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

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Quantitative Analysis

The spread of COVID-19, one of the greatest risks to humankind, has forced governments to enforce strict social distancing measures and lock down cities and countries. Businesses across many industries have been shut due to this crisis, as various areas such as travel, tourism, and international trade have been severely disrupted.
On 14th April 2020, the International Monetary Fund (IMF) reported that all the G7 nations had already entered or were entering into a recession. There are reasons to believe the ongoing recession is likely to be worse and more long-lasting than the 2007-2009 recession. The COVID-19- related health crisis is still underway, and it could take years to develop a vaccine. We believe that it is impossible for economics to predict an end to this recession until countries contain the COVID-19 health crisis. Recessions are detrimental to most companies, and they are deadly for some companies. Therefore, in these uncertain times it is rather important to rank the companies based on their bankruptcy risk.
In this insight we try to develop a screening system to identify the potential bankruptcy candidates and the most resilient companies.

The spread of COVID-19, one of the greatest risks to humankind, has forced governments to enforce strict social distancing measures and lock down cities and countries. Businesses across many industries have been shut due to this crisis, as various areas such as travel, tourism, and international trade have been severely disrupted.
On 14th April 2020, the International Monetary Fund (IMF) reported that all the G7 nations had already entered or were entering into a recession. There are reasons to believe the ongoing recession is likely to be worse and more long-lasting than the 2007-2009 recession. The COVID-19- related health crisis is still underway, and it could take years to develop a vaccine. We believe that it is impossible for economics to predict an end to this recession until countries contain the COVID-19 health crisis. Recessions are detrimental to most companies, and they are deadly for some companies. Therefore, in these uncertain times it is rather important to rank the companies based on their bankruptcy risk.
In this insight we try to develop a screening system to identify the potential bankruptcy candidates and the most resilient companies.

Fragility and Resilience Screening System

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

Fragility and Resilience Screening System

The spread of COVID-19, one of the greatest risks to humankind, has forced governments to enforce strict social distancing measures and lock down...

Oshadhi Kumarasiri

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