SPAC Deep Dive, subSPAC

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SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Capital Markets

Opendoor Technologies / Equity Capital Markets

<ul>
<li>After a Boom that lasted nearly 18-month, SPACs are now finding themselves under fire.</li>
<li>Increasing amounts of Scrutiny from regulators, A Mismatch in Incentives towards Sponsors, and Burnout in new deals by Investors have all contributed to the recent slump.</li>
<li>A majority of the high-growth De-SPACs have already seen a sharp selloff, leading to a drop of between 40-60%.</li>
</ul>


After a Boom that lasted nearly 18-month, SPACs are now finding themselves under fire.
Increasing amounts of Scrutiny from regulators, A Mismatch in Incentives towards Sponsors, and Burnout in new deals by Investors have all contributed to the recent slump.
A majority of the high-growth De-SPACs have already seen a sharp selloff, leading to a drop of between 40-60%.


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

<p>Today we want to address Zillow’s decision to exit iBuying and whether or not the 25% share price drop gets us interested in owning Zillow. We will do a followup note later in the week about the overall prospects for iBuying and if we would be buyers of Opendoor or Offerpad. Spoiler alert: We’d buy Opendoor.</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>

Today we want to address Zillow’s decision to exit iBuying and whether or not the 25% share price drop gets us interested in owning Zillow. We will do a followup note later in the week about the overall prospects for iBuying and if we would be buyers of Opendoor or Offerpad. Spoiler alert: We’d buy Opendoor.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.

Zillow: What Data Driven Competitive Advantage?

United States

Opendoor Technologies Inc. provides digital platform for residential real estates. The Company develops service model for real estate buying and selling on a mobile device. Opendoor Technologies serves customers in the United States.

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Opendoor Technologies (OPEN US)

Could SPACs Be a Contrarian Bet in 2022?

After a Boom that lasted nearly 18-month, SPACs are now finding themselves under fire. Increasing amounts of Scrutiny from regulators, A Mismatch...

subSPAC

Zillow: What Data Driven Competitive Advantage?

We are puzzled by Zillow's sudden exit from iBuying given its supposed data driven competitive advantages. While the remaining IMT biz is...

Aaron Gabin

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