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>A blizzard of cost synergies we conservatively estimate at $500MM from lower distribution commissions, hosting costs, and cutting ATVI's highly paid C-Suite.</li>
<li>Multiple strategic benefits: Catalyzes Microsoft's XCloud streaming game service and Game Pass subscription offering....potentially offers greater leverage for app store negotiations with Apple and Google.</li>
<li>Accretive on valuation alone...MSFT is paying a 10% discount to ATVI's 23x average forward PE from last few years. MSFT's 11x forward P/S vs. ATVI's 5.5x revalues ATVI's revenues 2x.</li>
</ul>


A blizzard of cost synergies we conservatively estimate at $500MM from lower distribution commissions, hosting costs, and cutting ATVI's highly paid C-Suite.
Multiple strategic benefits: Catalyzes Microsoft's XCloud streaming game service and Game Pass subscription offering....potentially offers greater leverage for app store negotiations with Apple and Google.
Accretive on valuation alone...MSFT is paying a 10% discount to ATVI's 23x average forward PE from last few years. MSFT's 11x forward P/S vs. ATVI's 5.5x revalues ATVI's revenues 2x.


Microsoft’s Activision Acquisition Is a Stupendous Deal

US/Europe Event-Driven Analyst

John DeMasi

Event-Driven

<ul>
<li>Microsoft’s largest-ever acquisition provides boost for cloud gaming and metaverse ambitions.</li>
<li>Deal comes as Activision Blizzard’s been mired in gender pay disparity and sexual harassment storm.</li>
<li>Controversial CEO Bobby Kotick to continue in his role as head of Activision Blizzard, though WSJ says otherwise.</li>
</ul>


Microsoft’s largest-ever acquisition provides boost for cloud gaming and metaverse ambitions.
Deal comes as Activision Blizzard’s been mired in gender pay disparity and sexual harassment storm.
Controversial CEO Bobby Kotick to continue in his role as head of Activision Blizzard, though WSJ says otherwise.


Microsoft Got Game! Plans to Buy Activision Blizzard for $95/Share or $68.7 Billion

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elastic-nv" target="_blank" data-smartkarma-citation="entities:27526:1" rel="noopener">Elastic NV (ESTC US)</a>  has grown its ARR from ~$207 million as of Jul-18 to ~$760 million today and may become a multi-billion dollar unicorn in the future.  </li>
<li>We like the subscription-based freemium business model, strong net expansion rate, and acceleration in revenue growth of Elastic Cloud business, which currently represents ~33% of total revenue. </li>
<li>Elastic Search is one of the most popular search engines globally, and the company’s products have been downloaded more than 350 million times since 2013. </li>
</ul>



Elastic NV (ESTC US)  has grown its ARR from ~$207 million as of Jul-18 to ~$760 million today and may become a multi-billion dollar unicorn in the future.  
We like the subscription-based freemium business model, strong net expansion rate, and acceleration in revenue growth of Elastic Cloud business, which currently represents ~33% of total revenue. 
Elastic Search is one of the most popular search engines globally, and the company’s products have been downloaded more than 350 million times since 2013. 


Elastic: High-Profile Search Company With Attractive Fundamentals

Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<ul>
<li>It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. </li>
<li>The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.</li>
<li>A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  </li>
</ul>


It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. 
The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.
A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  


Virtual Smoke and Mirror—Vision to Reality

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>Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term portfolios.</li><li>Both companies are also pushing their respective UCaaS (Unified Communications as a Service) offerings, Teams and Meet respectively and challenge Zoom.</li><li>At the current juncture, it would be interesting to compare them side-by-side from a financial perspective and evaluate their robustness.</li></ul>

Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term portfolios.Both companies are also pushing their respective UCaaS (Unified Communications as a Service) offerings, Teams and Meet respectively and challenge Zoom.At the current juncture, it would be interesting to compare them side-by-side from a financial perspective and evaluate their robustness.

Alphabet vs Microsoft - A Comparative Analysis Of The Public Cloud Battle & Key Financial Metrics (12/2021)

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Microsoft’s Activision Acquisition Is a Stupendous Deal

Microsoft's acquisition of Activision is a homerun by any measure: strategically, financially, and on valuation. We expect the level of synergies...

Aaron Gabin

Elastic: High-Profile Search Company With Attractive Fundamentals

Elastic is a high-profile search technology company and we believe current valuations look attractive for long-term investors

Andrei Zakharov

Virtual Smoke and Mirror—Vision to Reality

The recent surge in Metaverse have brought VR & AR back into the focus of the market. So is the Metaverse finally ready for prime time or still a...

Evelyn Zhang

Alphabet vs Microsoft - A Comparative Analysis Of The Public Cloud Battle & Key Financial Metrics (12/2021)

Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Microsoft’s Activision Acquisition Is a Stupendous Deal

Microsoft's acquisition of Activision is a homerun by any measure: strategically, financially, and on valuation. We expect the level of synergies...

Aaron Gabin

Microsoft Got Game! Plans to Buy Activision Blizzard for $95/Share or $68.7 Billion

Microsoft 'ain't' playing games. Its planned buy of Activision Blizzard will get regulators' dander up, but the devil's in the detail, and this...

John DeMasi

Elastic: High-Profile Search Company With Attractive Fundamentals

Elastic is a high-profile search technology company and we believe current valuations look attractive for long-term investors

Andrei Zakharov

Virtual Smoke and Mirror—Vision to Reality

The recent surge in Metaverse have brought VR & AR back into the focus of the market. So is the Metaverse finally ready for prime time or still a...

Evelyn Zhang

Alphabet vs Microsoft - A Comparative Analysis Of The Public Cloud Battle & Key Financial Metrics (12/2021)

Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term...

Baptista Research