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>Palo Alto Networks' Q2 2024 earnings highlight indicate the company's continued success in executing its profitable growth strategy.</li><li>The cybersecurity giant achieved significant top-line growth with revenues surging by 19% YoY, the RPO growing by 22%, and billings increasing by 16% YoY. Impressive, non-GAAP operating margins of 28.6% expanded roughly 600 basis points YoY, generating $2.9 billion in adjusted free cash flow on a trailing 12-month basis.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Palo Alto Networks' Q2 2024 earnings highlight indicate the company's continued success in executing its profitable growth strategy.The cybersecurity giant achieved significant top-line growth with revenues surging by 19% YoY, the RPO growing by 22%, and billings increasing by 16% YoY. Impressive, non-GAAP operating margins of 28.6% expanded roughly 600 basis points YoY, generating $2.9 billion in adjusted free cash flow on a trailing 12-month basis.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Palo Alto Networks: Is The Increased Demand For Cybersecurity Platforms Expected To Last? - Major Drivers

<ul><li>Palo Alto Networks, Inc. managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Notably, subscription revenue surged by 29% to $988 million, and support revenue reached $549 million, growing by 17%.</li><li>In Network Security, the company continued driving innovation toward Zero Trust architecture, unifying management through PAN-OS 11.1 and Strata Cloud Manager.</li></ul>

Palo Alto Networks, Inc. managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.Notably, subscription revenue surged by 29% to $988 million, and support revenue reached $549 million, growing by 17%.In Network Security, the company continued driving innovation toward Zero Trust architecture, unifying management through PAN-OS 11.1 and Strata Cloud Manager.

Palo Alto Networks Inc.: Can The Acquisition Of Dig Security Be A Game Changer? - Major Drivers

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Crowdstrike printed a superb quarter, continues to beat and raise despite overblown competitive concerns with new disclosures around non-endpoint ARR shows this becoming a true platform.</li>
<li>Revenue growth (+63%), Margin expansion (+570bps) and FCF generation (46% FCF margins) shows best in class rule of 40 SaaS metric.</li>
<li>Next catalyst is Analyst Day in April, expect LT targets to get increased.</li>
</ul>


Crowdstrike printed a superb quarter, continues to beat and raise despite overblown competitive concerns with new disclosures around non-endpoint ARR shows this becoming a true platform.
Revenue growth (+63%), Margin expansion (+570bps) and FCF generation (46% FCF margins) shows best in class rule of 40 SaaS metric.
Next catalyst is Analyst Day in April, expect LT targets to get increased.


Crowdstrike FY4Q22: (Bear) Case Adjourned

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Artificial intelligence (AI). AI is already having a major impact on the tech sector, and this is only going to accelerate in 2024.</li><li>With an estimated market size of $137 billion in 2022, AI is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.</li><li>We can expect to see more sophisticated AI applications and algorithms that can perform complex tasks and make decisions with human-like accuracy. </li></ul>

Artificial intelligence (AI). AI is already having a major impact on the tech sector, and this is only going to accelerate in 2024.With an estimated market size of $137 billion in 2022, AI is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.We can expect to see more sophisticated AI applications and algorithms that can perform complex tasks and make decisions with human-like accuracy. 

Top 10 Tech Trends in 2024 - What's Likely to Drive Tech Next Year

<ul><li>Palo Alto Networks delivered an all-around beat in the previous quarter.</li><li>Palo Alto's focus on operational excellence translated into robust Q4 results, characterized by substantial revenue growth and consistent momentum in its core offerings.</li><li>Palo Alto observed a consistent consumption increase in Q4, with credits consumed rising by 45%.</li></ul>

Palo Alto Networks delivered an all-around beat in the previous quarter.Palo Alto's focus on operational excellence translated into robust Q4 results, characterized by substantial revenue growth and consistent momentum in its core offerings.Palo Alto observed a consistent consumption increase in Q4, with credits consumed rising by 45%.

Palo Alto Networks Inc.: Can The Launch Of CI/CD Security Module Further Speed Up The Growth? - Major Drivers

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)

Palo Alto Networks: Is The Increased Demand For Cybersecurity Platforms Expected To Last? - Major Drivers

Palo Alto Networks' Q2 2024 earnings highlight indicate the company's continued success in executing its profitable growth strategy. The...

Baptista Research

Palo Alto Networks Inc.: Can The Acquisition Of Dig Security Be A Game Changer? - Major Drivers

Palo Alto Networks, Inc. managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. Notably, subscription...

Baptista Research

Crowdstrike FY4Q22: (Bear) Case Adjourned

Crowdstrike printed a superb quarter, continues to beat and raise despite overblown competitive concerns with new disclosures around non-endpoint...

Aaron Gabin

Top 10 Tech Trends in 2024 - What's Likely to Drive Tech Next Year

Artificial intelligence (AI). AI is already having a major impact on the tech sector, and this is only going to accelerate in 2024.

Water Tower Research

Palo Alto Networks Inc.: Can The Launch Of CI/CD Security Module Further Speed Up The Growth? - Major Drivers

Palo Alto Networks delivered an all-around beat in the previous quarter. Palo Alto's focus on operational excellence translated into robust Q4...

Baptista Research

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