Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Klarna is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry.

<ul>
<li>Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.</li>
<li>The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.</li>
<li>However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.</li>
</ul>


Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.
The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.
However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.


Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Equity Bottom-Up

Sailpoint Technologies Holdings / Equity Bottom-Up

SailPoint Technologies Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers enterprise identity governance solutions. SailPoint Technologies Holdings empowers customers to securely govern the digital identities of employees, contractors, business partners, and other users to manage their constantly changing access rights to enterprise.

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>SailPoint, a pioneer of enterprise identity governance market with industry leadership position, returned to the public markets in 2025.</li>
<li>American technology company has raised ~$1.4B in US IPO and paid down all outstanding debt in 1Q FY26, according to Brian Carolan, CFO of SailPoint, Inc.</li>
<li>The company reported mixed 4Q FY25 results with ~78% y/y increase in customers with ARR˃$1M and a bullish tone on AI agent identity management.</li>
</ul>


SailPoint, a pioneer of enterprise identity governance market with industry leadership position, returned to the public markets in 2025.
American technology company has raised ~$1.4B in US IPO and paid down all outstanding debt in 1Q FY26, according to Brian Carolan, CFO of SailPoint, Inc.
The company reported mixed 4Q FY25 results with ~78% y/y increase in customers with ARR˃$1M and a bullish tone on AI agent identity management.


SailPoint, Inc. (SAIL.US): Overall Growth Is Slowing Down, But FCF Will Turn Positive in FY26

Horizon Robotics, Inc. offers technology services. The Company develops advanced driver assistance systems, autonomous driving solutions, and other for passenger vehicles. Horizon Robotics provides its services throughout Hong Kong.

<ul>
<li>Horizon Robotics, a leading provider of integrated computing solutions for ADAS and AD for consumer vehicles, went public in October of 2024 in Hong Kong.</li>
<li>The Chinese technology company priced its IPO at HK$3.99 per share and raised ~HK$5.4B or $696M. The offering was multiple times oversubscribed.</li>
<li>The company’s market cap peaked at ~$18B in February and exceeded valuation of Mobileye Global. I expect a near-term selling pressure as IPO lock-up expires in April.</li>
</ul>


Horizon Robotics, a leading provider of integrated computing solutions for ADAS and AD for consumer vehicles, went public in October of 2024 in Hong Kong.
The Chinese technology company priced its IPO at HK$3.99 per share and raised ~HK$5.4B or $696M. The offering was multiple times oversubscribed.
The company’s market cap peaked at ~$18B in February and exceeded valuation of Mobileye Global. I expect a near-term selling pressure as IPO lock-up expires in April.


Horizon Robotics (9660.HK): The Stock Probably Peaked at HK$10.00+ As IPO Lock-Up Expires in April

Hesai Group provides 3D light detection and ranging solutions. The Company's LiDAR products enables a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems, as well as autonomous vehicle fleets providing passenger and freight mobility services.

<ul>
<li>Hesai Group, a global leader in LiDAR solutions in the ADAS and robotics markets, forecasted hyper-growth and GAAP profitability for the full year of 2025.</li>
<li>The stock has bottomed in the low $4s (~0.3x 2025E EV/Revs) in 2024 and gained about 350%. Hesai Group currently trades at ~4x EV/2025E revenues, ~32% discount relative to RoboSense.</li>
<li>I believe that the market has already priced in growth acceleration (~58% y/y) scenario in 2025 along with GAAP profitability and 1M+ LiDAR shipments this year.</li>
</ul>


Hesai Group, a global leader in LiDAR solutions in the ADAS and robotics markets, forecasted hyper-growth and GAAP profitability for the full year of 2025.
The stock has bottomed in the low $4s (~0.3x 2025E EV/Revs) in 2024 and gained about 350%. Hesai Group currently trades at ~4x EV/2025E revenues, ~32% discount relative to RoboSense.
I believe that the market has already priced in growth acceleration (~58% y/y) scenario in 2025 along with GAAP profitability and 1M+ LiDAR shipments this year.


Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

RoboSense Technology Co., Ltd provides LiDAR and perception solutions. The Company offers hardware, sensors, and AI perception software. RoboSense Technology applies its products in a wide range of application scenarios, particularly ADAS (advanced driving assistance system) and robotics. RoboSense Technology serves customers in China and North America.

<ul>
<li>RoboSense Technology shares significantly outperformed in 2025 with shares up ~43% over the year versus a ~18% gain on the HSI.</li>
<li>Chinese mass producer of LiDAR products and sensor systems has successfully completed a placing of new shares and raised ~$HK1B or ~US$131M in March. </li>
<li>I think the stock is overvalued vs. peers given long path to profitability, lower relative gross margin profile and intense competition in Mainland China.</li>
</ul>


RoboSense Technology shares significantly outperformed in 2025 with shares up ~43% over the year versus a ~18% gain on the HSI.
Chinese mass producer of LiDAR products and sensor systems has successfully completed a placing of new shares and raised ~$HK1B or ~US$131M in March. 
I think the stock is overvalued vs. peers given long path to profitability, lower relative gross margin profile and intense competition in Mainland China.


RoboSense Technology: Premium Multiple Is Not Justified. Long Path To Profitability

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

Andrei Zakharov
Covering IPOs, Healthcare and Technology Stocks

Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Klarna, a Swedish fintech player and the dominant BNPL player in Europe, plans to raise up to $1B in US IPO. I’m cautious about buying into...

Andrei Zakharov

SailPoint, Inc. (SAIL.US): Overall Growth Is Slowing Down, But FCF Will Turn Positive in FY26

SailPoint, Inc., a leading player in enterprise identity security with a balanced growth strategy, reported mixed 4Q FY25 results, pushing shares...

Andrei Zakharov

Horizon Robotics (9660.HK): The Stock Probably Peaked at HK$10.00+ As IPO Lock-Up Expires in April

I expect Horizon Robotics shares will underperform in April as IPO lock-up expiry will unlock ~9.1B Class B ordinary shares or ~$8.6B worth of...

Andrei Zakharov

Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

Hesai Group stock is a one of the most speculative stocks in the LiDAR industry, in my view. I believe investors should take profits on Hesai Group...

Andrei Zakharov

RoboSense Technology: Premium Multiple Is Not Justified. Long Path To Profitability

RoboSense Technology has recently completed its secondary offering and raised ~HK$1B. In my insight, I discuss relative valuation, competitive...

Andrei Zakharov