Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul><li>The unprecedented amount of liquidity is having profound implications for high growth tech companies.</li><li>Expected topline growth rate has become the number one business valuation driver in the cloud space.</li><li>The hidden risk of rising interest rates and fading momentum trade is often left unaccounted for, which could soon create serious problems.</li></ul>

The unprecedented amount of liquidity is having profound implications for high growth tech companies.Expected topline growth rate has become the number one business valuation driver in the cloud space.The hidden risk of rising interest rates and fading momentum trade is often left unaccounted for, which could soon create serious problems.

The Cloud Space In Numbers: What Matters The Most

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

Hewlett Packard Enterprise  / Equity Capital Markets

<ul><li>Hewlett Packard Enterprise delivered an extraordinary third quarter with strong growth in orders, expanded margins, and record-free cash flows.</li><li>One of the biggest drivers of this growth is the Intelligent Edge business which accelerated its momentum in the third quarter with 23% year-over-year revenue growth.</li><li>While we are reasonably optimistic about Hewlett Packard, we maintain our ‘Hold’ rating with a revised target price.</li></ul>

Hewlett Packard Enterprise delivered an extraordinary third quarter with strong growth in orders, expanded margins, and record-free cash flows.One of the biggest drivers of this growth is the Intelligent Edge business which accelerated its momentum in the third quarter with 23% year-over-year revenue growth.While we are reasonably optimistic about Hewlett Packard, we maintain our ‘Hold’ rating with a revised target price.

Hewlett Packard Enterprise Co - Investment Thesis

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Plover Bay Technologies / Equity Bottom-Up

<ul>
<li>Plover Bay appears cheaply valued by Mr. Market in light of the highly promising growth prospect of the SD-WAN space;</li>
<li>We find it worthwhile to dive deeper into the business and look for any value play (or value trap) from a long-term investing perspective.</li>
</ul>


Plover Bay appears cheaply valued by Mr. Market in light of the highly promising growth prospect of the SD-WAN space;
We find it worthwhile to dive deeper into the business and look for any value play (or value trap) from a long-term investing perspective.


Plover Bay: A Value Play Or A Value Trap?

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.

This case study evaluates <a href="https://www.smartkarma.com/entities/nutanix-inc" target="_blank" data-smartkarma-citation="entities:26440:1" rel="noopener">Nutanix Inc (NTNX US)</a>'s  business fundamentals, unit economics, valuation, investors, management and culture. 
A 2016 IPO, Nutanix is a provider of Hyper Converged Infrastructure (HCI) Software. After an incredibly volatile three years where Nutanix went through two business model transitions and a sales pipeline rebuild, Nutanix may be poised for a strong multi-quarter run as it has seemingly stabilized its sales issues, stopped losing market share, and will be coming up against a very weak set of comps. At 4x EV/S, the market is not valuing Nutanix as the accelerating post-trough SaaS transition software company this is. The key upside risk is a takeout by a larger hybrid cloud provider, while key downside risks include an inability to generate operating leverage due to a heightened competitive environment, along with a dilutive capital raise, due to its accelerating FCF burn.
Base Case PT: $55                               Upside PT: $65                                    Bear Case PT: $25

This case study evaluates Nutanix Inc (NTNX US)'s  business fundamentals, unit economics, valuation, investors, management and culture. 
A 2016 IPO, Nutanix is a provider of Hyper Converged Infrastructure (HCI) Software. After an incredibly volatile three years where Nutanix went through two business model transitions and a sales pipeline rebuild, Nutanix may be poised for a strong multi-quarter run as it has seemingly stabilized its sales issues, stopped losing market share, and will be coming up against a very weak set of comps. At 4x EV/S, the market is not valuing Nutanix as the accelerating post-trough SaaS transition software company this is. The key upside risk is a takeout by a larger hybrid cloud provider, while key downside risks include an inability to generate operating leverage due to a heightened competitive environment, along with a dilutive capital raise, due to its accelerating FCF burn.
Base Case PT: $55                               Upside PT: $65                                    Bear Case PT: $25

Nutanix Buy This SaaS Transition at a Discount IV (Technicals, Management, Culture)

This case study evaluates <a href="https://www.smartkarma.com/entities/nutanix-inc" target="_blank" data-smartkarma-citation="entities:26440:1" rel="noopener">Nutanix Inc (NTNX US)</a>'s  business fundamentals, unit economics, valuation, investors, management and culture. 
A 2016 IPO, Nutanix is a provider of Hyper Converged Infrastructure (HCI) Software. After an incredibly volatile three years where Nutanix went through two business model transitions and a sales pipeline rebuild, Nutanix may be poised for a strong multi-quarter run as it has seemingly stabilized its sales issues, stopped losing market share, and will be coming up against a very weak set of comps. At 4x EV/S, the market is not valuing Nutanix as the accelerating post-trough SaaS transition software company this is. The key upside risk is a takeout by a larger hybrid cloud provider, while key downside risks include an inability to generate operating leverage due to a heightened competitive environment, along with a dilutive capital raise, due to its accelerating FCF burn.

This case study evaluates Nutanix Inc (NTNX US)'s  business fundamentals, unit economics, valuation, investors, management and culture. 
A 2016 IPO, Nutanix is a provider of Hyper Converged Infrastructure (HCI) Software. After an incredibly volatile three years where Nutanix went through two business model transitions and a sales pipeline rebuild, Nutanix may be poised for a strong multi-quarter run as it has seemingly stabilized its sales issues, stopped losing market share, and will be coming up against a very weak set of comps. At 4x EV/S, the market is not valuing Nutanix as the accelerating post-trough SaaS transition software company this is. The key upside risk is a takeout by a larger hybrid cloud provider, while key downside risks include an inability to generate operating leverage due to a heightened competitive environment, along with a dilutive capital raise, due to its accelerating FCF burn.

Nutanix Buy This SaaS Transition at a Discount III (Building the Long Case)

United States

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

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Hewlett Packard Enterprise (HPE US)

The Cloud Space In Numbers: What Matters The Most

The unprecedented amount of liquidity is having profound implications for high growth tech companies. Expected topline growth rate has become the...

Vladimir Dimitrov, CFA

Hewlett Packard Enterprise Co - Investment Thesis

Hewlett Packard Enterprise delivered an extraordinary third quarter with strong growth in orders, expanded margins, and record-free cash...

Baptista Research

Plover Bay: A Value Play Or A Value Trap?

Plover Bay appears cheaply valued at the backdrop of the highly promising SD-WAN space, and we find it worthwhile to dive deeper into the business...

Urbem Capital

Nutanix Buy This SaaS Transition at a Discount IV (Technicals, Management, Culture)

This case study evaluates Nutanix Inc (NTNX US)'s business fundamentals, unit economics, valuation, investors, management and culture. A 2016...

Aaron Gabin

Nutanix Buy This SaaS Transition at a Discount III (Building the Long Case)

This case study evaluates Nutanix Inc (NTNX US)'s business fundamentals, unit economics, valuation, investors, management and culture. A 2016...

Aaron Gabin

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