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>Elastic N.V., a company renowned for its open search and data analytics engine, reported notable financial and strategic outcomes in its third-quarter fiscal 2025 results.</li><li>The company highlighted several positive developments, putting its strategic focus on growing its business around search, observability, and security solutions, which collectively contributed to a year-over-year revenue growth of 17%, surpassing their guidance metrics.</li><li>Notably, their cloud revenue grew by 26%, with the number of customers spending over $100,000 increasing to more than 1,460 during this quarter.</li></ul>

Elastic N.V., a company renowned for its open search and data analytics engine, reported notable financial and strategic outcomes in its third-quarter fiscal 2025 results.The company highlighted several positive developments, putting its strategic focus on growing its business around search, observability, and security solutions, which collectively contributed to a year-over-year revenue growth of 17%, surpassing their guidance metrics.Notably, their cloud revenue grew by 26%, with the number of customers spending over $100,000 increasing to more than 1,460 during this quarter.

Elastic N.V.: What Is Their “Land & Expand” Approach And Will It Work?

<ul><li>Elastic N.V. reported robust financial results for the second quarter of fiscal year 2025, showcasing notable progress in revenue growth and sales execution after a challenging first quarter.</li><li>The company's total revenue reached $365 million, marking an 18% year-over-year increase.</li><li>Elastic Cloud, a significant component of its subscription services, experienced a 25% growth, highlighting customer preference for cloud-based solutions.</li></ul>

Elastic N.V. reported robust financial results for the second quarter of fiscal year 2025, showcasing notable progress in revenue growth and sales execution after a challenging first quarter.The company's total revenue reached $365 million, marking an 18% year-over-year increase.Elastic Cloud, a significant component of its subscription services, experienced a 25% growth, highlighting customer preference for cloud-based solutions.

Elastic N.V.: An Analysis Of Its Sales Execution & Customer Acquisition Strategy! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elastic-nv" target="_blank" data-smartkarma-citation="entities:27526:1" rel="noopener">Elastic NV (ESTC US)</a> reported a solid 4QFY23, reflecting a stronger-than-expected non-GAAP operating margin of ~9% and GAAP subscription gross margin of ~79%. </li>
<li>Elastic cloud revenue grew 28% y/y, representing 40% of total revenue. Elastic cloud is scaling well, and margins improved faster-than-anticipated. </li>
<li>We are concerned about slowing H1 FY24 y/y growth in total revenue and failure to achieve the $2B revenue mark in FY25. Price target to $112.</li>
</ul>



Elastic NV (ESTC US) reported a solid 4QFY23, reflecting a stronger-than-expected non-GAAP operating margin of ~9% and GAAP subscription gross margin of ~79%. 
Elastic cloud revenue grew 28% y/y, representing 40% of total revenue. Elastic cloud is scaling well, and margins improved faster-than-anticipated. 
We are concerned about slowing H1 FY24 y/y growth in total revenue and failure to achieve the $2B revenue mark in FY25. Price target to $112.


Focus On Profitability Expansion And Durable Growth: PT Reduced To $112 From $133

<ul><li>This is our first report on Elastic NV, a major technology solutions provider catering to multi-cloud environments.</li><li>All over the year, customers continued to adopt Elastic Cloud, expanding over use cases and increasing consumption as there was a growth in the enterprise data.</li><li>Elastic continues expanding its land-and-expand approach because customers wish to adopt over one Elastic solution to support their business initiatives.</li></ul>

This is our first report on Elastic NV, a major technology solutions provider catering to multi-cloud environments.All over the year, customers continued to adopt Elastic Cloud, expanding over use cases and increasing consumption as there was a growth in the enterprise data.Elastic continues expanding its land-and-expand approach because customers wish to adopt over one Elastic solution to support their business initiatives.

Elastic NV: Initiation of Coverage – Enhancements To The Elastic Observatory Solution & Other Drivers

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.

<ul>
<li>Elastic just dramatically raised its revenue guidance for FY2025...implying a massive acceleration in revenue growth that the 18% move in the stock underplayed.</li>
<li>Dynatrace is a wildly profitable software company trading at a significant discount to its Rule of 40 metrics.</li>
<li>The overall observability space is red hot, unimpacted by macro factors and being overlooked by software investors.</li>
</ul>


Elastic just dramatically raised its revenue guidance for FY2025...implying a massive acceleration in revenue growth that the 18% move in the stock underplayed.
Dynatrace is a wildly profitable software company trading at a significant discount to its Rule of 40 metrics.
The overall observability space is red hot, unimpacted by macro factors and being overlooked by software investors.


Observability Is Not Just Datadog: Why Elastic and Dynatrace Are Great Longs

United States

Elastic N.V. provides information technology and data analysis services. The Company offers monitoring, security analysis, enterprise search, cloud computing, and open source application performance monitoring solutions. Elastic serves customers in the United States.

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Elastic NV (ESTC US)

Elastic N.V.: What Is Their “Land & Expand” Approach And Will It Work?

Elastic N.V., a company renowned for its open search and data analytics engine, reported notable financial and strategic outcomes in its...

Baptista Research

Elastic N.V.: An Analysis Of Its Sales Execution & Customer Acquisition Strategy! - Major Drivers

Elastic N.V. reported robust financial results for the second quarter of fiscal year 2025, showcasing notable progress in revenue growth and sales...

Baptista Research

Focus On Profitability Expansion And Durable Growth: PT Reduced To $112 From $133

Elastic remains my top pick in the observability and search space, and I see the potential for revenue growth re-acceleration in 2024.

Andrei Zakharov

Elastic NV: Initiation of Coverage – Enhancements To The Elastic Observatory Solution & Other Drivers

This is our first report on Elastic NV, a major technology solutions provider catering to multi-cloud environments. All over the year, customers...

Baptista Research

Observability Is Not Just Datadog: Why Elastic and Dynatrace Are Great Longs

Observability software stocks are being overlooked in the recent valuation downdraft. Elastic is our top pick...it had a massive revenue guidance...

Aaron Gabin

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