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>Tenable's first quarter 2024 financial performance demonstrates a robust start to the year with reported results exceeding expectations across multiple financial metrics including calculated current billings (CCB), revenue, and operating income.</li><li>The quarter's performance was particularly bolstered by the growth of Tenable One, which now comprises 26% of total new enterprise sales, highlighting the company’s strong momentum in its leadership within the exposure management sector.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Tenable's first quarter 2024 financial performance demonstrates a robust start to the year with reported results exceeding expectations across multiple financial metrics including calculated current billings (CCB), revenue, and operating income.The quarter's performance was particularly bolstered by the growth of Tenable One, which now comprises 26% of total new enterprise sales, highlighting the company’s strong momentum in its leadership within the exposure management sector.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Tenable Holdings Inc.: How Have They Built Such A Robust Position in Cloud Security? - Major Drivers

<ul><li>Tenable, a global leader in cybersecurity, has reported strong financial results in the fourth quarter of 2023.</li><li>Significant highlights include 14% CCB growth, 17% operating margin, and a 500 basis point improvement in the full-year operating margin.</li><li>The company has successfully expanded its offerings since its IPO, scaling its operations organically and via acquisitions.</li></ul>

Tenable, a global leader in cybersecurity, has reported strong financial results in the fourth quarter of 2023.Significant highlights include 14% CCB growth, 17% operating margin, and a 500 basis point improvement in the full-year operating margin.The company has successfully expanded its offerings since its IPO, scaling its operations organically and via acquisitions.

Tenable Holdings Inc.: New Product Adoption & Market Positioning & 3 Critical Growth Drivers

<ul><li>This is our first report on cyber exposure solutions provider, Tenable Networks.</li><li>The company' Q3 2023 earnings highlighted steady financial performance, strong contributions from its platform products like Tenable One, and overall business growth, particularly in the public sector.</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 cyber exposure solutions provider, Tenable Networks.The company' Q3 2023 earnings highlighted steady financial performance, strong contributions from its platform products like Tenable One, and overall business growth, particularly in the public sector.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Tenable Holdings: Initiation of Coverage - Unlock the Secrets Behind Tenable's High Recurring Revenue and Sky-High Margins! - Major Drivers

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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> has entered into a scheme implementation deed with <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a> at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).</li>
<li>The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.</li>
<li>Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.</li>
</ul>



Tesserent Ltd (TNT AU) has entered into a scheme implementation deed with Thales SA (HO FP) at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).
The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.
Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.


Tesserent (TNT AU): Thales’s A$0.13 Offer

United States

Varonis Systems, Inc. designs and develops data security software solutions. The Company offers data management systems to organize, manage, and protect unstructured and semi-structured data such as documents, spreadsheets, presentations, media files, and other business data. Varonis Systems operates worldwide.

Blackbaud, Inc. provides software and related services designed specifically for non-profit organizations. The Company's products and services enable non-profit organizations to increase donations, reduce fundraising costs, improve communication with constituents, manage their finances, and optimize internal operations.

Qualys, Inc. provides information technology security risk and compliance management solutions. The Company offers products for vulnerability management, policy compliance, web application scanning, malware detection, and associated security products. Qualys conducts business in the United States.

CommVault Systems, Inc. provides data management software applications and related services. The Company develops, markets, and sells a suite of data management software applications designed to protect and manage data throughout its lifecycle.

ACI Worldwide, Inc. develops, markets, and supports software products for the global electronics funds transfer market.  The Company's products are used to process transactions involving credit cards, debit cards, smartcards, home banking services, checks, and automated clearing and settlement.

Workiva Inc. provides cloud-based and mobile-enabled platforms for enterprises. The Company offers software to collect, manage, report and analyze business data in real time.

Pegasystems Inc. develops customer relationship management software.  The software automates customer interactions across transaction-intensive enterprises. The Company provides its products to customers in the banking, mutual funds and securities, mortgage services, card services, insurance, healthcare management, and telecommunications industries.

Smartsheet Inc. provides software solutions. The Company offers cloud-based platform for work execution and management which enables teams and organizations to plan, capture, manage, automate, and improve business outcomes. Smartsheet serves customers in the State of Washington.

BILL Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers cloud-based applications that simplifies, digitizes, and automates back-office financial processes for small and mid-sized businesses. BILL Holdings serves customers worldwide.

RingCentral, Inc. is a provider of software-as-a-service, or SaaS, solutions for business communications. The Company offers a multi-user, enterprise-grade communications solution that enables customers and their employees to communicate via voice, text, HD video and web conferencing and fax, on multiple devices, including smartphones, tablets, PCs and desk phones.

Kingsoft Corporation Ltd. develops and markets computer software.  The Company develops role-playing computer games and security, word processing, and spreadsheet software.

Technology One Limited is an Australian-based company that is engaged in the development, marketing, sales, implementation, support, and distribution of financial management and enterprise software solutions. The Company has operations in New Zealand, the United Kingdom, the South Pacific, and Malaysia.

Hundsun Technologies Inc develops application software for security firms, commercial banks, fund management firms, and other industries.  The Company also sells computer hardware and provides system integration services.

International Games System Co., Ltd. plans, designs, develops, manufactures, and markets software and hardware for arcade games, PC games, and Internet on-line games.

Trend Micro Incorporated develops and markets anti-virus computer software and internet security software.  The Company also sells its products in the United States, Europe, and Asia.

Tata Elxsi Limited manufactures computers and workstations besides providing system design, software development and integration services. The Group supplies its products to a number of industries, including the automotive, metals, consumer products, finance, IT & Communications, energy, chemicals, engineering, pharmaceuticals, entertainment and agro industries.

SQUARE ENIX HOLDINGS CO., LTD. develops and sells entertainment software for home video game consoles including Dragon Quest and Final Fantasy series. The Company also publishes books such as informational guide books for its game software, and comic magazines and books.  Additionally, Square Enix sells character goods and stationery items from its software products.

China National Software & Service Co., Ltd designs, develops, and integrates application software used for the taxation, railway telecommunication, military, commercial aviation, and financial industries.  The Company also designs Chinasoft Linux operating system and develops language conversion software to support Chinese, English, and Japanese

OBIC Business Consultants Co.,Ltd. develops and markets business solution packaged software. The Company's products include software for accounting, banking, wage calculation, sales management, inventory control, and tax calculation. OBIC Business Consultants Co Ltd. also provides support and training services.

Altium Limited develops electronic design automation (EDA) software for the Microsoft Windows operating system.  Altium's products facilitate and aid in the design of electronic products such as printed circuit boards.  The Group's products are utilized by telecommunications, automotive, defense, science and consumer electronics industries.

Tenable Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers application and cloud based security solutions for finance, healthcare, retail, energy, and educational sectors. Tenable Holdings serves customers worldwide.

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Tenable Holdings Inc (TENB US)

Tenable Holdings Inc.: How Have They Built Such A Robust Position in Cloud Security? - Major Drivers

Tenable's first quarter 2024 financial performance demonstrates a robust start to the year with reported results exceeding expectations across...

Baptista Research

Tenable Holdings Inc.: New Product Adoption & Market Positioning & 3 Critical Growth Drivers

Tenable, a global leader in cybersecurity, has reported strong financial results in the fourth quarter of 2023. Significant highlights include 14%...

Baptista Research

Tenable Holdings: Initiation of Coverage - Unlock the Secrets Behind Tenable's High Recurring Revenue and Sky-High Margins! - Major Drivers

This is our first report on cyber exposure solutions provider, Tenable Networks. The company' Q3 2023 earnings highlighted steady financial...

Baptista Research

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

Tesserent (TNT AU): Thales’s A$0.13 Offer

Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the...

Arun George

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