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>F5, Inc.'s financial results for the fourth quarter and fiscal year 2025 reflect both successes and challenges.</li><li>The company surpassed $3 billion in revenue and $1 billion in operating profit for the first time, with a year-on-year revenue growth of 10% and an earnings per share growth of 18%.</li><li>This growth was driven by several factors, including data center reinvestment, hybrid cloud adoption, and growing demand for enterprise AI infrastructure, alongside a product refresh cycle and the maturation of F5’s software model.</li></ul>

F5, Inc.'s financial results for the fourth quarter and fiscal year 2025 reflect both successes and challenges.The company surpassed $3 billion in revenue and $1 billion in operating profit for the first time, with a year-on-year revenue growth of 10% and an earnings per share growth of 18%.This growth was driven by several factors, including data center reinvestment, hybrid cloud adoption, and growing demand for enterprise AI infrastructure, alongside a product refresh cycle and the maturation of F5’s software model.

F5 Inc.: Hybrid Multicloud Adoption & Customer Engagement For A Competitive Edge!

<ul><li>F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in cash.</li><li>The deal, expected to close in the fourth quarter of fiscal 2025, comes on the heels of F5’s strongest product revenue growth in over a decade, buoyed by data center modernization, hybrid multi-cloud adoption, and increasing AIrelated workloads.</li><li>CalypsoAI, headquartered in Dublin, Ireland, specializes in adaptive real-time AI security solutions, including red-teaming at scale and advanced data protection for enterprises deploying generative and agentic AI.</li></ul>

F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in cash.The deal, expected to close in the fourth quarter of fiscal 2025, comes on the heels of F5’s strongest product revenue growth in over a decade, buoyed by data center modernization, hybrid multi-cloud adoption, and increasing AIrelated workloads.CalypsoAI, headquartered in Dublin, Ireland, specializes in adaptive real-time AI security solutions, including red-teaming at scale and advanced data protection for enterprises deploying generative and agentic AI.

F5’s $180 Million CalypsoAI Bet: Can Security Synergies Justify The Price?

<ul><li>F5 Inc. reported robust financial performance for the second quarter of fiscal year 2025, highlighted by 7% total revenue growth year-over-year.</li><li>This growth was largely driven by a substantial 12% increase in product revenue.</li><li>Notably, system revenue surged 27%, underscoring strong demand as customers continued to refresh aging hardware and modernize data centers.</li></ul>

F5 Inc. reported robust financial performance for the second quarter of fiscal year 2025, highlighted by 7% total revenue growth year-over-year.This growth was largely driven by a substantial 12% increase in product revenue.Notably, system revenue surged 27%, underscoring strong demand as customers continued to refresh aging hardware and modernize data centers.

F5 Networks Bets Big on AI & Cybersecurity—Can Its New AI Gateway Expand Its Market Share?

<ul><li>F5, Inc. delivered robust results in its first quarter of fiscal 2025, displaying noteworthy growth across its product offerings and geographical regions.</li><li>The company achieved an 11% increase in total revenue, reaching $766 million, with product revenue growing by 20%.</li><li>This was primarily driven by strong performances in both software and systems revenue, which grew by 22% and 18% respectively.</li></ul>

F5, Inc. delivered robust results in its first quarter of fiscal 2025, displaying noteworthy growth across its product offerings and geographical regions.The company achieved an 11% increase in total revenue, reaching $766 million, with product revenue growing by 20%.This was primarily driven by strong performances in both software and systems revenue, which grew by 22% and 18% respectively.

F5 Inc.: Dealing With Complexity Management Challenge in Hybrid Environments & Other Risks! - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" rel="noopener">Trend Micro Inc. (4704 JP)</a> shares have hit their daily trade limit, following a <a href="https://finance.yahoo.com/news/exclusive-buyout-firms-vie-cybersecurity-003204122.html" target="_blank" rel="noopener">Reuters report</a> that Bain, Advent, KKR, and EQT AB are potential bidders. </li>
<li>The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. In 4Q2024, cybersecurity M&amp;A reached the highest quarterly volume in the past three years.</li>
<li>The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%- 38% premium to the current price. </li>
</ul>



Trend Micro Inc. (4704 JP) shares have hit their daily trade limit, following a Reuters report that Bain, Advent, KKR, and EQT AB are potential bidders. 
The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. In 4Q2024, cybersecurity M&amp;A reached the highest quarterly volume in the past three years.
The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%- 38% premium to the current price. 


Trend Micro (4704 JP): Rumoured Buyout Interest Starting to Take Shape

United States

F5 Networks, Inc. provides integrated Internet traffic management solutions designed to improve the availability and performance of mission-critical Internet-based servers and applications.  The Company's software-based solutions manage, control and optimize Internet traffic and content.  F5's solutions automatically deliver Internet content for service providers and e-businesses.

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F5 Networks Inc (FFIV US)

F5 Inc.: Hybrid Multicloud Adoption & Customer Engagement For A Competitive Edge!

F5, Inc.'s financial results for the fourth quarter and fiscal year 2025 reflect both successes and challenges. The company surpassed $3 billion...

Baptista Research

F5’s $180 Million CalypsoAI Bet: Can Security Synergies Justify The Price?

F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in...

Baptista Research

F5 Inc.: Dealing With Complexity Management Challenge in Hybrid Environments & Other Risks! - Major Drivers

F5, Inc. delivered robust results in its first quarter of fiscal 2025, displaying noteworthy growth across its product offerings and geographical...

Baptista Research

Trend Micro (4704 JP): Rumoured Buyout Interest Starting to Take Shape

The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

F5 Inc.: Hybrid Multicloud Adoption & Customer Engagement For A Competitive Edge!

F5, Inc.'s financial results for the fourth quarter and fiscal year 2025 reflect both successes and challenges. The company surpassed $3 billion...

Baptista Research

F5’s $180 Million CalypsoAI Bet: Can Security Synergies Justify The Price?

F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in...

Baptista Research

F5 Networks Bets Big on AI & Cybersecurity—Can Its New AI Gateway Expand Its Market Share?

F5 Inc. reported robust financial performance for the second quarter of fiscal year 2025, highlighted by 7% total revenue growth...

Baptista Research

F5 Inc.: Dealing With Complexity Management Challenge in Hybrid Environments & Other Risks! - Major Drivers

F5, Inc. delivered robust results in its first quarter of fiscal 2025, displaying noteworthy growth across its product offerings and geographical...

Baptista Research

Trend Micro (4704 JP): Rumoured Buyout Interest Starting to Take Shape

The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%...

Arun George