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Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<p>Headline Developments As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games.  Under the new rule, younger gamers will be restricted to one hour (8 pm - 9 pm) of online games on Fridays, weekends and holidays, with online gaming companies barred from providing gaming services to minors in any form outside of those hours.</p>

Headline Developments As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games.  Under the new rule, younger gamers will be restricted to one hour (8 pm - 9 pm) of online games on Fridays, weekends and holidays, with online gaming companies barred from providing gaming services to minors in any form outside of those hours.

We aggregate key quotes from earnings, The Transcript

The Transcript

We aggregate key quotes from earnings

Aggregate Key Quotes from Earnings

<p>The economy is booming and everyone should enjoy it. The American economy is benefitting from tremendous amounts of pent-up demand and in some of the hardest-hit industries' activity is beginning to tick back up above 2019 levels. Along with that boom, there are clear signs of inflation and concerns about overheating. Even Janet Yellen seemed concerned for a few hours last week.</p>

The economy is booming and everyone should enjoy it. The American economy is benefitting from tremendous amounts of pent-up demand and in some of the hardest-hit industries' activity is beginning to tick back up above 2019 levels. Along with that boom, there are clear signs of inflation and concerns about overheating. Even Janet Yellen seemed concerned for a few hours last week.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.</li>
<li>The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.</li>
<li>IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.</li>
</ul>


Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.


Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

<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

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>Cloudflare, a company recognized for its web infrastructure and security solutions, presented its Q2 2025 financial results, showcasing strategic strides in technological and organizational growth while simultaneously underscoring certain challenges and prospects.</li><li>Financial and Operational Overview: Cloudflare reported a revenue of $512.3 million for the quarter, achieving a year-over-year growth of 28%, a notable increase from the 26.5% growth observed in the previous quarter.</li><li>This surge pushed the annual run rate revenue to over $2 billion.</li></ul>

Cloudflare, a company recognized for its web infrastructure and security solutions, presented its Q2 2025 financial results, showcasing strategic strides in technological and organizational growth while simultaneously underscoring certain challenges and prospects.Financial and Operational Overview: Cloudflare reported a revenue of $512.3 million for the quarter, achieving a year-over-year growth of 28%, a notable increase from the 26.5% growth observed in the previous quarter.This surge pushed the annual run rate revenue to over $2 billion.

Cloudflare: Disrupting The SASE Market With Speed, Simplicity, & Cost Efficiency!

United States

Cloudflare, Inc. designs and develops software solutions. The Company offers platform for load balancing, video streaming, security, analysis, and domain registration. Cloudflare serves customers worldwide.

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Cloudflare (NET US)

Weekly Innovation Review (WIRE) #47

Headline Developments: As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games. Under the...

Granite Bay Capital

The Transcript 05.10.21: Pent-up Demand

The economy is booming and everyone should enjoy it. The American economy is benefitting from tremendous amounts of pent-up demand and in some of...

The Transcript

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

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

Cloudflare: Disrupting The SASE Market With Speed, Simplicity, & Cost Efficiency!

Cloudflare, a company recognized for its web infrastructure and security solutions, presented its Q2 2025 financial results, showcasing strategic...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Innovation Review (WIRE) #47

Headline Developments: As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games. Under the...

Granite Bay Capital

The Transcript 05.10.21: Pent-up Demand

The economy is booming and everyone should enjoy it. The American economy is benefitting from tremendous amounts of pent-up demand and in some of...

The Transcript

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

​Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

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

Cloudflare: Disrupting The SASE Market With Speed, Simplicity, & Cost Efficiency!

Cloudflare, a company recognized for its web infrastructure and security solutions, presented its Q2 2025 financial results, showcasing strategic...

Baptista Research

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

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