Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Rubrik, a leading VC-backed security software company, filed for a long-awaited IPO in the United States, with Goldman Sachs, Citigroup, Barclays and Wells Fargo leading the offering. </li>
<li>The technology company is focused on data protection and helps organizations to protect their data and recover it in case of cyberattacks.</li>
<li>Rubrik was founded by Bipul Sinha, Arvind Nithrakashyap, Arvind Jain and Soham Mazumdar, and backed by VC investors, including Lightspeed Venture Partners, Greylock Partners and Khosla Ventures.</li>
</ul>


Rubrik, a leading VC-backed security software company, filed for a long-awaited IPO in the United States, with Goldman Sachs, Citigroup, Barclays and Wells Fargo leading the offering. 
The technology company is focused on data protection and helps organizations to protect their data and recover it in case of cyberattacks.
Rubrik was founded by Bipul Sinha, Arvind Nithrakashyap, Arvind Jain and Soham Mazumdar, and backed by VC investors, including Lightspeed Venture Partners, Greylock Partners and Khosla Ventures.


Rubrik IPO Preview and Valuation Analysis: 2024’s Hottest SaaS Investment Opportunity

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. </li>
<li>Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF</li>
<li>Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more</li>
</ul>


Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. 
Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF
Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more


Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li><li>As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.</li><li>Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li></ul>

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.

Algosun Global

Equity Bottom-Up

<ul>
<li>Darktrace is a cyber security and AI unicorn backed by leading VC firms. The company was founded in Cambridge, UK, in 2013 and crossed the $500M ARR mark in 2022.  </li>
<li>
<a href="https://www.smartkarma.com/entities/darktrace-plc" target="_blank" data-smartkarma-citation="entities:34466:1" rel="noopener">Darktrace (DARK LN)</a>  currently trades at ~4x EV/CY22E revenues, a steep discount relative to other US-based cybersecurity peers that trade at an average of ~9x EV/CY22E revenues.</li>
<li>The cyber defense company achieved GAAP Op Margin and FCF Margin break-even in FY21 and FY22, with an opportunity to deliver profitable stellar growth in the coming years.</li>
</ul>


Darktrace is a cyber security and AI unicorn backed by leading VC firms. The company was founded in Cambridge, UK, in 2013 and crossed the $500M ARR mark in 2022.  

Darktrace (DARK LN)  currently trades at ~4x EV/CY22E revenues, a steep discount relative to other US-based cybersecurity peers that trade at an average of ~9x EV/CY22E revenues.
The cyber defense company achieved GAAP Op Margin and FCF Margin break-even in FY21 and FY22, with an opportunity to deliver profitable stellar growth in the coming years.


Darktrace: Undervalued Cyber Defense Unicorn. A Steep Discount Is Unjustified

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>First ever ARR miss, and big initial guide down on FY2024 ARR growth: low 30s vs. 37% into the Q. Pretty shocking given Crowdstrike's track record.</li>
<li>Macro Macro Macro - deal close times pushed out for SMBs and Enterprise customers reworking timing of deal starts to match opex budgets.</li>
<li>Stock is overly punished down 20% and trading at 9x forward sales for a platform consolidator with 30% FCF margins.</li>
</ul>


First ever ARR miss, and big initial guide down on FY2024 ARR growth: low 30s vs. 37% into the Q. Pretty shocking given Crowdstrike's track record.
Macro Macro Macro - deal close times pushed out for SMBs and Enterprise customers reworking timing of deal starts to match opex budgets.
Stock is overly punished down 20% and trading at 9x forward sales for a platform consolidator with 30% FCF margins.


FY3Q23: If It’s All Macro, Do You Buy the Dip?

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)

Rubrik IPO Preview and Valuation Analysis: 2024’s Hottest SaaS Investment Opportunity

In my in-depth insight, I highlight Rubrik's potential as a top investment opportunity in the software IPO market this year

Andrei Zakharov

Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

Continue Riding This Bull Market Higher; Small- and Mid-Caps Resuming Uptrends $IWM $RTY $VXF; Downgrading Consumer Staples $XLP to Underweight...

Vermilion Research

Weekly Stock Bullfinder - Week of 3/27

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall...

Weekly Stock Bull Finder

Darktrace: Undervalued Cyber Defense Unicorn. A Steep Discount Is Unjustified

Our analysis suggests Darktrace shares look undervalued relative to peers, and we believe a steep discount is unjustified

Andrei Zakharov

FY3Q23: If It’s All Macro, Do You Buy the Dip?

Buy the dip in Crowdstrike. Still a top software asset with 30% FCF margins and share gains still to come, macro headwinds are now in the numbers....

Aaron Gabin

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