Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>This report looks at SaaS-Software versus Hyperscalers. Which group is getting cheapest and is attractive? Is the steep Software correction justified by SaaSpocalypse? I add FinTech and eComm. </li>
<li>The overall market’s direction says that it’s not time to buy anything. However, we still can think about the merits, risk/reward, valuations/growth of different sectors. </li>
<li>Conclusions 1) SaaS-Software has derated to a level consistent with earnings growth 2) Hyperscalers tend to outperform with lower volatility 3) a couple of FinTechs are interesting.</li>
</ul>


This report looks at SaaS-Software versus Hyperscalers. Which group is getting cheapest and is attractive? Is the steep Software correction justified by SaaSpocalypse? I add FinTech and eComm. 
The overall market’s direction says that it’s not time to buy anything. However, we still can think about the merits, risk/reward, valuations/growth of different sectors. 
Conclusions 1) SaaS-Software has derated to a level consistent with earnings growth 2) Hyperscalers tend to outperform with lower volatility 3) a couple of FinTechs are interesting.


Is Software Getting Cheap? De-Rating, but Not Cheap. Hyperscalers and Some Fintech More Interesting.

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Figure Technology Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.</li>
<li>A key driver is Figure Connect, its blockchain-based marketplace launched in mid-2024, which has already transacted $1.3 billion in HELOC volume with 27 marketplace participants onboarded.</li>
<li>The company can significantly reduce middle men and has been gaining market share but still have just a small piece of this large pie.</li>
</ul>



FT Intermediate (FIGR US) is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
A key driver is Figure Connect, its blockchain-based marketplace launched in mid-2024, which has already transacted $1.3 billion in HELOC volume with 27 marketplace participants onboarded.
The company can significantly reduce middle men and has been gaining market share but still have just a small piece of this large pie.


Figure Technology Solutions (FIGR): Blockchain Lender Growth & Projections Grab Street's Attention

<ul>
<li>Figure Solutions is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.</li>
<li>Duquesne Family Office LLC has indicated an interest in purchasing up to an aggregate of $50 million of shares as an anchor order.</li>
<li>Figure has grown quickly and profitably, with net income of $29 million and Adjusted EBITDA of $83 million, for the six months ended June 30, 2025.</li>
</ul>


Figure Solutions is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
Duquesne Family Office LLC has indicated an interest in purchasing up to an aggregate of $50 million of shares as an anchor order.
Figure has grown quickly and profitably, with net income of $29 million and Adjusted EBITDA of $83 million, for the six months ended June 30, 2025.


Figure Technology Solutions (FIGR): Blockchain Lender Sets Terms Seeking $4.1 Billion Valuation

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul><li>Last night, the price snapshot was taken for the JSE September 2025 rebalance.</li><li>GLN is expected to enter the Top 40 index, with APN falling out.</li><li>No changes are expected for the FINDI, FINI, INDI or RESI indices.</li></ul>

Last night, the price snapshot was taken for the JSE September 2025 rebalance.GLN is expected to enter the Top 40 index, with APN falling out.No changes are expected for the FINDI, FINI, INDI or RESI indices.

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

<ul>
<li>The hold-up is based upon how Chime should be valued -- either like a fintech darling or just another financial services company.</li>
<li>The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024. </li>
<li>According to our sources, the Chime order book is considered multiple-times oversubscribed.</li>
</ul>


The hold-up is based upon how Chime should be valued -- either like a fintech darling or just another financial services company.
The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024. 
According to our sources, the Chime order book is considered multiple-times oversubscribed.


Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

United States

SoFi Technologies, Inc. is an online personal finance company and online bank. The Company provides financial products including student and auto loan refinancing, mortgages, personal loans, credit card, investing, and banking through both mobile app and desktop interfaces. SoFi Technologies serves customers in the United States.

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SoFi Technologies (SOFI US)

Is Software Getting Cheap? De-Rating, but Not Cheap. Hyperscalers and Some Fintech More Interesting.

Analysis of SaaS-Software vs. Hyperscalers: SaaS-Software has corrected to earnings growth levels, Hyperscalers outperform with lower volatility,...

Nicolas Baratte

Figure Technology Solutions (FIGR): Blockchain Lender Growth & Projections Grab Street's Attention

FT Intermediate (FIGR US) to debut on Sept 11, offering 26.3 million shares at $18-$20. The company has shown strong growth in its adjusted Ebitda...

IPO Boutique

Figure Technology Solutions (FIGR): Blockchain Lender Sets Terms Seeking $4.1 Billion Valuation

Figure Solutions is set to debut on September 11th, offering 26.3 million shares at $18-$20, with a $50 million anchor order on the cover of the...

IPO Boutique

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...

IPO Boutique

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Is Software Getting Cheap? De-Rating, but Not Cheap. Hyperscalers and Some Fintech More Interesting.

​Analysis of SaaS-Software vs. Hyperscalers: SaaS-Software has corrected to earnings growth levels, Hyperscalers outperform with lower volatility,...

Nicolas Baratte

Figure Technology Solutions (FIGR): Blockchain Lender Growth & Projections Grab Street's Attention

​FT Intermediate (FIGR US) to debut on Sept 11, offering 26.3 million shares at $18-$20. The company has shown strong growth in its adjusted Ebitda...

IPO Boutique

Figure Technology Solutions (FIGR): Blockchain Lender Sets Terms Seeking $4.1 Billion Valuation

​Figure Solutions is set to debut on September 11th, offering 26.3 million shares at $18-$20, with a $50 million anchor order on the cover of the...

IPO Boutique

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

​Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...

IPO Boutique

Analysis of SaaS-Software vs. Hyperscalers: SaaS-Software has corrected to earnings growth levels, Hyperscalers outperform with lower volatility,...

FT Intermediate (FIGR US) to debut on Sept 11, offering 26.3 million shares at $18-$20. The company has shown strong growth in its adjusted Ebitda...

Figure Solutions is set to debut on September 11th, offering 26.3 million shares at $18-$20, with a $50 million anchor order on the cover of the...

Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...