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>Dropbox has been showing good resilience in its business especially against the challenging macroeconomic backdrop and managed to deliver an all-around beat, surpassing Wall Street expectations on all counts.</li><li>Two of their more recent products, Dropbox Backup and Capture, have seen increased usage.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Dropbox has been showing good resilience in its business especially against the challenging macroeconomic backdrop and managed to deliver an all-around beat, surpassing Wall Street expectations on all counts.Two of their more recent products, Dropbox Backup and Capture, have seen increased usage.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

<ul><li>This is our first report on Dropbox, a major player within the cloud storage, file transfer, and e-signature domain.</li><li>Dropbox is continuing to evolve its core FSS business to drive monetization and improve attention.</li><li>This quarter, Dropbox has launched its newest version of Dropbox backup that has upgraded management settings and restoration flow.</li></ul>

This is our first report on Dropbox, a major player within the cloud storage, file transfer, and e-signature domain.Dropbox is continuing to evolve its core FSS business to drive monetization and improve attention.This quarter, Dropbox has launched its newest version of Dropbox backup that has upgraded management settings and restoration flow.

Dropbox Inc.: Initiation of Coverage – The DocSend Acquisition & Other Drivers

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

<ul>
<li>Enterprise storage hardware market faces numerous headwinds and increasing commoditization</li>
<li>STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ</li>
<li>Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates</li>
</ul>


Enterprise storage hardware market faces numerous headwinds and increasing commoditization
STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ
Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates


Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>During the #1 product and growth conference Amplify 2022 in Las Vegas, <a href="https://www.smartkarma.com/entities/amplitude-inc" target="_blank" data-smartkarma-citation="entities:34148:1" rel="noopener">Amplitude (AMPL US)</a>  introduced the Customer Data Platform (CDP) with integrated product analytics.  </li>
<li>The company expanded partner integration with <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake Inc (SNOW US)</a>  to improve data connectivity while Amplitude Experiment sees strong traction with customers. </li>
<li>With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. </li>
</ul>


During the #1 product and growth conference Amplify 2022 in Las Vegas, Amplitude (AMPL US)  introduced the Customer Data Platform (CDP) with integrated product analytics.  
The company expanded partner integration with Snowflake Inc (SNOW US)  to improve data connectivity while Amplitude Experiment sees strong traction with customers. 
With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. 


Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

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.

<p>This note is a followup to our deep dive on Nutanix from December. The quarter’s results were consistent with our long thesis, and the near 30% selloff in shares is egregious given the reasons behind the guidance cut (faster subscription transition and corona-virus driven uncertainty. We would point towards the upcoming Investor Day on March 26 as the next catalyst in the event path when management will likely provide updated guidance.</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>

This note is a followup to our deep dive on Nutanix from December. The quarter’s results were consistent with our long thesis, and the near 30% selloff in shares is egregious given the reasons behind the guidance cut (faster subscription transition and corona-virus driven uncertainty. We would point towards the upcoming Investor Day on March 26 as the next catalyst in the event path when management will likely provide updated guidance.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.

Nutanix: Subscription Transition Meets Corona Virus? Huh?

United States

Dropbox, Inc. operates as a platform as a service company. The Company offers a platform that enables users to store and share files, photos, videos, songs, and spreadsheets. Dropbox serves customers worldwide.

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Dropbox Inc (DBX US)

Dropbox Inc: Major Drivers

Dropbox has been showing good resilience in its business especially against the challenging macroeconomic backdrop and managed to deliver an...

Baptista Research

Dropbox Inc.: Initiation of Coverage – The DocSend Acquisition & Other Drivers

This is our first report on Dropbox, a major player within the cloud storage, file transfer, and e-signature domain. Dropbox is continuing to...

Baptista Research

Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

Market share losses are likely occurring and the "recurring revenue STaaS" story may be decelerating amidst competition, pricing pressure, and...

Robert C Prather Jr

Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

Amplitude remains well-positioned as one of the leaders in product analytics with an opportunity to convert more GA enterprise customers to...

Andrei Zakharov

Nutanix: Subscription Transition Meets Corona Virus? Huh?

This note is a followup to our deep dive on Nutanix from December. The quarter’s results were consistent with our long thesis, and the near 30%...

Aaron Gabin

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