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>
<div>
<h2>We have been examining the <a href="https://www.smartkarma.com/entities/iac-interactivecorp" target="_blank" data-smartkarma-citation="entities:754:1" rel="noopener">IAC/InterActiveCorp (IAC US)</a> complex. Our headline take is we like ANGI <a href="https://www.smartkarma.com/entities/angi-homeservices" target="_blank" data-smartkarma-citation="entities:4722:1" rel="noopener">ANGI Homeservices (ANGI US)</a> and IAC as longs, and while we think <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a> is a short.</h2>
</div>
</div>
<div>
<p style="text-align: justify;"><strong>Summary</strong>: <a href="https://www.smartkarma.com/entities/iac-interactivecorp" target="_blank" data-smartkarma-citation="entities:754:1" rel="noopener">IAC/InterActiveCorp (IAC US)</a>, Barry Diller’s capital allocation vehicle, is poised to embark on a new round of value creation post <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a> spin.  The company’s deep bench of management talent with a multi-decade expertise in customer acquisition, scaling marketplace liquidity, and monetizing users form a stronger than perceived moat. The company’s structurally high margins and strong free cash flow generation enable it flexibility to invest, acquire, or incubate new platforms, inevitably resulting in future value creation. Over time, IAC’s track record should generate a premium rather than a discount to the sum of the parts valuation of its holdings.</p>
<p style="text-align: justify;">The Insight is meant to be used by investors as a road map to evaluate IAC's progress over the next few quarters. We start with a Best Working Thesis which reflects our initial conclusions from the case study. Key Questions positively answered would make us incrementally more bullish, while evidence of rising Thesis Threats may potentially puncture our view.</p>
<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>



We have been examining the IAC/InterActiveCorp (IAC US) complex. Our headline take is we like ANGI ANGI Homeservices (ANGI US) and IAC as longs, and while we think Match Group Inc (MTCH US) is a short.



Summary: IAC/InterActiveCorp (IAC US), Barry Diller’s capital allocation vehicle, is poised to embark on a new round of value creation post Match Group Inc (MTCH US) spin.  The company’s deep bench of management talent with a multi-decade expertise in customer acquisition, scaling marketplace liquidity, and monetizing users form a stronger than perceived moat. The company’s structurally high margins and strong free cash flow generation enable it flexibility to invest, acquire, or incubate new platforms, inevitably resulting in future value creation. Over time, IAC’s track record should generate a premium rather than a discount to the sum of the parts valuation of its holdings.
The Insight is meant to be used by investors as a road map to evaluate IAC's progress over the next few quarters. We start with a Best Working Thesis which reflects our initial conclusions from the case study. Key Questions positively answered would make us incrementally more bullish, while evidence of rising Thesis Threats may potentially puncture our view.

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.



United States

Care.com, Inc. provides care services. The Company offers child, adult, senior, pet, and home care services. Care.com serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Care.Com Inc (CRCM US)

IAC: 1+1 Is Supposed to Equal 2.

We have been examining the IAC/InterActiveCorp (IAC US) complex. Our headline take is we like ANGI ANGI Homeservices (ANGI US) and IAC as longs,...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)