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/bigtincan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29067:1" rel="noopener">Bigtincan Holdings Ltd (BTH AU)</a> disclosed a non-binding indicative offer of A$0.80 per share offer from SQN, a skinny 17.6% premium to the undisturbed price.</li>
<li>The offer is unattractive on several fronts and is the latest beaten-down ASX tech stock to be subject to a PE bid. Expect the Board to reject the offer.</li>
<li>Bigtincan also revealed other non-binding expressions of interest. This offer could flush out other potential bidders. At the last close, the gross spread is 6.0%.</li>
</ul>



Bigtincan Holdings Ltd (BTH AU) disclosed a non-binding indicative offer of A$0.80 per share offer from SQN, a skinny 17.6% premium to the undisturbed price.
The offer is unattractive on several fronts and is the latest beaten-down ASX tech stock to be subject to a PE bid. Expect the Board to reject the offer.
Bigtincan also revealed other non-binding expressions of interest. This offer could flush out other potential bidders. At the last close, the gross spread is 6.0%.


Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Snowflake guided below consensus for 4Q2023 revenue growth on a mix of macro conservatism and a quirky point that more vacation travel will reduce the amount of workloads run.</li>
<li>Margins continue to beat to the upside and management is guiding FY2024 FCF marginst to 23%, just 2pts below the LT guidance.</li>
<li>Very conservative management team also guided for a stabilization in revenue growth for FY2024 at 47%, a bit below consensus, but better than feared given the earnings reports recently.</li>
</ul>


Snowflake guided below consensus for 4Q2023 revenue growth on a mix of macro conservatism and a quirky point that more vacation travel will reduce the amount of workloads run.
Margins continue to beat to the upside and management is guiding FY2024 FCF marginst to 23%, just 2pts below the LT guidance.
Very conservative management team also guided for a stabilization in revenue growth for FY2024 at 47%, a bit below consensus, but better than feared given the earnings reports recently.


Snowflake FY3Q23 Earnings: Stabilizing Growth in FY2024

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>Salesforce has generated excellent revenue growth, profitability, and cash flows in its last result, surpassing Wall Street expectations on all counts despite operating in a challenging financial climate.</li><li>With new clients like the U.S.</li><li>Department of Veterans Affairs, Workday, and Uber, Service Cloud grew 14% year over year or 18% in constant currency.</li></ul>

Salesforce has generated excellent revenue growth, profitability, and cash flows in its last result, surpassing Wall Street expectations on all counts despite operating in a challenging financial climate.With new clients like the U.S.Department of Veterans Affairs, Workday, and Uber, Service Cloud grew 14% year over year or 18% in constant currency.

Salesforce.com Inc: Code Builder Update & Other Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Qualtrics International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qualtrics-international-inc" target="_blank" data-smartkarma-citation="entities:27731:1" rel="noopener">Qualtrics International (XM US)</a>  is the largest XM provider and pioneer in Experience Management. The company was founded in 2002 by Ryan Smith, Jared Smith, and their dad, Scott Smith.</li>
<li>In 2018, SAP acquired Qualtrics for ~$8B in an all-cash deal, one of the largest-ever acquisitions of a SaaS company.</li>
<li>We view <a href="https://www.smartkarma.com/entities/qualtrics-international-inc" target="_blank" data-smartkarma-citation="entities:27731:1" rel="noopener">Qualtrics International (XM US)</a>  as well-positioned to continue to take market share with additional growth drivers such as new products and international expansion. </li>
</ul>



Qualtrics International (XM US)  is the largest XM provider and pioneer in Experience Management. The company was founded in 2002 by Ryan Smith, Jared Smith, and their dad, Scott Smith.
In 2018, SAP acquired Qualtrics for ~$8B in an all-cash deal, one of the largest-ever acquisitions of a SaaS company.
We view Qualtrics International (XM US)  as well-positioned to continue to take market share with additional growth drivers such as new products and international expansion. 


Qualtrics: Leading Pure-Play XM Provider. A Solid Risk-Reward Opportunity

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Notwithstanding bright spots and positive long-term outlook, the ESG gold rush has created an acute state of chaos. Regulatory flux. Rampant greenwashing. ESG litigation. Elon and S&amp;P.</li>
<li>The silver lining? New ESG-<em>related</em> investing opportunities emerging from all the chaos; stocks poised to benefit, regardless of who else wins or losses. The new shovel-sellers, as it were.</li>
<li>One large opportunity is driven by new greenhouse gas (GHG) reporting regulations, specifcally leading GHG emissions software-as-a-service (SaaS) and platform-as-a-service (PaaS) stocks.</li>
</ul>


Notwithstanding bright spots and positive long-term outlook, the ESG gold rush has created an acute state of chaos. Regulatory flux. Rampant greenwashing. ESG litigation. Elon and S&amp;P.
The silver lining? New ESG-related investing opportunities emerging from all the chaos; stocks poised to benefit, regardless of who else wins or losses. The new shovel-sellers, as it were.
One large opportunity is driven by new greenhouse gas (GHG) reporting regulations, specifcally leading GHG emissions software-as-a-service (SaaS) and platform-as-a-service (PaaS) stocks.


Selling Shovels in a Gold Rush: SaaS Stocks Cashing in on Emissions Reporting Rules

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN

Expect the Board to reject the offer as it is light. The indicative offer could spark other interested parties to show their hand. We would be...

Arun George

Snowflake FY3Q23 Earnings: Stabilizing Growth in FY2024

Snowflake produced another impressive quarter and a guidance that was better than feared given the macro concerns other high growth SW companies...

Aaron Gabin

Salesforce.com Inc: Code Builder Update & Other Drivers

Salesforce has generated excellent revenue growth, profitability, and cash flows in its last result, surpassing Wall Street expectations on all...

Baptista Research

Qualtrics: Leading Pure-Play XM Provider. A Solid Risk-Reward Opportunity

We are initiating coverage on Qualtrics and believe that fundamentals have always been attractive. The company is well positioned as a leader at scale

Andrei Zakharov

Selling Shovels in a Gold Rush: SaaS Stocks Cashing in on Emissions Reporting Rules

ESG investing has been complicated by evolving emissions reporting regulations. With the chaos, comes new investment opportunities. Such as in...

Kyle Rudden

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