Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.</li>
<li>I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.</li>
</ul>


Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.


Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

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>Regarding Datadog's Q1 2025 financial results, the company reported a solid performance with a revenue of $762 million, representing a 25% year-over-year increase.</li><li>This figure surpassed the high end of their guidance.</li><li>Datadog revealed a customer base of approximately 30,500, with about 3,770 customers having an Annual Recurring Revenue (ARR) of $100,000 or more, accounting for 88% of ARR.</li></ul>

Regarding Datadog's Q1 2025 financial results, the company reported a solid performance with a revenue of $762 million, representing a 25% year-over-year increase.This figure surpassed the high end of their guidance.Datadog revealed a customer base of approximately 30,500, with about 3,770 customers having an Annual Recurring Revenue (ARR) of $100,000 or more, accounting for 88% of ARR.

Datadog’s AI Playbook: Will Data Observability Be the Key to Dominating the Future?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Datadog (DDOG US) released (6 May HKT) its 1Q25 results: total revenue was US$761.6mn, up 24.6% YoY (1Q24: 26.9%; 4Q24: 25.1%), 3% better than both our forecast and Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$167.9mn, up 6.5% YoY, and was 10/8% better than our forecast/consensus, driven by the beat in revenue, and better-than-expected operating efficiency improvement.</li><li>Although the incremental investment may weigh on near-term margin expansion, we remain positive on DDOG’s long-term business development potential, driven by the secular trend of digital transformation and cloud migration.</li><li>We lift 2025-2027E revenue forecast by 1% to account for better-than-expected usage growth, while cut non-GAAP net profit forecast by 1-2% to factor in rising cloud hosting costs which may weigh on GPM.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Datadog (DDOG US) released (6 May HKT) its 1Q25 results: total revenue was US$761.6mn, up 24.6% YoY (1Q24: 26.9%; 4Q24: 25.1%), 3% better than both our forecast and Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$167.9mn, up 6.5% YoY, and was 10/8% better than our forecast/consensus, driven by the beat in revenue, and better-than-expected operating efficiency improvement.Although the incremental investment may weigh on near-term margin expansion, we remain positive on DDOG’s long-term business development potential, driven by the secular trend of digital transformation and cloud migration.We lift 2025-2027E revenue forecast by 1% to account for better-than-expected usage growth, while cut non-GAAP net profit forecast by 1-2% to factor in rising cloud hosting costs which may weigh on GPM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Datadog (DDOG US) - 1Q Results Beat; Sustained Investment to Drive Business Growth

<ul><li>Datadog reported its financial results for the fourth quarter of 2024, revealing a strong performance characterized by a 25% year-over-year revenue increase to $738 million, surpassing the high end of its guidance range.</li><li>The company highlighted robust growth in customer adoption, reporting a rise in its total customer base to approximately 30,000, with significant contributions from customers generating over $100,000 in annual recurring revenue (ARR).</li><li>Notably, Datadog marked the expansion of its key products with infrastructure monitoring contributing over $1.25 billion in ARR and both log management and end-to-end application performance management (APM) exceeding $750 million each.</li></ul>

Datadog reported its financial results for the fourth quarter of 2024, revealing a strong performance characterized by a 25% year-over-year revenue increase to $738 million, surpassing the high end of its guidance range.The company highlighted robust growth in customer adoption, reporting a rise in its total customer base to approximately 30,000, with significant contributions from customers generating over $100,000 in annual recurring revenue (ARR).Notably, Datadog marked the expansion of its key products with infrastructure monitoring contributing over $1.25 billion in ARR and both log management and end-to-end application performance management (APM) exceeding $750 million each.

Datadog Inc.: Product Innovations For Sustained Expansion Across Diverse Deployment Scenarios!

<ul><li>Datadog (DDOG US) released (13 Feb HKT) its 4Q24 financial results: total revenue was US$737.7mn, up 25% YoY (4Q23: 27%; 3Q24: 26%), 3% better than Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$177.5mn, up 14% YoY and 10% better than consensus, driven by better-than-expected operating leverage aided by solid revenue growth.</li><li>For 2024, total revenue grew 26% YoY to US$2.68bn, and non-GAAP net income grew 41% YoY to US$653.8mn.</li><li>With strong confidence in future business development, and an intent to invest for long-term growth opportunities, management guided to grow investment in both S&amp;M and R&amp;D in 2025, and guided for high-20s YoY growth in operating expenses (vs revenue growth guidance of 18-19% YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Datadog (DDOG US) released (13 Feb HKT) its 4Q24 financial results: total revenue was US$737.7mn, up 25% YoY (4Q23: 27%; 3Q24: 26%), 3% better than Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$177.5mn, up 14% YoY and 10% better than consensus, driven by better-than-expected operating leverage aided by solid revenue growth.For 2024, total revenue grew 26% YoY to US$2.68bn, and non-GAAP net income grew 41% YoY to US$653.8mn.With strong confidence in future business development, and an intent to invest for long-term growth opportunities, management guided to grow investment in both S&amp;M and R&amp;D in 2025, and guided for high-20s YoY growth in operating expenses (vs revenue growth guidance of 18-19% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Datadog (DDOG US) - Entering an Investment Phase to Drive Growth in Next Stage

United States

Datadog, Inc. provides software solutions. The Company offers cloud-based monitoring and analytics platform which integrates and automates infrastructure monitoring, application performance monitoring, and log management for real-time observability of customers. Datadog operates worldwide.

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Datadog (DDOG US)

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Datadog’s AI Playbook: Will Data Observability Be the Key to Dominating the Future?

Regarding Datadog's Q1 2025 financial results, the company reported a solid performance with a revenue of $762 million, representing a 25%...

Baptista Research

Datadog (DDOG US) - 1Q Results Beat; Sustained Investment to Drive Business Growth

Our new TP of US$158.7 (was US$156.4) is based on unchanged 16.6x 2025E EV/sales, inline with its two-year average plus one s.d. Maintain BUY.

CMB International

Datadog Inc.: Product Innovations For Sustained Expansion Across Diverse Deployment Scenarios!

Datadog reported its financial results for the fourth quarter of 2024, revealing a strong performance characterized by a 25% year-over-year...

Baptista Research

Datadog (DDOG US) - Entering an Investment Phase to Drive Growth in Next Stage

Our TP is US$156.4 (was US$154.3), based on 16.6x 2025E EV/sales (16.1x prior), inline with its two-year average plus one s.d. BUY

CMB International

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Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

​Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Datadog’s AI Playbook: Will Data Observability Be the Key to Dominating the Future?

Regarding Datadog's Q1 2025 financial results, the company reported a solid performance with a revenue of $762 million, representing a 25%...

Baptista Research

Datadog (DDOG US) - 1Q Results Beat; Sustained Investment to Drive Business Growth

Our new TP of US$158.7 (was US$156.4) is based on unchanged 16.6x 2025E EV/sales, inline with its two-year average plus one s.d. Maintain BUY.

CMB International

Datadog Inc.: Product Innovations For Sustained Expansion Across Diverse Deployment Scenarios!

Datadog reported its financial results for the fourth quarter of 2024, revealing a strong performance characterized by a 25% year-over-year...

Baptista Research

Datadog (DDOG US) - Entering an Investment Phase to Drive Growth in Next Stage

Our TP is US$156.4 (was US$154.3), based on 16.6x 2025E EV/sales (16.1x prior), inline with its two-year average plus one s.d. BUY

CMB International

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...