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>Fastly's Q2 2024 earnings highlighted a mix of positive developments and significant challenges facing the company.</li>
<li>For the quarter, Fastly reported revenue of $132.4 million, which surpassed the midpoint of their guidance.</li>
<li>This achievement was overshadowed by a concerning trend with some of Fastly’s largest customers, particularly in the media sector, where decreased traffic projections and an emphasis on cost reductions have led to lower revenue expectations for these key accounts.</li>
</ul>


Fastly's Q2 2024 earnings highlighted a mix of positive developments and significant challenges facing the company.
For the quarter, Fastly reported revenue of $132.4 million, which surpassed the midpoint of their guidance.
This achievement was overshadowed by a concerning trend with some of Fastly’s largest customers, particularly in the media sector, where decreased traffic projections and an emphasis on cost reductions have led to lower revenue expectations for these key accounts.


Fastly Inc.: Enhanced Focus on Customer Acquisition & Go-To-Market Strategies To Catalyze Growth!

<ul>
<li>Fastly's first quarter 2024 results demonstrate both promising advancements and headwinds that underscore the complexity of its market environment.</li>
<li>Revenue growth of 14% year-over-year to $133.5 million surpassed the midpoint of Fastly's guidance, reflecting effective customer growth and retention initiatives.</li>
<li>The customer base expanded to 3,290, marking an increase from previous quarters.</li>
</ul>


Fastly's first quarter 2024 results demonstrate both promising advancements and headwinds that underscore the complexity of its market environment.
Revenue growth of 14% year-over-year to $133.5 million surpassed the midpoint of Fastly's guidance, reflecting effective customer growth and retention initiatives.
The customer base expanded to 3,290, marking an increase from previous quarters.


Fastly Inc.: How Is The Management Carrying Out The Expansion into New Market Segments?

<ul>
<li>This is our first report on edge cloud platform provider, Fastly.</li>
<li>The company reported its fourth quarter 2023 earnings with revenue of $506 million, a 17% year-over-year growth.</li>
<li>The company also reported a record fourth-quarter revenue of $137.8 million, a 15% year-over-year and 8% quarter-over-quarter increase.</li>
</ul>


This is our first report on edge cloud platform provider, Fastly.
The company reported its fourth quarter 2023 earnings with revenue of $506 million, a 17% year-over-year growth.
The company also reported a record fourth-quarter revenue of $137.8 million, a 15% year-over-year and 8% quarter-over-quarter increase.


Fastly Inc: What Is Its Biggest Competitive Advantage? - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Baishan Cloud, China’s independent edge cloud service provider, filed to go public in Hong Kong. CICC and investment bank Haitong are the lead underwriters in this offering.</li>
<li>Founded in 2015, <a href="https://www.smartkarma.com/entities/beijing-baishancloud-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40988:1" rel="noopener">BaishanCloud (1568617D HK)</a> is led by its CEO and Founder, Mr. HUO Tao, and a highly experienced founding team.</li>
<li>I believe the company will achieve a break-even this year, coupled with a strong international expansion, potential revenue acceleration and gross margin improvement as the business continues to scale up.</li>
</ul>


Baishan Cloud, China’s independent edge cloud service provider, filed to go public in Hong Kong. CICC and investment bank Haitong are the lead underwriters in this offering.
Founded in 2015, BaishanCloud (1568617D HK) is led by its CEO and Founder, Mr. HUO Tao, and a highly experienced founding team.
I believe the company will achieve a break-even this year, coupled with a strong international expansion, potential revenue acceleration and gross margin improvement as the business continues to scale up.


Baishan Cloud IPO Preview: Break-Even Is Likely To Be Achieved in 2024

<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

United States

Fastly, Inc. provides infrastructure software. The Company offers cloud computing, image optimization, security, edge computer technology, and streaming solutions. Fastly serves customers in the United States.

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Fastly Inc (FSLY US)

Fastly Inc.: Enhanced Focus on Customer Acquisition & Go-To-Market Strategies To Catalyze Growth!

Fastly's Q2 2024 earnings highlighted a mix of positive developments and significant challenges facing the company. For the quarter, Fastly...

Baptista Research

Fastly Inc.: How Is The Management Carrying Out The Expansion into New Market Segments?

Fastly's first quarter 2024 results demonstrate both promising advancements and headwinds that underscore the complexity of its market environment.

Baptista Research

Fastly Inc: What Is Its Biggest Competitive Advantage? - Major Drivers

This is our first report on edge cloud platform provider, Fastly. The company reported its fourth quarter 2023 earnings with revenue of $506...

Baptista Research

Baishan Cloud IPO Preview: Break-Even Is Likely To Be Achieved in 2024

Baishan Cloud, a founder-led edge cloud service provider in China, filed to list IPO on HKEX. The company develops AI-empowered edge cloud platform...

Andrei Zakharov

Freshworks: 2023 Investor Day and Valuation Update

2023 Investor Day highlights massive TAM, ongoing business momentum, adoption of multi-product strategy, and AI monetization opportunities: PT...

Andrei Zakharov

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