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

Salesforce.Com Inc / Equity Capital Markets

<ul><li>Both, Oracle and Salesforce have an overlapping business within the CRM space.</li><li>Oracle is considered as a legacy tech player making a mark with its ERP systems whereas Salesforce is more of a specialist CRM player with integrations into multiple ERPs including that of Oracle.</li><li>We also provide the financial forecasts of both companies and carry out a comparative discounted cash flow (DCF) valuation in order to determine which of the two players could generate higher returns in the years to come, based on our estimates.</li></ul>

Both, Oracle and Salesforce have an overlapping business within the CRM space.Oracle is considered as a legacy tech player making a mark with its ERP systems whereas Salesforce is more of a specialist CRM player with integrations into multiple ERPs including that of Oracle.We also provide the financial forecasts of both companies and carry out a comparative discounted cash flow (DCF) valuation in order to determine which of the two players could generate higher returns in the years to come, based on our estimates.

Oracle vs. Salesforce - Which Cloud Stock Is More Financially Sound? 02/22

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>Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. </li>
<li>Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.</li>
<li>Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage</li>
</ul>


Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. 
Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.
Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage


<ul><li>Salesforce had another phenomenal quarter, driven by its new operating model, management team, and product portfolio, becoming increasingly relevant to any company looking to thrive in this new world.</li><li>It is worth highlighting that Salesforce’s top-line of $6.86 billion, up 27% year over year, was primarily driven by a strong performance across all key product offerings.</li><li>Overall, we remain bullish on the company and give the stock an 'Outperform' rating with a revised target price.</li></ul>

Salesforce had another phenomenal quarter, driven by its new operating model, management team, and product portfolio, becoming increasingly relevant to any company looking to thrive in this new world.It is worth highlighting that Salesforce’s top-line of $6.86 billion, up 27% year over year, was primarily driven by a strong performance across all key product offerings.Overall, we remain bullish on the company and give the stock an 'Outperform' rating with a revised target price.

Salesforce.com Inc: Can The Slack Acquisition Be A Game Changer? (12/2021)

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>The massive drop following Salesforce's recent earnings announcement is a grim sign and it does not appear that the market is overreacting.</li>
<li>The issue of actual profitability and non-GAAP adjustments is where investors should be looking at.</li>
<li>As double-digit future revenue growth rate is already priced in, Salesforce will likely need a new catalyst to dispel investors' fears.</li>
</ul>


The massive drop following Salesforce's recent earnings announcement is a grim sign and it does not appear that the market is overreacting.
The issue of actual profitability and non-GAAP adjustments is where investors should be looking at.
As double-digit future revenue growth rate is already priced in, Salesforce will likely need a new catalyst to dispel investors' fears.


Salesforce Might Need Another Big Acquisition And Fast

<ul>
<li>Founded in Chennai, India in 2010 with the idea of creating a “fresh” helpdesk product Freshworks has assembled a one-stop-shop for SMB customers for customer service, ITSM and CRM tools.</li>
<li>Its approach is to provide enterprise grade products at a ~25% discount to larger competitors.</li>
<li>The company has a similar approach to software as SolarWinds, which remains one of the most profitable software companies. </li>
</ul>


Founded in Chennai, India in 2010 with the idea of creating a “fresh” helpdesk product Freshworks has assembled a one-stop-shop for SMB customers for customer service, ITSM and CRM tools.
Its approach is to provide enterprise grade products at a ~25% discount to larger competitors.
The company has a similar approach to software as SolarWinds, which remains one of the most profitable software companies. 


United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Oracle vs. Salesforce - Which Cloud Stock Is More Financially Sound? 02/22

Both, Oracle and Salesforce have an overlapping business within the CRM space. Oracle is considered as a legacy tech player making a mark with its...

Baptista Research

Recent IPO Insights: Braze

Braze is a next gen digital marketing platform with accelerating growth as existing large customers are growing rapidly. 135% net revenue retention...

Aaron Gabin

Salesforce.com Inc: Can The Slack Acquisition Be A Game Changer? (12/2021)

Salesforce had another phenomenal quarter, driven by its new operating model, management team, and product portfolio, becoming increasingly...

Baptista Research

Salesforce Might Need Another Big Acquisition And Fast

The massive drop following Salesforce's recent earnings announcement is a grim sign and it does not appear that the market is overreacting. The...

Vladimir Dimitrov, CFA

Recent IPO Insights: Freshworks

Freshworks has assembled a one-stop-shop for SMB customers looking for customer service , ITSM and CRM tools priced at a ~25% discount to larger...

Aaron Gabin

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