Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<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

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>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

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>Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.</li>
<li>EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.</li>
<li>13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.</li>
</ul>


Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.
EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.
13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.


Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

<ul><li>This is our first report on identity solutions provider, Okta Inc.</li><li>The company delivered a solid set of results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.</li><li>There was a rise in Okta’s stand-alone revenue, total revenue, current RPO, and RPO.</li></ul>

This is our first report on identity solutions provider, Okta Inc.The company delivered a solid set of results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.There was a rise in Okta’s stand-alone revenue, total revenue, current RPO, and RPO.

Okta Inc.: Initiation of Coverage – Business Strategy

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)

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

Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

Crowdstrike’s stock has pulled back in the past week or so by 15%, despite another superb quarter. 13x forward forward P/S sounds reasonable given...

Aaron Gabin

Okta Inc.: Initiation of Coverage – Business Strategy

This is our first report on identity solutions provider, Okta Inc. The company delivered a solid set of results in the last quarter surpassing...

Baptista Research

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