Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Atlassian reported Q4 2026 revenue of $1,766 million, up 28% YoY, flat sequentially but up roughly 6% above the high end of the guided range from back in April.</li>
<li>Quarterly cloud revenue accelerated to $1,213 million, up 31% YoY, and a full 5.5 points above the ~25.5% cloud growth management had guided for the quarter.</li>
<li>Despite posting a 2027 forecast that has revenue growth decelerating from 26% to 13%, the company's share price soared 35% post earnings. Is the SaaSpocalypse over already?</li>
</ul>


Atlassian reported Q4 2026 revenue of $1,766 million, up 28% YoY, flat sequentially but up roughly 6% above the high end of the guided range from back in April.
Quarterly cloud revenue accelerated to $1,213 million, up 31% YoY, and a full 5.5 points above the ~25.5% cloud growth management had guided for the quarter.
Despite posting a 2027 forecast that has revenue growth decelerating from 26% to 13%, the company's share price soared 35% post earnings. Is the SaaSpocalypse over already?


Atlassian Q426. A Phoenix Rising From The SaaSpocalypse Ashes?

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

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>Monday.com was founded in 2012 and has grown to a market cap of over $14 billion, offering a work management platform that helps organizations plan, track, and run workflows of any kind.</li><li>The founders, Roy Mann and Aran Zinman, focused on creating a flexible platform that could be tailored to meet the specific needs of different teams and industries, leading to rapid growth and high customer satisfaction.</li><li>By emphasizing speed, iteration, and customer feedback, Monday.com has been able to continuously innovate and expand its reach across various markets and use cases, positioning itself as a leader in the software industry.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Monday.com was founded in 2012 and has grown to a market cap of over $14 billion, offering a work management platform that helps organizations plan, track, and run workflows of any kind.The founders, Roy Mann and Aran Zinman, focused on creating a flexible platform that could be tailored to meet the specific needs of different teams and industries, leading to rapid growth and high customer satisfaction.By emphasizing speed, iteration, and customer feedback, Monday.com has been able to continuously innovate and expand its reach across various markets and use cases, positioning itself as a leader in the software industry.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

monday.com⁠: Work Management Software - [Business Breakdowns, EP.217]

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.

<ul>
<li>Monday.com's fourth quarter and fiscal year 2024 results, highlighted noteworthy achievements alongside challenges and strategic changes.</li>
<li>Roy Mann, Co-CEO, emphasized reaching a major milestone of $1 billion in annual recurring revenue, indicating robust demand for monday.com’s Work OS platform.</li>
<li>The company reported substantial growth with total revenue for Q4 2024 at $268 million—a 32% increase from the previous year—and an annual revenue of $972 million, marking a 33% year-over-year growth.</li>
</ul>


Monday.com's fourth quarter and fiscal year 2024 results, highlighted noteworthy achievements alongside challenges and strategic changes.
Roy Mann, Co-CEO, emphasized reaching a major milestone of $1 billion in annual recurring revenue, indicating robust demand for monday.com’s Work OS platform.
The company reported substantial growth with total revenue for Q4 2024 at $268 million—a 32% increase from the previous year—and an annual revenue of $972 million, marking a 33% year-over-year growth.


Monday.com’s Multi-Product Power Play: The Cross-Selling Strategy Fueling Massive Revenue Growth!

<ul>
<li>After a review of the recent earnings of Monday.com, our investment thesis on the company is cautiously optimistic, with the belief that the enterprise software provider is poised for sustained growth and success in the coming years.</li>
<li>However, these positive assertions need to be balanced with the recent ViacomCBS and CBS-A merger.</li>
<li>Following a hugely successful year, Monday.com, the cloud-based software company, experienced significant growth and progress in 2023 despite prevailing economic and political uncertainties.</li>
</ul>


After a review of the recent earnings of Monday.com, our investment thesis on the company is cautiously optimistic, with the belief that the enterprise software provider is poised for sustained growth and success in the coming years.
However, these positive assertions need to be balanced with the recent ViacomCBS and CBS-A merger.
Following a hugely successful year, Monday.com, the cloud-based software company, experienced significant growth and progress in 2023 despite prevailing economic and political uncertainties.


Monday.com Ltd: Artificial Intelligence Development & 5 Other Catalysts For Future Growth!

United States

monday.com Ltd provides software solutions. The Company offers cloud-based platform that allows users to centralize all work, processes, tools, and files into one work OS, and to connect teams, bridge silos, and maintain one source. monday.com serves customers worldwide.

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Monday.com (MNDY US)

Atlassian Q426. A Phoenix Rising From The SaaSpocalypse Ashes?

Despite posting a 2027 forecast that has revenue growth decelerating from 26% to 13%, the company's share price soared 35% post earnings. Is the...

William Keating

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

monday.com⁠: Work Management Software - [Business Breakdowns, EP.217]

Monday.com, founded by Roy Mann and Aran Zinman, is a highly successful work management platform known for its flexibility, customization, and...

Business Breakdowns

Monday.com’s Multi-Product Power Play: The Cross-Selling Strategy Fueling Massive Revenue Growth!

Monday.com's fourth quarter and fiscal year 2024 results, highlighted noteworthy achievements alongside challenges and strategic changes.

Baptista Research

Monday.com Ltd: Artificial Intelligence Development & 5 Other Catalysts For Future Growth!

After a review of the recent earnings of Monday.com, our investment thesis on the company is cautiously optimistic, with the belief that the...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Atlassian Q426. A Phoenix Rising From The SaaSpocalypse Ashes?

Despite posting a 2027 forecast that has revenue growth decelerating from 26% to 13%, the company's share price soared 35% post earnings. Is the...

William Keating

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

monday.com⁠: Work Management Software - [Business Breakdowns, EP.217]

Monday.com, founded by Roy Mann and Aran Zinman, is a highly successful work management platform known for its flexibility, customization, and...

Business Breakdowns

Monday.com’s Multi-Product Power Play: The Cross-Selling Strategy Fueling Massive Revenue Growth!

Monday.com's fourth quarter and fiscal year 2024 results, highlighted noteworthy achievements alongside challenges and strategic changes.

Baptista Research

Monday.com Ltd: Artificial Intelligence Development & 5 Other Catalysts For Future Growth!

After a review of the recent earnings of Monday.com, our investment thesis on the company is cautiously optimistic, with the belief that the...

Baptista Research

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