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>In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing macroeconomic challenges.</li><li>Okta achieved record profitability in the quarter, including GAAP profitability, driven by operational efficiencies and strong demand from large enterprise customers.</li><li>The company saw an increase in contract sizes, particularly through partnerships with global systems integrators, demonstrating its success in leveraging these relationships.</li></ul>

In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing macroeconomic challenges.Okta achieved record profitability in the quarter, including GAAP profitability, driven by operational efficiencies and strong demand from large enterprise customers.The company saw an increase in contract sizes, particularly through partnerships with global systems integrators, demonstrating its success in leveraging these relationships.

Okta Inc.: Will Its Migration to Cloud-based Identity Validation Pay Off? - Major Drivers

<ul><li>Okta Inc., a leading independent identity provider, posted encouraging results for the first quarter of the fiscal year 2025, and market observers have drawn several insights from the company's earnings call.</li><li>One positive aspect of Okta's performance is its remarkable profitability and cash flow.</li><li>The company achieved record profitability and posted a free cash flow margin of 35%.</li></ul>

Okta Inc., a leading independent identity provider, posted encouraging results for the first quarter of the fiscal year 2025, and market observers have drawn several insights from the company's earnings call.One positive aspect of Okta's performance is its remarkable profitability and cash flow.The company achieved record profitability and posted a free cash flow margin of 35%.

Okta Inc.: Opportunities Within Zero Trust & Secure Access Service Edge (SASE) Projects! - Major Drivers

<ul><li>In FY 24, Okta achieved record profitability and cash flow, highlighting strong financial performance that appears to be minimally impacted by a recent security incident.</li><li>In response to this incident, Okta has taken steps to reassess and strengthen its own infrastructure and launched the Okta Secure Identity Commitment.</li><li>This long-term commitment aims to lead the industry in the fight against identity attacks and includes initiatives such as Project Bedrock to harden systems and further strengthen products and services.</li></ul>

In FY 24, Okta achieved record profitability and cash flow, highlighting strong financial performance that appears to be minimally impacted by a recent security incident.In response to this incident, Okta has taken steps to reassess and strengthen its own infrastructure and launched the Okta Secure Identity Commitment.This long-term commitment aims to lead the industry in the fight against identity attacks and includes initiatives such as Project Bedrock to harden systems and further strengthen products and services.

Okta Inc.: How The Company Is Making Revolutionary Strides In Cloud-Delivered Cybersecurity! - Major Drivers

<ul><li>Okta delivered an all-around beat in the previous quarter, witnessing a robust 21% growth in total revenue, primarily fueled by a remarkable 22% surge in subscription revenue, constituting a substantial 97% overall revenue.</li><li>Despite an 8% growth in subscription backlog or RPO, the shortening of contract term lengths in recent quarters influenced the overall RPO growth.</li><li>For Q4 and FY '24, Okta's team forecasts total revenue of $585 million to $587 million, representing a 15% growth.</li></ul>

Okta delivered an all-around beat in the previous quarter, witnessing a robust 21% growth in total revenue, primarily fueled by a remarkable 22% surge in subscription revenue, constituting a substantial 97% overall revenue.Despite an 8% growth in subscription backlog or RPO, the shortening of contract term lengths in recent quarters influenced the overall RPO growth.For Q4 and FY '24, Okta's team forecasts total revenue of $585 million to $587 million, representing a 15% growth.

Okta Inc.: Identity Threat Protection with Okta AI Could Be The Next Big Thing! - Major Drivers

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

Okta, Inc. develops internet applications software. The Company offers automated user management, integration, mobile identification, multifactor authentication, and reporting software. Okta serves customers worldwide.

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Okta (OKTA US)

Okta Inc.: Will Its Migration to Cloud-based Identity Validation Pay Off? - Major Drivers

In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing...

Baptista Research

Okta Inc.: Opportunities Within Zero Trust & Secure Access Service Edge (SASE) Projects! - Major Drivers

Okta Inc., a leading independent identity provider, posted encouraging results for the first quarter of the fiscal year 2025, and market observers...

Baptista Research

Okta Inc.: How The Company Is Making Revolutionary Strides In Cloud-Delivered Cybersecurity! - Major Drivers

In FY 24, Okta achieved record profitability and cash flow, highlighting strong financial performance that appears to be minimally impacted by a...

Baptista Research

Okta Inc.: Identity Threat Protection with Okta AI Could Be The Next Big Thing! - Major Drivers

Okta delivered an all-around beat in the previous quarter, witnessing a robust 21% growth in total revenue, primarily fueled by a remarkable 22%...

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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