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>Varonis Systems, Inc., a premier provider of data security and analytics software, has provided an extensive insight into its operational and financial achievements along with its ongoing strategic initiatives in the third quarter of 2024.</li><li>Continued evolution towards a SaaS-based model and the introduction of new Managed Data Detection and Response (MDDR) services, alongside early impacts from generative AI, delineate a transformative phase for the company.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><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Varonis Systems, Inc., a premier provider of data security and analytics software, has provided an extensive insight into its operational and financial achievements along with its ongoing strategic initiatives in the third quarter of 2024.Continued evolution towards a SaaS-based model and the introduction of new Managed Data Detection and Response (MDDR) services, alongside early impacts from generative AI, delineate a transformative phase for the company.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.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Varonis Systems Inc.: Expansion of SaaS & MDDR Offerings To Up The Ante! - Major Drivers

<ul><li>Varonis has shown notable progress in transitioning its business model to SaaS, with SaaS ARR now representing 36% of total ARR.</li><li>The Managed Data Detection and Response (MDDR) offering, introduced in Q1, is a notable driver of new business, enhancing threat detection and incident response capabilities with minimal customer effort.</li><li>An 18% year-over-year growth in ARR to $584.2 million and a significant improvement in free cash flow generation, from $40 million to $67.3 million year-to-date, reflecting robust business health and efficient capital management.</li></ul>

Varonis has shown notable progress in transitioning its business model to SaaS, with SaaS ARR now representing 36% of total ARR.The Managed Data Detection and Response (MDDR) offering, introduced in Q1, is a notable driver of new business, enhancing threat detection and incident response capabilities with minimal customer effort.An 18% year-over-year growth in ARR to $584.2 million and a significant improvement in free cash flow generation, from $40 million to $67.3 million year-to-date, reflecting robust business health and efficient capital management.

Varonis Systems Inc.: Expansion to SaaS & Subscription Services As A Critical Growth Lever! - Major Drivers

<ul><li>Varonis Systems, Inc. presented its first-quarter 2024 results, showcasing robust progress and potential in the evolving landscape dominated by software as a service (SaaS) transition and a focused approach to metadata driven security solutions.</li><li>Noteworthy in the reveal was a 17% year-over-year increase in annual recurring revenue (ARR) summing up to $560.3 million.</li><li>This increment reflects sustained momentum in SaaS transition underpinned by the Managed Data Detection and Response (MDDR) service.</li></ul>

Varonis Systems, Inc. presented its first-quarter 2024 results, showcasing robust progress and potential in the evolving landscape dominated by software as a service (SaaS) transition and a focused approach to metadata driven security solutions.Noteworthy in the reveal was a 17% year-over-year increase in annual recurring revenue (ARR) summing up to $560.3 million.This increment reflects sustained momentum in SaaS transition underpinned by the Managed Data Detection and Response (MDDR) service.

Varonis Systems Inc.: What Is The Expected Impact Of Shift to SaaS Model & Revenue Recognition Changes? - Major Drivers

<ul><li>Varonis Systems Inc. showcased strong performance in the fourth quarter and full year 2023 as they continued their transition towards Software-as-a-Service (SaaS).</li><li>The successful transition of their offerings led to an incredible growth of the SaaS Annual Recurring Revenue (ARR) from several million dollars in 2022 to approximately $125 million by the end of 2023.</li><li>This growth in SaaS ARR represented approximately 23% of the total company ARR at year-end.</li></ul>

Varonis Systems Inc. showcased strong performance in the fourth quarter and full year 2023 as they continued their transition towards Software-as-a-Service (SaaS).The successful transition of their offerings led to an incredible growth of the SaaS Annual Recurring Revenue (ARR) from several million dollars in 2022 to approximately $125 million by the end of 2023.This growth in SaaS ARR represented approximately 23% of the total company ARR at year-end.

Varonis Systems: Will Its Transition to SaaS Offering Be Smooth Enough To Warrant A Bullish Rating? - Major Drivers

<ul><li>This is our first report on Varonis Systems, a company specializing in data security and analytics.</li><li>The company is navigating a pivotal shift in its business model, transitioning from traditional software offerings to a Software as a Service (SaaS) model.</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 Varonis Systems, a company specializing in data security and analytics.The company is navigating a pivotal shift in its business model, transitioning from traditional software offerings to a Software as a Service (SaaS) model.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Varonis Systems: Initiation of Coverage - Can It Come Out A Winner From The SaaS Transition? - Major Drivers

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.

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Varonis Systems (VRNS US)

Varonis Systems Inc.: Expansion of SaaS & MDDR Offerings To Up The Ante! - Major Drivers

Varonis Systems, Inc., a premier provider of data security and analytics software, has provided an extensive insight into its operational and...

Baptista Research

Varonis Systems Inc.: Expansion to SaaS & Subscription Services As A Critical Growth Lever! - Major Drivers

Varonis has shown notable progress in transitioning its business model to SaaS, with SaaS ARR now representing 36% of total ARR. The Managed Data...

Baptista Research

Varonis Systems Inc.: What Is The Expected Impact Of Shift to SaaS Model & Revenue Recognition Changes? - Major Drivers

Varonis Systems, Inc. presented its first-quarter 2024 results, showcasing robust progress and potential in the evolving landscape dominated by...

Baptista Research

Varonis Systems: Will Its Transition to SaaS Offering Be Smooth Enough To Warrant A Bullish Rating? - Major Drivers

Varonis Systems Inc. showcased strong performance in the fourth quarter and full year 2023 as they continued their transition towards...

Baptista Research

Varonis Systems: Initiation of Coverage - Can It Come Out A Winner From The SaaS Transition? - Major Drivers

This is our first report on Varonis Systems, a company specializing in data security and analytics. The company is navigating a pivotal shift in...

Baptista Research

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