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1. Company Snapshot

1.a. Company Description

HashiCorp, Inc.provides multi-cloud infrastructure automation solutions worldwide.The company offers Terraform, an infrastructure provisioning product that applies an Infrastructure-as-Code approach, where processes and configuration required to support applications are codified and automated instead of being manual and ticket-based; and Vault, a secrets management and data protection product, which enables security teams to apply policies based on application and user identity to govern access to credentials and secure sensitive data.


It also provides Consul, an application-centric networking automation product that enables practitioners to manage application traffic, security teams to secure and restrict access between applications, and operations teams to automate the underlying network infrastructure; and Nomad, a scheduler and workload orchestrator, which provides practitioners with a self-service interface to manage the application lifecycle.The company was incorporated in 2012 and is headquartered in San Francisco, California.

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1.b. Last Insights on HCP

Here is a 90-word analysis of the positive drivers behind HashiCorp's recent stock performance: HashiCorp's fundamentals remain strong, driven by its leadership in the infrastructure cloud market. The company's recent upgrade to a "Buy" rating reflects growing optimism about its earnings prospects. Additionally, the acquisition by IBM, finalized in February, is expected to drive growth and expand its customer base. Furthermore, the company's upcoming Q4 fiscal year 2025 financial results, scheduled for March 6, are likely to showcase its continued momentum. The partnership with Veeva Systems, providing HCP access data, also underscores HashiCorp's commitment to innovation and customer value.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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HashiCorp Previews the Future of Agentic Infrastructure Automation with Project infragraph

Sep -25

Source: prnewswire.com

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HashiCorp Expands Unified Lifecycle Management for Hybrid Cloud Operations

Jun -03

Source: globenewswire.com

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Veeva Commercial Pulse Improves Segmentation and Targeting with Brick-Level HCP Access Data for 21 Countries

Mar -04

Source: prnewswire.com

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IBM closes $6.4B HashiCorp acquisition

Feb -27

Source: techcrunch.com

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IBM's $6.4B HashiCorp acquisition cleared by UK

Feb -25

Source: techcrunch.com

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UK competition watchdog clears IBM-HashiCorp $6.4 billion merger

Feb -25

Source: reuters.com

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HashiCorp to announce fourth quarter fiscal year 2025 financial results on March 6, 2025

Feb -10

Source: globenewswire.com

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New Strong Buy Stocks for January 29th

Jan -29

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (25.66%)

6. Segments

Support

Expected Growth: 25.45%

HashiCorp, Inc.'s support fuels growth, driven by increasing adoption of cloud-based infrastructure, rising demand for multi-cloud management, and growing need for security and compliance in DevOps practices, resulting in 25.45% growth.

Cloud-hosted Services

Expected Growth: 26.27%

HashiCorp's cloud-hosted services growth is driven by increasing adoption of cloud computing, digital transformation, and DevOps practices. The company's strong brand reputation, expanding partner ecosystem, and innovative products such as Terraform and Vault also contribute to its growth. Additionally, the rising need for multi-cloud management, security, and infrastructure automation solutions fuels demand for HashiCorp's services.

License

Expected Growth: 26.3%

HashiCorp's license growth driven by increasing adoption of cloud-native technologies, rising demand for infrastructure automation, and growing need for multi-cloud management. Strong brand reputation, expanding partner ecosystem, and continuous innovation in products like Terraform and Vault also contribute to the 26.3% growth.

Professional Services

Expected Growth: 25.45%

HashiCorp's Professional Services growth is driven by increasing adoption of cloud-based infrastructure, rising demand for DevOps and multi-cloud strategies, and the need for expert guidance in implementing and managing complex IT environments. Strong partnerships with major cloud providers and a growing customer base also contribute to this growth.

7. Detailed Products

Terraform

Infrastructure as Code (IaC) tool that enables users to define and manage cloud and on-premises infrastructure using human-readable configuration files

Vault

Secrets management and encryption platform that securely stores and manages sensitive data such as API keys, passwords, and certificates

Consul

Service discovery and configuration tool that enables service registration, health checking, and load balancing

Nomad

Orchestration tool that automates the deployment and management of applications and services

Waypoint

Application deployment and release management tool that enables automated deployment and rollback of applications

Boundary

Identity-based access management platform that enables secure access to infrastructure and applications

Packer

Image creation tool that enables the creation of machine images for multiple platforms

8. HashiCorp, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

HashiCorp's products are highly specialized and have a strong brand reputation, making it difficult for substitutes to emerge.

Bargaining Power Of Customers

HashiCorp's customers are largely enterprises and large organizations, which have limited bargaining power due to the company's strong brand reputation and specialized products.

Bargaining Power Of Suppliers

HashiCorp has a diverse supplier base, and its suppliers have limited bargaining power due to the company's strong brand reputation and specialized products.

Threat Of New Entrants

The cloud infrastructure and DevOps markets are highly competitive, and new entrants can easily emerge, posing a threat to HashiCorp's market share.

Intensity Of Rivalry

The cloud infrastructure and DevOps markets are highly competitive, with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.14%
Debt Cost 3.95%
Equity Weight 98.86%
Equity Cost 10.21%
WACC 10.13%
Leverage 1.16%

11. Quality Control: HashiCorp, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Toast

A-Score: 4.6/10

Value: 0.9

Growth: 9.1

Quality: 6.4

Yield: 0.0

Momentum: 7.5

Volatility: 4.0

1-Year Total Return ->

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Altair Engineering

A-Score: 4.5/10

Value: 2.0

Growth: 6.7

Quality: 5.3

Yield: 0.0

Momentum: 7.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Robinhood Markets

A-Score: 4.5/10

Value: 0.3

Growth: 7.2

Quality: 7.0

Yield: 0.0

Momentum: 10.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Affirm

A-Score: 3.8/10

Value: 0.7

Growth: 9.1

Quality: 3.1

Yield: 0.0

Momentum: 8.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
DigitalOcean

A-Score: 3.8/10

Value: 3.8

Growth: 9.2

Quality: 5.3

Yield: 0.0

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
HashiCorp

A-Score: 3.8/10

Value: 4.2

Growth: 4.4

Quality: 3.6

Yield: 0.0

Momentum: 5.5

Volatility: 5.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

34.78$

Current Price

34.78$

Potential

-0.00%

Expected Cash-Flows