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>Fortinet's third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity landscape.</li><li>The company's total revenue grew by 13%, a return to product revenue growth bolstered by strong service revenue expansion.</li><li>Fortinet's strong execution led to record gross and operating margins, with the latter increasing by 830 basis points to over 36%.</li></ul>

Fortinet's third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity landscape.The company's total revenue grew by 13%, a return to product revenue growth bolstered by strong service revenue expansion.Fortinet's strong execution led to record gross and operating margins, with the latter increasing by 830 basis points to over 36%.

Fortinet Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>Fortinet's second quarter 2024 financial performance presents a mixed but fundamentally robust picture.</li><li>Starting with the positive facets, the company achieved record operating margins at 35%, a significant improvement by 820 basis points year-over-year.</li><li>This financial efficiency was underpinned by a strategic blend of operational prowess and thoughtfully channeled investments toward high-growth markets such as Unified Security Access Service Edge (SASE) and Secure Operations (SecOps).</li></ul>

Fortinet's second quarter 2024 financial performance presents a mixed but fundamentally robust picture.Starting with the positive facets, the company achieved record operating margins at 35%, a significant improvement by 820 basis points year-over-year.This financial efficiency was underpinned by a strategic blend of operational prowess and thoughtfully channeled investments toward high-growth markets such as Unified Security Access Service Edge (SASE) and Secure Operations (SecOps).

Fortinet Inc.: Will Their Revitalized Focus On Next-Generation Firewalls & New Technologies Pay Off? - Major Drivers

<ul><li>Fortinet, the multinational cybersecurity company, has showcased notable financial results for the first quarter of 2024.</li><li>They declared an operating margin increase of a first quarter record of 28.5%, and a record cash flow from operations of $830 million.</li><li>Their adjusted free cash flow margin was also their highest yet at 61%.</li></ul>

Fortinet, the multinational cybersecurity company, has showcased notable financial results for the first quarter of 2024.They declared an operating margin increase of a first quarter record of 28.5%, and a record cash flow from operations of $830 million.Their adjusted free cash flow margin was also their highest yet at 61%.

Fortinet Inc.: How Is Their Shift Towards SASE & SecOps Solutions Shaping Up? - Major Drivers

<ul><li>Fortinet Inc., a cybersecurity solutions provider, saw its total billings rise 8.5% to $1.9 billion in Q4 2023.</li><li>This growth, which was driven by an increased focus on secure operations (ops), Secure Access Service Edge (SASE), and improved execution of its sales strategy, led to six deals in excess of $10 million across five industry verticals.</li><li>Fortinet's customer base comprised 76% of businesses in the Fortune 100, including nine of the top 10 technology companies and manufacturers and nine of the top 10 healthcare providers.</li></ul>

Fortinet Inc., a cybersecurity solutions provider, saw its total billings rise 8.5% to $1.9 billion in Q4 2023.This growth, which was driven by an increased focus on secure operations (ops), Secure Access Service Edge (SASE), and improved execution of its sales strategy, led to six deals in excess of $10 million across five industry verticals.Fortinet's customer base comprised 76% of businesses in the Fortune 100, including nine of the top 10 technology companies and manufacturers and nine of the top 10 healthcare providers.

Fortinet Inc: Strong Competition and Growth in Secure Operations (SecOps) and SASE

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>
<a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a> shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. </li>
<li>The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.</li>
<li>The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.</li>
</ul>



Trend Micro Inc (4704 JP) shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. 
The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.
The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.


Trend Micro (4704 JP): Evaluating the Privatisation Rumours

United States

Fortinet Inc. provides network security solutions. The Company offers network security appliances and related software, and subscription services. Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), Web filtering, antispam, and traffic shaping.

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Fortinet Inc (FTNT US)

Fortinet Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

Fortinet's third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity...

Baptista Research

Fortinet Inc.: Will Their Revitalized Focus On Next-Generation Firewalls & New Technologies Pay Off? - Major Drivers

Fortinet's second quarter 2024 financial performance presents a mixed but fundamentally robust picture. Starting with the positive facets, the...

Baptista Research

Fortinet Inc.: How Is Their Shift Towards SASE & SecOps Solutions Shaping Up? - Major Drivers

Fortinet, the multinational cybersecurity company, has showcased notable financial results for the first quarter of 2024. They declared an...

Baptista Research

Fortinet Inc: Strong Competition and Growth in Secure Operations (SecOps) and SASE

Fortinet Inc., a cybersecurity solutions provider, saw its total billings rise 8.5% to $1.9 billion in Q4 2023. This growth, which was driven by...

Baptista Research

Trend Micro (4704 JP): Evaluating the Privatisation Rumours

The lack of a controlling shareholder and increased cybersecurity M&A activity support the buyout interest. A privatisation price is likely to be...

Arun George

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