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’ management has continued to make significant investments to transform the company and take advantage of the rapidly growing and large market opportunity in cybersecurity.</li><li>Palo Alto Networks is looking to grab a large chunk of market share and become a leader in the firewall market.</li><li>We provide the stock of Palo Alto Networks with a ‘Hold’ rating with a revision in the target price.</li></ul>

Palo Alto Networks’ management has continued to make significant investments to transform the company and take advantage of the rapidly growing and large market opportunity in cybersecurity.Palo Alto Networks is looking to grab a large chunk of market share and become a leader in the firewall market.We provide the stock of Palo Alto Networks with a ‘Hold’ rating with a revision in the target price.

Palo Alto Networks: The NGFW Palo Alto Networks Cloud & Other 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 continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.</li>
<li>EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.</li>
<li>13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.</li>
</ul>


Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.
EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.
13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.


Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

<ul>
<li>Palo Alto Networks produced an impressive FY4Q22 earnings, blowing out billings growth and showing an impressive display of "platformization"...only trades 8x forward revenues for 25-30% revenue and FCF growth.</li>
<li>Farfetch finally acquired Yoox Net a Porter, after over a year of speculation. Deal is excellent for FTCH, gives them a monopolistic position in lux ecommerce.</li>
<li>Netflix's Gray Man yet another example of the company's inability to create compelling big budget movies.</li>
</ul>


Palo Alto Networks produced an impressive FY4Q22 earnings, blowing out billings growth and showing an impressive display of "platformization"...only trades 8x forward revenues for 25-30% revenue and FCF growth.
Farfetch finally acquired Yoox Net a Porter, after over a year of speculation. Deal is excellent for FTCH, gives them a monopolistic position in lux ecommerce.
Netflix's Gray Man yet another example of the company's inability to create compelling big budget movies.


TMT Quick Hits: Palo Alto Networks, Farfetch, Netflix

Equity Capital Markets

Palo Alto Networks / Equity Capital Markets

<ul><li>Palo Alto Networks delivered another strong result outperforming Wall Street expectations on all counts.</li><li>The company has shown strong top-line metrics of RPO and billings both despite the increase in geopolitical uncertainty and macroeconomic volatility.</li><li>Initiating with Plasma cloud, Palo Alto continues to view robust momentum in large upsell and new customers.</li></ul>

Palo Alto Networks delivered another strong result outperforming Wall Street expectations on all counts.The company has shown strong top-line metrics of RPO and billings both despite the increase in geopolitical uncertainty and macroeconomic volatility.Initiating with Plasma cloud, Palo Alto continues to view robust momentum in large upsell and new customers.

Palo Alto Networks Inc.: The Next-Gen Firewall On AWS & Other Developments

<ul>
<li>61% revenue growth, 17% operating margins (up 720bps YoY) and 32% FCF margins. Best in class growth + profitability.</li>
<li>ECommerce engine opening up from 4 modules to 12 means higher velocity sales on the come.</li>
<li>VMWare's Carbon Black will become a major share donator due to Broadcom acquisition.</li>
</ul>


61% revenue growth, 17% operating margins (up 720bps YoY) and 32% FCF margins. Best in class growth + profitability.
ECommerce engine opening up from 4 modules to 12 means higher velocity sales on the come.
VMWare's Carbon Black will become a major share donator due to Broadcom acquisition.


Crowdstrike FY1Q23: Share Gains Will Lead to Share Gains

United States

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

Motorola Solutions, Inc. is a data communications and telecommunications equipment provider. The Company develops data capture, wireless, infrastructure, bar code scanning, two-way radios, and wireless broadband networks. Motorola also produces public safety and government products, voice and data communications products and systems, and wireless LAN securities.

Arista Networks Inc. provides cloud networking solutions for data-centers and computer environments. The Company offers ethernet switches, pass-through cards, transceivers, cards, and enhanced operating systems. Arista also provides host adapter solutions and networking services and markets its products globally.

Ubiquiti Inc. provides wireless networking products and solutions. The Company offers radios, antennas, and management tools that have been designed to deliver carrier class performance for wireless networking and other applications in the unlicensed radio frequency. Ubiquiti operates in the State of New York.

EchoStar Corporation manufactures broadcast satellite receivers and antennas, and offers commercial satellite services.

Juniper Networks, Inc. provides Internet infrastructure solutions for Internet service providers and other telecommunications service providers.  The Company offers network infrastructure solutions that includes IP routing, Ethernet switching, security and application acceleration solutions.

F5 Networks, Inc. provides integrated Internet traffic management solutions designed to improve the availability and performance of mission-critical Internet-based servers and applications.  The Company's software-based solutions manage, control and optimize Internet traffic and content.  F5's solutions automatically deliver Internet content for service providers and e-businesses.

Ciena Corporation develops and markets communications network platforms and software, and offers professional services.  The Company's broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom and cable/MSO services providers, and enterprise and government networks.

InterDigital, Inc. develops technology for advanced digital wireless telecommunications applications.  The Company offers both time division multiple access and wide band code division multiple access proprietary and standards compliant digital wireless technology to customers, licensees, and companies.

Lumentum Holdings Inc. operates as a holding company. The Company, through its subsidiaries, supplies optical and photonic products. Lumentum Holdings serves data communications and telecommunications, networking, and life-sciences markets worldwide.

ZTE Corporation develops and markets switches, access servers, videoconferencing systems, mobile communication systems, data communication devices, and optical communication devices.  The Company also offers networking solutions for setup, refurbishment and optimization of networks.

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

Nokia Oyj is a global communications company that operates a network of production facilities for location intelligence and network infrastructure, as well as a network of sales and customer service. The Company also operates research and software development facilities worldwide.

Telefonaktiebolaget LM Ericsson develops and manufactures network equipment and software, as well as services for network and business operations. The Company's portfolio also includes products for the enterprise, cable, mobile platform and power module markets.

Telefonaktiebolaget Lm Ericsso (ERICB SS)

Telefonaktiebolaget LM Ericsson develops and manufactures network equipment and software, as well as services for network and business operations. The Company's portfolio also includes products for the enterprise, cable, mobile platform, and power module markets.

BYD Electronic International Co., Ltd. researches, develops, manufactures handset components such as handset casings and handset keypads and modules for handset manufacturers.  The Company also provides assembly services comprising assembly service and PCB assembly service to global handset manufacturers.

Accton Technology Corporation researches, develops, manufactures, and markets computer network system products such as adapters, hubs, switches, routers, and bridges. The Company also manufactures network computers and network peripheral equipment.

Suzhou TFC Optical Communication Co., Ltd. researches, develops, and distributes fiber optic components.

Yealink Network Technology Corporation Limited operates as a communication equipment manufacturer. The Company provides telephones, unified communication terminals, video conferencing systems, conference phones, and other accessories. Yealink Network Technology serves customers worldwide.

Yealink Network Technology Cor (300628 CH)

Hengtong Optic-electric Co., Ltd. manufactures and distributes optical fiber and optical cables.

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: The NGFW Palo Alto Networks Cloud & Other Drivers

Palo Alto Networks’ management has continued to make significant investments to transform the company and take advantage of the rapidly growing...

Baptista Research

Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

Crowdstrike’s stock has pulled back in the past week or so by 15%, despite another superb quarter. 13x forward forward P/S sounds reasonable given...

Aaron Gabin

TMT Quick Hits: Palo Alto Networks, Farfetch, Netflix

Palo Alto Networks produced an impressive FY4Q22 earnings, blowing out billings growth and showing an impressive display of...

Aaron Gabin

Palo Alto Networks Inc.: The Next-Gen Firewall On AWS & Other Developments

Palo Alto Networks delivered another strong result outperforming Wall Street expectations on all counts. The company has shown strong top-line...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Palo Alto Networks: The NGFW Palo Alto Networks Cloud & Other Drivers

Palo Alto Networks’ management has continued to make significant investments to transform the company and take advantage of the rapidly growing...

Baptista Research

Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

Crowdstrike’s stock has pulled back in the past week or so by 15%, despite another superb quarter. 13x forward forward P/S sounds reasonable given...

Aaron Gabin

TMT Quick Hits: Palo Alto Networks, Farfetch, Netflix

Palo Alto Networks produced an impressive FY4Q22 earnings, blowing out billings growth and showing an impressive display of...

Aaron Gabin

Palo Alto Networks Inc.: The Next-Gen Firewall On AWS & Other Developments

Palo Alto Networks delivered another strong result outperforming Wall Street expectations on all counts. The company has shown strong top-line...

Baptista Research

Crowdstrike FY1Q23: Share Gains Will Lead to Share Gains

Another superb quarter for CRWD: 61% revenue growth, 17% operating margins (up 720bps YoY!) and 32% FCF margins. Rival Carbon Black's acquisition...

Aaron Gabin