Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/confluent-inc" target="_blank" data-smartkarma-citation="entities:33443:1" rel="noopener">Confluent (CFLT US)</a>  reported solid 2Q22 results, and most metrics were above sell-side expectations, including subscription revenue, gross margins, and operating margins. </li>
<li>We are impressed with Confluent Cloud's revenue growth of +139% y/y and strong subscription gross margins. Management raised FY22 revenue and profitability guidance. </li>
<li>Our price target of $28 is slightly below the current share price. However, we see room for further multiple expansion due to revenue acceleration above consensus.</li>
</ul>



Confluent (CFLT US)  reported solid 2Q22 results, and most metrics were above sell-side expectations, including subscription revenue, gross margins, and operating margins. 
We are impressed with Confluent Cloud's revenue growth of +139% y/y and strong subscription gross margins. Management raised FY22 revenue and profitability guidance. 
Our price target of $28 is slightly below the current share price. However, we see room for further multiple expansion due to revenue acceleration above consensus.


Better Than Expected 2Q22 Results, Cloud Growth of 139% YoY, FY22 Revenue Guidance Moves Higher

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<ul>
<li>When I first came across Confluent, I quickly dismissed it because it was expensive. At the time, it was trading at 40x P/S and I couldn’t justify that sort of stock price.</li>
<li>But fortunately I have had the chance the accumulate more at depressed levels.</li>
<li>Obviously, Confluent was caught up in the tech bubble and its inevitable bursting which may leave its chart looking unattractive at first glance.</li>
</ul>


When I first came across Confluent, I quickly dismissed it because it was expensive. At the time, it was trading at 40x P/S and I couldn’t justify that sort of stock price.
But fortunately I have had the chance the accumulate more at depressed levels.
Obviously, Confluent was caught up in the tech bubble and its inevitable bursting which may leave its chart looking unattractive at first glance.


Confluent - Opening a New Market Opportunity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/confluent-inc" target="_blank" data-smartkarma-citation="entities:33443:1" rel="noopener">Confluent (CFLT US)</a>  is an American-based data infrastructure software company and a major contributor to the open-source project Apache Kafka. </li>
<li>Original creators of Apache Kafka founded the company in 2014. Today, Kafka has 5M+ lifetime downloads, and &gt;100,000 organizations use the successful open source project.</li>
<li>We believe <a href="https://www.smartkarma.com/entities/confluent-inc" target="_blank" data-smartkarma-citation="entities:33443:1" rel="noopener">Confluent (CFLT US)</a>  is uniquely positioned to benefit from the widespread adoption of Apache Kafka and the growing $50B+ total addressable market. </li>
</ul>



Confluent (CFLT US)  is an American-based data infrastructure software company and a major contributor to the open-source project Apache Kafka. 
Original creators of Apache Kafka founded the company in 2014. Today, Kafka has 5M+ lifetime downloads, and &gt;100,000 organizations use the successful open source project.
We believe Confluent (CFLT US)  is uniquely positioned to benefit from the widespread adoption of Apache Kafka and the growing $50B+ total addressable market. 


Confluent: Harnessing Data In Motion. Initiate At Overweight

United States

Confluent, Inc. operates as a software company. The Company develops cloud-native platform is designed to unleash real-time data. Confluent serves customers worldwide

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Confluent (CFLT US)

Better Than Expected 2Q22 Results, Cloud Growth of 139% YoY, FY22 Revenue Guidance Moves Higher

We remain bullish on the stock as revenue growth accelerated and adoption of Confluent Cloud is growing fast. Our analysis suggests there is room...

Andrei Zakharov

Confluent - Opening a New Market Opportunity

When I first came across Confluent, I quickly dismissed it because it was expensive. At the time, it was trading at 40x P/S and I couldn’t justify...

BluSuit

Confluent: Harnessing Data In Motion. Initiate At Overweight

We are initiating coverage on Confluent with an Overweight rating and price target of $28, implying a ~50% upside. Fundamentals remain attractive,...

Andrei Zakharov

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