IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

14 years of experience in global investment research and trading. In relation to research, we focus on IPO, Event-driven and large-cap non-consensual ideas. In relation to trading, we focus on generating positive index-adjusted returns and have had several top-decile or top-quartile performances over the past three years. In terms of background, I have worked at several sell-side firms (JP, Redburn, Haitong, Mainfirst), won Starmine as top stock picker in European Food Retail in 2015 and have been voted top one to top-five by institutions and hedge funds.

IPO and L/S equity, 2015 Starmine top stock picker

Spotify IPO/Direct Listing - A Lot of Differences Versus Netflix, Nonetheless I Won't Give up Either

Spotify Direct Public Listing: D-1 Trading Strategy

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

<p><strong>Summary: </strong>Spotify shares closed down c6% and pared losses after a strong run-up ahead to its maiden 1Q results post IPO. We believe expectations were high going into the quarter and while figures were in-line, this may have disappointed investors looking for more. Big picture – we believe nothing has changed – we expect Spotify to meet FY18 guidance (not beat) and questions surrounding its ability to raise prices, stop the decline of ARPU, whether it has other avenues of meaningful profit…</p>

Summary: Spotify shares closed down c6% and pared losses after a strong run-up ahead to its maiden 1Q results post IPO. We believe expectations were high going into the quarter and while figures were in-line, this may have disappointed investors looking for more. Big picture – we believe nothing has changed – we expect Spotify to meet FY18 guidance (not beat) and questions surrounding its ability to raise prices, stop the decline of ARPU, whether it has other avenues of meaningful profit…

Spotify Maiden 1Q Results – an Over-Reaction or Grand-Expectation?