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>Dynatrace reported a robust performance for the fourth quarter and full fiscal year 2025, showcasing significant accomplishments across various key metrics.</li><li>The company's subscription revenue experienced a 20% increase, reaching $1.62 billion, while the Annual Recurring Revenue (ARR) stood at $1.73 billion, marking a 17% growth.</li><li>The non-GAAP operating margin expanded by over 100 basis points, and the pre-tax free cash flow margin improved by roughly 250 basis points, underlining the company’s effective balance between growth and profitability.</li></ul>

Dynatrace reported a robust performance for the fourth quarter and full fiscal year 2025, showcasing significant accomplishments across various key metrics.The company's subscription revenue experienced a 20% increase, reaching $1.62 billion, while the Annual Recurring Revenue (ARR) stood at $1.73 billion, marking a 17% growth.The non-GAAP operating margin expanded by over 100 basis points, and the pre-tax free cash flow margin improved by roughly 250 basis points, underlining the company’s effective balance between growth and profitability.

Dynatrace Inc.: Expansion in Logs & Digital Experience Monitoring to Enhance Competitiveness In The Observability Landscape!

<ul><li>Dynatrace's fiscal third-quarter 2025 earnings reflect both growth and challenges for the company.</li><li>The results showcase their strong performance and present a picture of robust business fundamentals, alongside considerations for future development.</li><li>On the positive side, Dynatrace reported significant growth metrics.</li></ul>

Dynatrace's fiscal third-quarter 2025 earnings reflect both growth and challenges for the company.The results showcase their strong performance and present a picture of robust business fundamentals, alongside considerations for future development.On the positive side, Dynatrace reported significant growth metrics.

How Dynatrace’s Growing Partner Ecosystem is Fueling Explosive Market Gains!

<ul><li>Dynatrace reported a strong performance in its second quarter of fiscal 2025, showcasing solid financial results and effective execution of its strategic initiatives.</li><li>The company posted an annual recurring revenue (ARR) increase of 19% year-over-year to $1.62 billion, propelled by robust expansion bookings, especially in Europe, and an improvement in booking seasonality related to a switch to 6-month sales compensation cycles.</li><li>Subscription revenues grew by 20% year-over-year, further supporting the company's financial momentum.</li></ul>

Dynatrace reported a strong performance in its second quarter of fiscal 2025, showcasing solid financial results and effective execution of its strategic initiatives.The company posted an annual recurring revenue (ARR) increase of 19% year-over-year to $1.62 billion, propelled by robust expansion bookings, especially in Europe, and an improvement in booking seasonality related to a switch to 6-month sales compensation cycles.Subscription revenues grew by 20% year-over-year, further supporting the company's financial momentum.

Dynatrace Inc.: How Strategic Investments Are Securing Its Competitive Edge & Future Revenues - Major Drivers

<ul><li>Dynatrace's Fiscal First Quarter 2025 Earnings indicated a robust performance characterized by disciplined execution and a focus on customer value.</li><li>The company reported a 20% year-over-year growth in Annual Recurring Revenue (ARR), and subscription revenue also saw a 21% increase, with free cash flow accounting for 30% of revenue on a trailing 12-month basis.</li><li>These metrics underscore Dynatrace's ability to balance top-line growth with profitability efficiently.</li></ul>

Dynatrace's Fiscal First Quarter 2025 Earnings indicated a robust performance characterized by disciplined execution and a focus on customer value.The company reported a 20% year-over-year growth in Annual Recurring Revenue (ARR), and subscription revenue also saw a 21% increase, with free cash flow accounting for 30% of revenue on a trailing 12-month basis.These metrics underscore Dynatrace's ability to balance top-line growth with profitability efficiently.

Dynatrace Inc.: Will The Strategic Focus on DPS and Platform Expansion Pay Off? - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

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<li>
<a href="https://www.smartkarma.com/entities/elastic-nv" target="_blank" data-smartkarma-citation="entities:27526:1" rel="noopener">Elastic NV (ESTC US)</a> reported a solid 4QFY23, reflecting a stronger-than-expected non-GAAP operating margin of ~9% and GAAP subscription gross margin of ~79%. </li>
<li>Elastic cloud revenue grew 28% y/y, representing 40% of total revenue. Elastic cloud is scaling well, and margins improved faster-than-anticipated. </li>
<li>We are concerned about slowing H1 FY24 y/y growth in total revenue and failure to achieve the $2B revenue mark in FY25. Price target to $112.</li>
</ul>



Elastic NV (ESTC US) reported a solid 4QFY23, reflecting a stronger-than-expected non-GAAP operating margin of ~9% and GAAP subscription gross margin of ~79%. 
Elastic cloud revenue grew 28% y/y, representing 40% of total revenue. Elastic cloud is scaling well, and margins improved faster-than-anticipated. 
We are concerned about slowing H1 FY24 y/y growth in total revenue and failure to achieve the $2B revenue mark in FY25. Price target to $112.


Focus On Profitability Expansion And Durable Growth: PT Reduced To $112 From $133

United States

Dynatrace, Inc. operates as a holding company. The Company, through its subsidiaries, develops software intelligence platform for the enterprise cloud. Dynatrace offers software intelligence platform to allow customers to modernize and automate IT operations, develop and release high quality software faster, and improve user experiences for better business outcomes.

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Dynatrace (DT US)

Dynatrace Inc.: Expansion in Logs & Digital Experience Monitoring to Enhance Competitiveness In The Observability Landscape!

Dynatrace reported a robust performance for the fourth quarter and full fiscal year 2025, showcasing significant accomplishments across various...

Baptista Research

How Dynatrace’s Growing Partner Ecosystem is Fueling Explosive Market Gains!

Dynatrace's fiscal third-quarter 2025 earnings reflect both growth and challenges for the company. The results showcase their strong performance...

Baptista Research

Dynatrace Inc.: How Strategic Investments Are Securing Its Competitive Edge & Future Revenues - Major Drivers

Dynatrace reported a strong performance in its second quarter of fiscal 2025, showcasing solid financial results and effective execution of its...

Baptista Research

Dynatrace Inc.: Will The Strategic Focus on DPS and Platform Expansion Pay Off? - Major Drivers

Dynatrace's Fiscal First Quarter 2025 Earnings indicated a robust performance characterized by disciplined execution and a focus on customer...

Baptista Research

Focus On Profitability Expansion And Durable Growth: PT Reduced To $112 From $133

Elastic remains my top pick in the observability and search space, and I see the potential for revenue growth re-acceleration in 2024.

Andrei Zakharov

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