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>Huge operating margin and FCF beat as PANW is maintaining efficiency with slower headcount growth and supply chain issues abating supporting gross margins. </li>
<li>Deal sizes continue to grow dramatically: $1M deals grew 20% YoY, and  transactions size grew nearly 60%. $5M+ deals grew 84% YoY and $10M+ deals grew 140%.</li>
<li>Prisma' Access' SASE product continues to be the catalyst driving 2.5x revenue lift vs. legacy firewalls.</li>
</ul>


Huge operating margin and FCF beat as PANW is maintaining efficiency with slower headcount growth and supply chain issues abating supporting gross margins. 
Deal sizes continue to grow dramatically: $1M deals grew 20% YoY, and  transactions size grew nearly 60%. $5M+ deals grew 84% YoY and $10M+ deals grew 140%.
Prisma' Access' SASE product continues to be the catalyst driving 2.5x revenue lift vs. legacy firewalls.


Palo Alto Networks: Even Better Than Crowdstrike?

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

Palo Alto Networks / Equity Capital Markets

<ul><li>Palo Alto had a strong first quarter and managed to surpass Wall Street expectations in terms of top-line growth as well as profitability.</li><li>As the macroeconomic situation shifts, the company is ramping up its efforts to create incremental operating leverage in its business.</li><li>Another interesting fact is that Palo Alto has consistently outperformed other tech and cybersecurity stocks even in market lows.</li></ul>

Palo Alto had a strong first quarter and managed to surpass Wall Street expectations in terms of top-line growth as well as profitability.As the macroeconomic situation shifts, the company is ramping up its efforts to create incremental operating leverage in its business.Another interesting fact is that Palo Alto has consistently outperformed other tech and cybersecurity stocks even in market lows.

Palo Alto Networks: Acquisition of Cider Security & Other Drivers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. </li>
<li>The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. </li>
<li>Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  </li>
</ul>


In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. 
The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. 
Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  


Cyberattacks at Numerous US Airports by Suspects from Russia

<ul><li>Palo Alto Networks’ management has continued to make significant investments to transform the company and take advantage of the rapidly growing and large market opportunity in cybersecurity.</li><li>Palo Alto Networks is looking to grab a large chunk of market share and become a leader in the firewall market.</li><li>We provide the stock of Palo Alto Networks with a ‘Hold’ rating with a revision in the target price.</li></ul>

Palo Alto Networks’ management has continued to make significant investments to transform the company and take advantage of the rapidly growing and large market opportunity in cybersecurity.Palo Alto Networks is looking to grab a large chunk of market share and become a leader in the firewall market.We provide the stock of Palo Alto Networks with a ‘Hold’ rating with a revision in the target price.

Palo Alto Networks: The NGFW Palo Alto Networks Cloud & Other Drivers

<ul>
<li>Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.</li>
<li>EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.</li>
<li>13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.</li>
</ul>


Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.
EBIT margins up 800bps YoY, TTM FCF Margins 30%...profitable growth at Scale.
13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.


Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)

Palo Alto Networks: Even Better Than Crowdstrike?

PANW delivered a massive margin and FCF beat, and continued acceleration of its SASE business. With S&P inclusion on the horizon and 25x EV/FCF for...

Aaron Gabin

Palo Alto Networks: Acquisition of Cider Security & Other Drivers

Palo Alto had a strong first quarter and managed to surpass Wall Street expectations in terms of top-line growth as well as profitability. As the...

Baptista Research

Cyberattacks at Numerous US Airports by Suspects from Russia

In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. This could...

Douglas Kim

Palo Alto Networks: The NGFW Palo Alto Networks Cloud & Other Drivers

Palo Alto Networks’ management has continued to make significant investments to transform the company and take advantage of the rapidly growing...

Baptista Research

Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too

Crowdstrike’s stock has pulled back in the past week or so by 15%, despite another superb quarter. 13x forward forward P/S sounds reasonable given...

Aaron Gabin

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