Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>OneStream, the financial software maker and enterprise-focused technology company, set terms for its IPO and plans to raise ~$441M at the midpoint of the range at $18.00 per share.  </li>
<li>The company was backed by American global investment company KKR, D1 Capital Partners, Investment Group of Santa Barbara and Tiger Global Management.</li>
<li>The offering is attractively valued vs. peers given 30%+ growth rates at scale and cash flow generation. OneStream shares are expected to list on the Nasdaq next week.</li>
</ul>


OneStream, the financial software maker and enterprise-focused technology company, set terms for its IPO and plans to raise ~$441M at the midpoint of the range at $18.00 per share.  
The company was backed by American global investment company KKR, D1 Capital Partners, Investment Group of Santa Barbara and Tiger Global Management.
The offering is attractively valued vs. peers given 30%+ growth rates at scale and cash flow generation. OneStream shares are expected to list on the Nasdaq next week.


OneStream IPO Preview and Valuation Analysis: Modest Upside and Top-Tier Backers

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.</li><li>Over the last decade, AMZN, MSFT, and GOOGL have garnered outsized investor attention, in part due to their size, but equally due to each of their rapidly growing tech infrastructure businesses (AWS, Azure, and GCP, respectively).</li><li>Based on the capex commentary from all three exiting the December quarter, investors are hoping for early signs of business AI traction, but also bracing for greater clarity around the costs.</li></ul>

Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.Over the last decade, AMZN, MSFT, and GOOGL have garnered outsized investor attention, in part due to their size, but equally due to each of their rapidly growing tech infrastructure businesses (AWS, Azure, and GCP, respectively).Based on the capex commentary from all three exiting the December quarter, investors are hoping for early signs of business AI traction, but also bracing for greater clarity around the costs.

Cloud Infrastructure Monitor - Upcoming Earnings Season Marks a Crucial Point for Sector and AI

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>Oracle Corporation had a strong performance in its third-quarter fiscal year 2024, with revenue in-line with expectations and EPS $0.02 above the high-end guidance.</li><li>However, both potential future performance and inherent risks were noted, which investors should closely observe.</li><li>A significant part of the discussion was centered on Oracle Cloud Infrastructure (OCI), tagged as the primary driver for the company's overall revenue acceleration.</li></ul>

Oracle Corporation had a strong performance in its third-quarter fiscal year 2024, with revenue in-line with expectations and EPS $0.02 above the high-end guidance.However, both potential future performance and inherent risks were noted, which investors should closely observe.A significant part of the discussion was centered on Oracle Cloud Infrastructure (OCI), tagged as the primary driver for the company's overall revenue acceleration.

Oracle Corporation: How Long Will The Cloud Revenue Growth Last? - Major Drivers

<ul><li>Oracle Corporation's Third Quarter Fiscal Year 2024 Earnings presented a mixed but predominantly positive picture.</li><li>Chief Executive Officer Safra Catz noted excellent overall quarterly performance, with quarterly revenue meeting expectations and earnings per share exceeding it by $0.02.</li><li>The company's infrastructure cloud business (OCI) was singled out for significant praise, as it has become the main factor accelerating the overall revenue growth rate, even outpacing their cloud competitors.</li></ul>

Oracle Corporation's Third Quarter Fiscal Year 2024 Earnings presented a mixed but predominantly positive picture.Chief Executive Officer Safra Catz noted excellent overall quarterly performance, with quarterly revenue meeting expectations and earnings per share exceeding it by $0.02.The company's infrastructure cloud business (OCI) was singled out for significant praise, as it has become the main factor accelerating the overall revenue growth rate, even outpacing their cloud competitors.

Oracle Corporation: Will The Expansion In Application Subscription Revenues Last? - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank</a> raised around US$4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.
ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

OneStream IPO Preview and Valuation Analysis: Modest Upside and Top-Tier Backers

OneStream, a KKR-backed financial software maker, plans to raise ~$441M in upcoming IPO. The IPO valuation looks attractive, and I see a modest...

Andrei Zakharov

Cloud Infrastructure Monitor - Upcoming Earnings Season Marks a Crucial Point for Sector and AI

Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.

Water Tower Research

Oracle Corporation: How Long Will The Cloud Revenue Growth Last? - Major Drivers

Oracle Corporation had a strong performance in its third-quarter fiscal year 2024, with revenue in-line with expectations and EPS $0.02 above the...

Baptista Research

Oracle Corporation: Will The Expansion In Application Subscription Revenues Last? - Major Drivers

Oracle Corporation's Third Quarter Fiscal Year 2024 Earnings presented a mixed but predominantly positive picture. Chief Executive Officer Safra...

Baptista Research

ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its...

Sumeet Singh

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