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>Roblox is early days in so many new TAMs: advertising, music, commerce, education.</li>
<li>The advertising opportunity is enormous, given the amount of hours spent on the platform, one can easily see Roblox building a $2B+ ad business.</li>
<li>Roblox is still early in building out the infrastructure to support many new forms of monetization, and they are doing so in a thoughtful fashion.</li>
</ul>


Roblox is early days in so many new TAMs: advertising, music, commerce, education.
The advertising opportunity is enormous, given the amount of hours spent on the platform, one can easily see Roblox building a $2B+ ad business.
Roblox is still early in building out the infrastructure to support many new forms of monetization, and they are doing so in a thoughtful fashion.


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>Roblox Corporation exhibited a robust performance in the fourth quarter and full year 2023, in line with the outlook projected at their Investor Day.</li><li>Q4 saw daily active users (DAUs) reaching 71.5 million, a 22% increase, and hours engaged increasing to 15.5 billion hours, a jump of 21% year-on-year.</li><li>Revenue for Q4 alone stood at $749 million, up 30% year-on-year, with bookings hitting $1.1 billion, a bump of 25% year on year.</li></ul>

Roblox Corporation exhibited a robust performance in the fourth quarter and full year 2023, in line with the outlook projected at their Investor Day.Q4 saw daily active users (DAUs) reaching 71.5 million, a 22% increase, and hours engaged increasing to 15.5 billion hours, a jump of 21% year-on-year.Revenue for Q4 alone stood at $749 million, up 30% year-on-year, with bookings hitting $1.1 billion, a bump of 25% year on year.

Roblox Corporation: Cutting-Edge AI Drives Cost Down! Inside Look at How They're Revolutionizing Game Infrastructure! - Major Drivers

<ul><li>Roblox Corporation delivered a positive result and managed an all-around beat in the last quarter, with GAAP revenue reaching $713 million, a remarkable 38% increase compared to Q3 2022.</li><li>Key metrics highlighted the company's operational prowess, including $839.5 million in bookings, a 20% YoY surge, and a solid cash flow from operations at $112 million, with $59 million in free cash flow.</li><li>Daily Active Users (DAUs) peaked at 70 million, marking a 20% YoY uptick, while total engagement hours surged to 16 billion in Q3, reflecting a similar 20% increase.</li></ul>

Roblox Corporation delivered a positive result and managed an all-around beat in the last quarter, with GAAP revenue reaching $713 million, a remarkable 38% increase compared to Q3 2022.Key metrics highlighted the company's operational prowess, including $839.5 million in bookings, a 20% YoY surge, and a solid cash flow from operations at $112 million, with $59 million in free cash flow.Daily Active Users (DAUs) peaked at 70 million, marking a 20% YoY uptick, while total engagement hours surged to 16 billion in Q3, reflecting a similar 20% increase.

Roblox Corporation: Expanding Global Footprint – How They Are Conquering New Markets! - Major Drivers

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>We have been arguing that significant collaboration between Sony and Epic is likely in forming the key infrastructure for the metaverse. </li>
<li>The recent Matrix Awakens demo starts to reveal some of the possibilities. </li>
<li>And it demonstrates why we believe popular metaverse theme names like Facebook and Roblox have no realistic chance of competing.</li>
</ul>


We have been arguing that significant collaboration between Sony and Epic is likely in forming the key infrastructure for the metaverse. 
The recent Matrix Awakens demo starts to reveal some of the possibilities. 
And it demonstrates why we believe popular metaverse theme names like Facebook and Roblox have no realistic chance of competing.


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>Webtoon Entertainment, a South Korean global storytelling platform and the world's largest digital comics platform, filed for an IPO in the United States.</li>
<li>The company offers 15M shares at a price range between $18.00 and $21.00, implying a market cap of roughly $2.5B at the midpoint based on 129.3M outstanding shares.</li>
<li>I have a positive view of the upcoming Webtoon Entertainment IPO and I think risk/reward is more favorable for IPO investors given the company’s improving profitability and strong cash position.</li>
</ul>


Webtoon Entertainment, a South Korean global storytelling platform and the world's largest digital comics platform, filed for an IPO in the United States.
The company offers 15M shares at a price range between $18.00 and $21.00, implying a market cap of roughly $2.5B at the midpoint based on 129.3M outstanding shares.
I have a positive view of the upcoming Webtoon Entertainment IPO and I think risk/reward is more favorable for IPO investors given the company’s improving profitability and strong cash position.


Webtoon Entertainment IPO: Favorable Risk/Reward IPO Valuation and Limited Downside Potential

United States

Roblox Corporation provides entertainment products and services. The Company designs and develops a wide range of online games such as internet three-dimensional and tutorial games for kids, teens, and adults. Roblox serves customers worldwide.

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ROBLOX (RBLX US)

Roblox Analyst Day: TAM Unlimited

We wrote about Roblox after its most recent earnings in early November and our general take was… great quarter, but was it really worth a 30%...

Aaron Gabin

Roblox Corporation: Cutting-Edge AI Drives Cost Down! Inside Look at How They're Revolutionizing Game Infrastructure! - Major Drivers

Roblox Corporation exhibited a robust performance in the fourth quarter and full year 2023, in line with the outlook projected at their Investor...

Baptista Research

Roblox Corporation: Expanding Global Footprint – How They Are Conquering New Markets! - Major Drivers

Roblox Corporation delivered a positive result and managed an all-around beat in the last quarter, with GAAP revenue reaching $713 million, a...

Baptista Research

Sony – An Epic Partner

We have been arguing that collaboration between Sony and Epic is likely in forming the key infrastructure for the metaverse. The recent Matrix...

Mio Kato

Webtoon Entertainment IPO: Favorable Risk/Reward IPO Valuation and Limited Downside Potential

I see upside for Webtoon Entertainment shares and my implied equity value of ~$3.3B represents ~29% upside vs. expected IPO price range of $18 to...

Andrei Zakharov

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