Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

<p>Coursera, a rapidly growing online EdTech unicorn, is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $30 to $33, implying a market cap of ~$4.7 billion at midpoint of the price range, making it the most valuable educational technology unicorn scheduled to go public this year.</p><p>Coursera has raised ~$445 million in funding over 13 rounds and was backed by American venture capital firms New Enterprise Associates, G Squared, Kleiner Perkins, Black River Ventures, SuRo Capital and Learn Capital, according to Crunchbase and Pitchbook. We expect net proceeds from the offering may reach ~$430 million. Coursera plans to trade on the New York Stock Exchange under the ticker “COUR”. Morgan Stanley, Goldman Sachs, Citigroup and UBS Investment Bank are lead underwriters on the IPO.    </p>

Coursera, a rapidly growing online EdTech unicorn, is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $30 to $33, implying a market cap of ~$4.7 billion at midpoint of the price range, making it the most valuable educational technology unicorn scheduled to go public this year.Coursera has raised ~$445 million in funding over 13 rounds and was backed by American venture capital firms New Enterprise Associates, G Squared, Kleiner Perkins, Black River Ventures, SuRo Capital and Learn Capital, according to Crunchbase and Pitchbook. We expect net proceeds from the offering may reach ~$430 million. Coursera plans to trade on the New York Stock Exchange under the ticker “COUR”. Morgan Stanley, Goldman Sachs, Citigroup and UBS Investment Bank are lead underwriters on the IPO.    

Coursera IPO. Leading High-Growth EdTech Unicorn

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.</p>

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

U.S. Equity Strategy: Round Trip Back To Resistance

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.

Equity Bottom-Up

<p><strong>Summary: </strong>Medallia, a SaaS-based experience management software provider is a feature, not a platform. Its new CEO, Leslie Stretch, has embarked on an ambitious strategy reaccelerating stagnant growth through acquisitions and a new go to market strategy shifting the focus of customer acquisition from the enterprise to the mid-market. Intense competition in the mid-market from SAP and larger platform providers will pressure what was once robust unit economics, pushing out profitability as growth stagnates in the enterprise.</p><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div><div><p>The Insight is meant to be used by investors as a road map to evaluate <a href="https://www.smartkarma.com/entities/medallia-inc" target="_blank" data-smartkarma-citation="entities:28160:1" rel="noopener">Medallia Inc (MDLA US)'</a>s progress over the next few quarters. We start with a Best Working Thesis which reflects our initial conclusions from the case study. Key Questions positively answered would make us incrementally more bullish, while evidence of rising Thesis Threats may potentially puncture our view.</p></div>

Summary: Medallia, a SaaS-based experience management software provider is a feature, not a platform. Its new CEO, Leslie Stretch, has embarked on an ambitious strategy reaccelerating stagnant growth through acquisitions and a new go to market strategy shifting the focus of customer acquisition from the enterprise to the mid-market. Intense competition in the mid-market from SAP and larger platform providers will pressure what was once robust unit economics, pushing out profitability as growth stagnates in the enterprise.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.The Insight is meant to be used by investors as a road map to evaluate Medallia Inc (MDLA US)'s progress over the next few quarters. We start with a Best Working Thesis which reflects our initial conclusions from the case study. Key Questions positively answered would make us incrementally more bullish, while evidence of rising Thesis Threats may potentially puncture our view.

<p>The S&amp;P 500 is beginning to come off of short-term overbought extremes, consolidating near the confluence of key overhead resistance and the 200-day moving average. This level is roughly 2,817 on the S&amp;P 500 and roughly 1,000 on the S&amp;P 600 Small Cap index. Some consolidation or a mild pullback is possible in the near-term, which we believe would help alleviate current overbought readings and allow for a more orderly and meaningful move higher.  In today’s report we highlight attractive Groups and stocks within the Consumer Discretionary, Health Care, and Services Sectors.</p>

The S&amp;P 500 is beginning to come off of short-term overbought extremes, consolidating near the confluence of key overhead resistance and the 200-day moving average. This level is roughly 2,817 on the S&amp;P 500 and roughly 1,000 on the S&amp;P 600 Small Cap index. Some consolidation or a mild pullback is possible in the near-term, which we believe would help alleviate current overbought readings and allow for a more orderly and meaningful move higher.  In today’s report we highlight attractive Groups and stocks within the Consumer Discretionary, Health Care, and Services Sectors.

S&P 500 and S&P 600 Testing Resistance...Still

United States

Pluralsight, Inc. operates as an enterprise software company. The Company offers a platform that provides technology skill development solutions. Pluralsight serves clients in the State of Utah.

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