United States

• Copper market may be running ahead of a fundamental story, with extreme tightening in the copper concentrate market
• Chinese demand has stepped back due to surging copper prices, but expected to acclimatize to higher price levels
• Supply side challenges may take a couple more quarters to resolve, leading towards a tighter refined market in the future and potential supply shortfalls by 2030.

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• It is no surprise that we have maintained a bullish stance in crypto over the past month, given the uptick in US dollar liquidity and the easing tensions between Israel and Iran.
• Despite these factors, the market adopted a predominantly pessimistic view, highlighted by a negative futures funding rate.
• This suggested to us that the market was misaligned with the outside environment.

• Cadence demonstrated a robust start to 2024 with a strong first quarter that exceeded its guidance range on all critical financial metrics.
• Due to this exceptional performance, Cadence is increasing its financial outlook for the year.
• Cadence finished the first quarter with an unexpected record backlog of $6 billion, placing the company in a strong position for the remainder of 2024 and beyond.

• We have been of the opinion that tokenized real world assets (RWAs), especially tokenized debt will represent a more understandable underlying value of tokens or cryptocurrencies than Bitcoin.
• We are positive on tokens backed by risk-free assets such as US Treasuries or even investment-grade bonds as rates products for crypto funds and fractional investments for retail investors.
• Private debt could be the next in line to enjoy mass adoption if the legal elements and credit protection have been put in place to gain trust of institutional investors.

• Proctor & Gamble’s recent earnings reveals a company navigating a complex yet profitable environment.
• The company announced strong sales and market share results, largely driven by the execution of its integrated strategy.
• Impressively, the figures for the first three quarters of fiscal ’24 indicate a raise in its outlook for core earnings per share, keeping it within fiscal year guidance ranges for organic sales growth, cash productivity and cash return to shareholders.

• CSX Corporation had a solid start to 2024, dealing with a number of challenges, including severe weather in January and the Francis Scott Key Bridge collapse.
• Despite these difficulties, the corporation managed to maintain a consistent momentum with a volume performance that kept moving forward.
• The company’s management remains committed to mitigating the impact of these challenges for its customers.

• During Schlumberger’s (SLB) first quarter 2024 earnings, the company’s evenue grew by 13% YoY, and EBITDA grew in the mid-teens, in line with SLB’s full-year financial ambitions.
• International activity fuelled the growth, with revenue increases observed in 21 of the 25 international GeoUnits.
• North America, however, showed a decrease in activity, resulting in a 6% YoY fall in revenue.

• Going forward, Energy could face some selling flows from CTAs according to the latest CTA flow update by UBSS

• UBS ‘Contrarian’ trades: bullish Agriculturals and LME Lead, bearish Energy, Cocoa, Lean Hogs and Platinum

• UBS ‘Go with momentum’ trades: bullish Zinc, Aluminium, bearish Cotton, Sugar and Palladium

• Equifax Inc.’s strong start in 2024 is evident from its Q1 reported revenue of $1.389 billion, up 7%, resulting from sustained strength in mortgage revenue and global non-mortgage businesses.
• Equifax’s adjusted EBITDA margins of 29.1% were also slightly above expectations.
• Moreover, their adjusted earnings per share (EPS) of $1.50 a share exceeded the high end of their guidance.

• D.R. Horton, the largest builder in the United States, presented its strong results from the second quarter of fiscal 2024, with its earnings per diluted share summing to $3.52.
• The company managed to increase its consolidated pretax income to $1.5 billion, a 23% increase and basis for a reported 14% increase in revenues, amounting to $9.1 billion.
• The pretax profit margin came in at 16.8%.

• Hesai Group, one of the global leaders in the LiDAR and perception solutions market, completed its IPO in February 2023 and listed ADSs on the Nasdaq Global Select Market.
• The stock peaked at $30+ during the first trading day and fell ~67% over the following 8 months as selling pressure intensified and investor sentiment worsened.
• The stock has taken another leg down following U.S. DoD’s decision to include Hesai Group in 1260H list of Chinese military-linked companies. Hesai believes this inclusion is unjust and meritless.

• Big Tech has been lagging the market since February and the relative performance reset is nearing an end. The overall stock market is undergoing a bottoming process.
• Investment-Oriented accounts should be accumulating positions at these levels, but should be prepared for some near-term choppiness.
• Tactically, we are inclined to overweight value over growth stocks for short-term performance.

• Decline in TPR’s stock price after acquisition announcement
• Author believes acquisition will benefit Tapestry Inc financially and strategically
• Author sees dip in stock price as buying opportunity and remains bullish on TPR’s long-term prospects

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The last week of SPACs was packed with activity including buyouts, amendments, and terminations.
• A digital mapping firm gets a boost with an acquisition by a Real Estate firm, and a Rare Earth mining-focused firm rejects a buyout from a SPAC.
• Also, a SPAC lowers the valuation of a deal with a biotech firm, and a UK-based blank-cheque firm terminates a deal with an engineering business. 

• Q124 revenue was $12.7 billion, down 17.5% QoQ but up 9% YoY.
• Q224 revenue forecast of just $13 billion & vague promise of full year YoY growth disappoints
• Capacity constraints on wafer level assembly limited Meteor Lake shipments. So much for a maniacal focus on execution.

• Despite following Big Tech closely for the last 5 years, this sentence from today’s call still somewhat surprised me!
• The scale and the height of success of Google truly boggles my mind.
• Over the last year or so, Google has had its fair share of skeptics, including yours truly. 

• ATNI is trading at approximately 35 percent discount to tangible book value after reporting first quarter results with negative free cash flow and reducing adjusted EBITDA guidance by 4.4 percent.
• ATNI experienced delays in securing government contracts in the quarter and slower process in growing commercial broadband accounts.
• ATNI is forecasting adjusted EBITDA of $190 million to $200 million leading to calculation of positive free cash flow. 

• Every day, 32.5 million Ether, valued at more than $100 billion, are used as collateral to verify transactions, propose blocks, and protect the Ethereum blockchain from external attacks by acting as validators.
• These Ethereum validators consequently hold substantial influence over the network.
• To manage this influence wielded by Ethereum stakers, the network has the capability to slash validators.

• WEX is a payments company trading at a discount to its historical valuation, with a P/E of 12.5x
• WEX operates in three segments including Mobility and Corporate Payments, with a market cap of $9bn
• WEX’s growth is driven by share gains, technology add-ons, and price increases, making it an attractive investment opportunity

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• If you have been following Meta for some time, you probably are accustomed with after-hours (AH) volatility by now.
• While Meta was -20% at one point AH today, it does seem a bit overdone.
• Of all the post-earnings drop that I have experienced following Meta since 2018, this one probably made me nervous the least.

• Gold prices touched a record high in April despite headwinds due to robust demand from Chinese speculators.
• Asian Gold ETFs saw a net inflow of funds in April, while American and European Gold ETFs witnessed net outflows.
• Demand for gold continues to be driven by central banks of emerging markets like China, India, and Türkiye.

• Crypto bankruptcies are complicated as crypto currencies are extremely volatile and there are no regulatory frameworks existing for crypto currencies.
• The treatment of ownership of digital assets as property of the debtor or the depositor is one of the key debates in settling crypto bankruptcy cases.
• One of the key lessons is that crypto investors need to be focused on how they transact with crytpo exchanges in the future.

• Intel misses 1H24 market consensus again, post market correction of over 7%. Can shifting focus away from foundry/manufacturing help?
• Is the breakdown change for future spin off/IPO of foundry/manufacturing, and non focus businesses like Altera and Mobileye positive?
• We disagree Intel foundry to breakeven in two years; we see AI product lagging behind competitors and non AI server CPU being squeezed by AI server GPU and GPU/CPU integration.

• Range Resources’ management highlighted strong operational performance from Q4 2023 earnings.
• The company successfully executed its 2023 plan, driving operational improvements, generating free cash flow with leading capital efficiency, and prudently allocating that cash flow to balance returns for shareholders and further debt reduction.
• The reserves update revealed 16 positive performance revisions, demonstrating the repeatable nature of the company’s Marcellus inventory.

• Will Campion and the speaker met with Nick Carey from Blockchain.com in September 2021 to discuss blockchain and cryptocurrencies
• Despite initial skepticism, the conversation was rich and wide-ranging, spanning two episodes on the Moneymakers podcast
• Blockchain.com, founded in 2011 in York, serves both institutions and retail customers and has over 90 million wallet holders globally

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• Chord Energy has recently revealed its business consolidation with Enerplus during their fourth quarter 2023 earnings call.
• The merger will create a premier Williston Basin company, adding significant value to both companies.
• It offers the opportunity to leverage their combined assets, workforce, and best practices towards the operational, financial, and strategic growth of their unified organization.

• Antero Midstream’s 2023 performance has been analytically described as financially and operationally successful, with record EBITDA earnings of $981 million and an 18% return on invested capital.
• Since the Initial Public Offering in 2014, EBITDA has shown robust growth, with an 18% compound annual growth rate, reflecting the company’s high-quality assets and operational success.
• The 2024 EBITDA is expected to reach an estimated midpoint of $1.04 billion from Antero Resources’ maintenance capital program.

• PBF Energy Inc, during its 2023 4th quarter’s earnings, executed a successful financial year, marked as the second-best in its history.
• It pointed to significant equity value enhancement achieved by reducing the debt by over $700 million.
• About $640 million was also returned directly to shareholders via dividends and share buybacks.

• Valaris plc reported strong financial results for the 4th quarter and offered an optimistic performance outlook, citing their focus on safety, efficient operations, and robust market demand, which is constrained by supply.
• CEO Anton Dibowitz highlighted the significant new contract backlog worth around $3 billion achieved during 2023, nearly 60% higher compared to a year ago.
• 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.

• Mister Car Wash unveiled its financial performance for the fourth quarter and full fiscal year ending December 31, 2023.
• The annual results demonstrated solid progress driven by the company’s efforts to enhance its services, physical operations, and team.
• During Q4, sales rose 7% to $230 million, and adjusted EBITDA grew by 5% to $69.5 million.

• The Grocery Outlet management reported its full-year 2023 earnings results, which were slightly ahead of expectations.
• The company demonstrated strong customer acquisition and traffic, driven by competitive pricing and its treasure hunt shopping experience.
• The acquisition of United Grocery Outlet is one of the major highlights of the company’s performance, as it added 40 stores to the network.

• Revolution Medicines reported a decent set of earnings call for the fourth quarter and full year of 2023.
• Throughout the year, Revolution made significant strides, such as revealing the preliminary clinical profiles of two targeted RAS(ON) inhibitors, RMC-6236 and RMC-6291, from Phase I/IIb trials.
• According to data from the Triple Meeting and ESMO Congress, these investigational drugs show promise and support continued development.

• ODDITY, a data-driven beauty platform, posted strong financial results, reaching two important milestones in 2023: surpassing $500 million in revenue and generating over $100 million of adjusted EBITDA. The company’s net revenue grew 57% to $509 million, while adjusted EBITDA surged 173% to $107 million.
• ODDITY’s online platform, launched only five years ago, currently has over 50 million users and is responsible for these robust financial results.
• 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.

• Arrowhead Pharmaceuticals is committed to rapidly innovating and developing treatments and plans to grow their pipeline of RNAi therapeutics to a minimum of 20 clinical-stage or marketed products by the year 2025.
• This pledge reflects Arrowhead’s two core goals of maximizing the number of patients aided and the ability to generate enduring value for shareholders.
• Due to the company’s maturing pipeline, Arrowhead is focusing on prioritizing and investing in their internal programs and is actively building late-stage development and commercial infrastructure to focus on the cardiometabolic vertical.

• The fourth quarter and full fiscal year 2023 earnings offered insights into Frontdoor’s financial performance, key initiatives, and strategic moves being executed by the company.
• From the CEO, Bill Cobb’s comments, it is evident that 2023 was a record year in which the company exceeded Expectations and delivered exceptional financial performance.
• 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.

• ARLO ) changed their subscription plans at the beginning of 2024 and Q1 results are expected to show little change in consumer habits since these pricing plans were instituted
• ARLO started 2024 with new pricing for its lowest subscription tier as cloud costs for such customers were more than the monthly subscription rate
• The focus of the first quarter results should remain on subscriber growth, especially as holiday period hardware sales begin to transition to paid subscription

• Southwestern Energy’s third quarter 2023 earnings reflected a mixed but overall optimistic outlook for the company’s financial and operational performance.
• On the positive side, the company has demonstrated consistent progress in optimizing free cash flow generation and capital investment, a trend that the company expects to maintain.
• An improving macro environment, driven primarily by growing liquefied natural gas (LNG) demand, further enhances this outlook.

• In the fourth quarter of 2023, Murphy USA reported solid performance which supports their enduring commitment to drive sustainable value for its stakeholders.
• The company has been successful at achieving more from the same loyal customers, with statistics showing these customers spend 50% more than they did in 2019.
• Furthermore, the company’s new loyalty members showed similar behavior as their most loyal customers in 2019, making about 5 transactions per month and spending at higher levels.

• National Oilwell Varco (NOV) reported a solid fourth quarter of 2023, with revenues up 7% sequentially to $2.3 billion.
• This growth was driven by strong offshore and international demands and a continued improvement in the supply chain.
• However, the company identified several challenges in its performance, including a 5% sequential decline in North American land revenues and an unexpected $20 million impact on EBITDA due to the devaluation of the Argentine peso.

• Plunging sales & growing losses, severe price cuts & layoffs, failed FSD, M2 dropped for Robotaxi, and more, confirm that Elon Musk won’t fix Tesla’s most serious problems—which he created.
• He still demands his “unfathomable” pay package be restored, and his feckless, captured Tesla Board is doing exactly what he wants.
• But what Tesla’s Board should do, what it should have done years ago, is fire Elon Musk, the single greatest risk to Tesla’s future.

• Again, Tesla reports a 1Q24 sales with 4% miss but post market share price up more than 10% for 6 reasons. 1. Gross margin was stable on 15% sales drop;
• 2. ASP was stable; 3. Affordable EV on track for 2025; 4. Factory expansion to slow; 5. Optimus to sell end of 2025; 6. 2024 EV shipment higher than 2023.
• Near term risks to remain: 1. When will margin trough? 2. Why bother to buy EV if 2nd hand market collapsing? 3. Will Robotaxi/FSD bring in meaningful sales/profits soon?

• On March 21st, Lululemon reported FY23 results. All things considered, the results were good. Guidance, however, caused some upset. Lululemon shares are down ~29% this year; after being down just 6% before the report, and is currently the 8th worst-performing stock in the S&P 500.
• Lululemon’s implied 11.5% revenue growth for 2024 is a notable deceleration from years prior; having averaged an annual revenue growth rate of 24.4% over the last 5 years.
• This year’s revenue guidance is closer to, but still behind, the 5 years before that; where Lululemon averaged 15.7% annual revenue growth.

• While the market remains in consolidation/pullback mode and we are not out of the woods, it is possible that further downside is limited from here on the S&P 500
• Since late-February, we’ve discussed important gap support from 2/22/24 at 4983-5050 on the SPX, with bulls in control if above 4983. Selling last week has simply filled this gap
• 4920-4950 is now support near last week’s lows. Downgrade: Technology (XLK) to market weight. Upgrades: Manufacturing/Industrials (XLI) to overweight and Utilities (XLU) to market weight; individual stock buys highlighted.

• ZEEKR, a Chinese EV maker, plans to raise up to $500M in US IPO. The company put its offering on hold in 2023 due to a mismatch in valuation expectations.
• A fast-growing company will offer ADSs, and the size of the company’s potential IPO is down from their initial target of up to $1B, a negative sign for ZEEKR shares.
• EV stocks have significantly underperformed the broader market this year amid price wars, slow growth ahead and intense competition, especially in China.  

• 10x Genomics witnessed good momentum in 2023, achieving a 20% growth in total revenue amounting to $ 619 million.
• The primary contributing factor of this growth was the launch of Xenium that resulted in greater than 250 instrument sales in just its first year.
• The company’s entry into spatial biology was successful with spatial revenue amounting to over $135 million for the year.

• Perrigo Company plc’s fourth quarter and 2023 fiscal year results displayed stable growth in the company’s core operations, with an organic net sales increase of 2% for the year and EPS growth of 25% to $2.58, exceeding the prior year.
• Dimension such as significant growth in Skin Care, nutrition, and women’s health categories, as well as solid progress in the healthy lifestyle sector, underscore the company’s positive performance.
• Also contributing were supply chain reinvention program savings of $40 million and the strategic acquisition of HRA offering synergies of $30 million.

• Balchem Corporation’s sales in fourth quarter 2023 were marked by a slight dip, but the company still posted record operating earnings and free cash flow.
• It also achieved record fourth-quarter sales and earnings in the Human Nutrition & Health segment.
• Going back a bit, full year 2023 sales were down 2.1%, yet operational earnings recorded an increase of 9.6%.

• ProPetro has seen significant improvements in fundamentals over the past year, making it a more attractive investment opportunity
• Focus on downhole pumping services has allowed ProPetro to expand services and acquire new revenue streams
• Falling CAPEX, stable demand, clean balance sheet, and new capital allocation strategy centered around significant buybacks position ProPetro for growth

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• We are reiterating our Buy rating, $8 price target and projections for urban-gro with the company reporting 1Q24 (March) results after the close on Tuesday.
• We believe, given the timing of the initial guidance (March 28th), management will achieve 1Q results and reiterate initial 2024 guidance of revenue over $84 million and positive Adjusted EBITDA. Further we expect continued positives in terms of backlog and the potential for closed environment agriculture (“CEA”) to eventually shift into a positive driver.
• Given prior quarterly misses, we believe “making” guidance will be considered a positive by investors, and we look forward to urban-gro hopefully moving on the offensive later in 2024 as their integrated business model captures further cannabis and non-cannabis market share.

• Fund Managers Are Long Commodities Again Be careful if you’re heavily long commodities at the moment.
• The Bank of America survey usually always works as a great contra sentiment indicator.
• If fund managers are heavily long commodities – prices tend to top out.

• Strong dollar not seen as a problem for the US or the Fed, more concerning for the rest of the world
• Unlikely to see coordinated global intervention due to high hurdles and lack of exceptional circumstances
• Dollar CNY stability due to PBOC holding it down, may welcome cooling pressures on the currency from Japan and Korea verbal interventions

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Key points

• VFC is a large apparel company with iconic brands such as The North Face and Vans
• Shares are currently undervalued following a disappointing FY23, with estimated fair value of $40/share
• Strong brands and opportunities for portfolio rationalization and margin improvement make VFC a potential growth opportunity with new management in place.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• IRDM reported first quarter results with equipment revenue providing the necessary lift to total revenue for IRDM to beat consensus estimates
• IOT subscribers continued to rise in the quarter with IRDM disclosing it has entered into a two-year agreement with a major IOT partner that provides revenue clarity for both parties.
• IRDM reported first quarter revenue of $203.9 million compared to our estimate of $197.7 million. The reason for the outperformance was due to equipment revenue

• Halving Dynamics: Bitcoin’s imminent halving reduces issuance, influencing short-term price movements amidst evolving market narratives.
• Liquidity Catalyst: Bitcoin thrives in liquidity upcycles, offering a hedge against currency debasement and driving sustained market growth. 
• Bitcoin’s Resilience: Engineered precision and apolitical nature underline Bitcoin’s strength as a censorship-resistant alternative amid global economic uncertainties.

• eBay has the potential to become a trillion-dollar AI powerhouse in e-commerce
• Offers anti-inflationary savings and eliminates fraud risks
• Seen as undervalued with high growth potential compared to Amazon

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• We are reiterating our Buy rating, $10 price target and projections for Vera Bradley after visiting stores in Connecticut and Long Island.
• As expected, with the implementation of the “New Day” program to completely shift the chain to management’s vision in July nearing, we are already seeing material changes, with an emphasis on reducing categories and clearing in-store goods aggressively to make way for a completely new look in the mainline and outlet stores.
• Further, product newness flows have been materially shifted, with minimal April newness and a material flow of product in both outlets and main line stores set for Mother’s Day.

• Select Water Solutions provides a suite of solutions to meet the full life cycle water needs of customers in nearly every major producing region in the US.
• In 2023, the Permian region contributed 48% of total revenue.
• Select’s business is segmented in three reportable segments: Water Infrastructure, Water Services, and Chemical Technologies. 

• In recent weeks, the crypto market has responded markedly negatively to geopolitical tensions before rebounding almost fully, as seen again this past weekend.
• We believe the tensions between Israel and Iran are calming down, and we anticipate the market will soon agree.
• As the market adjusts, we simultaneously expect an end to tax season effects, improving USD liquidity, while other technicalities such as the repo market will arguably likewise improve liquidity.

• On 18 April, a White House official said that any review of the deal between Nippon Steel Corporation (5401 JP) and United States Steel (X US) by CFIUS will continue as scheduled.
• X shares trade at ~5.2x on NTM IBES-consensus EBITDA given priced-in deal risk vs. implied 7x at the time of the winning NSC’s bid, and look attractive relative to comparables.
• There remains a possibility that Nippon could finalize the takeover after the U.S. presidential election, presenting potential upside.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Kokusai Electric (6525 JP) and J&T Global Express (1519 HK) lock-ups. HD Hyundai Marine Solution (443060 KS), ZEEKR (ZK US) and Sichuan Baicha Baidao Industrial (2555 HK) IPOs.
• Event-Driven developments: Hollysys Automation Technologies (HOLI US), Shinko Electric Industries (6967 JP), Inageya Co Ltd (8182 JP), Hang Lung Properties (101 HK), Tietto Minerals Ltd (TIE AU). 

• In 1Q24, Intuitive Surgical (ISRG US) reported 11% YoY revenue growth to $1.89B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
• Worldwide da Vinci procedures grew 16%, matching the higher end of prior guidance range. The company placed 313 da Vinci surgical systems, including eight newly approved da Vinci 5.
• Even after considering blip in bariatric surgery, delayed tender in China, and no benefit of patient backlog, the company has raised 2024 worldwide da Vinci procedure growth guidance to 14–17%.

• The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
• In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELs.

• The S&P500 has been falling for 3 weeks and 6 days, it is very oversold.
• The current Market Reversal Matrix pattern suggests a high probability LONG trade for this coming week and the next.
• The support price area where to enter LONG is the 4950-4900 but also higher prices between 5000 and 4950 could be a good entry point, although a bit riskier.

• In the Q3 2024 earnings, NIKE, Inc. outlined how it is driving growth despite not performing to its potential.
• The company is focusing on four key areas: a sharpened focus on sport, continuous product innovation, bolder and more distinctive brand marketing, and collaboration with wholesale partners to expand the marketplace.
• A significant measure of progress is the alignment of the organization to focus on the consumer and sport.

• Braze Inc. had a productive Q4 for the fiscal year 2024, reporting robust revenue growth and notable leaps in operational efficiency.
• The company generated $131 million in revenue, up 33% year-over-year and 6% quarter over-quarter.
• It is important to mention that these figures were achieved despite macroeconomic headwinds and tight scrutiny of budgets, reflecting the high ROI and enduring value of Braze’s customer engagement platform.

• Arrow Electronics had a decent performance in 2023 despite the challenging macroeconomic conditions and inventory-related issues.
• Arrow Electronics managed to post a full-year revenue of $33.1 billion and a non-GAAP operating margin of 4.8%.
• The company also reported strong cash flow from operations, enabling the repurchase of approximately $750 million in shares over the year.

• Teradata Corporation, a leading hybrid multi-cloud analytics and data platform company, recently held its fourth quarter and full year 2023 earnings call, which indicates the company’s progress and future outlook in its sector.
• The company emphasizes its focus on customer satisfaction by delivering solutions for complex data and analytics problems.
• 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.

• 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.

• ADEA announced it has licensed its intellectual property to Austrian service provider Magenta Telekom in what could be of bigger significance than what ADEA’s stock price portrays
• The license is the first for ADEA with a European service provider. This is also the first major customer win ADEA has announced since becoming a standalone IP company
• The size of the deal with Magenta is most likely small, but our focus is on what it could mean for ADEA. Magenta is owned by T-Mobile parent Deutsche Telekom.

• We are initiating coverage of a.k.a. Brands Holding Corp.
• (“a.k.a. Brands” or the “company”), a leading owner of primarily online apparel-based brands focused on Generation Z and Millennial consumers, with a Buy rating and $14.00 price target, or 10.9X our 2025 EBITDA projection of $20.2 million.
• The company’s brands include: 1) Princess Polly, focusing on 15 to 25 year-old women; 2) Petal & Pup, which offers feminine styles for 25 to 34 year-old women; 3) Culture Kings, a street wear destination; and 4) mnml, a high-quality street wear designer focused on bottoms.

• Workiva ended 2023 with solid Q4 results, delivering an 18% growth in subscription revenue and a non-GAAP operating profit that exceeded its guidance.
• For the total of 2023, the firm overshot its earlier set guidance in February and Q3 2023, with a 20% growth in subscription revenue and 17% in total revenue.
• This marks Workiva as a growth player.