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>HubSpot Inc.'s Q1 2024 earnings conference call revealed a mix of strong performance and cautious optimism.</li><li>Total customers grew by 22% YoY, translating to over 215,000 customers globally, driven by over 11,700 net customer additions in the quarter.</li><li>Revenue growth was solid at 23% year-over-year in constant currency, alongside another good quarter of operating margin growth, driving the operating margin to 15%.</li></ul>

HubSpot Inc.'s Q1 2024 earnings conference call revealed a mix of strong performance and cautious optimism.Total customers grew by 22% YoY, translating to over 215,000 customers globally, driven by over 11,700 net customer additions in the quarter.Revenue growth was solid at 23% year-over-year in constant currency, alongside another good quarter of operating margin growth, driving the operating margin to 15%.

HubSpot Inc.: What Valuation Can It Get From Alphabet Inc.? - Major Drivers

<ul><li>HubSpot, a leading software company, provided a generally positive update on the firm's financial performance, strategic direction, and plans for future growth.</li><li>On the financial front, the firm reported solid results for Q4 2023.</li><li>Revenue grew by 21% year-on-year in constant currency terms, and by 25% for the full year 2023.</li></ul>

HubSpot, a leading software company, provided a generally positive update on the firm's financial performance, strategic direction, and plans for future growth.On the financial front, the firm reported solid results for Q4 2023.Revenue grew by 21% year-on-year in constant currency terms, and by 25% for the full year 2023.

HubSpot Inc: Are They Successfully Implementing AI In Their Operations? - Major Drivers

<ul><li>HubSpot, Inc. exceeded Wall Street's revenue and earnings expectations, witnessing a 24% year-over-year revenue growth in constant currency.</li><li>Strong net customer additions were observed in the lower segment through free sign-ups and growth optimization in the starter addition.</li><li>HubSpot's commitment to AI was further highlighted with the launch of HubSpot AI, embedding it across all hubs.</li></ul>

HubSpot, Inc. exceeded Wall Street's revenue and earnings expectations, witnessing a 24% year-over-year revenue growth in constant currency.Strong net customer additions were observed in the lower segment through free sign-ups and growth optimization in the starter addition.HubSpot's commitment to AI was further highlighted with the launch of HubSpot AI, embedding it across all hubs.

HubSpot Inc.: Can The Clearbit Acquisition Help Further Their B2b Market Intelligence Game? - Major Drivers

<ul><li>HubSpot delivered a solid result and managed an all-around beat in the last quarter, with a significant YoY increase in revenue, highlighting the company's strategic balance between growth and profitability.</li><li>The company's customer base grew impressively, driven by new customer additions and product optimization.</li><li>The company's investment in generative AI, including ChatSpot and Content Assistant, drives customer value by streamlining various tasks and providing valuable insights.</li></ul>

HubSpot delivered a solid result and managed an all-around beat in the last quarter, with a significant YoY increase in revenue, highlighting the company's strategic balance between growth and profitability.The company's customer base grew impressively, driven by new customer additions and product optimization.The company's investment in generative AI, including ChatSpot and Content Assistant, drives customer value by streamlining various tasks and providing valuable insights.

HubSpot Inc.: New AI Tools Like ChatSpot Could Help Redefine Success! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.</li>
<li>The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.</li>
<li>Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. </li>
</ul>


Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.
The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.
Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis. 


Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

United States

Electronic Arts Inc. develops, publishes, and distributes branded interactive entertainment software worldwide for video game consoles, personal computers, handheld game players, and cellular handsets. The Company also provides online game-related services.

Aspen Technology, Inc. provides software solutions. The Company offers asset optimization software that optimizes asset design, operations, and maintenance in complex, industrial environments to enable organizations to meet their business goals for sustainability and profitability. Aspen Technology serves customers worldwide.

Check Point Software Technologies Ltd. develops, markets and supports a range of software and hardware products and services for information technology (IT) security and offers its customers a network and gateway security solutions, data and endpoint security solutions and management solutions.

SS&C Technologies Holdings, Inc. develops and markets computer software for financial services providers.  The software enables trading and modeling, portfolio management and reporting, accounting, performance measurement, reconciliation, reporting, processing, and clearing.

Fair Isaac Corporation provides analytics, including predictive modeling, decision analysis, intelligence management, decision management systems, and consulting services.  The Company helps companies in countries around the world acquire customers more efficiently, increase customer value, reduce fraud, lower operating expenses, and enter new markets more profitably.

Manhattan Associates, Inc. provides information technology solutions for distribution centers.  The solutions are designed to enable the efficient movement of goods through the supply chain.  The Company's solutions optimize the receipt, storage, and distribution of inventory, as well as manage equipment and personnel within a distribution center.

PTC Inc. develops and delivers technology solutions, comprised of software and services. The Company's technology is primarily used by discrete manufacturers to design, operate and maintain complex products. PTC's technology is also used to connect products to the Internet for purposes of capturing and analyzing information from them.

Tyler Technologies, Inc. provides end-to-end information management solutions and services for local governments. The Company's client base includes local government offices throughout the United States, Canada, Puerto Rico, and the United Kingdom.

Splunk Inc. develops web based application software. The Company provides software that collects and analyzes machine data generated by websites, applications, servers, networks, and mobile devices. Splunk serves customers worldwide.

MicroStrategy Incorporated provides business intelligence software and related services.  The Company's technology platform enables departments and enterprises to deploy Web-based reporting and analysis solutions.  MicroStrategy also offers consulting, training, and support services.  Solutions are provided to retail, finance, telecommunications, insurance, dot-com, and healthcare industries.

Xero Limited offers an online accounting system.  The software features bank transaction importing, a cashbook, a general ledger, invoicing, accounts receivable, accounts payable, financial reporting, and management of expense claims.

Oracle Financial Services Software Ltd. provides comprehensive information technology solutions to the financial services industry worldwide. The Company provides transaction processing and accounting software for banks, investment managers and mutual funds. Oracle Financial also provides internet delivery of financial services as well as business intelligence and analytical applications.

Konami Holdings Corporation provides digital entertainment, health and fitness and gaming products. The Company develops and sells video games, mobile games and computer games, gaming machines, pachislot and pachinko machines, and fitness machines as well as operates health and fitness clubs.

Nexon Co., Ltd. mainly develops and services, online games for PC and mobile devices. The company also offers consulting services related to online-games. Nexon operates in Japan.

ORACLE CORPORATION JAPAN sells a variety of software, including database management system software, application development tools, decision-making support tools, and business related applications.  The Company also provides support services for users.

IFLYTEK Co., Ltd. specializes in speech intelligence and artificial intelligence technology.  The company also develops chip product, voice messaging software and e-government system integration software.

Nemetschek AG provides standard software for designing, constructing and managing buildings and real estate.  The Company's software offers cost estimation, design, planning, account calculation, cost management, facilities management, document management and B2B e-commerce capabilities.  Nemetschek's software is sold in approximately 52 countries and 13 languages.

The Sage Group plc is a software publishing company. The Group develops, publishes and distributes accounting and payroll software for personal computer systems. Via its subsidiaries, Sage also maintains a registered user database which provides a market for their related products and services, including computer forms, software support contracts, program upgrades and training.

WiseTech Global Pty Ltd provides various technology and information technology management solutions. The Company offers cloud based various technology platforms, market specific software and logistics technology solutions, such as edienterprise, a platform supply chain logistics management system, software-as-a-service, and clinical management software. 

CyberArk Software Ltd. provides information technology security solutions. The Company offers services which protect organizational privileged accounts from cyber attacks.

HubSpot, Inc. provides a cloud-based marketing and sales software platform. The Company offers integrated applications that helps in lead generation and social marketing.

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Hubspot Inc (HUBS US)

HubSpot Inc.: What Valuation Can It Get From Alphabet Inc.? - Major Drivers

HubSpot Inc.'s Q1 2024 earnings conference call revealed a mix of strong performance and cautious optimism. Total customers grew by 22% YoY,...

Baptista Research

HubSpot Inc: Are They Successfully Implementing AI In Their Operations? - Major Drivers

HubSpot, a leading software company, provided a generally positive update on the firm's financial performance, strategic direction, and plans for...

Baptista Research

HubSpot Inc.: Can The Clearbit Acquisition Help Further Their B2b Market Intelligence Game? - Major Drivers

HubSpot, Inc. exceeded Wall Street's revenue and earnings expectations, witnessing a 24% year-over-year revenue growth in constant...

Baptista Research

HubSpot Inc.: New AI Tools Like ChatSpot Could Help Redefine Success! - Major Drivers

HubSpot delivered a solid result and managed an all-around beat in the last quarter, with a significant YoY increase in revenue, highlighting the...

Baptista Research

Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn

Klaviyo, a fast-growing marketing automation unicorn, filed to go public and may raise ~$286M. IPO valuation looks attractive, and I see 30%+...

Andrei Zakharov

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