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>Zscaler's year-year growth in revenue and billings was 35% and 27% respectively, both outpacing guidance even amid a challenging macro environment.</li><li>Other highlights included the doubling of operating profit on a year-year basis, reaching a record margin for Q2, and steady progress on the firm's plan to scale its go-to-market model to achieve its goal of $5 billion and beyond in ARR (Annual Recurring Revenue).</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>

Zscaler's year-year growth in revenue and billings was 35% and 27% respectively, both outpacing guidance even amid a challenging macro environment.Other highlights included the doubling of operating profit on a year-year basis, reaching a record margin for Q2, and steady progress on the firm's plan to scale its go-to-market model to achieve its goal of $5 billion and beyond in ARR (Annual Recurring Revenue).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.

Zscaler Inc.: Is The Robust Demand For Zero Trust Security Changing The Game? - Key Drivers

<ul><li>Zscaler, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings amidst a challenging macro environment.</li><li>Despite the traditionally slower quarter, the company executed well, achieving a significant high for the number of new logo customers with over $1 million in ARR.</li><li>Firstly, there was a notable increase in large new logo wins, with 14 new logos contributing over $1 million ARR.</li></ul>

Zscaler, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings amidst a challenging macro environment.Despite the traditionally slower quarter, the company executed well, achieving a significant high for the number of new logo customers with over $1 million in ARR.Firstly, there was a notable increase in large new logo wins, with 14 new logos contributing over $1 million ARR.

Zscaler Inc.: Mastering AI ML Application Security in Today's World! - Major Drivers

<ul><li>Zscaler managed to surpass the revenue expectations as well as the earnings expectations of Wall Street in Q4, achieving significant growth with a 43% increase in revenue and 38% growth in billings, reflecting balanced expansion across various verticals, customer segments, and geographic regions.</li><li>The full-year results were equally impressive, with revenue reaching 48%, totalling $1.6 billion, and billings rising by 37% to over $2 billion.</li><li>Notably, several records were set, including the addition of the highest number of $1 million ARR customers, record new pipeline generation, and a record operating profit margin.</li></ul>

Zscaler managed to surpass the revenue expectations as well as the earnings expectations of Wall Street in Q4, achieving significant growth with a 43% increase in revenue and 38% growth in billings, reflecting balanced expansion across various verticals, customer segments, and geographic regions.The full-year results were equally impressive, with revenue reaching 48%, totalling $1.6 billion, and billings rising by 37% to over $2 billion.Notably, several records were set, including the addition of the highest number of $1 million ARR customers, record new pipeline generation, and a record operating profit margin.

Zscaler Inc.: Unveiling the Blueprint of Their Growth Strategy! - Major Drivers

Equity Capital Markets

<ul><li>Zscaler managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>The company's disciplined approach, high gross retention rates, and high operating income contributed to its success.</li><li>We give Zscaler a 'Hold' rating with a revised target price.</li></ul>

Zscaler managed to exceed analyst expectations in terms of revenue as well as earnings.The company's disciplined approach, high gross retention rates, and high operating income contributed to its success.We give Zscaler a 'Hold' rating with a revised target price.

Zscaler Inc.: Is Zero Trust Architecture The Future of Security? – Key Drivers

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Artificial intelligence (AI). AI is already having a major impact on the tech sector, and this is only going to accelerate in 2024.</li><li>With an estimated market size of $137 billion in 2022, AI is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.</li><li>We can expect to see more sophisticated AI applications and algorithms that can perform complex tasks and make decisions with human-like accuracy. </li></ul>

Artificial intelligence (AI). AI is already having a major impact on the tech sector, and this is only going to accelerate in 2024.With an estimated market size of $137 billion in 2022, AI is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.We can expect to see more sophisticated AI applications and algorithms that can perform complex tasks and make decisions with human-like accuracy. 

Top 10 Tech Trends in 2024 - What's Likely to Drive Tech Next Year

United States

Zscaler, Inc. operates as a security software company. The Company offers cloud-based platform that provides web and mobile security, threat protection, cloud application visibility, and networking solutions. Zscaler serves clients worldwide.

Zscaler (ZS US)

Zscaler Inc.: Is The Robust Demand For Zero Trust Security Changing The Game? - Key Drivers

Zscaler's year-year growth in revenue and billings was 35% and 27% respectively, both outpacing guidance even amid a challenging macro...

Baptista Research

Zscaler Inc.: Mastering AI ML Application Security in Today's World! - Major Drivers

Zscaler, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings amidst a challenging macro environment. Despite the...

Baptista Research

Zscaler Inc.: Unveiling the Blueprint of Their Growth Strategy! - Major Drivers

Zscaler managed to surpass the revenue expectations as well as the earnings expectations of Wall Street in Q4, achieving significant growth with a...

Baptista Research

Zscaler Inc.: Is Zero Trust Architecture The Future of Security? – Key Drivers

Zscaler managed to exceed analyst expectations in terms of revenue as well as earnings. The company's disciplined approach, high gross retention...

Baptista Research

Top 10 Tech Trends in 2024 - What's Likely to Drive Tech Next Year

Artificial intelligence (AI). AI is already having a major impact on the tech sector, and this is only going to accelerate in 2024.

Water Tower Research