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>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

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.

Credit

<ul><li>VMware generated a high-single digit revenue growth (c.9%) in the 2022 fiscal with a relatively slower growth in the last quarter of 2021.</li><li>In terms of recent developments, the management was able to improve the general availability of the VMware Tanzu application platform and get more customers to collaborate with VMware to build a consumer-centric technology foundation using the same.</li><li>Based on our credit analysis, the company merits a Credit Evaluation Score of BBβ with a stable outlook and as per our Financial Strength Indicator, its performance is 3.77/ 5.</li></ul>

VMware generated a high-single digit revenue growth (c.9%) in the 2022 fiscal with a relatively slower growth in the last quarter of 2021.In terms of recent developments, the management was able to improve the general availability of the VMware Tanzu application platform and get more customers to collaborate with VMware to build a consumer-centric technology foundation using the same.Based on our credit analysis, the company merits a Credit Evaluation Score of BBβ with a stable outlook and as per our Financial Strength Indicator, its performance is 3.77/ 5.

VMware Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

VMware Inc Class A / Equity Capital Markets

<ul><li>VMware continued to witness a high-single digit revenue growth in the last quarter of 2021 whereas its total revenue for fiscal 2022 was $12.85 billion, up 9% from 2021.</li><li>The general availability of the VMware Tanzu application platform was a major accomplishment by the management.</li><li>The management is looking to transform their developer experience and accelerate the development and delivery of differentiated consumer experiences by leveraging the VMware Tanzu application platform.</li></ul>

VMware continued to witness a high-single digit revenue growth in the last quarter of 2021 whereas its total revenue for fiscal 2022 was $12.85 billion, up 9% from 2021.The general availability of the VMware Tanzu application platform was a major accomplishment by the management.The management is looking to transform their developer experience and accelerate the development and delivery of differentiated consumer experiences by leveraging the VMware Tanzu application platform.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowbe4-inc" target="_blank" data-smartkarma-citation="entities:35519:1" rel="noopener">KnowBe4 (KNBE US)</a>  is the world's largest security awareness training platform, teaching people how to recognize bad phishing, bad social engineering scenarios and report to management.</li>
<li>The most notable ransomware attacks began with social engineering, and social engineering has remained a top threat for the last five years, according to a report released by Verizon.</li>
<li>We like the company's cash generating SaaS model, strong balance sheet, and multi-product approach targeting SMBs and the enterprise market worldwide.</li>
</ul>



KnowBe4 (KNBE US)  is the world's largest security awareness training platform, teaching people how to recognize bad phishing, bad social engineering scenarios and report to management.
The most notable ransomware attacks began with social engineering, and social engineering has remained a top threat for the last five years, according to a report released by Verizon.
We like the company's cash generating SaaS model, strong balance sheet, and multi-product approach targeting SMBs and the enterprise market worldwide.


KnowBe4: Hidden Gem Growth Stock In the Cybersecurity Space

<ul><li>VMware sustained its strong financial performance in the third quarter of the fiscal year 2022, with revenue of $3.2 billion and non-GAAP earnings per diluted share of $1.72.</li><li>They also announced their latest Project Arctic, the industry's first and only cloud-agnostic computing infrastructure, which will bring the power of the cloud to customers running VMware vSphere on-premises.</li><li>The company’s growth has been slow but sure and given its recent performance, we maintain a 'Hold' rating with a revised target price.</li></ul>

VMware sustained its strong financial performance in the third quarter of the fiscal year 2022, with revenue of $3.2 billion and non-GAAP earnings per diluted share of $1.72.They also announced their latest Project Arctic, the industry's first and only cloud-agnostic computing infrastructure, which will bring the power of the cloud to customers running VMware vSphere on-premises.The company’s growth has been slow but sure and given its recent performance, we maintain a 'Hold' rating with a revised target price.

VMware: The Story After The Spinoff (12/2021)

United States

VMware, Inc. provides virtualization solutions from the desktop to the data center. The Company's solution products addresses a range of IT problems, which includes cost and operational inefficiencies, business continuity, software lifecycle management and desktop management.

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VMware Inc Class A (VMW US)

VMware Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

VMware generated a high-single digit revenue growth (c.9%) in the 2022 fiscal with a relatively slower growth in the last quarter of 2021. In...

Baptista Research

VMware Inc.: Financial & Price Forecasts

VMware continued to witness a high-single digit revenue growth in the last quarter of 2021 whereas its total revenue for fiscal 2022 was $12.85...

Baptista Research

KnowBe4: Hidden Gem Growth Stock In the Cybersecurity Space

Valuations of cybersecurity stocks look attractive after the broader sell-off in tech shares, and our analysis suggests KnowBe4 shares are...

Andrei Zakharov

VMware: The Story After The Spinoff (12/2021)

VMware sustained its strong financial performance in the third quarter of the fiscal year 2022, with revenue of $3.2 billion and non-GAAP earnings...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

VMware Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

VMware generated a high-single digit revenue growth (c.9%) in the 2022 fiscal with a relatively slower growth in the last quarter of 2021. In...

Baptista Research

VMware Inc.: Financial & Price Forecasts

VMware continued to witness a high-single digit revenue growth in the last quarter of 2021 whereas its total revenue for fiscal 2022 was $12.85...

Baptista Research

KnowBe4: Hidden Gem Growth Stock In the Cybersecurity Space

Valuations of cybersecurity stocks look attractive after the broader sell-off in tech shares, and our analysis suggests KnowBe4 shares are...

Andrei Zakharov

VMware: The Story After The Spinoff (12/2021)

VMware sustained its strong financial performance in the third quarter of the fiscal year 2022, with revenue of $3.2 billion and non-GAAP earnings...

Baptista Research