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>Pure Storage managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Q1 operating earnings of approximately $20 million exceeded expectations, despite higher-than-expected salary expenditures and their first sales kickoff event since 2020.</li><li>Besides, despite the positive initial reception to FlashBlade//E, Pure Storage expects a modest revenue increase in the second half of the year.</li></ul>

Pure Storage managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.Q1 operating earnings of approximately $20 million exceeded expectations, despite higher-than-expected salary expenditures and their first sales kickoff event since 2020.Besides, despite the positive initial reception to FlashBlade//E, Pure Storage expects a modest revenue increase in the second half of the year.

Pure Storage Inc.: What's Next for Their Evergreen Subscription Services? – Key Drivers

Equity Capital Markets

Pure Storage Inc / Equity Capital Markets

<ul><li>Pure Storage is delivered a decent set of quarterly results, showing a 20% revenue increase year over year and a 30% increase in subscriber ARR, reaching $1 billion for the first time.</li><li>Evergreen/One experienced a solid quarter and the company also saw outstanding growth for its new products, including FlashArray/C, FlashArray/XL, and FlashBlade/S.</li><li>Pure Storage may further benefit from this emphasis on expenditure in the ensuing quarters.</li></ul>

Pure Storage is delivered a decent set of quarterly results, showing a 20% revenue increase year over year and a 30% increase in subscriber ARR, reaching $1 billion for the first time.Evergreen/One experienced a solid quarter and the company also saw outstanding growth for its new products, including FlashArray/C, FlashArray/XL, and FlashBlade/S.Pure Storage may further benefit from this emphasis on expenditure in the ensuing quarters.

<ul><li>This is our first report on Pure Storage, an emerging company within the data storage technologies and related products space.</li><li>Modern corporate transformation depends heavily on data, and Pure Storage is enabling improved innovation and customer experience through its technology.</li><li>The company further released the Pure Fusion service for general availability to enable customers, managed service providers and cloud service providers to implement a cloud operating model for data storage management and offerings.</li></ul>

This is our first report on Pure Storage, an emerging company within the data storage technologies and related products space.Modern corporate transformation depends heavily on data, and Pure Storage is enabling improved innovation and customer experience through its technology.The company further released the Pure Fusion service for general availability to enable customers, managed service providers and cloud service providers to implement a cloud operating model for data storage management and offerings.

Pure Storage Inc: Initiation of Coverage – The Evergreen/Flex Launch & Other Drivers

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

<ul>
<li>Enterprise storage hardware market faces numerous headwinds and increasing commoditization</li>
<li>STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ</li>
<li>Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates</li>
</ul>


Enterprise storage hardware market faces numerous headwinds and increasing commoditization
STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ
Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates


Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

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.

<p>This note is a followup to our deep dive on Nutanix from December. The quarter’s results were consistent with our long thesis, and the near 30% selloff in shares is egregious given the reasons behind the guidance cut (faster subscription transition and corona-virus driven uncertainty. We would point towards the upcoming Investor Day on March 26 as the next catalyst in the event path when management will likely provide updated guidance.</p><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>

This note is a followup to our deep dive on Nutanix from December. The quarter’s results were consistent with our long thesis, and the near 30% selloff in shares is egregious given the reasons behind the guidance cut (faster subscription transition and corona-virus driven uncertainty. We would point towards the upcoming Investor Day on March 26 as the next catalyst in the event path when management will likely provide updated guidance.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.

Nutanix: Subscription Transition Meets Corona Virus? Huh?

United States

Pure Storage, Inc. provides enterprise storage solutions. The Company offers flash enterprise arrays for high performance workloads, including server consolidation, virtualization desktop, database, and cloud computing. Pure Storage serves customers throughout the United States.

Pure Storage Inc (PSTG US)

Pure Storage Inc.: What's Next for Their Evergreen Subscription Services? – Key Drivers

Pure Storage managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Q1 operating earnings of...

Baptista Research

Pure Storage Inc: Major Drivers

Pure Storage is delivered a decent set of quarterly results, showing a 20% revenue increase year over year and a 30% increase in subscriber ARR,...

Baptista Research

Pure Storage Inc: Initiation of Coverage – The Evergreen/Flex Launch & Other Drivers

This is our first report on Pure Storage, an emerging company within the data storage technologies and related products space. Modern corporate...

Baptista Research

Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

Market share losses are likely occurring and the "recurring revenue STaaS" story may be decelerating amidst competition, pricing pressure, and...

Robert C Prather Jr

Nutanix: Subscription Transition Meets Corona Virus? Huh?

This note is a followup to our deep dive on Nutanix from December. The quarter’s results were consistent with our long thesis, and the near 30%...

Aaron Gabin