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>Palo Alto Networks delivered a robust set of results for its fiscal third quarter of 2025 that highlight its ongoing strategic focus on platformization and innovation in cybersecurity.</li><li>The key takeaway from the earnings discussion is the firm's steady progression in expanding its footprint in next-generation security (NGS).</li><li>The NGS annual recurring revenue (ARR) surpassed the milestone of $5 billion, showing a 34% increase year-over-year, which illustrates the significant traction Palo Alto Networks is gaining in this evolving segment.</li></ul>

Palo Alto Networks delivered a robust set of results for its fiscal third quarter of 2025 that highlight its ongoing strategic focus on platformization and innovation in cybersecurity.The key takeaway from the earnings discussion is the firm's steady progression in expanding its footprint in next-generation security (NGS).The NGS annual recurring revenue (ARR) surpassed the milestone of $5 billion, showing a 34% increase year-over-year, which illustrates the significant traction Palo Alto Networks is gaining in this evolving segment.

Palo Alto Networks Just Scored a $90 Million Deal—Is XSIAM the Future of Cybersecurity?

<ul><li>Palo Alto Networks' performance in the second quarter of fiscal year 2025 highlights both ongoing strengths and emerging challenges intrinsic to its market position and operating landscape.</li><li>The company reported total revenue of $2.26 billion, marking a 14% year-over-year increase, outperforming its top-line expectations.</li><li>This growth was evenly distributed across multiple sectors, with particular strength in subscription services, which saw a 20% rise, underscoring the firm's robust service-driven revenue stream.</li></ul>

Palo Alto Networks' performance in the second quarter of fiscal year 2025 highlights both ongoing strengths and emerging challenges intrinsic to its market position and operating landscape.The company reported total revenue of $2.26 billion, marking a 14% year-over-year increase, outperforming its top-line expectations.This growth was evenly distributed across multiple sectors, with particular strength in subscription services, which saw a 20% rise, underscoring the firm's robust service-driven revenue stream.

Palo Alto Networks: Why Zero-Trust and Cloud Security Will Drive Massive Growth!

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.</li>
<li>According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering. </li>
<li>While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.</li>
</ul>


Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.
According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering. 
While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.


Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.</li>
<li>The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.</li>
<li>IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.</li>
</ul>


Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.


Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

<ul>
<li>Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.</li>
<li>The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  </li>
<li>Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  </li>
</ul>


Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  
Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  


Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)

Palo Alto Networks Just Scored a $90 Million Deal—Is XSIAM the Future of Cybersecurity?

Palo Alto Networks delivered a robust set of results for its fiscal third quarter of 2025 that highlight its ongoing strategic focus on...

Baptista Research

Palo Alto Networks: Why Zero-Trust and Cloud Security Will Drive Massive Growth!

Palo Alto Networks' performance in the second quarter of fiscal year 2025 highlights both ongoing strengths and emerging challenges intrinsic to...

Baptista Research

Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

Netskope set to debut on Thursday with 47.8 million shares at $15-$17, oversubscribed deal in cybersecurity sector with no price sensitivity.

IPO Boutique

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

In my insight, I dive deeper into the company's business and metrics. Moreover, I discuss IPO valuation and key investment risks

Andrei Zakharov

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Palo Alto Networks Just Scored a $90 Million Deal—Is XSIAM the Future of Cybersecurity?

Palo Alto Networks delivered a robust set of results for its fiscal third quarter of 2025 that highlight its ongoing strategic focus on...

Baptista Research

Palo Alto Networks: Why Zero-Trust and Cloud Security Will Drive Massive Growth!

Palo Alto Networks' performance in the second quarter of fiscal year 2025 highlights both ongoing strengths and emerging challenges intrinsic to...

Baptista Research

Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

​Netskope set to debut on Thursday with 47.8 million shares at $15-$17, oversubscribed deal in cybersecurity sector with no price sensitivity.

IPO Boutique

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

​Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

In my insight, I dive deeper into the company's business and metrics. Moreover, I discuss IPO valuation and key investment risks

Andrei Zakharov

Netskope set to debut on Thursday with 47.8 million shares at $15-$17, oversubscribed deal in cybersecurity sector with no price sensitivity.

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...