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>GitLab's recent quarterly results reveal a complex, yet promising landscape for the company.</li><li>GitLab reported arevenue increase of 31% year-over-year, reaching $196 million for the third quarter of fiscal year 2025.</li><li>The company exceeded profitability guidance with a non-GAAP operating margin of 13.2%, up more than 1,000 basis points from the prior year.</li></ul>

GitLab's recent quarterly results reveal a complex, yet promising landscape for the company.GitLab reported arevenue increase of 31% year-over-year, reaching $196 million for the third quarter of fiscal year 2025.The company exceeded profitability guidance with a non-GAAP operating margin of 13.2%, up more than 1,000 basis points from the prior year.

GitLab Inc.: High Adoption & Expansion of GitLab Ultimate Driving Our Optimism! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.</li>
<li>I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.</li>
<li>I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.</li>
</ul>


Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.
I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.


Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

<ul><li>GitLab's Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with AI capabilities.</li><li>Revenue grew substantially by 31% year-over-year, totaling $183 million, a testament to the adoption of new accounts alongside expansions in existing clientele including notable names like Delaware North and Guild Mortgage.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

GitLab's Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with AI capabilities.Revenue grew substantially by 31% year-over-year, totaling $183 million, a testament to the adoption of new accounts alongside expansions in existing clientele including notable names like Delaware North and Guild Mortgage.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

GitLab Inc.: Expansion of AI-Driven Developer Tools & Major Growth Drivers

<ul><li>GitLab has recently been in the news for receiving acquisition interest with one of the rumored parties interested in acquiring the company being Datadog.</li><li>The company has had a decent financial performance off-late and has a lot of interesting facets to its business making it an attractive acquisition target.</li><li>In its first quarter of the fiscal year 2025, GitLab reported a 33% increase in revenue, with significant year-over-year margin expansion, reflecting robust growth and operational efficiency.</li></ul>

GitLab has recently been in the news for receiving acquisition interest with one of the rumored parties interested in acquiring the company being Datadog.The company has had a decent financial performance off-late and has a lot of interesting facets to its business making it an attractive acquisition target.In its first quarter of the fiscal year 2025, GitLab reported a 33% increase in revenue, with significant year-over-year margin expansion, reflecting robust growth and operational efficiency.

GitLab Is A Possible Acquisition Target For Datadog & Others But At What Valuation? - Financial Forecasts

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. </li>
<li>Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF</li>
<li>Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more</li>
</ul>


Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. 
Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF
Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more


Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

United States

GitLab Inc. designs and develops software solutions. The Company offers platform for authentication, authorization, devops score, audit, and value stream management. GitLab serves customers worldwide.

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Gitlab (GTLB US)

GitLab Inc.: High Adoption & Expansion of GitLab Ultimate Driving Our Optimism! - Major Drivers

GitLab's recent quarterly results reveal a complex, yet promising landscape for the company. GitLab reported arevenue increase of 31%...

Baptista Research

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

GitLab Inc.: Expansion of AI-Driven Developer Tools & Major Growth Drivers

GitLab's Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with...

Baptista Research

GitLab Is A Possible Acquisition Target For Datadog & Others But At What Valuation? - Financial Forecasts

GitLab has recently been in the news for receiving acquisition interest with one of the rumored parties interested in acquiring the company being...

Baptista Research

Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

Continue Riding This Bull Market Higher; Small- and Mid-Caps Resuming Uptrends $IWM $RTY $VXF; Downgrading Consumer Staples $XLP to Underweight...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

GitLab Inc.: High Adoption & Expansion of GitLab Ultimate Driving Our Optimism! - Major Drivers

GitLab's recent quarterly results reveal a complex, yet promising landscape for the company. GitLab reported arevenue increase of 31%...

Baptista Research

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

​Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

GitLab Inc.: Expansion of AI-Driven Developer Tools & Major Growth Drivers

GitLab's Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with...

Baptista Research

GitLab Is A Possible Acquisition Target For Datadog & Others But At What Valuation? - Financial Forecasts

GitLab has recently been in the news for receiving acquisition interest with one of the rumored parties interested in acquiring the company being...

Baptista Research

Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

Continue Riding This Bull Market Higher; Small- and Mid-Caps Resuming Uptrends $IWM $RTY $VXF; Downgrading Consumer Staples $XLP to Underweight...

Vermilion Research

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...