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 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

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.

Equity Bottom-Up

<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

<ul><li>Palo Alto Networks continued its strong growth trajectory in the last quarter and reported a revenue of $1.32 billion.</li><li>The management is building its sales capacity and product capabilities and we expect the growth trajectory to continue.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Palo Alto Networks continued its strong growth trajectory in the last quarter and reported a revenue of $1.32 billion.The management is building its sales capacity and product capabilities and we expect the growth trajectory to continue.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Palo Alto Networks: Financial & Price Forecasts

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>The demand for cybersecurity products and services has been expanding in Japan amidst an increase in frequent and sophisticated cyber-attacks in the country.</li>
<li>Due to shortage of in-house IT professionals with knowledge on cyber security, there has been growing demand for outsourced managed security services in Japan.</li>
<li>We have identified <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> as our top pick in the Japanese cyber security market as there is further potential for top line and margins to expand.</li>
</ul>


The demand for cybersecurity products and services has been expanding in Japan amidst an increase in frequent and sophisticated cyber-attacks in the country.
Due to shortage of in-house IT professionals with knowledge on cyber security, there has been growing demand for outsourced managed security services in Japan.
We have identified Trend Micro Inc (4704 JP) as our top pick in the Japanese cyber security market as there is further potential for top line and margins to expand.


Japan Cybersecurity: Frequent and Sophisticated Cyber-Attacks Drive Demand

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

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

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 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

Palo Alto Networks: Financial & Price Forecasts

Palo Alto Networks continued its strong growth trajectory in the last quarter and reported a revenue of $1.32 billion. The management is building...

Baptista Research

Japan Cybersecurity: Frequent and Sophisticated Cyber-Attacks Drive Demand

Demand for cybersecurity products and services has been expanding in Japan amidst an increase in frequent and sophisticated cyber-attacks in the...

Shifara Samsudeen, ACMA, CGMA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Palo Alto Networks: Financial & Price Forecasts

Palo Alto Networks continued its strong growth trajectory in the last quarter and reported a revenue of $1.32 billion. The management is building...

Baptista Research

Japan Cybersecurity: Frequent and Sophisticated Cyber-Attacks Drive Demand

Demand for cybersecurity products and services has been expanding in Japan amidst an increase in frequent and sophisticated cyber-attacks in the...

Shifara Samsudeen, ACMA, CGMA

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