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 Capital Markets

<ul><li>Box had a successful third quarter and delivered an all-around beat with accelerating revenue growth, an operating margin of 21%, and RPO growth of 25%.</li><li>Box's net retention rate was 109%, with 97 deals over $100,000 and a 63% attach rate of Suites over $100,000 in the quarter.</li><li>Box is seeing early success in customer adoption and use of Box Sign, with leading organizations replacing their incumbent signature solutions with Box Sign.</li></ul>

Box had a successful third quarter and delivered an all-around beat with accelerating revenue growth, an operating margin of 21%, and RPO growth of 25%.Box's net retention rate was 109%, with 97 deals over $100,000 and a 63% attach rate of Suites over $100,000 in the quarter.Box is seeing early success in customer adoption and use of Box Sign, with leading organizations replacing their incumbent signature solutions with Box Sign.

Box Inc: Benefitting From The Hybrid Work Era With Phenomenal Retention – Key Drivers

<ul><li>Box had a mixed third quarter, with revenue below Wall Street expectations but stronger than expected earnings.</li><li>Their leading security and data governance tools, Box Governance and Box Shield have received many significant upgrades.</li><li>The Box Shield ethical wall feature was also made public during the quarter.</li></ul>

Box had a mixed third quarter, with revenue below Wall Street expectations but stronger than expected earnings.Their leading security and data governance tools, Box Governance and Box Shield have received many significant upgrades.The Box Shield ethical wall feature was also made public during the quarter.

Box Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (12/22)

<ul><li>The effectiveness of Box’s Content Cloud strategy was manifested in its last result as it reported a sales increase of 15% year over year in the second quarter surpassing Wall Street expectations.</li><li>Box’s Content Cloud strategy looks to unify the whole content life cycle on a single platform.</li><li>Besides, the company launched more features for Box Relay, Box Sign, and API improvements in Q2.</li></ul>

The effectiveness of Box’s Content Cloud strategy was manifested in its last result as it reported a sales increase of 15% year over year in the second quarter surpassing Wall Street expectations.Box’s Content Cloud strategy looks to unify the whole content life cycle on a single platform.Besides, the company launched more features for Box Relay, Box Sign, and API improvements in Q2.

Box Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (09/22)

Equity Bottom-Up

<ul><li>This is our first report on cloud content management platform provider, Box Inc.</li><li>The company operates on a SaaS model and has achieved accelerating revenue growth, RPO growth, and operating margin since the start of 2022.</li><li>The strong customer matrices are the main indicators of the success of the platform strategy and product as customers are turning to Box for securing content management.</li></ul>

This is our first report on cloud content management platform provider, Box Inc.The company operates on a SaaS model and has achieved accelerating revenue growth, RPO growth, and operating margin since the start of 2022.The strong customer matrices are the main indicators of the success of the platform strategy and product as customers are turning to Box for securing content management.

Box Inc.: Initiation of Coverage – Business Strategy

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive. A breakout to new highs in the Russell 2000 (IWM) and Russell Micro-Caps (IWC), above $234.50 and $159, would likely cause us to shift to an outright bullish stance. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Technology, and Health Care.</p>

We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive. A breakout to new highs in the Russell 2000 (IWM) and Russell Micro-Caps (IWC), above $234.50 and $159, would likely cause us to shift to an outright bullish stance. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Technology, and Health Care.

U.S. Yields Testing Support Ahead Of FOMC Meeting

United States

Box, Inc. develops internet applications software. The Company operates a content sharing platform that enables users to share, access, and manage content in the cloud, as well as provides mobile access, online file storage, and online collaboration solutions. Box serves customers worldwide.

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Box Inc Class A (BOX US)

Box Inc: Benefitting From The Hybrid Work Era With Phenomenal Retention – Key Drivers

Box had a successful third quarter and delivered an all-around beat with accelerating revenue growth, an operating margin of 21%, and RPO growth...

Baptista Research

Box Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (12/22)

Box had a mixed third quarter, with revenue below Wall Street expectations but stronger than expected earnings. Their leading security and data...

Baptista Research

Box Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (09/22)

The effectiveness of Box’s Content Cloud strategy was manifested in its last result as it reported a sales increase of 15% year over year in the...

Baptista Research

Box Inc.: Initiation of Coverage – Business Strategy

This is our first report on cloud content management platform provider, Box Inc. The company operates on a SaaS model and has achieved...

Baptista Research

U.S. Yields Testing Support Ahead Of FOMC Meeting

We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive.

Vermilion Research

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