EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Thematic (Sector/Industry)

Private market valuations for tech companies have increased sharply in recent years, with an outbreak of so-called "unicorns" (startups valued at over $1bn) and the median seed-stage valuation in the USA now an eye-popping $5.8m leading to fears of a bubble.In contrast the tech IPO pipeline has remained relatively moribund as investors have eschewed public markets (indeed, IPOing is now almost a sign of weakness (!)).If we look at some of the key drivers of these private market flows, we can see that it may actually be different this time and that public market valuations may be set to follow in the coming years.

Private market valuations for tech companies have increased sharply in recent years, with an outbreak of so-called "unicorns" (startups valued at over $1bn) and the median seed-stage valuation in the USA now an eye-popping $5.8m leading to fears of a bubble.In contrast the tech IPO pipeline has remained relatively moribund as investors have eschewed public markets (indeed, IPOing is now almost a sign of weakness (!)).If we look at some of the key drivers of these private market flows, we can see that it may actually be different this time and that public market valuations may be set to follow in the coming years.

Information Technology Consultant

Ishita Jain

In January 2014, I bought my first Fitbit device. At the time, it was a company almost unheard of except by a few. The Fitbit app on the phone was cool too. In remarkable fashion, 15 months later, almost everyone I knew had a&nbsp;Fitbit device. In June 2015, the company went public and became&nbsp;the talk of the town. Aided by the trend of&nbsp;quantifying health and health consciousness, many manufacturers threw their hats in the fitness &lsquo;wearables&rsquo; ring (including giants like Apple and Motorola). The euphoria around Fitbit's IPO was understandable and the numbers for Q2&nbsp;2015 dazzled. Looking forward, will Fitbit continue to impress given that the wearables market is evolving and competitors are crowding the market?&nbsp;

In January 2014, I bought my first Fitbit device. At the time, it was a company almost unheard of except by a few. The Fitbit app on the phone was cool too. In remarkable fashion, 15 months later, almost everyone I knew had a&nbsp;Fitbit device. In June 2015, the company went public and became&nbsp;the talk of the town. Aided by the trend of&nbsp;quantifying health and health consciousness, many manufacturers threw their hats in the fitness &lsquo;wearables&rsquo; ring (including giants like Apple and Motorola). The euphoria around Fitbit's IPO was understandable and the numbers for Q2&nbsp;2015 dazzled. Looking forward, will Fitbit continue to impress given that the wearables market is evolving and competitors are crowding the market?&nbsp;

The Greece government is running out of time and money. 320 billion euros is the size of their&nbsp;debt mountain. Money enough to carry out 15 Apollo moon landings!It owes 6.74 B euros in June (IMF and short-term bills), 5.95 B euros in July (IMF, ECB and short-term bills) and 4.38 B euros in August (IMF, ECB and short-term bills).They may default on their loans and reach the much dreaded&nbsp;<a href="http://lexicon.ft.com/Term?term=Grexit" target="_blank">Grexit</a>&nbsp;from Euro. Unless they find saviours and implement serious reforms&nbsp;quickly, the&nbsp;Greeks&nbsp;will come back to drachma, face inflation, unemployment and an abysmal fall in their GDP.While most industries are swimming against the tide to survive, the tourism industry is a proud exception. Greece is witnessing a summer flooded&nbsp;with tourists. Flights&nbsp;are full, beaches are bustling and hotels are&nbsp;full capacity. Will the inevitable debt storm&nbsp;end the vacation for the tourism industry? Let us deep dive.

The Greece government is running out of time and money. 320 billion euros is the size of their&nbsp;debt mountain. Money enough to carry out 15 Apollo moon landings!It owes 6.74 B euros in June (IMF and short-term bills), 5.95 B euros in July (IMF, ECB and short-term bills) and 4.38 B euros in August (IMF, ECB and short-term bills).They may default on their loans and reach the much dreaded&nbsp;Grexit&nbsp;from Euro. Unless they find saviours and implement serious reforms&nbsp;quickly, the&nbsp;Greeks&nbsp;will come back to drachma, face inflation, unemployment and an abysmal fall in their GDP.While most industries are swimming against the tide to survive, the tourism industry is a proud exception. Greece is witnessing a summer flooded&nbsp;with tourists. Flights&nbsp;are full, beaches are bustling and hotels are&nbsp;full capacity. Will the inevitable debt storm&nbsp;end the vacation for the tourism industry? Let us deep dive.

Greece's Travel & Tourism industry shines amidst crisis

The shared economy companies&nbsp;are threatened by laws and regulation. But then, which <a href="http://en.wikipedia.org/wiki/Disruptive_innovation" target="_blank">disruptive</a> businesses are not? Uber and Airbnb are likely to be darlings of Wall Street if they decide to go public. But will they live up to the hype? Possibly in the long run, some things could go downhill. But with access to capital, low debts and high reach, these companies are likely to cover their tracks and stay on top in the near future. But skeptics would compare these possible high profile IPOs to <a href="http://www.forbes.com/sites/joanlappin/2013/11/11/two-years-after-its-busted-ipo-groupon-still-cant-turn-a-profit/" target="_blank">Groupon</a> and <a href="http://www.cnbc.com/id/102020026" target="_blank">Alibaba</a> which saw decline in shares after going public. Time will tell.

The shared economy companies&nbsp;are threatened by laws and regulation. But then, which disruptive businesses are not? Uber and Airbnb are likely to be darlings of Wall Street if they decide to go public. But will they live up to the hype? Possibly in the long run, some things could go downhill. But with access to capital, low debts and high reach, these companies are likely to cover their tracks and stay on top in the near future. But skeptics would compare these possible high profile IPOs to Groupon and Alibaba which saw decline in shares after going public. Time will tell.

Will the 'shared economy' pioneers be the next Twitter or Facebook?

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 Bottom-Up

<ul><li>Gartner's latest financial results and strategic initiatives offer a comprehensive view of the company's current standing and potential future trajectory.</li><li>On one hand, the company reported several areas of growth and strategic adaptation, while on the other, it faced some significant headwinds that are impacting near-term performance.</li><li>Gartner's second-quarter revenue came in at $1.7 billion, reflecting a 6% year-over-year increase.</li></ul>

Gartner's latest financial results and strategic initiatives offer a comprehensive view of the company's current standing and potential future trajectory.On one hand, the company reported several areas of growth and strategic adaptation, while on the other, it faced some significant headwinds that are impacting near-term performance.Gartner's second-quarter revenue came in at $1.7 billion, reflecting a 6% year-over-year increase.

Gartner Deploys 50 AI Apps—Will This Revolutionize Efficiency & Margins?

United States

Gartner, Inc. provides research and analysis on the computer hardware, software, communications, and related information technology industries.  The Company's business segments include research, consulting, measurement, events and executive programs.

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Gartner Inc (IT US)

Why large funds are piling into PE & VC

Private market valuations for tech companies have increased sharply in recent years, with an outbreak of so-called "unicorns" (startups valued at...

Emad Mostaque

Fitbit, a good 'fit' for your portfolio?

In January 2014, I bought my first Fitbit device. At the time, it was a company almost unheard of except by a few. The Fitbit app on the phone was...

Ishita Jain

Greece's Travel & Tourism industry shines amidst crisis

The Greece government is running out of time and money. 320 billion euros is the size of their debt mountain. Money enough to carry out 15 Apollo...

Ishita Jain

Will the 'shared economy' pioneers be the next Twitter or Facebook?

The shared economy companies are threatened by laws and regulation. But then, which disruptive businesses are not? Uber and Airbnb are likely to be...

Ishita Jain

Gartner Deploys 50 AI Apps—Will This Revolutionize Efficiency & Margins?

Gartner's latest financial results and strategic initiatives offer a comprehensive view of the company's current standing and potential future...

Baptista Research

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