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>After a massive guidedown last quarter, Match is beginning to show stability in the business, and offered a cautiously optimistic return to growth guide for 2023.</li>
<li>Tinder rebuild underway, 16% FX-Neutral growth was 2% ahead of consensus and drove the quarter's beat.</li>
<li>5-Pronged plan by new CEO Kim seems well thought out for what ails Match.</li>
</ul>


After a massive guidedown last quarter, Match is beginning to show stability in the business, and offered a cautiously optimistic return to growth guide for 2023.
Tinder rebuild underway, 16% FX-Neutral growth was 2% ahead of consensus and drove the quarter's beat.
5-Pronged plan by new CEO Kim seems well thought out for what ails Match.


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>Bumble delivered a mixed set of results for the past quarter surpassing Wall Street expectations on the revenue front but missing out on earinings.</li><li>The Bumble app continued to grow as the company performed well in traditional as well as international growth markets.</li><li>In the quarter, Bumble brought a wide portfolio of discovery-oriented products to the market.</li></ul>

Bumble delivered a mixed set of results for the past quarter surpassing Wall Street expectations on the revenue front but missing out on earinings.The Bumble app continued to grow as the company performed well in traditional as well as international growth markets.In the quarter, Bumble brought a wide portfolio of discovery-oriented products to the market.

Bumble Inc.: New Feature Additions & Other Developments

<ul>
<li>Match guided down 3Q22 revenues by 10% and EBITDA by 17% and telegraphed continued issues in 4Q, before returning to growth in 2023. </li>
<li>Long list: Tinder mis-execution , Hyperconnect's failure, ongoing reopening issues in Japan, and a tsunami of FX headwinds.  </li>
<li>New CEO Bernard Kim's mobile gaming monetization background informed many of the strategic pivots: exiting investments in virtual currency and metaverse as not realistic.</li>
</ul>


Match guided down 3Q22 revenues by 10% and EBITDA by 17% and telegraphed continued issues in 4Q, before returning to growth in 2023. 
Long list: Tinder mis-execution , Hyperconnect's failure, ongoing reopening issues in Japan, and a tsunami of FX headwinds.  
New CEO Bernard Kim's mobile gaming monetization background informed many of the strategic pivots: exiting investments in virtual currency and metaverse as not realistic.


<ul><li>This is our first report on the online dating giant, Bumble.</li><li>The company had a decent start to 2022 with lucrative revenue growth and a total group revenue that was driven by a continuous strength in the Bumble app.</li><li>The company continued its acquisition-led geopgraphic expansion and acquired famous Gen Z dating app, Fruitz to expand into Europe.</li></ul>

This is our first report on the online dating giant, Bumble.The company had a decent start to 2022 with lucrative revenue growth and a total group revenue that was driven by a continuous strength in the Bumble app.The company continued its acquisition-led geopgraphic expansion and acquired famous Gen Z dating app, Fruitz to expand into Europe.

Bumble Inc.: Initiation of Coverage – Application Portfolio

Credit

<ul><li>Bumble is the second-largest player in the online dating market, right behind Match Group.</li><li>The company had a decent start to 2022 with lucrative revenue growth and a total group revenue that was driven by a continuous strength in the Bumble app.</li><li>The management continued its acquisition-led geopgraphic expansion and acquired famous Gen Z dating app, Fruitz to expand into Europe.</li></ul>

Bumble is the second-largest player in the online dating market, right behind Match Group.The company had a decent start to 2022 with lucrative revenue growth and a total group revenue that was driven by a continuous strength in the Bumble app.The management continued its acquisition-led geopgraphic expansion and acquired famous Gen Z dating app, Fruitz to expand into Europe.

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

United States

Bumble Inc. develops application software. The Company offers an online dating application that enables users to meet new people for dating, friendship, and relationship. Bumble serves customers worldwide.

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Bumble (BMBL US)

Match Group 3Q22: Turnaround Brewing?

Fallen monopolist on the mend. We like CEO Kim's turnaround plan: more female centric features, virtual currency, and reallocating resources to the...

Aaron Gabin

Bumble Inc.: New Feature Additions & Other Developments

Bumble delivered a mixed set of results for the past quarter surpassing Wall Street expectations on the revenue front but missing out on...

Baptista Research

Match Group: Going Down in Flames?

Match is intriguing but patience required. Ultimately a highly profitable (35% margin) platform with a quasi-monopolist position in a secular...

Aaron Gabin

Bumble Inc.: Initiation of Coverage – Application Portfolio

This is our first report on the online dating giant, Bumble. The company had a decent start to 2022 with lucrative revenue growth and a total...

Baptista Research

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

Bumble is the second-largest player in the online dating market, right behind Match Group. The company had a decent start to 2022 with lucrative...

Baptista Research

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