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

<ul>
<li>Elastic just dramatically raised its revenue guidance for FY2025...implying a massive acceleration in revenue growth that the 18% move in the stock underplayed.</li>
<li>Dynatrace is a wildly profitable software company trading at a significant discount to its Rule of 40 metrics.</li>
<li>The overall observability space is red hot, unimpacted by macro factors and being overlooked by software investors.</li>
</ul>


Elastic just dramatically raised its revenue guidance for FY2025...implying a massive acceleration in revenue growth that the 18% move in the stock underplayed.
Dynatrace is a wildly profitable software company trading at a significant discount to its Rule of 40 metrics.
The overall observability space is red hot, unimpacted by macro factors and being overlooked by software investors.


Observability Is Not Just Datadog: Why Elastic and Dynatrace Are Great Longs

Stock Market News, Outlooks, and Top Picks, Cappuccino Finance

Cappuccino Finance

Stock Market News, Outlooks, and Top Picks

Cappuccino Finance, provides Financial vignettes for your cappuccino break!

Fun & informational articles to read in 10 min or less.

<ul><li>Sherwin-Williams is a dominant leader in the paint and advanced coating market. They have been a superb investment for about 150 years at this point</li><li>Waste Management is the leading provider of comprehensive waste management and environmental services</li><li>CrowdStrike was already growing at a rapid pace before the pandemic, and their revenue growth accelerated during the pandemic. CrowdStrike’s technology is best suited for this remote work environment</li></ul>

Sherwin-Williams is a dominant leader in the paint and advanced coating market. They have been a superb investment for about 150 years at this pointWaste Management is the leading provider of comprehensive waste management and environmental servicesCrowdStrike was already growing at a rapid pace before the pandemic, and their revenue growth accelerated during the pandemic. CrowdStrike’s technology is best suited for this remote work environment

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

Crowdstrike Holdings  / Equity Capital Markets

<ul><li>CrowdStrike delivered yet another set of strong results across 2021 that exceeded Wall Street expectations.</li><li>CrowdStrike has grown more than 100% over a year for log management modules, identity protection, vulnerability management, and IT hygiene.</li><li>CrowdStrike has achieved another record year for the modules that protect identity that expressively differentiates Falcon in the field.</li></ul>

CrowdStrike delivered yet another set of strong results across 2021 that exceeded Wall Street expectations.CrowdStrike has grown more than 100% over a year for log management modules, identity protection, vulnerability management, and IT hygiene.CrowdStrike has achieved another record year for the modules that protect identity that expressively differentiates Falcon in the field.

CrowdStrike Holdings Inc.: Investment Thesis

<ul>
<li>Crowdstrikes' growing platform offers three end markets as large as its core endpoint protection: log management, identity, and IT hygiene.</li>
<li>43 public enterprise software companies with more &gt;$1 billion in revenues, only 5 are growing &gt;60%, and only one has 30%+ free cash flow margins: Crowdstrike.  </li>
<li>New $5B ARR 2026 target will prove as ridiculously conservative as last year's $3B ARR 2025 target.</li>
</ul>


Crowdstrikes' growing platform offers three end markets as large as its core endpoint protection: log management, identity, and IT hygiene.
43 public enterprise software companies with more &gt;$1 billion in revenues, only 5 are growing &gt;60%, and only one has 30%+ free cash flow margins: Crowdstrike.  
New $5B ARR 2026 target will prove as ridiculously conservative as last year's $3B ARR 2025 target.


Crowdstrike Analyst Day: Why It’s a Buy at 23x Forward P/S

United States

CrowdStrike Holdings, Inc. provides cybersecurity products and services to stop breaches. The Company offers cloud-delivered protection across endpoints, cloud workloads, identity and data, and leading threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection, and log management. CrowdStrike serves customers worldwide.

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Crowdstrike Holdings (CRWD US)

Observability Is Not Just Datadog: Why Elastic and Dynatrace Are Great Longs

Observability software stocks are being overlooked in the recent valuation downdraft. Elastic is our top pick...it had a massive revenue guidance...

Aaron Gabin

Model Portfolio For Any Economic Cycle

Sherwin-Williams is a dominant leader in the paint and advanced coating market. They have been a superb investment for about 150 years at this point

Cappuccino Finance

CrowdStrike Holdings Inc.: Investment Thesis

CrowdStrike delivered yet another set of strong results across 2021 that exceeded Wall Street expectations. CrowdStrike has grown more than 100%...

Baptista Research

Crowdstrike Analyst Day: Why It’s a Buy at 23x Forward P/S

Crowdstrike's analyst day laid out how the evolving platform's TAM is growing and customer adoption of modules is also growing. Not overpriced at...

Aaron Gabin

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

Observability Is Not Just Datadog: Why Elastic and Dynatrace Are Great Longs

Observability software stocks are being overlooked in the recent valuation downdraft. Elastic is our top pick...it had a massive revenue guidance...

Aaron Gabin

Model Portfolio For Any Economic Cycle

Sherwin-Williams is a dominant leader in the paint and advanced coating market. They have been a superb investment for about 150 years at this point

Cappuccino Finance

CrowdStrike Holdings Inc.: Investment Thesis

CrowdStrike delivered yet another set of strong results across 2021 that exceeded Wall Street expectations. CrowdStrike has grown more than 100%...

Baptista Research

Crowdstrike Analyst Day: Why It’s a Buy at 23x Forward P/S

Crowdstrike's analyst day laid out how the evolving platform's TAM is growing and customer adoption of modules is also growing. Not overpriced at...

Aaron Gabin