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.

Equity Bottom-Up

<ul>
<li>Pinterest has rallied 40% over the past 5 months on hopes that its new CEO Bill Ready will pivot the company from a pure advertising model to an ecommerce juggernaut.</li>
<li>Altering what consumers use online platforms for is exceedingly difficult and rarely succeeds: TripAdvisor, Yelp, Groupon, Stitchfix, eBay.</li>
<li>Ultimately, unless Pinterest convinces its users to more frequently utilize the platform, efforts to boost monetization will likely fall flat.</li>
</ul>


Pinterest has rallied 40% over the past 5 months on hopes that its new CEO Bill Ready will pivot the company from a pure advertising model to an ecommerce juggernaut.
Altering what consumers use online platforms for is exceedingly difficult and rarely succeeds: TripAdvisor, Yelp, Groupon, Stitchfix, eBay.
Ultimately, unless Pinterest convinces its users to more frequently utilize the platform, efforts to boost monetization will likely fall flat.


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

<ul><li>Pinterest’s performance as a stock has been fairly decent in what can be termed as a tumultuous environment for the technology industry.</li><li>The company’s global MAUs of 445 million were higher than in Q3 2021 because it largely overcame the pandemic’s difficulties and increased user engagement.</li><li>During the quarter, they collaborated with Merlin, BMG, Warner Music Group, and Warner Chappell Music to enhance the music experience on Pinterest.</li></ul>

Pinterest’s performance as a stock has been fairly decent in what can be termed as a tumultuous environment for the technology industry.The company’s global MAUs of 445 million were higher than in Q3 2021 because it largely overcame the pandemic’s difficulties and increased user engagement.During the quarter, they collaborated with Merlin, BMG, Warner Music Group, and Warner Chappell Music to enhance the music experience on Pinterest.

Pinterest Inc: New Marketing Campaign & Other Developments

<ul><li>Pinterest gave disappointing financial results this quarter, missing out on revenues and earnings largely due to the weak advertising market.</li><li>While its overall revenues grew despite the macro conditions, the company viewed resilience from its large advertising partners.</li><li>Also, Pinterest saw an opportunity to augment its R&D team with the recruiting market becoming more favorable and an improvement in recruiting execution.</li></ul>

Pinterest gave disappointing financial results this quarter, missing out on revenues and earnings largely due to the weak advertising market.While its overall revenues grew despite the macro conditions, the company viewed resilience from its large advertising partners.Also, Pinterest saw an opportunity to augment its R&D team with the recruiting market becoming more favorable and an improvement in recruiting execution.

Pinterest Inc: Improved User Experience & Other Drivers

<ul>
<li>Snap had yet another earnings related meltdown as management has lost all credibility in forecasting its business. </li>
<li>Because co-founders Spiegel and Murphy have 99.5% voting shares, there is not an opportunity for an activist to fix the situation like Pinterest and Twitter.</li>
<li>The issues plaguing Snap are likely not hurting META as much given a broader ad base, better ROI on its ads, and a mgmt team that has already guided down.</li>
</ul>


Snap had yet another earnings related meltdown as management has lost all credibility in forecasting its business. 
Because co-founders Spiegel and Murphy have 99.5% voting shares, there is not an opportunity for an activist to fix the situation like Pinterest and Twitter.
The issues plaguing Snap are likely not hurting META as much given a broader ad base, better ROI on its ads, and a mgmt team that has already guided down.


<ul>
<li>This is our first report on the visual discovery engine, Pinterest.</li>
<li>The company had 433 million global monthly active users, which is 9% fewer than in Q1 of last year when the pandemic sparked growth.</li>
<li>To aid retailers and provide Pinners with up-to-the-minute details on the goods they see, they launched the Pinterest API for shopping.</li>
</ul>


This is our first report on the visual discovery engine, Pinterest.
The company had 433 million global monthly active users, which is 9% fewer than in Q1 of last year when the pandemic sparked growth.
To aid retailers and provide Pinners with up-to-the-minute details on the goods they see, they launched the Pinterest API for shopping.


Pinterest Inc.: Initiation of Coverage – Financial Forecasts

United States

Pinterest, Inc. operates and maintains social networking site. The Company provides online venue for personal photos, ideas, oddities, decorations, places to visit, recipes, and other items. Pinterest serves customers worldwide.

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Pinterest (PINS US)

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Pinterest Inc.: Initiation of Coverage – Financial Forecasts

This is our first report on the visual discovery engine, Pinterest. The company had 433 million global monthly active users, which is 9% fewer...

Baptista Research

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