TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Thematic (Sector/Industry)

<ul>
<li>New data from Deloitte shows US streaming subscription churn is 35% and over 50% for younger demographics. Whoa!</li>
<li>Competition for attention and competition for the wallet are causes, a combination of the volume of streaming services combined with social media, gaming, and UGC....many of which are free. </li>
<li>The LT takeaway is streaming services likely have to rely on free-ad supported tiers to retain customers. Higher customer acquisition costs and lower multiple ad revenues not good for streamers.</li>
</ul>


New data from Deloitte shows US streaming subscription churn is 35% and over 50% for younger demographics. Whoa!
Competition for attention and competition for the wallet are causes, a combination of the volume of streaming services combined with social media, gaming, and UGC....many of which are free. 
The LT takeaway is streaming services likely have to rely on free-ad supported tiers to retain customers. Higher customer acquisition costs and lower multiple ad revenues not good for streamers.


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 Capital Markets

Comcast Corp Class A / Equity Capital Markets

<ul><li>Comcast had a strong fourth quarter, capping off a year marked by several significant financial milestones.</li><li>At the end of 2021, the company’s Peacock platform had 24.5 million monthly active accounts in the United States.</li><li>Over 9 million paid subscribers are among the 24.5 million monthly active accounts, with paid ARPU approaching $10, including advertising.</li></ul>

Comcast had a strong fourth quarter, capping off a year marked by several significant financial milestones.At the end of 2021, the company’s Peacock platform had 24.5 million monthly active accounts in the United States.Over 9 million paid subscribers are among the 24.5 million monthly active accounts, with paid ARPU approaching $10, including advertising.

Comcast: Financial & Price Forecasts, DCF Valuation, ESG Risks 02/22

Equity Bottom-Up

<ul>
<li>Comcast and Charter have seen their share prices cut 30% since the fall when we thought broadband risks were overstated.</li>
<li>We don't think now is the time to buy cable though due to rising competitive intensity from telco.</li>
<li>Prefer Charter over Comcast due to their faster growing wireless business and pure play business model vs. Comcast's increased streaming content spend.</li>
</ul>


Comcast and Charter have seen their share prices cut 30% since the fall when we thought broadband risks were overstated.
We don't think now is the time to buy cable though due to rising competitive intensity from telco.
Prefer Charter over Comcast due to their faster growing wireless business and pure play business model vs. Comcast's increased streaming content spend.


Comcast and Charter: Does Wireless Upside Offset Broadband Concerns?

<ul><li>Comcast had a decent third quarter across the board as the company continues to work towards providing a unique experience to its subscribers is due to their network advantage and innovative products.</li><li>The company has been losing video subscribers in the recent months but its revenues from video as well as cable communications have been growing well.</li><li>The Tokyo Olympics have already given a huge jump to the revenues of NBCUniversal in 2021 and their growth trajectory is also strong.</li></ul>

Comcast had a decent third quarter across the board as the company continues to work towards providing a unique experience to its subscribers is due to their network advantage and innovative products.The company has been losing video subscribers in the recent months but its revenues from video as well as cable communications have been growing well.The Tokyo Olympics have already given a huge jump to the revenues of NBCUniversal in 2021 and their growth trajectory is also strong.

Comcast Corporation: Is Peacock’s Potential Undervalued (12/2021)

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. </li>
<li>The top ten companies to benefit from 5G rollout based on innovation and citation count are <strong>Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple,</strong> and <strong>Nokia </strong>
</li>
<li>A stand-out in 5G technology rankings is <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> which is punching well above its current market share in the industry. </li>
</ul>


The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. 
The top ten companies to benefit from 5G rollout based on innovation and citation count are Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple, and Nokia 

A stand-out in 5G technology rankings is LG Electronics (066570 KS) which is punching well above its current market share in the industry. 


Stock Ideas from Data Mining Technical Publications: A Look at 5G

United States

Comcast Corporation provides media and television broadcasting services. The Company offers video streaming, television programming, high-speed internet, cable television, and communication services. Comcast serves customers worldwide.

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Comcast Corp Class A (CMCSA US)

Streaming's New Hamster Wheel

New data shows US streaming subscription churn is 35% and over 50% for younger demographics. To compete, streamers will have to rely more on free...

Aaron Gabin

Comcast: Financial & Price Forecasts, DCF Valuation, ESG Risks 02/22

Comcast had a strong fourth quarter, capping off a year marked by several significant financial milestones. At the end of 2021, the company’s...

Baptista Research

Comcast and Charter: Does Wireless Upside Offset Broadband Concerns?

While we have historically been attracted to the fiber moats of the US cable operators and the stocks are down 30% from ATH valuations...we remain...

Aaron Gabin

Comcast Corporation: Is Peacock’s Potential Undervalued (12/2021)

Comcast had a decent third quarter across the board as the company continues to work towards providing a unique experience to its subscribers is...

Baptista Research

Stock Ideas from Data Mining Technical Publications: A Look at 5G

5G connectivity is expected to spawn new business and services across sectors. We review the technological positioning of companies competing in...

Pyari Menon

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