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>Okta delivered a solid result and managed an all-around beat in the last quarter.</li><li>Although macroeconomic factors, such as a modest FX revenue headwind, continue to affect its business, Okta thinks the environment stabilized in Q2.</li><li>Later this year, Okta continues to look forward to the launch of Okta Privileged Access, or OPA.</li></ul>

Okta delivered a solid result and managed an all-around beat in the last quarter.Although macroeconomic factors, such as a modest FX revenue headwind, continue to affect its business, Okta thinks the environment stabilized in Q2.Later this year, Okta continues to look forward to the launch of Okta Privileged Access, or OPA.

Okta Inc.: Discover The Strategies Behind Their Recent Revenue Spike! - Major Drivers

<ul><li>Okta delivered a strong fourth-quarter performance which was highlighted by an all-around beat as well as a significant improvement in profitability and cash flow.</li><li>The end of the 2023 fiscal was strong, with sustained improvement in its go-to-market business performance.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Okta delivered a strong fourth-quarter performance which was highlighted by an all-around beat as well as a significant improvement in profitability and cash flow.The end of the 2023 fiscal was strong, with sustained improvement in its go-to-market business performance.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Darktrace is a cyber security and AI unicorn backed by leading VC firms. The company was founded in Cambridge, UK, in 2013 and crossed the $500M ARR mark in 2022.  </li>
<li>
<a href="https://www.smartkarma.com/entities/darktrace-plc" target="_blank" data-smartkarma-citation="entities:34466:1" rel="noopener">Darktrace (DARK LN)</a>  currently trades at ~4x EV/CY22E revenues, a steep discount relative to other US-based cybersecurity peers that trade at an average of ~9x EV/CY22E revenues.</li>
<li>The cyber defense company achieved GAAP Op Margin and FCF Margin break-even in FY21 and FY22, with an opportunity to deliver profitable stellar growth in the coming years.</li>
</ul>


Darktrace is a cyber security and AI unicorn backed by leading VC firms. The company was founded in Cambridge, UK, in 2013 and crossed the $500M ARR mark in 2022.  

Darktrace (DARK LN)  currently trades at ~4x EV/CY22E revenues, a steep discount relative to other US-based cybersecurity peers that trade at an average of ~9x EV/CY22E revenues.
The cyber defense company achieved GAAP Op Margin and FCF Margin break-even in FY21 and FY22, with an opportunity to deliver profitable stellar growth in the coming years.


Darktrace: Undervalued Cyber Defense Unicorn. A Steep Discount Is Unjustified

<ul><li>Okta is delivered a decent set of third-quarter results beating revenue expectations of Wall Street and delivering narrower than expected losses.</li><li>Since the beginning of the year, Okta’s business with public sector businesses has grown by more than 65% thanks to outstanding successes in the worker and customer identity clouds.</li><li>The management also unveiled improvements to the Okta Workforce Identity Cloud, enhancing its one control plane for managing identities across all business users and resources.</li></ul>

Okta is delivered a decent set of third-quarter results beating revenue expectations of Wall Street and delivering narrower than expected losses.Since the beginning of the year, Okta’s business with public sector businesses has grown by more than 65% thanks to outstanding successes in the worker and customer identity clouds.The management also unveiled improvements to the Okta Workforce Identity Cloud, enhancing its one control plane for managing identities across all business users and resources.

Okta Inc: Improvements In The Okta Workforce Identity Cloud & Other Developments

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

United States

Okta, Inc. develops internet applications software. The Company offers automated user management, integration, mobile identification, multifactor authentication, and reporting software. Okta serves customers worldwide.

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Okta (OKTA US)

Okta Inc.: Discover The Strategies Behind Their Recent Revenue Spike! - Major Drivers

Okta delivered a solid result and managed an all-around beat in the last quarter. Although macroeconomic factors, such as a modest FX revenue...

Baptista Research

Okta Inc.: Major Drivers

Okta delivered a strong fourth-quarter performance which was highlighted by an all-around beat as well as a significant improvement in...

Baptista Research

Darktrace: Undervalued Cyber Defense Unicorn. A Steep Discount Is Unjustified

Our analysis suggests Darktrace shares look undervalued relative to peers, and we believe a steep discount is unjustified

Andrei Zakharov

Okta Inc: Improvements In The Okta Workforce Identity Cloud & Other Developments

Okta is delivered a decent set of third-quarter results beating revenue expectations of Wall Street and delivering narrower than expected...

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

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