Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.</li>
<li>We expect two regular changes in September 2024. There are also several live M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
We expect two regular changes in September 2024. There are also several live M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.


Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>OneStream, the financial software maker and enterprise-focused technology company, set terms for its IPO and plans to raise ~$441M at the midpoint of the range at $18.00 per share.  </li>
<li>The company was backed by American global investment company KKR, D1 Capital Partners, Investment Group of Santa Barbara and Tiger Global Management.</li>
<li>The offering is attractively valued vs. peers given 30%+ growth rates at scale and cash flow generation. OneStream shares are expected to list on the Nasdaq next week.</li>
</ul>


OneStream, the financial software maker and enterprise-focused technology company, set terms for its IPO and plans to raise ~$441M at the midpoint of the range at $18.00 per share.  
The company was backed by American global investment company KKR, D1 Capital Partners, Investment Group of Santa Barbara and Tiger Global Management.
The offering is attractively valued vs. peers given 30%+ growth rates at scale and cash flow generation. OneStream shares are expected to list on the Nasdaq next week.


OneStream IPO Preview and Valuation Analysis: Modest Upside and Top-Tier Backers

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>Workday has reported solid financial performance for its first quarter fiscal 2025, noting a 19% subscription revenue growth and 18% 12-month backlog growth.</li><li>Non-GAAP operating margin is at 26%.</li><li>Despite some challenging dynamics in the quarter, such as increased deal scrutiny and slower customer headcount growth, Workday is encouraged by new go-to-market initiatives that are increasing total addressable market.</li></ul>

Workday has reported solid financial performance for its first quarter fiscal 2025, noting a 19% subscription revenue growth and 18% 12-month backlog growth.Non-GAAP operating margin is at 26%.Despite some challenging dynamics in the quarter, such as increased deal scrutiny and slower customer headcount growth, Workday is encouraged by new go-to-market initiatives that are increasing total addressable market.

Workday Inc.: Will The Growth in the Medium Enterprise Market Benefit Their Top-Line In The Coming 3 Years? - Major Drivers

<ul><li>Workday concluded its Q4 fiscal year 2024 with an 18% growth in subscription revenue and a 24% non-GAAP operating margin.</li><li>Workday's Workmates (employees) were instrumental in achieving these results, characterized by the company's investment in its leadership team, partner ecosystem, and platform.</li><li>CEO Carl Eschenbach attests the success to ongoing improvements in the team, which he suggests places Workday in a strategic position to propel its growth in fiscal year 2025.</li></ul>

Workday concluded its Q4 fiscal year 2024 with an 18% growth in subscription revenue and a 24% non-GAAP operating margin.Workday's Workmates (employees) were instrumental in achieving these results, characterized by the company's investment in its leadership team, partner ecosystem, and platform.CEO Carl Eschenbach attests the success to ongoing improvements in the team, which he suggests places Workday in a strategic position to propel its growth in fiscal year 2025.

Workday Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Major Drivers

<ul><li>Workday, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, attaining an 18% surge in subscription revenue, a notable 22% growth in the 12-month backlog, and a commendable non-GAAP operating margin of 25%.</li><li>The company's business momentum was evident at the Workday Rising event in September, where groundbreaking AI innovations were introduced, accompanied by significant product and partnership revelations.</li><li>With a significant 28,000 in-person and online attendees, the event underscored the substantial impact Workday is making in the industry.</li></ul>

Workday, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, attaining an 18% surge in subscription revenue, a notable 22% growth in the 12-month backlog, and a commendable non-GAAP operating margin of 25%.The company's business momentum was evident at the Workday Rising event in September, where groundbreaking AI innovations were introduced, accompanied by significant product and partnership revelations.With a significant 28,000 in-person and online attendees, the event underscored the substantial impact Workday is making in the industry.

Workday Inc.: Helping Organizations Move to a Skills-Based Approach With Accenture! - Major Drivers

United States

Workday, Inc. provides enterprise cloud-based applications. The Company offers human capital, spend, and financial management, as well as payroll, initiatives and higher education solutions. Workday serves the finance, healthcare, manufacturing, education, and technology industries worldwide.

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Workday Inc Class A (WDAY US)

Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

S&P500 rebals are notoriously difficult to predict because of significant index committee discretion. Sep24 could see two adds, two deletes. Q4...

Travis Lundy

OneStream IPO Preview and Valuation Analysis: Modest Upside and Top-Tier Backers

OneStream, a KKR-backed financial software maker, plans to raise ~$441M in upcoming IPO. The IPO valuation looks attractive, and I see a modest...

Andrei Zakharov

Workday Inc.: Will The Growth in the Medium Enterprise Market Benefit Their Top-Line In The Coming 3 Years? - Major Drivers

Workday has reported solid financial performance for its first quarter fiscal 2025, noting a 19% subscription revenue growth and 18% 12-month...

Baptista Research

Workday Inc.: These Are The 3 Biggest Challenges In Its Path For Growth! - Major Drivers

Workday concluded its Q4 fiscal year 2024 with an 18% growth in subscription revenue and a 24% non-GAAP operating margin. Workday's Workmates...

Baptista Research

Workday Inc.: Helping Organizations Move to a Skills-Based Approach With Accenture! - Major Drivers

Workday, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings, attaining an 18% surge in subscription revenue, a...

Baptista Research

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