Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  </li>
<li>I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  </li>
</ul>


ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.
The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  
I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  


ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

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>Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain challenges in its transition to newer markets and technologies.</li><li>Revenue for the quarter reached $9.44 billion, marking an 8% increase year-over-year in both nominal and constant currency terms.</li><li>This growth was primarily propelled by robust performance in core segments like the Sales and Service Clouds, which saw double-digit growth.</li></ul>

Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain challenges in its transition to newer markets and technologies.Revenue for the quarter reached $9.44 billion, marking an 8% increase year-over-year in both nominal and constant currency terms.This growth was primarily propelled by robust performance in core segments like the Sales and Service Clouds, which saw double-digit growth.

Salesforce’s Big Moves: What Margin Expansion and Cloud Revenue Growth Mean for Investors! - Major Drivers

<ul>
<li>ServiceTitan, a VC-backed cloud-based software company for the home and commercial service industries, files to go public and may raise up to $500M.</li>
<li>The company serves many trades, including plumbing, HVAC, garage doors, landscaping, pest control, water treatment, heating, construction and others.</li>
<li>ServiceTitan is well positioned as a leader at scale in the trade industry. They currently operate in the United States, Canada and see significant opportunity in international markets.</li>
</ul>


ServiceTitan, a VC-backed cloud-based software company for the home and commercial service industries, files to go public and may raise up to $500M.
The company serves many trades, including plumbing, HVAC, garage doors, landscaping, pest control, water treatment, heating, construction and others.
ServiceTitan is well positioned as a leader at scale in the trade industry. They currently operate in the United States, Canada and see significant opportunity in international markets.


ServiceTitan IPO Preview: Great Success Story, Leader at Scale In The Trade Industry

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams (SHW US)</a> will replace <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel (INTC US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in the <a href="https://www.smartkarma.com/entities/dow-jones-industrial-average" target="_blank" data-smartkarma-citation="entities:22887:1" rel="noopener">Dow Jones Industrial Average</a> at the close on 7 November.</li>
<li>The impact of passive trading is highest in <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in terms of days of ADV and free float. Round-trip trade is US$16.5bn.</li>
<li>Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.</li>
</ul>



NVIDIA (NVDA US) and Sherwin Williams (SHW US) will replace Intel (INTC US) and Dow (DOW US) in the Dow Jones Industrial Average at the close on 7 November.
The impact of passive trading is highest in Sherwin Williams Co (SHW US) and Dow (DOW US) in terms of days of ADV and free float. Round-trip trade is US$16.5bn.
Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.


Dow Jones Industrials (INDU) Index Rebalance: NVIDIA, Sherwin-Williams Replace Intel, Dow

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Thematic (Sector/Industry)

<ul>
<li>Apple iPhone 16 pre-orders weak and Questions on Apple Intelligence remain</li>
<li>Big software investor days. Expect AI to feature big on hype, but what to expect from TAM to ARR to products?</li>
<li>Semis: Samsung challenges, Intel relief but pressures remain, TSM momentum, this time with ByteDance </li>
</ul>


Apple iPhone 16 pre-orders weak and Questions on Apple Intelligence remain
Big software investor days. Expect AI to feature big on hype, but what to expect from TAM to ARR to products?
Semis: Samsung challenges, Intel relief but pressures remain, TSM momentum, this time with ByteDance 


TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

ServiceTitan will go public this week in the United States. In my insight, I discuss valuation analysis and set a 2025e price target for ServiceTitan.

Andrei Zakharov

Salesforce’s Big Moves: What Margin Expansion and Cloud Revenue Growth Mean for Investors! - Major Drivers

Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain...

Baptista Research

ServiceTitan IPO Preview: Great Success Story, Leader at Scale In The Trade Industry

ServiceTitan, a founder-led software company and market leader for trades businesses, plans to raise up to $500M in upcoming US IPO.

Andrei Zakharov

Dow Jones Industrials (INDU) Index Rebalance: NVIDIA, Sherwin-Williams Replace Intel, Dow

NVIDIA and Sherwin-Williams will replace Dow and Intel in the index. Round-trip trade is US$16.5bn. There is a lot to buy in Sherwin-Williams both...

Brian Freitas

TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...

Neil Campling

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ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

ServiceTitan will go public this week in the United States. In my insight, I discuss valuation analysis and set a 2025e price target for ServiceTitan.

Andrei Zakharov

Salesforce’s Big Moves: What Margin Expansion and Cloud Revenue Growth Mean for Investors! - Major Drivers

Salesforce posted a notable third-quarter performance for fiscal 2025, showcasing both strengths and emerging opportunities, albeit facing certain...

Baptista Research

ServiceTitan IPO Preview: Great Success Story, Leader at Scale In The Trade Industry

ServiceTitan, a founder-led software company and market leader for trades businesses, plans to raise up to $500M in upcoming US IPO.

Andrei Zakharov

Dow Jones Industrials (INDU) Index Rebalance: NVIDIA, Sherwin-Williams Replace Intel, Dow

NVIDIA and Sherwin-Williams will replace Dow and Intel in the index. Round-trip trade is US$16.5bn. There is a lot to buy in Sherwin-Williams both...

Brian Freitas

TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

​Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...

Neil Campling

Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...