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>Freshworks, a prominent software development company, showcased a robust financial performance in the first quarter of 2021, achieving a notable 20% year-over-year revenue growth, bringing its total revenue to $165.1 million.</li><li>This impressive growth was complemented by a strong free cash flow of $38.7 million, reflecting a free cash flow margin of 23%.</li><li>The company's strategic initiatives highlight its dedication to innovation, particularly in artificial intelligence (AI), which has significantly enhanced efficiency and customer satisfaction across its product offerings.</li></ul>

Freshworks, a prominent software development company, showcased a robust financial performance in the first quarter of 2021, achieving a notable 20% year-over-year revenue growth, bringing its total revenue to $165.1 million.This impressive growth was complemented by a strong free cash flow of $38.7 million, reflecting a free cash flow margin of 23%.The company's strategic initiatives highlight its dedication to innovation, particularly in artificial intelligence (AI), which has significantly enhanced efficiency and customer satisfaction across its product offerings.

Freshworks Inc.: Strengthening Market Position Through Strategic Acquisitions! - Major Drivers

<ul><li>Freshworks had a strong fourth quarter in 2023, with revenue exceeding the high end of its financial estimates at $160.1 million.</li><li>They significantly improved their operating efficiency, changing from using cash for operations in 2022 to generating $78 million of free cash flow in 2023.</li><li>For the full year 2023, Freshworks finished with a revenue of $596.4 million and free cash flow margin of 13%.</li></ul>

Freshworks had a strong fourth quarter in 2023, with revenue exceeding the high end of its financial estimates at $160.1 million.They significantly improved their operating efficiency, changing from using cash for operations in 2022 to generating $78 million of free cash flow in 2023.For the full year 2023, Freshworks finished with a revenue of $596.4 million and free cash flow margin of 13%.

Freshworks Inc: Is Artificial Intelligence (AI) The Biggest Growth Catalyst? - Major Drivers

<ul><li>This is our first report on Freshworks Inc, a renowned customer service software player.</li><li>Increased free cash flow along with a rise in the free cash flow margin to 14% likewise surpassed estimates.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on Freshworks Inc, a renowned customer service software player.Increased free cash flow along with a rise in the free cash flow margin to 14% likewise surpassed estimates.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Freshworks Inc: Initiation of Coverage - 4 Reasons Responsible For Their Future Growth! – 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

Algosun Global

<ul>
<li>
<a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  reported solid 2QFY22 results, and the company beat all key estimates, showed strong revenue growth of 37% YoY, and added ~1,800 net new customers. </li>
<li>Welcomed high-profile new customers such as Cloudera, Dynatrace, Sterling Bank, Thomas Cook, World Market, Angi Home, and more. </li>
<li>Shares of <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  have been exposed to heightened volatility lately, which we think provides long-term investors with an opportunity. </li>
</ul>



Freshworks (FRSH US)  reported solid 2QFY22 results, and the company beat all key estimates, showed strong revenue growth of 37% YoY, and added ~1,800 net new customers. 
Welcomed high-profile new customers such as Cloudera, Dynatrace, Sterling Bank, Thomas Cook, World Market, Angi Home, and more. 
Shares of Freshworks (FRSH US)  have been exposed to heightened volatility lately, which we think provides long-term investors with an opportunity. 


Confident In Growth Opportunities. Weak Q3FY22 Billings Guidance Does Not Change Our Bullish Thesis

United States

Freshworks Inc. provides software as a service platform that enables small and medium-sized businesses to support customers through e-mail, phone, website, and social networks. The Company offers multi-product support, a knowledge base, self-service portal, community forums, and tools to leverage mainstream social media for customer support. Freshworks serves customers worldwide.

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Freshworks (FRSH US)

Freshworks Inc.: Strengthening Market Position Through Strategic Acquisitions! - Major Drivers

Freshworks, a prominent software development company, showcased a robust financial performance in the first quarter of 2021, achieving a notable...

Baptista Research

Freshworks Inc: Is Artificial Intelligence (AI) The Biggest Growth Catalyst? - Major Drivers

Freshworks had a strong fourth quarter in 2023, with revenue exceeding the high end of its financial estimates at $160.1 million. They...

Baptista Research

Freshworks Inc: Initiation of Coverage - 4 Reasons Responsible For Their Future Growth! – Major Drivers

This is our first report on Freshworks Inc, a renowned customer service software player. Increased free cash flow along with a rise in the free...

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

Confident In Growth Opportunities. Weak Q3FY22 Billings Guidance Does Not Change Our Bullish Thesis

Software has been a strong performing sector during the last two months, and Freshworks remains our topic across recent technology IPOs

Andrei Zakharov

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