TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

I have over 20 years’ experience investing in the TMT and Consumer sectors, almost entirely on the buyside. Started at Bernstein covering software in 2001, moved to the buyside at Government of Singapore Investment Corporation (GIC) in 2003, covering hardware, software, and media. 

After getting an MBA at NYU in 2008 and a CFA, I spent 8 years at Coburn Ventures (a market neutral TMT/Consumer hedge fund). In 2015, I joined Deimos Asset Management, a low net multi-strat, where I managed a  TMT/Consumer portfolio.

I've spent the past few years at Obex Capital Management providing independent investment research to TMT and Consumer investors.

TMT & Consumer Independent Equity Research Analyst

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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>Incredible quarter for Parks, with sustainably higher levels of profitability in the cards due to Disney's pricing power.</li>
<li>Streaming is still worrisome, growth driven by bundling and Hotstar+ subs which we don't value as worth much to Disney.</li>
<li>SoTP gets us to ~$155 at best, which is where the stock trades post earnings. Not great risk reward here.</li>
</ul>


Incredible quarter for Parks, with sustainably higher levels of profitability in the cards due to Disney's pricing power.
Streaming is still worrisome, growth driven by bundling and Hotstar+ subs which we don't value as worth much to Disney.
SoTP gets us to ~$155 at best, which is where the stock trades post earnings. Not great risk reward here.


Disney 1Q2022: Knockin It Out of the Park

The Walt Disney Co

Disney 1Q2022: Knockin It Out of the Park