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>ServiceNow had a strong first quarter in 2024, outperforming guidance on all top-line and profitability metrics.</li><li>The company’s subscription revenue grew by 24.5% year-over-year on a constant currency basis.</li><li>Current remaining performance obligations (CRPO) rose by 21% year over-year in constant currency, which was above the company’s guidance.</li></ul>

ServiceNow had a strong first quarter in 2024, outperforming guidance on all top-line and profitability metrics.The company’s subscription revenue grew by 24.5% year-over-year on a constant currency basis.Current remaining performance obligations (CRPO) rose by 21% year over-year in constant currency, which was above the company’s guidance.

ServiceNow Inc: How Will The Adoption of GenAI Technology Impact Their Future Revenues & Profitability? - Major Drivers

<ul><li>ServiceNow's Q4 2023 earnings present a compelling story of growth powered by artificial intelligence (AI).</li><li>The company reported subscription revenue growth of 25.5% at constant currency, 200 basis points above its guidance and cRPO growth of 23% at constant currency, also 200 basis points above its guidance.</li><li>In addition, the company reported 168 deals greater than $1 million in net new ACV, a 33% increase from the previous year.</li></ul>

ServiceNow's Q4 2023 earnings present a compelling story of growth powered by artificial intelligence (AI).The company reported subscription revenue growth of 25.5% at constant currency, 200 basis points above its guidance and cRPO growth of 23% at constant currency, also 200 basis points above its guidance.In addition, the company reported 168 deals greater than $1 million in net new ACV, a 33% increase from the previous year.

ServiceNow Inc: The Increasing Scope Of Its Gen AI technology And Other Major Drivers

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Global Fund exposure in ServiceNow, Inc. hits all-time high with 20.6% of funds invested. Funds move to overweight.</li>
<li>Positive Rotation Across All Metrics Driven by Growth and Aggressive Growth Managers.</li>
<li>Positioning relative to technology sector peers suggests room for even broader market penetration.</li>
</ul>


Global Fund exposure in ServiceNow, Inc. hits all-time high with 20.6% of funds invested. Funds move to overweight.
Positive Rotation Across All Metrics Driven by Growth and Aggressive Growth Managers.
Positioning relative to technology sector peers suggests room for even broader market penetration.


ServiceNow, Inc: Global Funds Ramp Up Exposure

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.

<ul>
<li>Blowout 4Q21 results headlined by (adjusted) 38% subscription billings growth - unbelievable for a company this size. </li>
<li>Generated a Rule of 75 Quarter (29% revenue growth + 46% FCF margins)</li>
<li>Multi-Module adoption continues to ramp, large deal sizes continue to ramp. At 12x forward revenues...incredible entry point.</li>
</ul>


Blowout 4Q21 results headlined by (adjusted) 38% subscription billings growth - unbelievable for a company this size. 
Generated a Rule of 75 Quarter (29% revenue growth + 46% FCF margins)
Multi-Module adoption continues to ramp, large deal sizes continue to ramp. At 12x forward revenues...incredible entry point.


<ul><li>ServiceNow managed to exceed the revenue and earnings expectations of Wall Street.</li><li>It beat expectations for every key performance metric.</li><li>Also, it has introduced an innovative ServiceNow AI Lighthouse customer program along with Accenture and NVIDIA.</li></ul>

ServiceNow managed to exceed the revenue and earnings expectations of Wall Street.It beat expectations for every key performance metric.Also, it has introduced an innovative ServiceNow AI Lighthouse customer program along with Accenture and NVIDIA.

ServiceNow Inc.: Acquisition Of The G2K AI-Powered Platform & Other Major Developments

United States

ServiceNow, Inc. provides enterprise information technology (IT) management software. The Company designs, develops, and produces prepackaged computer software, cloud services, and IT service management platform. ServiceNow serves customers throughout the United States.

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Servicenow Inc (NOW US)

ServiceNow Inc: How Will The Adoption of GenAI Technology Impact Their Future Revenues & Profitability? - Major Drivers

ServiceNow had a strong first quarter in 2024, outperforming guidance on all top-line and profitability metrics. The company’s subscription...

Baptista Research

ServiceNow Inc: The Increasing Scope Of Its Gen AI technology And Other Major Drivers

ServiceNow's Q4 2023 earnings present a compelling story of growth powered by artificial intelligence (AI). The company reported subscription...

Baptista Research

ServiceNow, Inc: Global Funds Ramp Up Exposure

ServiceNow, Inc. has reached new heights in Global fund ownership, however, its position relative to technology sector peers suggests there is room...

Steven Holden

ServiceNow: The Platform of Platforms

One of the highest quality SaaS companies with an enormous runway of 25-30% growth ahead of it for years, with 20%+ operating margins and 30%+ FCF...

Aaron Gabin

ServiceNow Inc.: Acquisition Of The G2K AI-Powered Platform & Other Major Developments

ServiceNow managed to exceed the revenue and earnings expectations of Wall Street. It beat expectations for every key performance metric. Also, it...

Baptista Research

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