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>After combining the Norton LifeLock and Avast businesses, the company has been renamed as Gen Digital – a corporation with the goal to develop technological solutions that will allow users to profit fully from the online environment while maintaining their privacy and confidence.</li><li>Today, the company’s brand portfolio includes well-known brands, including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

After combining the Norton LifeLock and Avast businesses, the company has been renamed as Gen Digital – a corporation with the goal to develop technological solutions that will allow users to profit fully from the online environment while maintaining their privacy and confidence.Today, the company’s brand portfolio includes well-known brands, including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Gen Digital (formerly Norton Lifelock): Financial Forecasts

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. </li>
<li>The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. </li>
<li>Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  </li>
</ul>


In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. 
The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. 
Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  


Cyberattacks at Numerous US Airports by Suspects from Russia

<ul><li>Norton LifeLock’s business has been adversely affected by the volatile forex environment and various macroeconomic pressures.</li><li>The customer unit retention stays stable, and it continues to drive improvements to main cohorts with the inclusion of its newer customers.</li><li>It has made inroads from its latest Norton Identity Advisory Plus launch in the UK market.</li></ul>

Norton LifeLock’s business has been adversely affected by the volatile forex environment and various macroeconomic pressures.The customer unit retention stays stable, and it continues to drive improvements to main cohorts with the inclusion of its newer customers.It has made inroads from its latest Norton Identity Advisory Plus launch in the UK market.

Norton LifeLock Inc: Evolution of Norton 360

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>British competition regulator surprises by provisionally approving the acquisition of Avast by NortonLifeLock; Avast's share price reacted by increasing by 43%. Now the deal will complete.</li>
<li>If the planned procedures are fulfilled, the purchase of Avast would become effective on 12 September. The Majority cash option should be preferred vs. the majority stock option.</li>
<li>The spread on the majority cash option is 0.87% (tightened from 43.7% prior to the CMA announcement), with a 6.3% estimated annual return.</li>
</ul>


British competition regulator surprises by provisionally approving the acquisition of Avast by NortonLifeLock; Avast's share price reacted by increasing by 43%. Now the deal will complete.
If the planned procedures are fulfilled, the purchase of Avast would become effective on 12 September. The Majority cash option should be preferred vs. the majority stock option.
The spread on the majority cash option is 0.87% (tightened from 43.7% prior to the CMA announcement), with a 6.3% estimated annual return.


NortonLifeLock/​Avast: CMA Announces Provisional Clearance

<ul>
<li>The British competition regulator questions the acquisition of cybersecurity company <a href="https://www.smartkarma.com/entities/avast-plc" target="_blank" data-smartkarma-citation="entities:33815:1" rel="noopener">Avast PLC (AVST LN)</a> by <a href="https://www.smartkarma.com/entities/nortonlifelock-inc" target="_blank" data-smartkarma-citation="entities:18211:1" rel="noopener">NortonLifeLock (NLOK US)</a>. and refers the transaction for an in-depth phase 2 investigation.</li>
<li>The combination would not hold more than c.31% of the UK antivirus market and probably less than 30% in malware protection. The CMA investigation should take 20-24 weeks.</li>
<li>Deal closing could happen during Q4 2022. Spread on the majority cash option is 11.9%, spread on the majority stock option is 3.9%.</li>
</ul>


The British competition regulator questions the acquisition of cybersecurity company Avast PLC (AVST LN) by NortonLifeLock (NLOK US). and refers the transaction for an in-depth phase 2 investigation.
The combination would not hold more than c.31% of the UK antivirus market and probably less than 30% in malware protection. The CMA investigation should take 20-24 weeks.
Deal closing could happen during Q4 2022. Spread on the majority cash option is 11.9%, spread on the majority stock option is 3.9%.


NortonLifeLock/Avast: CMA In-Depth Investigation, Spread

United States

NortonLifeLock Inc. provides consumer cyber security solutions. The Company offers solutions which enables consumers to protect their devices, online privacy, identity, and home networks. NortonLifeLock serves customers worldwide.

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NortonLifeLock (NLOK US)

Gen Digital (formerly Norton Lifelock): Financial Forecasts

After combining the Norton LifeLock and Avast businesses, the company has been renamed as Gen Digital – a corporation with the goal to develop...

Baptista Research

Cyberattacks at Numerous US Airports by Suspects from Russia

In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. This could...

Douglas Kim

Norton LifeLock Inc: Evolution of Norton 360

Norton LifeLock’s business has been adversely affected by the volatile forex environment and various macroeconomic pressures. The customer unit...

Baptista Research

NortonLifeLock/Avast: CMA Announces Provisional Clearance

Following the CMA provisional clearance, the takeover of AVAST by NortonLifeLock is set to complete in September. The spread on this cash and...

Jesus Rodriguez Aguilar

NortonLifeLock/Avast: CMA In-Depth Investigation, Spread

On 25 March, the CMA referred the transaction for an in-depth phase 2 investigation. The deal is left in limbo for 20-24 weeks and completion...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gen Digital (formerly Norton Lifelock): Financial Forecasts

After combining the Norton LifeLock and Avast businesses, the company has been renamed as Gen Digital – a corporation with the goal to develop...

Baptista Research

Cyberattacks at Numerous US Airports by Suspects from Russia

In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. This could...

Douglas Kim

Norton LifeLock Inc: Evolution of Norton 360

Norton LifeLock’s business has been adversely affected by the volatile forex environment and various macroeconomic pressures. The customer unit...

Baptista Research

NortonLifeLock/​Avast: CMA Announces Provisional Clearance

Following the CMA provisional clearance, the takeover of AVAST by NortonLifeLock is set to complete in September. The spread on this cash and...

Jesus Rodriguez Aguilar

NortonLifeLock/Avast: CMA In-Depth Investigation, Spread

On 25 March, the CMA referred the transaction for an in-depth phase 2 investigation. The deal is left in limbo for 20-24 weeks and completion...

Jesus Rodriguez Aguilar

NortonLifeLock/Avast: CMA Announces Provisional Clearance