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 had a mixed set of fourth-quarter results with revenues failing to meet Wall Street expectations despite market share gains.</li><li>The company succeeded in delivering an earnings beat and held on to its market positioning.</li><li>Its 42% product revenue growth has made the company one of the top product revenue companies in the cybersecurity industry.</li></ul>

Fortinet had a mixed set of fourth-quarter results with revenues failing to meet Wall Street expectations despite market share gains.The company succeeded in delivering an earnings beat and held on to its market positioning.Its 42% product revenue growth has made the company one of the top product revenue companies in the cybersecurity industry.

Fortinet Inc.: Launch of FortiSP5 & Other Drivers

<ul><li>Fortinet's results for the second quarter were strong and well-rounded across countries, client types, sectors, and use cases, resulting in market share gains and showcasing robust growth from its three core growth drivers.</li><li>The company matched the revenue expectations of Wall Street as its total service revenue grew by 25% sequentially and it also delivered an earnings beat.</li><li>Fortinet's premium cost for performance advantage and integrated platform continue to be valued by large companies.</li></ul>

Fortinet's results for the second quarter were strong and well-rounded across countries, client types, sectors, and use cases, resulting in market share gains and showcasing robust growth from its three core growth drivers.The company matched the revenue expectations of Wall Street as its total service revenue grew by 25% sequentially and it also delivered an earnings beat.Fortinet's premium cost for performance advantage and integrated platform continue to be valued by large companies.

Fortinet Inc: New Firewall Series & Other Developments

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. </li>
<li>The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. </li>
<li>Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  </li>
</ul>


In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. 
The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. 
Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  


Cyberattacks at Numerous US Airports by Suspects from Russia

<ul><li>This is our first report on one of the leading players in integrated and automated cybersecurity solutions – Fortinet.</li><li>The company has been performing well in 2022 so far with a reported increase in billing and product revenue growth.</li><li>The company has also acquired a controlling stake in a Japan-based networking company ALAXALA Network for around $64 million.</li></ul>

This is our first report on one of the leading players in integrated and automated cybersecurity solutions – Fortinet.The company has been performing well in 2022 so far with a reported increase in billing and product revenue growth.The company has also acquired a controlling stake in a Japan-based networking company ALAXALA Network for around $64 million.

Fortinet Inc: Initiation of Coverage – Business Strategy

Thematic (Sector/Industry)

<ul>
<li><strong>One of the interesting capital flow changes that is occurring amid the on-going war between Russia and Ukraine is the increasing capital flow to the major global cybersecurity stocks.</strong></li>
<li>The 20 largest IT security stocks listed in the US are up on average 5.5% in February, significantly outperforming S&amp;P500 which was down 3.1% in the same period.</li>
<li>
<strong>Palo Alto Networks (PANW US),</strong> Crowdstrike Holdings Inc (CRWD US), Fortinet Inc (FTNT US), and Check Point Software Tech (CHKP US) have been clear winners in this period.</li>
</ul>


One of the interesting capital flow changes that is occurring amid the on-going war between Russia and Ukraine is the increasing capital flow to the major global cybersecurity stocks.
The 20 largest IT security stocks listed in the US are up on average 5.5% in February, significantly outperforming S&amp;P500 which was down 3.1% in the same period.

Palo Alto Networks (PANW US), Crowdstrike Holdings Inc (CRWD US), Fortinet Inc (FTNT US), and Check Point Software Tech (CHKP US) have been clear winners in this period.


The Russia & Ukraine War Forcing Capital to Shift into Cybersecurity Stocks

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.: Launch of FortiSP5 & Other Drivers

Fortinet had a mixed set of fourth-quarter results with revenues failing to meet Wall Street expectations despite market share gains. The company...

Baptista Research

Fortinet Inc: New Firewall Series & Other Developments

Fortinet's results for the second quarter were strong and well-rounded across countries, client types, sectors, and use cases, resulting in market...

Baptista Research

Cyberattacks at Numerous US Airports by Suspects from Russia

In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. This could...

Douglas Kim

Fortinet Inc: Initiation of Coverage – Business Strategy

This is our first report on one of the leading players in integrated and automated cybersecurity solutions – Fortinet. The company has been...

Baptista Research

The Russia & Ukraine War Forcing Capital to Shift into Cybersecurity Stocks

One of the interesting capital flow changes that is occurring amid the on-going war between Russia and Ukraine is the increasing capital flow to...

Douglas Kim

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52-week Range

Market Cap (USDm)

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