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>This is our first report on HashiCorp, a software company that offers cloud infrastructure automation.</li><li>The company recently reported on its third-quarter fiscal 2024 financial results.</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 HashiCorp, a software company that offers cloud infrastructure automation.The company recently reported on its third-quarter fiscal 2024 financial results.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

HashiCorp Inc: Initiation of Coverage – AI-Powered Business Boom! Discover How HCP Is Harnessing AI to Skyrocket App Development! - 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

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.

<ul>
<li>The company sells software tools that that allow businesses to automate cloud infrastructure</li>
<li>Next gen VMware... onboarding technology for cloud transitions. Impressive parallel.</li>
<li>Terraform and Vault are 85% of revenues today, but big TAM for the future.</li>
</ul>


The company sells software tools that that allow businesses to automate cloud infrastructure
Next gen VMware... onboarding technology for cloud transitions. Impressive parallel.
Terraform and Vault are 85% of revenues today, but big TAM for the future.


Hashicorp: Cloud Infrastructure Layer...Impressive

Algosun Global

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a> , a leading VC-backed infrastructure automation company, fell ~50% below the IPO price of $80.00 per share.</li>
<li>
<a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a>  is a multi-product company that helps to accelerate cloud adoption. The company reported total revenue of $321M in FY’22 ended Jan-22, up 51% year-over-year. </li>
<li>According to public sources, <a href="https://www.smartkarma.com/entities/cisco-systems-inc" target="_blank" data-smartkarma-citation="entities:1063:1" rel="noopener">Cisco Systems (CSCO US)</a>  has already approached HashiCorp with an acquisition offer in 2019. However, both Cisco and HashiCorp declined to comment on rumors.</li>
</ul>


Shares of HashiCorp (HCP US) , a leading VC-backed infrastructure automation company, fell ~50% below the IPO price of $80.00 per share.

HashiCorp (HCP US)  is a multi-product company that helps to accelerate cloud adoption. The company reported total revenue of $321M in FY’22 ended Jan-22, up 51% year-over-year. 
According to public sources, Cisco Systems (CSCO US)  has already approached HashiCorp with an acquisition offer in 2019. However, both Cisco and HashiCorp declined to comment on rumors.


Will Cisco Make A Bid For HashiCorp As Valuation Fell By Half From The IPO Price?

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Event-Driven

<ul>
<li>Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. </li>
<li>Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.</li>
<li>HashiCorp Inc (HCP), Fluence Energy (FLNC), Rivian Auto (RIVN), Domo Inc (DOMO)</li>
</ul>


Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. 
Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.
HashiCorp Inc (HCP), Fluence Energy (FLNC), Rivian Auto (RIVN), Domo Inc (DOMO)


Liquidity Risk Short Candidates: HashiCorp, Fluence Energy, Rivian Auto, Domo Inc.

United States

HashiCorp, Inc. operates as a software company. The Company provides open-source tools and commercial products that enable developers, operators and security professionals to provision, secure, run, and connect cloud-computing infrastructure. HashiCorp serves customers worldwide.

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HashiCorp (HCP US)

HashiCorp Inc: Initiation of Coverage – AI-Powered Business Boom! Discover How HCP Is Harnessing AI to Skyrocket App Development! - Major Drivers

This is our first report on HashiCorp, a software company that offers cloud infrastructure automation. The company recently reported on its...

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

Hashicorp: Cloud Infrastructure Layer...Impressive

The unique approach to becoming a new infrastructure operating system is totally intriguing and the viral growth within large corporate is impressive.

Aaron Gabin

Will Cisco Make A Bid For HashiCorp As Valuation Fell By Half From The IPO Price?

We believe Cisco Systems may be interested in acquiring HashiCorp, a cloud infrastructure automation unicorn backed by leading VC investors.

Andrei Zakharov

Liquidity Risk Short Candidates: HashiCorp, Fluence Energy, Rivian Auto, Domo Inc.

Liquidity risk shorts can be great short candidates. This week we flag: HashiCorp, Fluence Energy, Rivian Auto, and Domo Inc.

Eric Fernandez, CFA

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