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

Meta Platforms (Facebook) / Equity Bottom-Up

<ul>
<li>The recently announced Meta Verified could generate an incremental $2.2B in revenues.</li>
<li>Incremental layoffs being reported could amount to $5B in incremental savings this year.</li>
<li>Between the two reports, we could easily see 10% upside to EPS.</li>
</ul>


The recently announced Meta Verified could generate an incremental $2.2B in revenues.
Incremental layoffs being reported could amount to $5B in incremental savings this year.
Between the two reports, we could easily see 10% upside to EPS.


Crypto in Sports, Sporting Crypto

Sporting Crypto

Crypto in Sports

Breaking down the intersection between Sports and Crypto

Intersection Between Sports and Crypto

<ul><li>This weekend at the NBA All-Star weekend, we saw the NBA commissioner Adam Silver unveil an in-game streaming experience which had the internet in awe.</li><li>Many have decided to brand the ‘Metaverse’ a sham, a dystopian digital experience or something that just plain won’t work.</li><li>When Mark Zuckerberg changed Facebook’s name to ‘Meta’ to indicate the direction of travel he thinks the world is heading in — we should probably have sat up and said “there might be something there”</li></ul>

This weekend at the NBA All-Star weekend, we saw the NBA commissioner Adam Silver unveil an in-game streaming experience which had the internet in awe.Many have decided to brand the ‘Metaverse’ a sham, a dystopian digital experience or something that just plain won’t work.When Mark Zuckerberg changed Facebook’s name to ‘Meta’ to indicate the direction of travel he thinks the world is heading in — we should probably have sat up and said “there might be something there”

Sporting Crypto - 20th Feb 2023: The Metaverse Might not Suck

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.

<ul><li>Meta Platforms performed a mixed result with earnings below expectations, ending a rather difficult fiscal year.</li><li>The management claims that number of daily users of Facebook, Instagram, and WhatsApp is at an all-time high.</li><li>Facebook's engagement is decent, and it is expanding globally, with over 2 billion daily and approximately 3 billion monthly active users.</li></ul>

Meta Platforms performed a mixed result with earnings below expectations, ending a rather difficult fiscal year.The management claims that number of daily users of Facebook, Instagram, and WhatsApp is at an all-time high.Facebook's engagement is decent, and it is expanding globally, with over 2 billion daily and approximately 3 billion monthly active users.

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>Microsoft news of rolling out ChapGPT into its Bing search browser and eventually into its Microsoft Office product suite has dominated the news cycle the past few weeks as AI computing has garnered Wall St.’s full attention.</li><li>Within two months, OpenAI’s ChatGPT app has registered 100 million users – nearly one-third of the U.S. population.</li><li>Microsoft has not hidden it plans to challenge Google search dominance and erode its existing market share.</li></ul>

Microsoft news of rolling out ChapGPT into its Bing search browser and eventually into its Microsoft Office product suite has dominated the news cycle the past few weeks as AI computing has garnered Wall St.’s full attention.Within two months, OpenAI’s ChatGPT app has registered 100 million users – nearly one-third of the U.S. population.Microsoft has not hidden it plans to challenge Google search dominance and erode its existing market share.

<ul>
<li>MAUs grew just 5M or 1% QoQ while ARPU was flat. Little turnaround traction evident despite lots of empty statistics offered.</li>
<li>Longtime CFO Todd Morgenfeld departing, offers vague margin expansion promises.</li>
<li>Revenue and opex guidance for 1Q23 below consensus...not good for a consensus long.</li>
</ul>


MAUs grew just 5M or 1% QoQ while ARPU was flat. Little turnaround traction evident despite lots of empty statistics offered.
Longtime CFO Todd Morgenfeld departing, offers vague margin expansion promises.
Revenue and opex guidance for 1Q23 below consensus...not good for a consensus long.


United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta Platforms (Facebook) (META US)

Meta Platforms: Even More Bullish

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Sporting Crypto - 20th Feb 2023: The Metaverse Might not Suck

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PINS 4Q22: We Don't Chase Vanity MAUs

Pinterest has become a consensus long on the hopes that its new CEO Bill Ready will pivot the company from a pure advertising model to an ecommerce...

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