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>The company sells software tools that that allow businesses to automate cloud infrastructure</li>
<li>Next gen VMware... onboarding technology for cloud transitions. Impressive parallel.</li>
<li>Terraform and Vault are 85% of revenues today, but big TAM for the future.</li>
</ul>


The company sells software tools that that allow businesses to automate cloud infrastructure
Next gen VMware... onboarding technology for cloud transitions. Impressive parallel.
Terraform and Vault are 85% of revenues today, but big TAM for the future.


Hashicorp: Cloud Infrastructure Layer...Impressive

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a> , a leading VC-backed infrastructure automation company, fell ~50% below the IPO price of $80.00 per share.</li>
<li>
<a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a>  is a multi-product company that helps to accelerate cloud adoption. The company reported total revenue of $321M in FY’22 ended Jan-22, up 51% year-over-year. </li>
<li>According to public sources, <a href="https://www.smartkarma.com/entities/cisco-systems-inc" target="_blank" data-smartkarma-citation="entities:1063:1" rel="noopener">Cisco Systems (CSCO US)</a>  has already approached HashiCorp with an acquisition offer in 2019. However, both Cisco and HashiCorp declined to comment on rumors.</li>
</ul>


Shares of HashiCorp (HCP US) , a leading VC-backed infrastructure automation company, fell ~50% below the IPO price of $80.00 per share.

HashiCorp (HCP US)  is a multi-product company that helps to accelerate cloud adoption. The company reported total revenue of $321M in FY’22 ended Jan-22, up 51% year-over-year. 
According to public sources, Cisco Systems (CSCO US)  has already approached HashiCorp with an acquisition offer in 2019. However, both Cisco and HashiCorp declined to comment on rumors.


Will Cisco Make A Bid For HashiCorp As Valuation Fell By Half From The IPO Price?

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Event-Driven

<ul>
<li>Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. </li>
<li>Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.</li>
<li>HashiCorp Inc (HCP), Fluence Energy (FLNC), Rivian Auto (RIVN), Domo Inc (DOMO)</li>
</ul>


Liquidity shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and cash requirements. 
Liquidity shorts have built-in catalysts, have moderate to higher betas,  and can have strong down moves if a crisis develops.  They can go bankrupt, pushing the stock price near zero.
HashiCorp Inc (HCP), Fluence Energy (FLNC), Rivian Auto (RIVN), Domo Inc (DOMO)


Liquidity Risk Short Candidates: HashiCorp, Fluence Energy, Rivian Auto, Domo Inc.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a>  set terms for an upcoming IPO. The high-growth SaaS decacorn plans to offer 15.3 million shares at expected price range of $68.00-$72.00 per share. </li>
<li>Net proceeds from the offering may reach more than $1 billion at midpoint of the price range implying IPO valuation of ~$12.7 billion at $70.00 per share.</li>
<li>Our post-IPO illustrative valuation implies an upside of ~13%. However, we do not rule out <a href="https://www.smartkarma.com/entities/hashicorp-inc" target="_blank" data-smartkarma-citation="entities:34919:1" rel="noopener">HashiCorp (HCP US)</a>  shares may trade at the same multiples like GitLab.  </li>
</ul>



HashiCorp (HCP US)  set terms for an upcoming IPO. The high-growth SaaS decacorn plans to offer 15.3 million shares at expected price range of $68.00-$72.00 per share. 
Net proceeds from the offering may reach more than $1 billion at midpoint of the price range implying IPO valuation of ~$12.7 billion at $70.00 per share.
Our post-IPO illustrative valuation implies an upside of ~13%. However, we do not rule out HashiCorp (HCP US)  shares may trade at the same multiples like GitLab.  


HashiCorp IPO: Valuation Update. Expecting To Raise $1B+ In The Offering

<ul>
<li>HashiCorp is a cloud infrastructure automation company offering industry leading-products with high-profile customer list and freemium business model. The unicorn was backed by leading VC investors. </li>
<li>HashiCorp is the open-source software company, which is well-positioned to gain market share in the cloud infrastructure, security and networking addressable markets. </li>
<li>The company filed to go public this month. Our post-IPO valuation implies substantial upside potential to last private round valuation and we have favorable view of the upcoming IPO.</li>
</ul>


HashiCorp is a cloud infrastructure automation company offering industry leading-products with high-profile customer list and freemium business model. The unicorn was backed by leading VC investors. 
HashiCorp is the open-source software company, which is well-positioned to gain market share in the cloud infrastructure, security and networking addressable markets. 
The company filed to go public this month. Our post-IPO valuation implies substantial upside potential to last private round valuation and we have favorable view of the upcoming IPO.


HashiCorp IPO: Serious Player in Multi-Cloud Infrastructure Automation Segment

United States

HashiCorp, Inc. operates as a software company. The Company provides open-source tools and commercial products that enable developers, operators and security professionals to provision, secure, run, and connect cloud-computing infrastructure. HashiCorp serves customers worldwide.

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HashiCorp (HCP US)

Hashicorp: Cloud Infrastructure Layer...Impressive

The unique approach to becoming a new infrastructure operating system is totally intriguing and the viral growth within large corporate is impressive.

Aaron Gabin

Will Cisco Make A Bid For HashiCorp As Valuation Fell By Half From The IPO Price?

We believe Cisco Systems may be interested in acquiring HashiCorp, a cloud infrastructure automation unicorn backed by leading VC investors.

Andrei Zakharov

Liquidity Risk Short Candidates: HashiCorp, Fluence Energy, Rivian Auto, Domo Inc.

Liquidity risk shorts can be great short candidates. This week we flag: HashiCorp, Fluence Energy, Rivian Auto, and Domo Inc.

Eric Fernandez, CFA

HashiCorp IPO: Valuation Update. Expecting To Raise $1B+ In The Offering

Keeping in mind HashiCorp plans to raise more than $1 billion in the offering, we expect strong investor demand for the upcoming IPO

Andrei Zakharov

HashiCorp IPO: Serious Player in Multi-Cloud Infrastructure Automation Segment

HashiCorp, one of the leaders among infrastructure automation platform providers, filed to go public after a successful Nasdaq debut of open source...

Andrei Zakharov

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