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

<div><p>When we first began writing about Crowdstrike last summer, we saw a company with a beautiful business model that could generate very high incremental margins over time because of its cloud based architecture...collect data once, monetize many times. This quarter was incredibly strong by any measure, but what really stood out in our work is Crowdstrike's best in class combination of revenue growth and profitability.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

When we first began writing about Crowdstrike last summer, we saw a company with a beautiful business model that could generate very high incremental margins over time because of its cloud based architecture...collect data once, monetize many times. This quarter was incredibly strong by any measure, but what really stood out in our work is Crowdstrike's best in class combination of revenue growth and profitability.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Crowdstrike 3Q21: Like Shooting Fish in a Barrel

United States

Carbonite Inc. offers an online backup service for consumers and small businesses. The company's software is sold on a subscription basis.

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Carbonite Inc (CARB US)

Crowdstrike 3Q21: Like Shooting Fish in a Barrel

Crowdstrike delivered the most impressive performance of any software company during this reporting season so far. Unlike its high valuation peers,...

Aaron Gabin

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