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>DocuSign, Inc. delivered a noteworthy performance in the fourth quarter of Fiscal Year 2025, underpinned by both strategic pivots and operational efficiency gains.</li><li>The company reported a revenue of $776 million, marking a 9% year-over-year rise, culminating in an annual revenue of $3 billion—an 8% increase over the prior year.</li><li>This growth trajectory underscores a positive momentum, primarily fueled by the launch of Intelligent Agreement Management (IAM), a comprehensive AI-driven platform focused on transforming how businesses manage agreements.</li></ul>

DocuSign, Inc. delivered a noteworthy performance in the fourth quarter of Fiscal Year 2025, underpinned by both strategic pivots and operational efficiency gains.The company reported a revenue of $776 million, marking a 9% year-over-year rise, culminating in an annual revenue of $3 billion—an 8% increase over the prior year.This growth trajectory underscores a positive momentum, primarily fueled by the launch of Intelligent Agreement Management (IAM), a comprehensive AI-driven platform focused on transforming how businesses manage agreements.

Docusign Inc.: Will Its Emphasis On The Expansion of Identity and Access Management (IAM) Pay Off?

<ul><li>DocuSign recently reported its third-quarter fiscal 2025 results, reflecting both promising advancements and ongoing challenges.</li><li>The company delivered an 8% year-over-year growth in revenue, reaching $755 million, driven primarily by improvements in its core business.</li><li>Subscription revenue mirrored this at $735 million.</li></ul>

DocuSign recently reported its third-quarter fiscal 2025 results, reflecting both promising advancements and ongoing challenges.The company delivered an 8% year-over-year growth in revenue, reaching $755 million, driven primarily by improvements in its core business.Subscription revenue mirrored this at $735 million.

DocuSign Inc.: Leveraging Advanced Document Technologies To Set New Standards!  - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

<ul><li>DocuSign, in its second quarter fiscal year 2025 earnings release, reported a continued trend of moderated but stable growth, enhanced operational efficiency, and progress in strategic initiatives including the rollout of its new Intelligent Agreement Management (IAM) platform.</li><li>With quarterly revenue reported at $736 million, representing a 7% year-over-year increase, the company manifests a steady financial trajectory albeit not at a high-growth pace.</li><li>The consistency in dollar net retention at 99% suggests a strong customer base, although the figure also signals limited expansion within the existing customers.</li></ul>

DocuSign, in its second quarter fiscal year 2025 earnings release, reported a continued trend of moderated but stable growth, enhanced operational efficiency, and progress in strategic initiatives including the rollout of its new Intelligent Agreement Management (IAM) platform.With quarterly revenue reported at $736 million, representing a 7% year-over-year increase, the company manifests a steady financial trajectory albeit not at a high-growth pace.The consistency in dollar net retention at 99% suggests a strong customer base, although the figure also signals limited expansion within the existing customers.

DocuSign Inc.:  Expanding Use of Intelligent Agreement Management (IAM) & The Agreement Cloud Are Critical Growth Levers! - Major Drivers

<ul><li>DocuSign demonstrated solid progress across its three strategic pillars in Q4 and the full fiscal year 2024, which include accelerating product innovation, improving omnichannel go-to-market initiatives, and strengthening operational and financial efficiency.</li><li>Total Q4 revenue reached $712 million, up 8% YoY, with a full-year revenue of $2.8 billion, up 10% YoY. Both exceeded company expectations.</li><li>Also, Q4 non GAAP operating margin increased to 25%, a slight rise from the prior year.</li></ul>

DocuSign demonstrated solid progress across its three strategic pillars in Q4 and the full fiscal year 2024, which include accelerating product innovation, improving omnichannel go-to-market initiatives, and strengthening operational and financial efficiency.Total Q4 revenue reached $712 million, up 8% YoY, with a full-year revenue of $2.8 billion, up 10% YoY. Both exceeded company expectations.Also, Q4 non GAAP operating margin increased to 25%, a slight rise from the prior year.

DocuSign Inc.: Strengthening with New Technologies and Product Enhancements! - Key Drivers

United States

DocuSign, Inc. provides electronic signature solutions. The Company offers platform that enables businesses of all sizes to digitally prepare, sign, act on, and manage agreements. DocuSign serves mortgage, non-profit, government, real estate, insurance, technology, and healthcare industries worldwide.

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DocuSign (DOCU US)

Docusign Inc.: Will Its Emphasis On The Expansion of Identity and Access Management (IAM) Pay Off?

DocuSign, Inc. delivered a noteworthy performance in the fourth quarter of Fiscal Year 2025, underpinned by both strategic pivots and operational...

Baptista Research

DocuSign Inc.: Leveraging Advanced Document Technologies To Set New Standards! - Major Drivers

DocuSign recently reported its third-quarter fiscal 2025 results, reflecting both promising advancements and ongoing challenges. The company...

Baptista Research

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

DocuSign Inc.: Expanding Use of Intelligent Agreement Management (IAM) & The Agreement Cloud Are Critical Growth Levers! - Major Drivers

DocuSign, in its second quarter fiscal year 2025 earnings release, reported a continued trend of moderated but stable growth, enhanced operational...

Baptista Research

DocuSign Inc.: Strengthening with New Technologies and Product Enhancements! - Key Drivers

DocuSign demonstrated solid progress across its three strategic pillars in Q4 and the full fiscal year 2024, which include accelerating product...

Baptista Research

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