Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.</li>
<li>The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.</li>
<li>With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.</li>
</ul>


Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.


Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>2025 AI revenue ~US$19bn, up 55-60% YoY. Similar growth in 2026 or $~30bn. Mngt declined to update 2027 addressable market (SAM), previously stated at $60-90bn. That looks too high.</li>
<li>Risk of disappointment for 2027? No, Consensus is too low. Our estimate for 2026 revenue is $79bn versus consensus at $73bn, $95bn in ’27 vs Consensus $83.</li>
<li>Consensus for AI stocks is too low. But AVGO is expensive at 33x FY26 Consensus, most likely ~30x and ~25x 2027 if I’m correct. That’s more expensive than NVDA.</li>
</ul>


2025 AI revenue ~US$19bn, up 55-60% YoY. Similar growth in 2026 or $~30bn. Mngt declined to update 2027 addressable market (SAM), previously stated at $60-90bn. That looks too high.
Risk of disappointment for 2027? No, Consensus is too low. Our estimate for 2026 revenue is $79bn versus consensus at $73bn, $95bn in ’27 vs Consensus $83.
Consensus for AI stocks is too low. But AVGO is expensive at 33x FY26 Consensus, most likely ~30x and ~25x 2027 if I’m correct. That’s more expensive than NVDA.


AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive

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.

<ul><li>Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings expectations.</li><li>The company reported total revenue of $14.1 billion, marking a substantial 11% year-over-year increase.</li><li>This growth was driven by significant expansion in product revenue, especially in areas such as networking, which saw an 8% increase, and security, which surged by 54%, primarily due to contributions from Splunk and SASE offerings.</li></ul>

Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings expectations.The company reported total revenue of $14.1 billion, marking a substantial 11% year-over-year increase.This growth was driven by significant expansion in product revenue, especially in areas such as networking, which saw an 8% increase, and security, which surged by 54%, primarily due to contributions from Splunk and SASE offerings.

Cisco Systems Just Smashed AI Order Expectations—Is Silicon One the Future of Cloud Infrastructure?

<ul><li>Cisco Systems, Inc. recently reported strong financial performance for the second quarter of fiscal year 2025.</li><li>The company delivered revenue, margins, and earnings per share at or above their guidance range, underscoring robust demand for its technology portfolio.</li><li>Total revenue reached $14 billion, up 9% year-over-year.</li></ul>

Cisco Systems, Inc. recently reported strong financial performance for the second quarter of fiscal year 2025.The company delivered revenue, margins, and earnings per share at or above their guidance range, underscoring robust demand for its technology portfolio.Total revenue reached $14 billion, up 9% year-over-year.

Cisco Systems Inc.: Is The Global Public Sector Strength A Sturdy Growth Foundation?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore</li>
<li>DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?</li>
<li>AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So</li>
</ul>


SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore
DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?
AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So


Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

United States

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

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Cisco Systems (CSCO US)

Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive

AI revenue projected to reach $19bn in 2025, $30bn in 2026. Consensus estimates for Broadcom revenues are too low, but AVGO is more expensive than...

Nicolas Baratte

Cisco Systems Just Smashed AI Order Expectations—Is Silicon One the Future of Cloud Infrastructure?

Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings...

Baptista Research

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Cisco Systems, Inc. recently reported strong financial performance for the second quarter of fiscal year 2025. The company delivered revenue,...

Baptista Research

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

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Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

​VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive

​AI revenue projected to reach $19bn in 2025, $30bn in 2026. Consensus estimates for Broadcom revenues are too low, but AVGO is more expensive than...

Nicolas Baratte

Cisco Systems Just Smashed AI Order Expectations—Is Silicon One the Future of Cloud Infrastructure?

Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings...

Baptista Research

Cisco Systems Inc.: Is The Global Public Sector Strength A Sturdy Growth Foundation?

Cisco Systems, Inc. recently reported strong financial performance for the second quarter of fiscal year 2025. The company delivered revenue,...

Baptista Research

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

​SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

AI revenue projected to reach $19bn in 2025, $30bn in 2026. Consensus estimates for Broadcom revenues are too low, but AVGO is more expensive than...

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...