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>In a striking move that could redefine its trajectory in the AI era, Atlassian has announced its intent to acquire artificial intelligence startup DX for $1 billion in a cash-and-stock transaction.</li>
<li>This development follows a strong fiscal year 2025 for the collaboration software giant, which closed out the year with over $5.2 billion in revenue and $1.4 billion in free cash flow.</li>
<li>The deal is expected to close in Q2 of fiscal 2026 and, notably, will not impact Atlassian's previously issued fiscal 2027 adjusted operating margin target.</li>
</ul>


In a striking move that could redefine its trajectory in the AI era, Atlassian has announced its intent to acquire artificial intelligence startup DX for $1 billion in a cash-and-stock transaction.
This development follows a strong fiscal year 2025 for the collaboration software giant, which closed out the year with over $5.2 billion in revenue and $1.4 billion in free cash flow.
The deal is expected to close in Q2 of fiscal 2026 and, notably, will not impact Atlassian's previously issued fiscal 2027 adjusted operating margin target.


Atlassian Just Dropped $1 Billion On AI Startup DX—Here's Why That Could Be A Game Changer (Or Not)

<ul>
<li>Atlassian reported strong financial results for the fourth quarter of fiscal year 2025.</li>
<li>The company achieved over $5.2 billion in revenue and generated more than $1.4 billion in free cash flow, maintaining a balanced Rule of 40+ performance.</li>
<li>The company's customer base grew to over 300,000, with a significant increase in deals over $1 million in annual contract value, indicating a robust enterprise sales performance.</li>
</ul>


Atlassian reported strong financial results for the fourth quarter of fiscal year 2025.
The company achieved over $5.2 billion in revenue and generated more than $1.4 billion in free cash flow, maintaining a balanced Rule of 40+ performance.
The company's customer base grew to over 300,000, with a significant increase in deals over $1 million in annual contract value, indicating a robust enterprise sales performance.


Atlassian Corporation: Their Enterprise Go-To-Market Strategy Is Driving Our Optimism!

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

<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!

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 Just Dropped $1 Billion On AI Startup DX—Here's Why That Could Be A Game Changer (Or Not)

In a striking move that could redefine its trajectory in the AI era, Atlassian has announced its intent to acquire artificial intelligence startup...

Baptista Research

Atlassian Corporation: Their Enterprise Go-To-Market Strategy Is Driving Our Optimism!

The company achieved over $5.2 billion in revenue and generated more than $1.4 billion in free cash flow, maintaining a balanced Rule of 40+...

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Atlassian Just Dropped $1 Billion On AI Startup DX—Here's Why That Could Be A Game Changer (Or Not)

In a striking move that could redefine its trajectory in the AI era, Atlassian has announced its intent to acquire artificial intelligence startup...

Baptista Research

Atlassian Corporation: Their Enterprise Go-To-Market Strategy Is Driving Our Optimism!

The company achieved over $5.2 billion in revenue and generated more than $1.4 billion in free cash flow, maintaining a balanced Rule of 40+...

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

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

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