Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Following the massive drop in Adobe's share price, more investors are looking favourably at the business.</li>
<li>In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.</li>
<li>As a long-term shareholder, I still have a hard time rating Adobe as a buy.</li>
</ul>


Following the massive drop in Adobe's share price, more investors are looking favourably at the business.
In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.
As a long-term shareholder, I still have a hard time rating Adobe as a buy.


Adobe Is A High Quality Business With Capital Allocation Problems

<ul>
<li>Oracle's strategy is being acknowledged by one of its major peers - Salesforce.</li>
<li>Oracle does not appear among the top three cloud infrastructure players, but it doesn't need to.</li>
<li>Oracle is expected to deliver another strong quarter, investors should remain focused on the long-term positioning of the business.</li>
</ul>


Oracle's strategy is being acknowledged by one of its major peers - Salesforce.
Oracle does not appear among the top three cloud infrastructure players, but it doesn't need to.
Oracle is expected to deliver another strong quarter, investors should remain focused on the long-term positioning of the business.


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

Salesforce.Com Inc / Equity Capital Markets

<ul><li>Salesforce had another strong quarter and delivered an all-around beat.</li><li>Besides, the Data cloud became their most crucial cloud, enhancing each Salesforce cloud and enhancing the automation, intelligence, and real-time of every aspect of their Customer 360.</li><li>With native integration of Tableau and Data Cloud, they recently released Tableau plus Data Cloud.</li></ul>

Salesforce had another strong quarter and delivered an all-around beat.Besides, the Data cloud became their most crucial cloud, enhancing each Salesforce cloud and enhancing the automation, intelligence, and real-time of every aspect of their Customer 360.With native integration of Tableau and Data Cloud, they recently released Tableau plus Data Cloud.

<ul>
<li>Share buybacks and stock-based compensation also will be an important part of the upcoming earnings release.</li>
<li>GAAP operating profitability will be in the spotlight as the company lays off a significant amount of its workforce.</li>
<li>The level of share buybacks will be a key part of Salesforce's growth strategy.</li>
</ul>


Share buybacks and stock-based compensation also will be an important part of the upcoming earnings release.
GAAP operating profitability will be in the spotlight as the company lays off a significant amount of its workforce.
The level of share buybacks will be a key part of Salesforce's growth strategy.


Salesforce.com's Upcoming Earnings: 3 Things You Need To Know

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.

<ul>
<li>Adobe is down 42% in 2022, and down 22% relative to the S&amp;P. </li>
<li>Valuation has been cut in half, and investors have voiced concerns and skepticism about its (incredibly) expensive acquisition of Figma in September.</li>
<li>Adobe remains better positioned than most large cap software peers as it maintained its guidance from October Analyst Day, highlighting the secular tide behind digital transformation efforts remains strong. </li>
</ul>


Adobe is down 42% in 2022, and down 22% relative to the S&amp;P. 
Valuation has been cut in half, and investors have voiced concerns and skepticism about its (incredibly) expensive acquisition of Figma in September.
Adobe remains better positioned than most large cap software peers as it maintained its guidance from October Analyst Day, highlighting the secular tide behind digital transformation efforts remains strong. 


United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Salesforce.Com Inc (CRM US)

Adobe Is A High Quality Business With Capital Allocation Problems

In my view, capital allocation decisions within the company raise some red flags that are hard to overlook. As a long-term shareholder, I still...

Vladimir Dimitrov, CFA

The Oracle Playbook Goes Mainstream

Oracle's strategy is being acknowledged by one of its major peers - Salesforce. Oracle does not appear among the top three cloud infrastructure...

Vladimir Dimitrov, CFA

Salesforce Inc.: Major Drivers

Salesforce had another strong quarter and delivered an all-around beat. Besides, the Data cloud became their most crucial cloud, enhancing each...

Baptista Research

Salesforce.com's Upcoming Earnings: 3 Things You Need To Know

GAAP operating profitability will be in the spotlight as the company lays off a significant amount of its workforce. The level of share buybacks...

Vladimir Dimitrov, CFA

TMT Left for Dead Long Ideas: Adobe

Adobe's tumultuous 2022 highlighted by the expensive Figma acquisition. We think strategic merits are clear and 2023 becomes a reacceleration story...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)