Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

<ul>
<li>HashiCorp is a cloud infrastructure automation company offering industry leading-products with high-profile customer list and freemium business model. The unicorn was backed by leading VC investors. </li>
<li>HashiCorp is the open-source software company, which is well-positioned to gain market share in the cloud infrastructure, security and networking addressable markets. </li>
<li>The company filed to go public this month. Our post-IPO valuation implies substantial upside potential to last private round valuation and we have favorable view of the upcoming IPO.</li>
</ul>


HashiCorp is a cloud infrastructure automation company offering industry leading-products with high-profile customer list and freemium business model. The unicorn was backed by leading VC investors. 
HashiCorp is the open-source software company, which is well-positioned to gain market share in the cloud infrastructure, security and networking addressable markets. 
The company filed to go public this month. Our post-IPO valuation implies substantial upside potential to last private round valuation and we have favorable view of the upcoming IPO.


HashiCorp IPO: Serious Player in Multi-Cloud Infrastructure Automation Segment

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.

<ul><li>Shopify reported a decent quarterly result with a 46% growth in the revenues but failed to meet market expectations.</li><li>The company saw a 37% jump in subscription revenues whereas its Merchant Solutions segment grew by a staggering 51% on account of a 35% jump in GMV.</li><li>We expect Shopify Payments, Shopify Shipping and Shopify Capital, and the new set of solutions like Shopify Fulfillment Network and 6 River Systems to be major growth drivers of the top-line.</li></ul>

Shopify reported a decent quarterly result with a 46% growth in the revenues but failed to meet market expectations.The company saw a 37% jump in subscription revenues whereas its Merchant Solutions segment grew by a staggering 51% on account of a 35% jump in GMV.We expect Shopify Payments, Shopify Shipping and Shopify Capital, and the new set of solutions like Shopify Fulfillment Network and 6 River Systems to be major growth drivers of the top-line.

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

We are more bullish on the deal logic than initial reaction from the market and sell-side and would buy Paypal on this pullback.<div class="content-highlight">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.  </div>

We are more bullish on the deal logic than initial reaction from the market and sell-side and would buy Paypal on this pullback.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.  

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<a href="https://www.smartkarma.com/entities/siteminder-limited" target="_blank" data-smartkarma-citation="entities:34688:1" rel="noopener">SiteMinder (1909429D AU)</a> is looking to raise about US$467m in its Australia IPO.SiteMinder is an open hotel commerce platform that empowers hotels and accommodation providers (customers) to sell, market, manage and grow their business. It is essentially Shopify for hotel and accommodation providers. The company demonstrated its resilience during COVID-19 which is a testament of its value to its customers.In this note, we will look at the company’s business model, fundamentals, deal dynamics, assumptions, and share our thoughts on valuation.

SiteMinder (1909429D AU) is looking to raise about US$467m in its Australia IPO.SiteMinder is an open hotel commerce platform that empowers hotels and accommodation providers (customers) to sell, market, manage and grow their business. It is essentially Shopify for hotel and accommodation providers. The company demonstrated its resilience during COVID-19 which is a testament of its value to its customers.In this note, we will look at the company’s business model, fundamentals, deal dynamics, assumptions, and share our thoughts on valuation.

SiteMinder IPO - An Impressive Performance During Pandemic

<a href="https://www.smartkarma.com/entities/bigcommerce-holdings-inc" target="_blank" data-smartkarma-citation="entities:29196:1" rel="noopener">BigCommerce Holdings Inc (BIGC US)</a> , provider of e-commerce scalable SaaS platform for B2B and B2C segments, went public on August 5, 2020. Company has raised ~$170 million of net proceeds from an IPO and the IPO price was $24.00 per share. Currently, BigCommerce stock is trading at about $60.00 per share and IPO investors are still up ~150%. BigCommerce has raised ~$228 million in funding over 6 rounds and their last $64 million Series F round was led by Goldman Sachs at a $450 million pre-money valuation keeping in mind IPO valuation was ~$1.8 billion and now market cap of BigCommerce reached ~$4.5 billion on a fully diluted basis. In our insight we will provide outlook for CY’22 and specify reasons why we have negative view on BigCommerce stock.

BigCommerce Holdings Inc (BIGC US) , provider of e-commerce scalable SaaS platform for B2B and B2C segments, went public on August 5, 2020. Company has raised ~$170 million of net proceeds from an IPO and the IPO price was $24.00 per share. Currently, BigCommerce stock is trading at about $60.00 per share and IPO investors are still up ~150%. BigCommerce has raised ~$228 million in funding over 6 rounds and their last $64 million Series F round was led by Goldman Sachs at a $450 million pre-money valuation keeping in mind IPO valuation was ~$1.8 billion and now market cap of BigCommerce reached ~$4.5 billion on a fully diluted basis. In our insight we will provide outlook for CY’22 and specify reasons why we have negative view on BigCommerce stock.   

BigCommerce Insiders Dumped ~$480 Million Worth of Shares During One Year After IPO

Canada

Shopify Inc. provides a cloud-based commerce platform. The Company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand. Shopify serves customers in Canada.

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Shopify (SHOP US)

HashiCorp IPO: Serious Player in Multi-Cloud Infrastructure Automation Segment

HashiCorp, one of the leaders among infrastructure automation platform providers, filed to go public after a successful Nasdaq debut of open source...

Andrei Zakharov

Shopify Inc. - Investment Thesis

Shopify reported a decent quarterly result with a 46% growth in the revenues but failed to meet market expectations. The company saw a 37% jump in...

Baptista Research

Paypal + Pinterest Initial Thoughts

We are more bullish on the deal logic than initial reaction from the market and sell-side and would buy Paypal on this pullback.

Aaron Gabin

SiteMinder IPO - An Impressive Performance During Pandemic

SiteMinder is looking to raise about US$467m in its Australia IPO. It is an open hotel commerce platform that empowers hotels & accommodation...

Sumeet Singh

BigCommerce Insiders Dumped ~$480 Million Worth of Shares During One Year After IPO

We turn bearish on BigCommerce shares and forecast 30% downside potential as insider selling intensifies and revenue growth will slow down next year

Andrei Zakharov

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