Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>Amplitude reported 2QCY22 results and raised CY22 revenue and profitability guidance. The 2Q print was solid, with +48% y/y revenue growth. </li>
<li>The company generated ~$8M of free cash flows in the quarter, driven by a few large renewals. Total revenue was $58.1M, which topped consensus estimates.  </li>
<li>Management was confident that the company’s dollar-based net retention rate would be above 120% in the long term.</li>
</ul>


Amplitude reported 2QCY22 results and raised CY22 revenue and profitability guidance. The 2Q print was solid, with +48% y/y revenue growth. 
The company generated ~$8M of free cash flows in the quarter, driven by a few large renewals. Total revenue was $58.1M, which topped consensus estimates.  
Management was confident that the company’s dollar-based net retention rate would be above 120% in the long term.


Amplitude: Cash Flow Positive Quarter, Management Raised CY22 Revenue and Profitability Guidance

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 Capital Markets

<ul><li>Despite supply and component challenges and other headwinds affecting the technology industry, Cisco managed to deliver a decent performance.</li><li>The management continues to undertake various mitigation actions to help alleviate many of the component issues they have been experiencing.</li><li>Cisco announced new networking and cloud innovations, as well as technologies to improve experiences and hybrid work environments during the quarter.</li></ul>

Despite supply and component challenges and other headwinds affecting the technology industry, Cisco managed to deliver a decent performance.The management continues to undertake various mitigation actions to help alleviate many of the component issues they have been experiencing.Cisco announced new networking and cloud innovations, as well as technologies to improve experiences and hybrid work environments during the quarter.

Cisco Systems Inc.: The New & Expanded SASE Architecture

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a> , a leading VC-backed infrastructure automation company, fell ~50% below the IPO price of $80.00 per share.</li>
<li>
<a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a>  is a multi-product company that helps to accelerate cloud adoption. The company reported total revenue of $321M in FY’22 ended Jan-22, up 51% year-over-year. </li>
<li>According to public sources, <a href="https://www.smartkarma.com/entities/cisco-systems-inc" target="_blank" data-smartkarma-citation="entities:1063:1" rel="noopener">Cisco Systems (CSCO US)</a>  has already approached HashiCorp with an acquisition offer in 2019. However, both Cisco and HashiCorp declined to comment on rumors.</li>
</ul>


Shares of HashiCorp (HCP US) , a leading VC-backed infrastructure automation company, fell ~50% below the IPO price of $80.00 per share.

HashiCorp (HCP US)  is a multi-product company that helps to accelerate cloud adoption. The company reported total revenue of $321M in FY’22 ended Jan-22, up 51% year-over-year. 
According to public sources, Cisco Systems (CSCO US)  has already approached HashiCorp with an acquisition offer in 2019. However, both Cisco and HashiCorp declined to comment on rumors.


Will Cisco Make A Bid For HashiCorp As Valuation Fell By Half From The IPO Price?

<ul><li>Cisco Systems delivered a decent result achieving more than 30% product order growth for the previous quarter owing to strength across their portfolio, including improving demand and good supply chain management.</li><li>Cisco’s inorganic investments continued and in order to improve their full-stack observability offerings, they acquired Replex and Opsani in the past two quarters.</li><li>These investments should help improve the growth through better internal innovation and R&D and strengthen and differentiate their market position in key growth areas.</li></ul>

Cisco Systems delivered a decent result achieving more than 30% product order growth for the previous quarter owing to strength across their portfolio, including improving demand and good supply chain management.Cisco’s inorganic investments continued and in order to improve their full-stack observability offerings, they acquired Replex and Opsani in the past two quarters.These investments should help improve the growth through better internal innovation and R&D and strengthen and differentiate their market position in key growth areas.

Cisco Systems Inc: Financial & Price Forecasts

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li>On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea.</li>
<li>Two days after the launch, the combined market caps of these four ETFs have already reached 163 billion won.</li>
<li>These four ETFs have different components, they all have the following four stocks in common (AMD, Microsoft, Unity Software, and Nvidia). </li>
</ul>


On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea.
Two days after the launch, the combined market caps of these four ETFs have already reached 163 billion won.
These four ETFs have different components, they all have the following four stocks in common (AMD, Microsoft, Unity Software, and Nvidia). 


Launch of Global Metaverse ETFs by Local Asset Mgmt Companies & Update of Korean Metaverse ETFs

United States

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

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Cisco Systems (CSCO US)

Amplitude: Cash Flow Positive Quarter, Management Raised CY22 Revenue and Profitability Guidance

We remain bullish on Amplitude’s medium- to long-term prospects and view valuation as attractive for long-term tech investors.

Andrei Zakharov

Cisco Systems Inc.: The New & Expanded SASE Architecture

Despite supply and component challenges and other headwinds affecting the technology industry, Cisco managed to deliver a decent performance. The...

Baptista Research

Will Cisco Make A Bid For HashiCorp As Valuation Fell By Half From The IPO Price?

We believe Cisco Systems may be interested in acquiring HashiCorp, a cloud infrastructure automation unicorn backed by leading VC investors.

Andrei Zakharov

Cisco Systems Inc: Financial & Price Forecasts

Cisco Systems delivered a decent result achieving more than 30% product order growth for the previous quarter owing to strength across their...

Baptista Research

Launch of Global Metaverse ETFs by Local Asset Mgmt Companies & Update of Korean Metaverse ETFs

On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea. The combined market caps of...

Douglas Kim

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