Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>Uttarakhand, a state in northern India, is known for its stunning landscapes, pilgrimage sites, and the title "Land of the Gods."</li>
<li>Despite the potential for tourism development, there are challenges in infrastructure, including transportation networks, accommodations, and bureaucratic processes.</li>
<li>The holiday trip, including being stuck in a landslide with limited connectivity, transformed us, enhancing personal growth, analytical skills, and commitment to serving investor clients.</li>
</ul>


Uttarakhand, a state in northern India, is known for its stunning landscapes, pilgrimage sites, and the title "Land of the Gods."
Despite the potential for tourism development, there are challenges in infrastructure, including transportation networks, accommodations, and bureaucratic processes.
The holiday trip, including being stuck in a landslide with limited connectivity, transformed us, enhancing personal growth, analytical skills, and commitment to serving investor clients.


Postcard from Uttarakhand | The Landslide Edition

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

<ul><li>It was a challenging yet promising quarter for Snap as it failed to meet the revenue expectations of Wall Street but surprisingly managed to deliver a positive bottom-line.</li><li>Despite a 7% year-over-year decrease in revenue, the company reached 383 million daily active users in Q1 and showcased the community's continued growth.</li><li>Snap introduced My AI, an AI-powered chatbot, and unveiled new features at the Snap Partner Summit, emphasizing their commitment to innovation.</li></ul>

It was a challenging yet promising quarter for Snap as it failed to meet the revenue expectations of Wall Street but surprisingly managed to deliver a positive bottom-line.Despite a 7% year-over-year decrease in revenue, the company reached 383 million daily active users in Q1 and showcased the community's continued growth.Snap introduced My AI, an AI-powered chatbot, and unveiled new features at the Snap Partner Summit, emphasizing their commitment to innovation.

Snap Inc.: Acquisition Of Th3rd For 3D Scanning Capabilities & Other Drivers

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>Elon Musk recently told employees Twitter's equity is now worth $20 billion, substantially less than what he paid in October. </li>
<li>Good luck with that. I suspect Twitter's enterprise value may not even cover more than its more than $13 billion in debt.</li>
<li>If so, what is really going on with Twitter why is Elon stretching the numbers?</li>
</ul>


Elon Musk recently told employees Twitter's equity is now worth $20 billion, substantially less than what he paid in October. 
Good luck with that. I suspect Twitter's enterprise value may not even cover more than its more than $13 billion in debt.
If so, what is really going on with Twitter why is Elon stretching the numbers?


Twitter Equity Worth $20 Billion? Guess Again

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

Meta Platforms (Facebook) / Equity Bottom-Up

<ul>
<li>The recently announced Meta Verified could generate an incremental $2.2B in revenues.</li>
<li>Incremental layoffs being reported could amount to $5B in incremental savings this year.</li>
<li>Between the two reports, we could easily see 10% upside to EPS.</li>
</ul>


The recently announced Meta Verified could generate an incremental $2.2B in revenues.
Incremental layoffs being reported could amount to $5B in incremental savings this year.
Between the two reports, we could easily see 10% upside to EPS.


<ul>
<li>MAUs grew just 5M or 1% QoQ while ARPU was flat. Little turnaround traction evident despite lots of empty statistics offered.</li>
<li>Longtime CFO Todd Morgenfeld departing, offers vague margin expansion promises.</li>
<li>Revenue and opex guidance for 1Q23 below consensus...not good for a consensus long.</li>
</ul>


MAUs grew just 5M or 1% QoQ while ARPU was flat. Little turnaround traction evident despite lots of empty statistics offered.
Longtime CFO Todd Morgenfeld departing, offers vague margin expansion promises.
Revenue and opex guidance for 1Q23 below consensus...not good for a consensus long.


United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

Postcard from Uttarakhand | The Landslide Edition

India's tourism infrastructure challenges, life-changing trip despite setbacks like landslides. It fostered personal growth, analytical skills,...

Pranav Bhavsar

Snap Inc.: Acquisition Of Th3rd For 3D Scanning Capabilities & Other Drivers

It was a challenging yet promising quarter for Snap as it failed to meet the revenue expectations of Wall Street but surprisingly managed to...

Baptista Research

Twitter Equity Worth $20 Billion? Guess Again

Elon Musk recently told employees Twitter is now worth $20 billion, less than half what he paid. Good luck with that. I suspect its EV may not even...

Vicki Bryan

Meta Platforms: Even More Bullish

The recently announced Meta Verified could easily generate over $2B in revenues at very high incremental margins, while another 10K headcount cut...

Aaron Gabin

PINS 4Q22: We Don't Chase Vanity MAUs

Pinterest has become a consensus long on the hopes that its new CEO Bill Ready will pivot the company from a pure advertising model to an ecommerce...

Aaron Gabin

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