Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<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

<ul>
<li>Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.</li>
<li>The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.</li>
<li>With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.</li>
</ul>


Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.


Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Palo Alto Networks (PANW) announced 4QFY25 (Jul year-end) results: total revenue was up 15.8% YoY to US$2.5bn, 1.4% ahead of Bloomberg consensus, and non-GAAP net income reached US$673mn, up 28.9% YoY and 8% better than consensus.</li><li>For FY25, total revenue grew 14.9% YoY and non-GAAP net income rose 20.3% YoY.</li><li>AI-related ARR reached c.US$545mn in 4QFY25 and was up 2.5 times YoY. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Palo Alto Networks (PANW) announced 4QFY25 (Jul year-end) results: total revenue was up 15.8% YoY to US$2.5bn, 1.4% ahead of Bloomberg consensus, and non-GAAP net income reached US$673mn, up 28.9% YoY and 8% better than consensus.For FY25, total revenue grew 14.9% YoY and non-GAAP net income rose 20.3% YoY.AI-related ARR reached c.US$545mn in 4QFY25 and was up 2.5 times YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PANW US - Solid Rev Growth and Profitability Expansion Likely to Sustain in FY26

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>Palo Alto Networks is reportedly closing in on one of the cybersecurity industry's largest deals of the year with a potential acquisition of Israel-based CyberArk Software.</li><li>This move, expected to be finalized within days, could value CyberArk well above its current $20 billion market capitalization.</li><li>CyberArk, known for its strength in privileged access management and identity security, boasts over 10,000 customers globally and has been shifting towards a subscription-based model under CEO Matt Cohen.</li></ul>

Palo Alto Networks is reportedly closing in on one of the cybersecurity industry's largest deals of the year with a potential acquisition of Israel-based CyberArk Software.This move, expected to be finalized within days, could value CyberArk well above its current $20 billion market capitalization.CyberArk, known for its strength in privileged access management and identity security, boasts over 10,000 customers globally and has been shifting towards a subscription-based model under CEO Matt Cohen.

Palo Alto’s $20 Billion Cyber Grab: Here's What the CyberArk Deal Could Unlock!

<ul><li>Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape.</li><li>SentinelOne, a company known for its autonomous endpoint protection platform, saw its shares surge after reports emerged suggesting that industry giant Palo Alto Networks (NASDAQ: PANW) might be in advanced talks to acquire it.</li><li>While neither company has confirmed the speculation, multiple Israeli media outlets have cited industry sources suggesting a potential deal value of around $7 billion.</li></ul>

Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape.SentinelOne, a company known for its autonomous endpoint protection platform, saw its shares surge after reports emerged suggesting that industry giant Palo Alto Networks (NASDAQ: PANW) might be in advanced talks to acquire it.While neither company has confirmed the speculation, multiple Israeli media outlets have cited industry sources suggesting a potential deal value of around $7 billion.

Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!

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)

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 IPO Preview: A Hot Cybersecurity Play Is On Deck

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

PANW US - Solid Rev Growth and Profitability Expansion Likely to Sustain in FY26

Palo Alto Networks (PANW) announced 4QFY25 (Jul year-end) results: total revenue was up 15.8% YoY to US$2.5bn, 1.4% ahead of Bloomberg consensus

CMB International

Palo Alto’s $20 Billion Cyber Grab: Here's What the CyberArk Deal Could Unlock!

Palo Alto Networks is reportedly closing in on one of the cybersecurity industry's largest deals of the year with a potential acquisition of...

Baptista Research

Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!

Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape. SentinelOne, a company known for...

Baptista Research

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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 IPO Preview: A Hot Cybersecurity Play Is On Deck

​VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

PANW US - Solid Rev Growth and Profitability Expansion Likely to Sustain in FY26

Palo Alto Networks (PANW) announced 4QFY25 (Jul year-end) results: total revenue was up 15.8% YoY to US$2.5bn, 1.4% ahead of Bloomberg consensus

CMB International

Palo Alto’s $20 Billion Cyber Grab: Here's What the CyberArk Deal Could Unlock!

Palo Alto Networks is reportedly closing in on one of the cybersecurity industry's largest deals of the year with a potential acquisition of...

Baptista Research

Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!

Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape. SentinelOne, a company known for...

Baptista Research

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...