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>Tenable reported robust third-quarter 2024 financial results, exceeding expectations across several metrics.</li><li>The highlight was their record quarter for unlevered free cash flow.</li><li>Tenable's flagship products, Tenable One and their Cloud Security offerings, were major contributors to the quarter's success, demonstrating strong customer demand and competitive strength.</li></ul>

Tenable reported robust third-quarter 2024 financial results, exceeding expectations across several metrics.The highlight was their record quarter for unlevered free cash flow.Tenable's flagship products, Tenable One and their Cloud Security offerings, were major contributors to the quarter's success, demonstrating strong customer demand and competitive strength.

Tenable Holdings Inc.: Is The Growth in Cloud Security Offerings That Is Here To Stay? - Major Drivers

<ul><li>Tenable's Q2 2024 earnings report presents a mixed picture, with various strengths and areas of concern that are pivotal for investors to consider.</li><li>The company, a notable player in the cybersecurity space, reported revenues and earnings that surpassed expectations, but encountered headwinds with calculated current billings (CCB), which fell short of projected figures.</li><li>This discrepancy signals a challenging selling environment and prompts a cautious outlook for the rest of the year.</li></ul>

Tenable's Q2 2024 earnings report presents a mixed picture, with various strengths and areas of concern that are pivotal for investors to consider.The company, a notable player in the cybersecurity space, reported revenues and earnings that surpassed expectations, but encountered headwinds with calculated current billings (CCB), which fell short of projected figures.This discrepancy signals a challenging selling environment and prompts a cautious outlook for the rest of the year.

Tenable Holdings Inc.: Can Its Robust Pipeline in Public Sector Opportunities Be Its Biggest Growth Factor? - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a> shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. </li>
<li>The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.</li>
<li>The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.</li>
</ul>



Trend Micro Inc (4704 JP) shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. 
The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.
The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.


Trend Micro (4704 JP): Evaluating the Privatisation Rumours

<ul><li>Tenable Holdings has been in the news after reports suggested that the management is exploring strategic alternatives including a potential sale.</li><li>The company delivered a mixed performance for Q2 2024, with lower-than-predicted Calculated Current Billings (CCB) but stronger performance in revenue and earnings.</li><li>Although the performance of the company's flagship Cyber Exposure platform, Tenable One, and its cloud security offerings were both highlighted as central growth drivers, it was noted that the traditional Vulnerability Management (VM) market, in which the company is a leader, has become increasingly cyclical.</li></ul>

Tenable Holdings has been in the news after reports suggested that the management is exploring strategic alternatives including a potential sale.The company delivered a mixed performance for Q2 2024, with lower-than-predicted Calculated Current Billings (CCB) but stronger performance in revenue and earnings.Although the performance of the company's flagship Cyber Exposure platform, Tenable One, and its cloud security offerings were both highlighted as central growth drivers, it was noted that the traditional Vulnerability Management (VM) market, in which the company is a leader, has become increasingly cyclical.

Tenable Holdings Is Exploring A Sale! 4 Reasons It Makes A Decent Acquisition Target At THIS Valuation! - Major Drivers

<ul><li>Tenable's first quarter 2024 financial performance demonstrates a robust start to the year with reported results exceeding expectations across multiple financial metrics including calculated current billings (CCB), revenue, and operating income.</li><li>The quarter's performance was particularly bolstered by the growth of Tenable One, which now comprises 26% of total new enterprise sales, highlighting the company’s strong momentum in its leadership within the exposure management sector.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Tenable's first quarter 2024 financial performance demonstrates a robust start to the year with reported results exceeding expectations across multiple financial metrics including calculated current billings (CCB), revenue, and operating income.The quarter's performance was particularly bolstered by the growth of Tenable One, which now comprises 26% of total new enterprise sales, highlighting the company’s strong momentum in its leadership within the exposure management sector.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Tenable Holdings Inc.: How Have They Built Such A Robust Position in Cloud Security? - Major Drivers

United States

Tenable Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers application and cloud based security solutions for finance, healthcare, retail, energy, and educational sectors. Tenable Holdings serves customers worldwide.

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Tenable Holdings Inc (TENB US)

Tenable Holdings Inc.: Is The Growth in Cloud Security Offerings That Is Here To Stay? - Major Drivers

Tenable reported robust third-quarter 2024 financial results, exceeding expectations across several metrics. The highlight was their record...

Baptista Research

Tenable Holdings Inc.: Can Its Robust Pipeline in Public Sector Opportunities Be Its Biggest Growth Factor? - Major Drivers

Tenable's Q2 2024 earnings report presents a mixed picture, with various strengths and areas of concern that are pivotal for investors to...

Baptista Research

Trend Micro (4704 JP): Evaluating the Privatisation Rumours

The lack of a controlling shareholder and increased cybersecurity M&A activity support the buyout interest. A privatisation price is likely to be...

Arun George

Tenable Holdings Is Exploring A Sale! 4 Reasons It Makes A Decent Acquisition Target At THIS Valuation! - Major Drivers

Tenable Holdings has been in the news after reports suggested that the management is exploring strategic alternatives including a potential...

Baptista Research

Tenable Holdings Inc.: How Have They Built Such A Robust Position in Cloud Security? - Major Drivers

Tenable's first quarter 2024 financial performance demonstrates a robust start to the year with reported results exceeding expectations across...

Baptista Research

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