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

This case study evaluates <a href="https://www.smartkarma.com/entities/nutanix-inc" target="_blank" data-smartkarma-citation="entities:26440:1" rel="noopener">Nutanix Inc (NTNX US)</a>'s  business fundamentals, unit economics, valuation, investors, management and culture. 
A 2016 IPO, Nutanix is a provider of Hyper Converged Infrastructure (HCI) Software. After an incredibly volatile three years where Nutanix went through two business model transitions and a sales pipeline rebuild, Nutanix may be poised for a strong multi-quarter run as it has seemingly stabilized its sales issues, stopped losing market share, and will be coming up against a very weak set of comps. At 4x EV/S, the market is not valuing Nutanix as the accelerating post-trough SaaS transition software company this is. The key upside risk is a takeout by a larger hybrid cloud provider, while key downside risks include an inability to generate operating leverage due to a heightened competitive environment, along with a dilutive capital raise, due to its accelerating FCF burn.
Base Case PT: $55                               Upside PT: $65                                    Bear Case PT: $25

This case study evaluates Nutanix Inc (NTNX US)'s  business fundamentals, unit economics, valuation, investors, management and culture. 
A 2016 IPO, Nutanix is a provider of Hyper Converged Infrastructure (HCI) Software. After an incredibly volatile three years where Nutanix went through two business model transitions and a sales pipeline rebuild, Nutanix may be poised for a strong multi-quarter run as it has seemingly stabilized its sales issues, stopped losing market share, and will be coming up against a very weak set of comps. At 4x EV/S, the market is not valuing Nutanix as the accelerating post-trough SaaS transition software company this is. The key upside risk is a takeout by a larger hybrid cloud provider, while key downside risks include an inability to generate operating leverage due to a heightened competitive environment, along with a dilutive capital raise, due to its accelerating FCF burn.
Base Case PT: $55                               Upside PT: $65                                    Bear Case PT: $25

Nutanix Buy This SaaS Transition at a Discount I (Fundamentals)

United States

Nutanix, Inc. designs and develops enterprise cloud platforms. The Company provides enterprise cloud platform solutions that converge traditional silos of server, virtualization, and storage into one integrated solution. Nutanix 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

Nutanix Buy This SaaS Transition at a Discount I (Fundamentals)

This case study evaluates Nutanix Inc (NTNX US)'s business fundamentals, unit economics, valuation, investors, management and culture. A 2016...

Aaron Gabin