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>Snowflake had a good quarter, with product revenue increasing by 54% in the fourth quarter and by 70% for the entire fiscal year, reaching $1.9 billion.</li><li>This was significantly less noticeable at the top end of their customer base and more noticeable among foreign, SMB, and commercial clients.</li><li>In addition, they intend to acquire LeapYear Technologies to improve their data clean room capabilities and cloud-based data warehousing business.</li></ul>

Snowflake had a good quarter, with product revenue increasing by 54% in the fourth quarter and by 70% for the entire fiscal year, reaching $1.9 billion.This was significantly less noticeable at the top end of their customer base and more noticeable among foreign, SMB, and commercial clients.In addition, they intend to acquire LeapYear Technologies to improve their data clean room capabilities and cloud-based data warehousing business.

Snowflake Inc.: Acquisition Of LeapYear Technologies & Other Drivers

<ul><li>Snowflake delivered yet another all-around beat as the company continues to achieve robust growth along with improved unit economics, operational profit, and free cash flow.</li><li>Despite the weakening global macro context, Snowflake’s data strategy for contemporary businesses and institutions has helped it survive.</li><li>Besides, the Snowflake Data Cloud continues to be well-received by major businesses and institutions.</li></ul>

Snowflake delivered yet another all-around beat as the company continues to achieve robust growth along with improved unit economics, operational profit, and free cash flow.Despite the weakening global macro context, Snowflake’s data strategy for contemporary businesses and institutions has helped it survive.Besides, the Snowflake Data Cloud continues to be well-received by major businesses and institutions.

Snowflake Inc: Investment In OpenAP & Other Drivers

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>Snowflake guided below consensus for 4Q2023 revenue growth on a mix of macro conservatism and a quirky point that more vacation travel will reduce the amount of workloads run.</li>
<li>Margins continue to beat to the upside and management is guiding FY2024 FCF marginst to 23%, just 2pts below the LT guidance.</li>
<li>Very conservative management team also guided for a stabilization in revenue growth for FY2024 at 47%, a bit below consensus, but better than feared given the earnings reports recently.</li>
</ul>


Snowflake guided below consensus for 4Q2023 revenue growth on a mix of macro conservatism and a quirky point that more vacation travel will reduce the amount of workloads run.
Margins continue to beat to the upside and management is guiding FY2024 FCF marginst to 23%, just 2pts below the LT guidance.
Very conservative management team also guided for a stabilization in revenue growth for FY2024 at 47%, a bit below consensus, but better than feared given the earnings reports recently.


Snowflake FY3Q23 Earnings: Stabilizing Growth in FY2024

Stock Picking & Investing, BluSuit

BluSuit

Stock Picking & Investing

Financial markets, high growth & innovative business coverage, macro economics, trading strategy and market insight

<ul><li>Listening to sentiment alone would lead investors to believe we are 50% down on the S&amp;P 500 and we have another 50% to go.</li><li>But, this simply is not true. When benchmarking the markets recent price action by sector, this bear market, on a technical basis, has the hall marks of every market bottom since 2000.</li><li>Recollecting Howard Marks book, “Mastering the Market Cycle”, there was a particular part that was of importance.</li></ul>

Listening to sentiment alone would lead investors to believe we are 50% down on the S&amp;P 500 and we have another 50% to go.But, this simply is not true. When benchmarking the markets recent price action by sector, this bear market, on a technical basis, has the hall marks of every market bottom since 2000.Recollecting Howard Marks book, “Mastering the Market Cycle”, there was a particular part that was of importance.

<ul>
<li>Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.</li>
<li>EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.</li>
<li>13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.</li>
</ul>


Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.
EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.
13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.


Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

United States

Snowflake Inc. provides software solutions. The Company develops database architecture, data warehouses, query optimization, and parallelization solutions. Snowflake serves customers worldwide.

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Snowflake (SNOW US)

Snowflake Inc.: Acquisition Of LeapYear Technologies & Other Drivers

Snowflake had a good quarter, with product revenue increasing by 54% in the fourth quarter and by 70% for the entire fiscal year, reaching $1.9...

Baptista Research

Snowflake Inc: Investment In OpenAP & Other Drivers

Snowflake delivered yet another all-around beat as the company continues to achieve robust growth along with improved unit economics, operational...

Baptista Research

Snowflake FY3Q23 Earnings: Stabilizing Growth in FY2024

Snowflake produced another impressive quarter and a guidance that was better than feared given the macro concerns other high growth SW companies...

Aaron Gabin

We are Not Crashing, It's Just Volatile

When benchmarking the markets recent price action by sector, this bear market, on a technical basis, has the hall marks of every market bottom...

BluSuit

Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

Crowdstrike’s stock has pulled back in the past week or so by 15%, despite another superb quarter. 13x forward forward P/S sounds reasonable given...

Aaron Gabin

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