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>DocuSign, in its second quarter fiscal year 2025 earnings release, reported a continued trend of moderated but stable growth, enhanced operational efficiency, and progress in strategic initiatives including the rollout of its new Intelligent Agreement Management (IAM) platform.</li><li>With quarterly revenue reported at $736 million, representing a 7% year-over-year increase, the company manifests a steady financial trajectory albeit not at a high-growth pace.</li><li>The consistency in dollar net retention at 99% suggests a strong customer base, although the figure also signals limited expansion within the existing customers.</li></ul>

DocuSign, in its second quarter fiscal year 2025 earnings release, reported a continued trend of moderated but stable growth, enhanced operational efficiency, and progress in strategic initiatives including the rollout of its new Intelligent Agreement Management (IAM) platform.With quarterly revenue reported at $736 million, representing a 7% year-over-year increase, the company manifests a steady financial trajectory albeit not at a high-growth pace.The consistency in dollar net retention at 99% suggests a strong customer base, although the figure also signals limited expansion within the existing customers.

DocuSign Inc.:  Expanding Use of Intelligent Agreement Management (IAM) & The Agreement Cloud Are Critical Growth Levers! - Major Drivers

<ul><li>DocuSign demonstrated solid progress across its three strategic pillars in Q4 and the full fiscal year 2024, which include accelerating product innovation, improving omnichannel go-to-market initiatives, and strengthening operational and financial efficiency.</li><li>Total Q4 revenue reached $712 million, up 8% YoY, with a full-year revenue of $2.8 billion, up 10% YoY. Both exceeded company expectations.</li><li>Also, Q4 non GAAP operating margin increased to 25%, a slight rise from the prior year.</li></ul>

DocuSign demonstrated solid progress across its three strategic pillars in Q4 and the full fiscal year 2024, which include accelerating product innovation, improving omnichannel go-to-market initiatives, and strengthening operational and financial efficiency.Total Q4 revenue reached $712 million, up 8% YoY, with a full-year revenue of $2.8 billion, up 10% YoY. Both exceeded company expectations.Also, Q4 non GAAP operating margin increased to 25%, a slight rise from the prior year.

DocuSign Inc.: Strengthening with New Technologies and Product Enhancements! - Key Drivers

<ul><li>DocuSign Inc., a leader in e-signature software, has recently seen a significant surge in its stock due to rumors of a potential leveraged buyout, drawing considerable attention from investors and industry watchers.</li><li>Further highlighting its financial health, DocuSign reported a notable rise in non-GAAP operating margin to 27% and a 27% increase in non-GAAP operating income, totaling $187 million.</li><li>Additionally, the company achieved a substantial free cash flow of $240 million.</li></ul>

DocuSign Inc., a leader in e-signature software, has recently seen a significant surge in its stock due to rumors of a potential leveraged buyout, drawing considerable attention from investors and industry watchers.Further highlighting its financial health, DocuSign reported a notable rise in non-GAAP operating margin to 27% and a 27% increase in non-GAAP operating income, totaling $187 million.Additionally, the company achieved a substantial free cash flow of $240 million.

DocuSign Inc.: An LBO On The Horizon? - Major Drivers

<ul><li>DocuSign, Inc. delivered an all-around beat in the previous quarter, continuing to build momentum in its business by progressing on key projects and enhancing its product offering.</li><li>With a non-GAAP operating margin of 25%, Q2 total sales of $688 million was up 11% from the same quarter last year.</li><li>DocuSign shipped and announced several new, highly developed features for its Web Forms offering during the quarter.</li></ul>

DocuSign, Inc. delivered an all-around beat in the previous quarter, continuing to build momentum in its business by progressing on key projects and enhancing its product offering.With a non-GAAP operating margin of 25%, Q2 total sales of $688 million was up 11% from the same quarter last year.DocuSign shipped and announced several new, highly developed features for its Web Forms offering during the quarter.

DocuSign Inc.: Mastering Omnichannel Strategy for Growth & Scalability! - 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

United States

DocuSign, Inc. provides electronic signature solutions. The Company offers platform that enables businesses of all sizes to digitally prepare, sign, act on, and manage agreements. DocuSign serves mortgage, non-profit, government, real estate, insurance, technology, and healthcare industries worldwide.

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DocuSign (DOCU US)

DocuSign Inc.: Expanding Use of Intelligent Agreement Management (IAM) & The Agreement Cloud Are Critical Growth Levers! - Major Drivers

DocuSign, in its second quarter fiscal year 2025 earnings release, reported a continued trend of moderated but stable growth, enhanced operational...

Baptista Research

DocuSign Inc.: Strengthening with New Technologies and Product Enhancements! - Key Drivers

DocuSign demonstrated solid progress across its three strategic pillars in Q4 and the full fiscal year 2024, which include accelerating product...

Baptista Research

DocuSign Inc.: An LBO On The Horizon? - Major Drivers

DocuSign Inc., a leader in e-signature software, has recently seen a significant surge in its stock due to rumors of a potential leveraged buyout,...

Baptista Research

DocuSign Inc.: Mastering Omnichannel Strategy for Growth & Scalability! - Major Drivers

DocuSign, Inc. delivered an all-around beat in the previous quarter, continuing to build momentum in its business by progressing on key projects...

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

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