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>CrowdStrike Holdings, Inc., a leader in the cybersecurity sector, reported an impressive fourth quarter and fiscal year for 2024 during its latest earnings conference call.</li><li>The call highlighted several positive aspects of the company's performance such as a record net new Annual Recurring Revenue (ARR) of $282 million, reflecting a year-over-year increase of 27%.</li><li>Furthermore, the company achieved a record operating margin of 25%, an improvement of 10 percentage points when compared to the previous year.</li></ul>

CrowdStrike Holdings, Inc., a leader in the cybersecurity sector, reported an impressive fourth quarter and fiscal year for 2024 during its latest earnings conference call.The call highlighted several positive aspects of the company's performance such as a record net new Annual Recurring Revenue (ARR) of $282 million, reflecting a year-over-year increase of 27%.Furthermore, the company achieved a record operating margin of 25%, an improvement of 10 percentage points when compared to the previous year.

CrowdStrike Holdings: Expansion Of Cloud Security With Flow Security Acquisition & 6 Key Growth Drivers - Financial Forecasts

<ul><li>CrowdStrike Holdings delivered an all-around beat in the most recent quarterly result.</li><li>The company's commitment to innovation was underlined by strategic acquisitions, such as Bionic, expanding the Falcon Cloud Security suite.</li><li>CrowdStrike's diverse product portfolio, including cloud security, identity threat protection, and LogScale's next-gen SIEM, contributed to their impressive Q3 performance.</li></ul>

CrowdStrike Holdings delivered an all-around beat in the most recent quarterly result.The company's commitment to innovation was underlined by strategic acquisitions, such as Bionic, expanding the Falcon Cloud Security suite.CrowdStrike's diverse product portfolio, including cloud security, identity threat protection, and LogScale's next-gen SIEM, contributed to their impressive Q3 performance.

CrowdStrike Holdings Inc.: Bringing AI-Native Cybersecurity To SMBs! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.


Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Crowdstrike printed a superb quarter, continues to beat and raise despite overblown competitive concerns with new disclosures around non-endpoint ARR shows this becoming a true platform.</li>
<li>Revenue growth (+63%), Margin expansion (+570bps) and FCF generation (46% FCF margins) shows best in class rule of 40 SaaS metric.</li>
<li>Next catalyst is Analyst Day in April, expect LT targets to get increased.</li>
</ul>


Crowdstrike printed a superb quarter, continues to beat and raise despite overblown competitive concerns with new disclosures around non-endpoint ARR shows this becoming a true platform.
Revenue growth (+63%), Margin expansion (+570bps) and FCF generation (46% FCF margins) shows best in class rule of 40 SaaS metric.
Next catalyst is Analyst Day in April, expect LT targets to get increased.


Crowdstrike FY4Q22: (Bear) Case Adjourned

<p>Another incredibly impressive quarterly performance for Crowdstrike. It crushed consensus and raised guidance by well more than the beat. The recent Gartner Magic Quadrant on endpoint protection shows Crowdstrike head and shoulders above the legacy competition. The high profile cyber attack backdrop doesn't hurt either. The only issue is...the market has caught up to Crowdstrike, and its a bit of a consensus long now. We stay long but recognize further gains are harder because of this dynamic. </p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  </p></div>

Another incredibly impressive quarterly performance for Crowdstrike. It crushed consensus and raised guidance by well more than the beat. The recent Gartner Magic Quadrant on endpoint protection shows Crowdstrike head and shoulders above the legacy competition. The high profile cyber attack backdrop doesn't hurt either. The only issue is...the market has caught up to Crowdstrike, and its a bit of a consensus long now. We stay long but recognize further gains are harder because of this dynamic. Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.  

United States

CrowdStrike Holdings, Inc. provides cybersecurity products and services to stop breaches. The Company offers cloud-delivered protection across endpoints, cloud workloads, identity and data, and leading threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection, and log management. CrowdStrike serves customers worldwide.

Crowdstrike Holdings (CRWD US)

CrowdStrike Holdings: Expansion Of Cloud Security With Flow Security Acquisition & 6 Key Growth Drivers - Financial Forecasts

CrowdStrike Holdings, Inc., a leader in the cybersecurity sector, reported an impressive fourth quarter and fiscal year for 2024 during its latest...

Baptista Research

CrowdStrike Holdings Inc.: Bringing AI-Native Cybersecurity To SMBs! - Major Drivers

CrowdStrike Holdings delivered an all-around beat in the most recent quarterly result. The company's commitment to innovation was underlined by...

Baptista Research

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Crowdstrike FY4Q22: (Bear) Case Adjourned

Crowdstrike printed a superb quarter, continues to beat and raise despite overblown competitive concerns with new disclosures around non-endpoint...

Aaron Gabin

Crowdstrike 1Q2022: The Best in the Biz

Incredibly strong quarter for Crowdstrike. The business is humming, clearly separating itself from its legacy peers. High profile ransomware...

Aaron Gabin