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>SentinelOne's Q1 FY 2025 earnings results have signified confidence in the cybersecurity company's growth trajectory.</li><li>The company exceeded its revenue and margin expectations, recording 40% YoY growth in revenue at $186 million.</li><li>This growth came despite macroeconomic pressures and has been credited to the company's technology leadership and progress in restructuring its go-to-market strategy.</li></ul>

SentinelOne's Q1 FY 2025 earnings results have signified confidence in the cybersecurity company's growth trajectory.The company exceeded its revenue and margin expectations, recording 40% YoY growth in revenue at $186 million.This growth came despite macroeconomic pressures and has been credited to the company's technology leadership and progress in restructuring its go-to-market strategy.

SentinelOne Inc.: Stabilising Macroeconomic Scenario & Go-To-Market Strategy! - Major Drivers

<ul><li>SentinelOne closed the year with stellar performance, surpassing its fourth-quarter expectations across all metrics, including revenue, gross margin, and operating margin.</li><li>Moreover, the company reported its annual recurring revenue (ARR) grew by 39% year-over-year to $724 million, primarily due to new customer acquisitions and strong expansion rates.</li><li>The growing interest in AI-powered security solutions, driven by the rising incidence of cyberattacks, is resulting in robust demand for SentinelOne’s offerings.</li></ul>

SentinelOne closed the year with stellar performance, surpassing its fourth-quarter expectations across all metrics, including revenue, gross margin, and operating margin.Moreover, the company reported its annual recurring revenue (ARR) grew by 39% year-over-year to $724 million, primarily due to new customer acquisitions and strong expansion rates.The growing interest in AI-powered security solutions, driven by the rising incidence of cyberattacks, is resulting in robust demand for SentinelOne’s offerings.

SentinelOne Inc.: Is Its Focus On Key Areas Of Competitive Strength Paying Off? - Major Drivers

<ul><li>This is our first report on cybersecurity player, SentineOne.</li><li>The company posted strong third quarter results, surpassing expectations on all key metrics and increasing both top line and bottom line guidance for the fiscal year 2024.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on cybersecurity player, SentineOne.The company posted strong third quarter results, surpassing expectations on all key metrics and increasing both top line and bottom line guidance for the fiscal year 2024.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

SentinelOne Inc.: Initiation of Coverage – The Pivotal Elements That Will Mold Their 2024 - Financial Forecasts

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

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Rubrik, a data security company and leader in cyber-recovery, completed its IPO and sold 23.5M Class A shares to the public at $32.00/share in May.</li>
<li>The technology company reported a mixed quarter pushing shares down over 8% during regular trading session. Q1 FY25 net loss was ~$732M due to massive stock-based comp.</li>
<li>However, subscription ARR increased 46% y/y and cloud ARR jumped 104% y/y indicating continued strength in the company’s Rubrik Security Cloud offering.</li>
</ul>


Rubrik, a data security company and leader in cyber-recovery, completed its IPO and sold 23.5M Class A shares to the public at $32.00/share in May.
The technology company reported a mixed quarter pushing shares down over 8% during regular trading session. Q1 FY25 net loss was ~$732M due to massive stock-based comp.
However, subscription ARR increased 46% y/y and cloud ARR jumped 104% y/y indicating continued strength in the company’s Rubrik Security Cloud offering.


Rubrik: Long Path To Profitability, Massive Stock-Based Comp in Q1 FY25, PT Reduced To $46.00

United States

SentinelOne, Inc. operates as a software company. The Company develops security platforms to protect organizations against advanced threats and nation state malware. SentinelOne serves customers worldwide.

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SentinelOne (S US)

SentinelOne Inc.: Stabilising Macroeconomic Scenario & Go-To-Market Strategy! - Major Drivers

SentinelOne's Q1 FY 2025 earnings results have signified confidence in the cybersecurity company's growth trajectory. The company exceeded its...

Baptista Research

SentinelOne Inc.: Is Its Focus On Key Areas Of Competitive Strength Paying Off? - Major Drivers

SentinelOne closed the year with stellar performance, surpassing its fourth-quarter expectations across all metrics, including revenue, gross...

Baptista Research

SentinelOne Inc.: Initiation of Coverage – The Pivotal Elements That Will Mold Their 2024 - Financial Forecasts

This is our first report on cybersecurity player, SentineOne. The company posted strong third quarter results, surpassing expectations on all key...

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

Rubrik: Long Path To Profitability, Massive Stock-Based Comp in Q1 FY25, PT Reduced To $46.00

Rubrik stock currently trades below IPO price of $32.00/share. Data security company completed its IPO in May and raised ~$750M. With a recent sell...

Andrei Zakharov

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