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>Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.</li>
<li>EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.</li>
<li>13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.</li>
</ul>


Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.
EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.
13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.


Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

<ul>
<li>Palo Alto Networks produced an impressive FY4Q22 earnings, blowing out billings growth and showing an impressive display of "platformization"...only trades 8x forward revenues for 25-30% revenue and FCF growth.</li>
<li>Farfetch finally acquired Yoox Net a Porter, after over a year of speculation. Deal is excellent for FTCH, gives them a monopolistic position in lux ecommerce.</li>
<li>Netflix's Gray Man yet another example of the company's inability to create compelling big budget movies.</li>
</ul>


Palo Alto Networks produced an impressive FY4Q22 earnings, blowing out billings growth and showing an impressive display of "platformization"...only trades 8x forward revenues for 25-30% revenue and FCF growth.
Farfetch finally acquired Yoox Net a Porter, after over a year of speculation. Deal is excellent for FTCH, gives them a monopolistic position in lux ecommerce.
Netflix's Gray Man yet another example of the company's inability to create compelling big budget movies.


TMT Quick Hits: Palo Alto Networks, Farfetch, Netflix

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.

Equity Capital Markets

Palo Alto Networks / Equity Capital Markets

<ul><li>Palo Alto Networks delivered another strong result outperforming Wall Street expectations on all counts.</li><li>The company has shown strong top-line metrics of RPO and billings both despite the increase in geopolitical uncertainty and macroeconomic volatility.</li><li>Initiating with Plasma cloud, Palo Alto continues to view robust momentum in large upsell and new customers.</li></ul>

Palo Alto Networks delivered another strong result outperforming Wall Street expectations on all counts.The company has shown strong top-line metrics of RPO and billings both despite the increase in geopolitical uncertainty and macroeconomic volatility.Initiating with Plasma cloud, Palo Alto continues to view robust momentum in large upsell and new customers.

Palo Alto Networks Inc.: The Next-Gen Firewall On AWS & Other Developments

<ul>
<li>61% revenue growth, 17% operating margins (up 720bps YoY) and 32% FCF margins. Best in class growth + profitability.</li>
<li>ECommerce engine opening up from 4 modules to 12 means higher velocity sales on the come.</li>
<li>VMWare's Carbon Black will become a major share donator due to Broadcom acquisition.</li>
</ul>


61% revenue growth, 17% operating margins (up 720bps YoY) and 32% FCF margins. Best in class growth + profitability.
ECommerce engine opening up from 4 modules to 12 means higher velocity sales on the come.
VMWare's Carbon Black will become a major share donator due to Broadcom acquisition.


Crowdstrike FY1Q23: Share Gains Will Lead to Share Gains

<ul><li>Palo Alto Networks continued its strong growth trajectory in the last quarter and reported a revenue of $1.32 billion.</li><li>The management is building its sales capacity and product capabilities and we expect the growth trajectory to continue.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Palo Alto Networks continued its strong growth trajectory in the last quarter and reported a revenue of $1.32 billion.The management is building its sales capacity and product capabilities and we expect the growth trajectory to continue.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Palo Alto Networks: Financial & Price Forecasts

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)

Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

Crowdstrike’s stock has pulled back in the past week or so by 15%, despite another superb quarter. 13x forward forward P/S sounds reasonable given...

Aaron Gabin

TMT Quick Hits: Palo Alto Networks, Farfetch, Netflix

Palo Alto Networks produced an impressive FY4Q22 earnings, blowing out billings growth and showing an impressive display of...

Aaron Gabin

Palo Alto Networks Inc.: The Next-Gen Firewall On AWS & Other Developments

Palo Alto Networks delivered another strong result outperforming Wall Street expectations on all counts. The company has shown strong top-line...

Baptista Research

Palo Alto Networks: Financial & Price Forecasts

Palo Alto Networks continued its strong growth trajectory in the last quarter and reported a revenue of $1.32 billion. The management is building...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

Crowdstrike’s stock has pulled back in the past week or so by 15%, despite another superb quarter. 13x forward forward P/S sounds reasonable given...

Aaron Gabin

TMT Quick Hits: Palo Alto Networks, Farfetch, Netflix

Palo Alto Networks produced an impressive FY4Q22 earnings, blowing out billings growth and showing an impressive display of...

Aaron Gabin

Palo Alto Networks Inc.: The Next-Gen Firewall On AWS & Other Developments

Palo Alto Networks delivered another strong result outperforming Wall Street expectations on all counts. The company has shown strong top-line...

Baptista Research

Crowdstrike FY1Q23: Share Gains Will Lead to Share Gains

Another superb quarter for CRWD: 61% revenue growth, 17% operating margins (up 720bps YoY!) and 32% FCF margins. Rival Carbon Black's acquisition...

Aaron Gabin

Palo Alto Networks: Financial & Price Forecasts

Palo Alto Networks continued its strong growth trajectory in the last quarter and reported a revenue of $1.32 billion. The management is building...

Baptista Research