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>Qualys, Inc. delivered a mixed set of results for its second quarter of 2025, highlighting both strengths and challenges the company faces.</li><li>For the second quarter, revenues grew by 10% to $164.1 million, showcasing a solid performance underpinned by strong strategic partnerships.</li><li>The contribution of the channel was significant, making up 49% of total revenues with channel partners experiencing a robust growth rate of 17% compared to direct sales.</li></ul>

Qualys, Inc. delivered a mixed set of results for its second quarter of 2025, highlighting both strengths and challenges the company faces.For the second quarter, revenues grew by 10% to $164.1 million, showcasing a solid performance underpinned by strong strategic partnerships.The contribution of the channel was significant, making up 49% of total revenues with channel partners experiencing a robust growth rate of 17% compared to direct sales.

Qualys Inc: Reinventing Cybersecurity With Unified Licensing, AI Agents, & Record Bookings!

<ul><li>Qualys, a leading provider of cybersecurity solutions, presented a mixed financial performance for the first quarter of 2025, highlighted by certain growth indicators alongside pronounced macroeconomic challenges.</li><li>Total revenue for the quarter increased by 10% year-over-year to $159.9 million, surpassing initial expectations.</li><li>This growth was notably fueled by robust performance of the channel sales, which accounted for 49% of total revenues, reflecting a 19% increase in channel-related revenue compared to a 2% growth in direct revenue.</li></ul>

Qualys, a leading provider of cybersecurity solutions, presented a mixed financial performance for the first quarter of 2025, highlighted by certain growth indicators alongside pronounced macroeconomic challenges.Total revenue for the quarter increased by 10% year-over-year to $159.9 million, surpassing initial expectations.This growth was notably fueled by robust performance of the channel sales, which accounted for 49% of total revenues, reflecting a 19% increase in channel-related revenue compared to a 2% growth in direct revenue.

Qualys Inc.: Strengthening Partnership Ecosystem to Play A Significant Role In Its Growth Trajectory!

<ul><li>Qualys, Inc., a pioneer in software-as-a-service (SaaS) security, recently shared its fourth-quarter 2024 financial results and strategic updates, marking its 25th anniversary.</li><li>The company's CEO, Sumedh Thakar, emphasized the transformation and rebranding efforts that have strengthened Qualys' position in the cybersecurity sector.</li><li>Their platform, initially focused on vulnerability scanning, has evolved into a comprehensive risk analytics and quantification solution, leveraging AI to provide an integrated risk management workflow for customers.</li></ul>

Qualys, Inc., a pioneer in software-as-a-service (SaaS) security, recently shared its fourth-quarter 2024 financial results and strategic updates, marking its 25th anniversary.The company's CEO, Sumedh Thakar, emphasized the transformation and rebranding efforts that have strengthened Qualys' position in the cybersecurity sector.Their platform, initially focused on vulnerability scanning, has evolved into a comprehensive risk analytics and quantification solution, leveraging AI to provide an integrated risk management workflow for customers.

Qualys’ TotalAI Could Disrupt Cybersecurity – Here’s Why CISOs Are Scrambling to Get On Board!

<ul><li>Qualys' third-quarter results for 2024 reflected several strengths and areas for consideration.</li><li>Revenue for the third quarter grew by 8% to $153.9 million, with a notable contribution from the channel, making up 47% of total revenues.</li><li>This indicates success in leveraging their partner ecosystem to drive growth.</li></ul>

Qualys' third-quarter results for 2024 reflected several strengths and areas for consideration.Revenue for the third quarter grew by 8% to $153.9 million, with a notable contribution from the channel, making up 47% of total revenues.This indicates success in leveraging their partner ecosystem to drive growth.

Inside Qualys' Potential Sale: Why This Cybersecurity Firm is Turning Heads in the Tech World!

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" rel="noopener">Trend Micro Inc. (4704 JP)</a> shares have hit their daily trade limit, following a <a href="https://finance.yahoo.com/news/exclusive-buyout-firms-vie-cybersecurity-003204122.html" target="_blank" rel="noopener">Reuters report</a> that Bain, Advent, KKR, and EQT AB are potential bidders. </li>
<li>The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. In 4Q2024, cybersecurity M&amp;A reached the highest quarterly volume in the past three years.</li>
<li>The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%- 38% premium to the current price. </li>
</ul>



Trend Micro Inc. (4704 JP) shares have hit their daily trade limit, following a Reuters report that Bain, Advent, KKR, and EQT AB are potential bidders. 
The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. In 4Q2024, cybersecurity M&amp;A reached the highest quarterly volume in the past three years.
The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%- 38% premium to the current price. 


Trend Micro (4704 JP): Rumoured Buyout Interest Starting to Take Shape

United States

Qualys, Inc. provides information technology security risk and compliance management solutions. The Company offers products for vulnerability management, policy compliance, web application scanning, malware detection, and associated security products. Qualys conducts business in the United States.

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Qualys Inc (QLYS US)

Qualys Inc: Reinventing Cybersecurity With Unified Licensing, AI Agents, & Record Bookings!

Qualys, Inc. delivered a mixed set of results for its second quarter of 2025, highlighting both strengths and challenges the company faces. For...

Baptista Research

Qualys Inc.: Strengthening Partnership Ecosystem to Play A Significant Role In Its Growth Trajectory!

Qualys, a leading provider of cybersecurity solutions, presented a mixed financial performance for the first quarter of 2025, highlighted by...

Baptista Research

Qualys’ TotalAI Could Disrupt Cybersecurity – Here’s Why CISOs Are Scrambling to Get On Board!

Qualys, Inc., a pioneer in software-as-a-service (SaaS) security, recently shared its fourth-quarter 2024 financial results and strategic updates,...

Baptista Research

Inside Qualys' Potential Sale: Why This Cybersecurity Firm is Turning Heads in the Tech World!

Qualys' third-quarter results for 2024 reflected several strengths and areas for consideration. Revenue for the third quarter grew by 8% to $153.9...

Baptista Research

Trend Micro (4704 JP): Rumoured Buyout Interest Starting to Take Shape

The valuation is undemanding. If it trades in line with its median peers’ CY2024 EV/Sales and EV/EBITDA multiple, it implies JPY11,500-15,000, a 6%...

Arun George

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