans Set To Drive Expansion In 2025!

The company's strategy continues to be shaped by its evolving product offerings, investment in innovation, particularly in AI, and a strategic...

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Atlassian Corporation: The Tale Of Cloud Platform Expansion & Integration!

Atlassian Corporation reported its first quarter results for fiscal year 2025, reflecting a mix of developments that impacted the company's dynamics.

Baptista Research

Atlassian Corporation Plc: Enhanced Enterprise Focus

Analyzing the latest quarterly earnings from Atlassian Corporation Plc reveals a comprehensive progress report with a few challenges hidden in the...

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Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

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Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

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Atlassian Corporation: Here Are The 6 Game-Changing Plans Set To Drive Expansion In 2025!

The company's strategy continues to be shaped by its evolving product offerings, investment in innovation, particularly in AI, and a strategic...

Baptista Research

Atlassian Corporation: The Tale Of Cloud Platform Expansion & Integration!

Atlassian Corporation reported its first quarter results for fiscal year 2025, reflecting a mix of developments that impacted the company's dynamics.

Baptista Research

Atlassian Corporation Plc: Enhanced Enterprise Focus

Analyzing the latest quarterly earnings from Atlassian Corporation Plc reveals a comprehensive progress report with a few challenges hidden in the...

Baptista Research

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

​Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

​MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...