Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. </li>
<li>The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. </li>
<li>Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. </li>
</ul>


Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. 
The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. 
Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. 


Freshworks: 2023 Investor Day and Valuation Update

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>Q1 was a challenging quarter for Cloudflare as the company failed to meet the revenue expectations of Wall Street as a result of various the headwinds.</li><li>However, macroeconomic uncertainty lengthened sales cycles and affected close rates, resulting in a back-end weighted quarter.</li><li>Despite these challenges, Cloudflare remains resilient and profitable, with an operating profit of $19.4 million and generating $13.9 million of free cash flow.</li></ul>

Q1 was a challenging quarter for Cloudflare as the company failed to meet the revenue expectations of Wall Street as a result of various the headwinds.However, macroeconomic uncertainty lengthened sales cycles and affected close rates, resulting in a back-end weighted quarter.Despite these challenges, Cloudflare remains resilient and profitable, with an operating profit of $19.4 million and generating $13.9 million of free cash flow.

Cloudflare Inc.: Does It Have A Sustainable Competitive Advantage? – Key Drivers

<ul><li>Cloudflare had another strong quarter despite a challenging macroeconomic environment.</li><li>The company delivered an all-around beat and its revenue increased by 42% year over year to $274.7 million.</li><li>They had 2,042 major customers at the end of the quarter, up 134 over the previous quarter and 44% over the same period last year.</li></ul>

Cloudflare had another strong quarter despite a challenging macroeconomic environment.The company delivered an all-around beat and its revenue increased by 42% year over year to $274.7 million.They had 2,042 major customers at the end of the quarter, up 134 over the previous quarter and 44% over the same period last year.

Cloudflare Inc.: Digital Experience Monitoring Umbrella & Other Drivers

<ul><li>Despite the heightened economic unpredictability, Cloudflare had a good quarter and managed to deliver an all-around beat.</li><li>The company generated $234 million in sales in Q2, up 54% from the same period last year.</li><li>They now have 1,749 customers that pay them more than $100,000 annually after recently adding 212 additional large customers.</li></ul>

Despite the heightened economic unpredictability, Cloudflare had a good quarter and managed to deliver an all-around beat.The company generated $234 million in sales in Q2, up 54% from the same period last year.They now have 1,749 customers that pay them more than $100,000 annually after recently adding 212 additional large customers.

Cloudflare Inc: Launch of CAPTCHA Substitute & Other Developments

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. </li>
<li>The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. </li>
<li>Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  </li>
</ul>


In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. 
The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. 
Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  


Cyberattacks at Numerous US Airports by Suspects from Russia

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)

Freshworks: 2023 Investor Day and Valuation Update

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Andrei Zakharov

Cloudflare Inc.: Does It Have A Sustainable Competitive Advantage? – Key Drivers

Q1 was a challenging quarter for Cloudflare as the company failed to meet the revenue expectations of Wall Street as a result of various the...

Baptista Research

Cloudflare Inc.: Digital Experience Monitoring Umbrella & Other Drivers

Cloudflare had another strong quarter despite a challenging macroeconomic environment. The company delivered an all-around beat and its revenue...

Baptista Research

Cloudflare Inc: Launch of CAPTCHA Substitute & Other Developments

Despite the heightened economic unpredictability, Cloudflare had a good quarter and managed to deliver an all-around beat. The company generated...

Baptista Research

Cyberattacks at Numerous US Airports by Suspects from Russia

In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. This could...

Douglas Kim

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