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

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>Varonis has shown notable progress in transitioning its business model to SaaS, with SaaS ARR now representing 36% of total ARR.</li><li>The Managed Data Detection and Response (MDDR) offering, introduced in Q1, is a notable driver of new business, enhancing threat detection and incident response capabilities with minimal customer effort.</li><li>An 18% year-over-year growth in ARR to $584.2 million and a significant improvement in free cash flow generation, from $40 million to $67.3 million year-to-date, reflecting robust business health and efficient capital management.</li></ul>

Varonis has shown notable progress in transitioning its business model to SaaS, with SaaS ARR now representing 36% of total ARR.The Managed Data Detection and Response (MDDR) offering, introduced in Q1, is a notable driver of new business, enhancing threat detection and incident response capabilities with minimal customer effort.An 18% year-over-year growth in ARR to $584.2 million and a significant improvement in free cash flow generation, from $40 million to $67.3 million year-to-date, reflecting robust business health and efficient capital management.

Varonis Systems Inc.: Expansion to SaaS & Subscription Services As A Critical Growth Lever! - Major Drivers

<ul><li>Varonis Systems, Inc. presented its first-quarter 2024 results, showcasing robust progress and potential in the evolving landscape dominated by software as a service (SaaS) transition and a focused approach to metadata driven security solutions.</li><li>Noteworthy in the reveal was a 17% year-over-year increase in annual recurring revenue (ARR) summing up to $560.3 million.</li><li>This increment reflects sustained momentum in SaaS transition underpinned by the Managed Data Detection and Response (MDDR) service.</li></ul>

Varonis Systems, Inc. presented its first-quarter 2024 results, showcasing robust progress and potential in the evolving landscape dominated by software as a service (SaaS) transition and a focused approach to metadata driven security solutions.Noteworthy in the reveal was a 17% year-over-year increase in annual recurring revenue (ARR) summing up to $560.3 million.This increment reflects sustained momentum in SaaS transition underpinned by the Managed Data Detection and Response (MDDR) service.

Varonis Systems Inc.: What Is The Expected Impact Of Shift to SaaS Model & Revenue Recognition Changes? - Major Drivers

<ul><li>Varonis Systems Inc. showcased strong performance in the fourth quarter and full year 2023 as they continued their transition towards Software-as-a-Service (SaaS).</li><li>The successful transition of their offerings led to an incredible growth of the SaaS Annual Recurring Revenue (ARR) from several million dollars in 2022 to approximately $125 million by the end of 2023.</li><li>This growth in SaaS ARR represented approximately 23% of the total company ARR at year-end.</li></ul>

Varonis Systems Inc. showcased strong performance in the fourth quarter and full year 2023 as they continued their transition towards Software-as-a-Service (SaaS).The successful transition of their offerings led to an incredible growth of the SaaS Annual Recurring Revenue (ARR) from several million dollars in 2022 to approximately $125 million by the end of 2023.This growth in SaaS ARR represented approximately 23% of the total company ARR at year-end.

Varonis Systems: Will Its Transition to SaaS Offering Be Smooth Enough To Warrant A Bullish Rating? - Major Drivers

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

<ul>
<li>The SPX, Nasdaq 100, and DJI breaking out to new all-time highs following 3-week consolidations. Russell 2000 (IWM), S&amp;P 400 (IJH), Vanguard ExtendedMarket (VXF), countless other Sectors/industries breaking out also.</li>
<li>This is classic bull market behavior. Considering market dynamics remain healthy, this is all evidence that supports our ongoing bullish outlook.</li>
<li>Software, Data Storage buys: NTAP, NTNX, DBX, VRNS, and CVLT. Investment Banking &amp; Brokerage, Mid-Cap buys: JEF, SF, EVR, MC, and LAZ</li>
</ul>


The SPX, Nasdaq 100, and DJI breaking out to new all-time highs following 3-week consolidations. Russell 2000 (IWM), S&amp;P 400 (IJH), Vanguard ExtendedMarket (VXF), countless other Sectors/industries breaking out also.
This is classic bull market behavior. Considering market dynamics remain healthy, this is all evidence that supports our ongoing bullish outlook.
Software, Data Storage buys: NTAP, NTNX, DBX, VRNS, and CVLT. Investment Banking &amp; Brokerage, Mid-Cap buys: JEF, SF, EVR, MC, and LAZ


Breakouts Proliferate; Bullish Outlook Intact; Small- And Mid-Caps to Lead?

United States

Varonis Systems, Inc. designs and develops data security software solutions. The Company offers data management systems to organize, manage, and protect unstructured and semi-structured data such as documents, spreadsheets, presentations, media files, and other business data. Varonis Systems operates worldwide.

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Varonis Systems (VRNS US)

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

Varonis Systems Inc.: Expansion to SaaS & Subscription Services As A Critical Growth Lever! - Major Drivers

Varonis has shown notable progress in transitioning its business model to SaaS, with SaaS ARR now representing 36% of total ARR. The Managed Data...

Baptista Research

Varonis Systems Inc.: What Is The Expected Impact Of Shift to SaaS Model & Revenue Recognition Changes? - Major Drivers

Varonis Systems, Inc. presented its first-quarter 2024 results, showcasing robust progress and potential in the evolving landscape dominated by...

Baptista Research

Varonis Systems: Will Its Transition to SaaS Offering Be Smooth Enough To Warrant A Bullish Rating? - Major Drivers

Varonis Systems Inc. showcased strong performance in the fourth quarter and full year 2023 as they continued their transition towards...

Baptista Research

Breakouts Proliferate; Bullish Outlook Intact; Small- And Mid-Caps to Lead?

Breakouts Proliferate; Bullish Outlook Intact; Small- and Mid-Caps to Outperform? $SPX $QQQ $DJI breakout to all-time highs, $IWM $IJH $VXF,...

Vermilion Research

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