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 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

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<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

<ul><li>CrowdStrike Holdings managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>The company outperformed top and bottom line metrics expectations, achieving strong, scalable growth, amazing leverage, and operating within its target model overall.</li><li>CrowdStrike also successfully implemented a go-to-market strategy centered on cloud security this past quarter, hosting a virtual cloud security summit with over 12,500 security and DevOp attendees, followed by cloud-focused partner and sales plays.</li></ul>

CrowdStrike Holdings managed to exceed analyst expectations in terms of revenue as well as earnings.The company outperformed top and bottom line metrics expectations, achieving strong, scalable growth, amazing leverage, and operating within its target model overall.CrowdStrike also successfully implemented a go-to-market strategy centered on cloud security this past quarter, hosting a virtual cloud security summit with over 12,500 security and DevOp attendees, followed by cloud-focused partner and sales plays.

CrowdStrike Holdings: Can The Launch Of Counter Adversary Operations Become A Revenue Driver? - Major Drivers

<ul><li>CrowdStrike Holdings delivered an all-around beat in the previous quarter.</li><li>In the quarter, they launched CrowdStrike Falcon Complete XDR, a Managed eXtended Detection and Response service from the market leader in MDR and endpoint security.</li><li>We give CrowdStrike Holdings, Inc. a 'Hold' rating with a revised target price.</li></ul>

CrowdStrike Holdings delivered an all-around beat in the previous quarter.In the quarter, they launched CrowdStrike Falcon Complete XDR, a Managed eXtended Detection and Response service from the market leader in MDR and endpoint security.We give CrowdStrike Holdings, Inc. a 'Hold' rating with a revised target price.

CrowdStrike Holdings: Using AI to Scale Rapidly and Dominate the Industry! – Key Drivers

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>Huge operating margin and FCF beat as PANW is maintaining efficiency with slower headcount growth and supply chain issues abating supporting gross margins. </li>
<li>Deal sizes continue to grow dramatically: $1M deals grew 20% YoY, and  transactions size grew nearly 60%. $5M+ deals grew 84% YoY and $10M+ deals grew 140%.</li>
<li>Prisma' Access' SASE product continues to be the catalyst driving 2.5x revenue lift vs. legacy firewalls.</li>
</ul>


Huge operating margin and FCF beat as PANW is maintaining efficiency with slower headcount growth and supply chain issues abating supporting gross margins. 
Deal sizes continue to grow dramatically: $1M deals grew 20% YoY, and  transactions size grew nearly 60%. $5M+ deals grew 84% YoY and $10M+ deals grew 140%.
Prisma' Access' SASE product continues to be the catalyst driving 2.5x revenue lift vs. legacy firewalls.


Palo Alto Networks: Even Better Than Crowdstrike?

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.

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Crowdstrike Holdings (CRWD US)

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

Freshworks: 2023 Investor Day and Valuation Update

2023 Investor Day highlights massive TAM, ongoing business momentum, adoption of multi-product strategy, and AI monetization opportunities: PT...

Andrei Zakharov

CrowdStrike Holdings: Can The Launch Of Counter Adversary Operations Become A Revenue Driver? - Major Drivers

CrowdStrike Holdings managed to exceed analyst expectations in terms of revenue as well as earnings. The company outperformed top and bottom line...

Baptista Research

CrowdStrike Holdings: Using AI to Scale Rapidly and Dominate the Industry! – Key Drivers

CrowdStrike Holdings delivered an all-around beat in the previous quarter. In the quarter, they launched CrowdStrike Falcon Complete XDR, a...

Baptista Research

Palo Alto Networks: Even Better Than Crowdstrike?

PANW delivered a massive margin and FCF beat, and continued acceleration of its SASE business. With S&P inclusion on the horizon and 25x EV/FCF for...

Aaron Gabin

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