Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>BILL Holdings is a cloud-based provider of SaaS, payments, spend and expense management products, which automate accounts payable (AP) and accounts receivable (AR) transactions</li>
<li>The company has successfully completed its IPO in 2019 and raised $200M+ in net proceeds. Today, BILL Holdings includes subsidiaries such as Bill.com, DivvyPay, Invoice2go, Cimrid and Finmark Financial.</li>
<li>My bear case assumes a ~5% ten-year revenue CAGR from FY24 through FY34, maximum competitive pressure, high customer churn, headwind to float revenue and volatile transactional revenue.</li>
</ul>


BILL Holdings is a cloud-based provider of SaaS, payments, spend and expense management products, which automate accounts payable (AP) and accounts receivable (AR) transactions
The company has successfully completed its IPO in 2019 and raised $200M+ in net proceeds. Today, BILL Holdings includes subsidiaries such as Bill.com, DivvyPay, Invoice2go, Cimrid and Finmark Financial.
My bear case assumes a ~5% ten-year revenue CAGR from FY24 through FY34, maximum competitive pressure, high customer churn, headwind to float revenue and volatile transactional revenue.


2024 High Conviction: BILL Holdings – Hyper Growth Through M&A Deals Is Over While SMBs Struggle

Equity Capital Markets

<ul>
<li>Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.</li>
<li>The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.</li>
<li>Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. </li>
</ul>


Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.
The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.
Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. 


Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

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>Intuit Inc. managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>The company raised revenue by 13% for the entire year, produced good operating margin growth, and finished the year on a high note.</li><li>Revenue from the desktop environment and QuickBooks Desktop Enterprise revenue increased significantly.</li></ul>

Intuit Inc. managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.The company raised revenue by 13% for the entire year, produced good operating margin growth, and finished the year on a high note.Revenue from the desktop environment and QuickBooks Desktop Enterprise revenue increased significantly.

Intuit Inc.: Launch of QuickBooks Workforce Mobile Application & Other Major Developments

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>The recent rally in growth stocks has supported the share price, but this trend may not last for long.</li>
<li>In spite of the company's strong pricing power, margins are under pressure and risks related to capital allocation remain.</li>
<li>The company's stock has performed well but this is not reflective of its actual business performance.</li>
</ul>


The recent rally in growth stocks has supported the share price, but this trend may not last for long.
In spite of the company's strong pricing power, margins are under pressure and risks related to capital allocation remain.
The company's stock has performed well but this is not reflective of its actual business performance.


Intuit: 30% Year-To-Date Return Is Something You Should Extrapolate Into The Future

<ul><li>Intuit delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.</li><li>Revenue increased by 7%, which was lower than expected due to an unusual tax season.</li><li>Intuit witnessed significant growth in the Small Business and Self-Employed Group, which increased by 21% in the third quarter.</li></ul>

Intuit delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.Revenue increased by 7%, which was lower than expected due to an unusual tax season.Intuit witnessed significant growth in the Small Business and Self-Employed Group, which increased by 21% in the third quarter.

Intuit Inc.: The Small Business Index & Other Analytics Oriented Efforts – Key Drivers

United States

Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals  The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

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Intuit Inc (INTU US)

2024 High Conviction: BILL Holdings – Hyper Growth Through M&A Deals Is Over While SMBs Struggle

BILL Holdings shares have underperformed the Nasdaq, with shares down ~40% over the year. My $25 PT is based on ~2x FY25 EV/Rev, the lower-end of...

Andrei Zakharov

Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

Klaviyo, a fast-growing marketing automation unicorn, filed to go public and may raise ~$286M. IPO valuation looks attractive, and I see 30%+...

Andrei Zakharov

Intuit Inc.: Launch of QuickBooks Workforce Mobile Application & Other Major Developments

Intuit Inc. managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. The company raised revenue by 13% for...

Baptista Research

Intuit: 30% Year-To-Date Return Is Something You Should Extrapolate Into The Future

In spite of the company's strong pricing power, margins are under pressure and risks related to capital allocation remain.

Vladimir Dimitrov, CFA

Intuit Inc.: The Small Business Index & Other Analytics Oriented Efforts – Key Drivers

Intuit delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings...

Baptista Research

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