Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Rubrik, a data security company and leader in cyber-recovery, completed its IPO and sold 23.5M Class A shares to the public at $32.00/share in May.</li>
<li>The technology company reported a mixed quarter pushing shares down over 8% during regular trading session. Q1 FY25 net loss was ~$732M due to massive stock-based comp.</li>
<li>However, subscription ARR increased 46% y/y and cloud ARR jumped 104% y/y indicating continued strength in the company’s Rubrik Security Cloud offering.</li>
</ul>


Rubrik, a data security company and leader in cyber-recovery, completed its IPO and sold 23.5M Class A shares to the public at $32.00/share in May.
The technology company reported a mixed quarter pushing shares down over 8% during regular trading session. Q1 FY25 net loss was ~$732M due to massive stock-based comp.
However, subscription ARR increased 46% y/y and cloud ARR jumped 104% y/y indicating continued strength in the company’s Rubrik Security Cloud offering.


Rubrik: Long Path To Profitability, Massive Stock-Based Comp in Q1 FY25, PT Reduced To $46.00

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>Tenable, a global leader in cybersecurity, has reported strong financial results in the fourth quarter of 2023.</li><li>Significant highlights include 14% CCB growth, 17% operating margin, and a 500 basis point improvement in the full-year operating margin.</li><li>The company has successfully expanded its offerings since its IPO, scaling its operations organically and via acquisitions.</li></ul>

Tenable, a global leader in cybersecurity, has reported strong financial results in the fourth quarter of 2023.Significant highlights include 14% CCB growth, 17% operating margin, and a 500 basis point improvement in the full-year operating margin.The company has successfully expanded its offerings since its IPO, scaling its operations organically and via acquisitions.

Tenable Holdings Inc.: New Product Adoption & Market Positioning & 3 Critical Growth Drivers

<ul><li>This is our first report on cyber exposure solutions provider, Tenable Networks.</li><li>The company' Q3 2023 earnings highlighted steady financial performance, strong contributions from its platform products like Tenable One, and overall business growth, particularly in the public sector.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on cyber exposure solutions provider, Tenable Networks.The company' Q3 2023 earnings highlighted steady financial performance, strong contributions from its platform products like Tenable One, and overall business growth, particularly in the public sector.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Tenable Holdings: Initiation of Coverage - Unlock the Secrets Behind Tenable's High Recurring Revenue and Sky-High Margins! - 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/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> has entered into a scheme implementation deed with <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a> at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).</li>
<li>The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.</li>
<li>Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.</li>
</ul>



Tesserent Ltd (TNT AU) has entered into a scheme implementation deed with Thales SA (HO FP) at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).
The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.
Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.


Tesserent (TNT AU): Thales’s A$0.13 Offer

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.</p>

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

U.S. Equity Strategy: Round Trip Back To Resistance

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tenable Holdings Inc (TENB US)

Rubrik: Long Path To Profitability, Massive Stock-Based Comp in Q1 FY25, PT Reduced To $46.00

Rubrik stock currently trades below IPO price of $32.00/share. Data security company completed its IPO in May and raised ~$750M. With a recent sell...

Andrei Zakharov

Tenable Holdings Inc.: New Product Adoption & Market Positioning & 3 Critical Growth Drivers

Tenable, a global leader in cybersecurity, has reported strong financial results in the fourth quarter of 2023. Significant highlights include 14%...

Baptista Research

Tenable Holdings: Initiation of Coverage - Unlock the Secrets Behind Tenable's High Recurring Revenue and Sky-High Margins! - Major Drivers

This is our first report on cyber exposure solutions provider, Tenable Networks. The company' Q3 2023 earnings highlighted steady financial...

Baptista Research

Tesserent (TNT AU): Thales’s A$0.13 Offer

Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the...

Arun George

U.S. Equity Strategy: Round Trip Back To Resistance

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)