Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. </li>
<li>The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. </li>
<li>Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. </li>
</ul>


Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. 
The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. 
Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. 


Freshworks: 2023 Investor Day and Valuation Update

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>DocuSign delivered an all-around beat in the most recent quarterly result.</li><li>For the first quarter, their overseas revenue increased by 17% year over year to $168 million, accounting for 25% of total revenue.</li><li>Additionally, the number of clients with annualized contract values over $300,000 increased by 20% from the previous year, totaling 1,063 consumers.</li></ul>

DocuSign delivered an all-around beat in the most recent quarterly result.For the first quarter, their overseas revenue increased by 17% year over year to $168 million, accounting for 25% of total revenue.Additionally, the number of clients with annualized contract values over $300,000 increased by 20% from the previous year, totaling 1,063 consumers.

DocuSign Inc.: AI-Based ID Verification And 4 Other Pivotal Factors That Are Going To Drive The Company Forward – Financial Forecasts

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>Potentia has returned with an improved three-part offer for <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>. The base offer of A$2.17 is 0.9% higher than Alludo’s A$2.15 offer. </li>
<li>The offer could rise to A$2.20 or A$2.25 per share based on hitting additional conditions. There is a clear path for the final offer to reach A$2.20 per share. </li>
<li>A A$2.25 per share offer is unlikely due to the onerous 25% scrip acceptance condition. At the last close, the gross spread to the likely final A$2.20 offer is 0.5%.</li>
</ul>


Potentia has returned with an improved three-part offer for Nitro Software Ltd (NTO AU). The base offer of A$2.17 is 0.9% higher than Alludo’s A$2.15 offer. 
The offer could rise to A$2.20 or A$2.25 per share based on hitting additional conditions. There is a clear path for the final offer to reach A$2.20 per share. 
A A$2.25 per share offer is unlikely due to the onerous 25% scrip acceptance condition. At the last close, the gross spread to the likely final A$2.20 offer is 0.5%.


Nitro (NTO AU): Potentia Comes Good with a Three-Part Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a> has finally granted Potentia due diligence access until 22 February. Subject to satisfactory due diligence, Potentia could increase its offer from A$2.00 to A$2.20-2.30 per share.</li>
<li>Alludo’s A$2.15 off-market takeover offer is its best and final offer. Alludo’s offer is subject to a 50.1% minimum acceptance condition (currently at 12.53%) and closes on 3 March.</li>
<li>Potentia’s dogged pursuit despite the Board's stonewalling suggests a desire to get a deal done. At the last close, the gross spread to Potentia’s potential offer is 2.3% to 7.0%.</li>
</ul>



Nitro Software Ltd (NTO AU) has finally granted Potentia due diligence access until 22 February. Subject to satisfactory due diligence, Potentia could increase its offer from A$2.00 to A$2.20-2.30 per share.
Alludo’s A$2.15 off-market takeover offer is its best and final offer. Alludo’s offer is subject to a 50.1% minimum acceptance condition (currently at 12.53%) and closes on 3 March.
Potentia’s dogged pursuit despite the Board's stonewalling suggests a desire to get a deal done. At the last close, the gross spread to Potentia’s potential offer is 2.3% to 7.0%.


Nitro Software (NTO AU): Potentia Finally Secures Due Diligence

Equity Capital Markets

<ul><li>DocuSign delivered solid quarter results despite the challenging operating environment, surpassing Wall Street expectations in terms of both, the top and bottom lines.</li><li>However, the company stills see healthy results with customers recognizing DocuSign high-ROI applications that are cost-effective, efficient, and easy to use.</li><li>DocuSign is continuing its innovation on the CLM front, solidifying its execution, customer validation, and vision within the CLM space.</li></ul>

DocuSign delivered solid quarter results despite the challenging operating environment, surpassing Wall Street expectations in terms of both, the top and bottom lines.However, the company stills see healthy results with customers recognizing DocuSign high-ROI applications that are cost-effective, efficient, and easy to use.DocuSign is continuing its innovation on the CLM front, solidifying its execution, customer validation, and vision within the CLM space.

DocuSign Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (01/23)

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)

Freshworks: 2023 Investor Day and Valuation Update

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DocuSign Inc.: AI-Based ID Verification And 4 Other Pivotal Factors That Are Going To Drive The Company Forward – Financial Forecasts

DocuSign delivered an all-around beat in the most recent quarterly result. For the first quarter, their overseas revenue increased by 17% year...

Baptista Research

Nitro (NTO AU): Potentia Comes Good with a Three-Part Offer

The base offer of A$2.17 could rise to A$2.20 or A$2.25 per share based on hitting additional conditions. There is a clear path for the final offer...

Arun George

Nitro Software (NTO AU): Potentia Finally Secures Due Diligence

Potentia’s dogged pursuit despite the Board's stonewalling suggests a desire to get a deal done. At the last close, the gross spread to Potentia’s...

Arun George

DocuSign Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (01/23)

DocuSign delivered solid quarter results despite the challenging operating environment, surpassing Wall Street expectations in terms of both, the...

Baptista Research

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