Stock Picking & Investing, BluSuit

BluSuit

Stock Picking & Investing

Financial markets, high growth & innovative business coverage, macro economics, trading strategy and market insight

Equity Bottom-Up

<ul><li>In my opinion, DLocal is an expensive stock. Typically when you see very expensive businesses not outperform on every metric, or at least a majority of them, you see their stock price struggle.</li><li>On a valuation perspective, DLocal finds itself priced in line with the most expensive stocks on the stock market.</li><li>The thing that makes DLocal unique is its profitability compared to many of the other software stocks as they run 35%+ EBITDA margins on a consistent basis.</li></ul>

In my opinion, DLocal is an expensive stock. Typically when you see very expensive businesses not outperform on every metric, or at least a majority of them, you see their stock price struggle.On a valuation perspective, DLocal finds itself priced in line with the most expensive stocks on the stock market.The thing that makes DLocal unique is its profitability compared to many of the other software stocks as they run 35%+ EBITDA margins on a consistent basis.

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.

<ul>
<li>Product revenues beat consensus by 7% and EBIT margins by 5%, while full year guidance was and margins were raised ~2% ahead of consensus.</li>
<li>Fears of a consumption model driven slowdown (like Datadog) did not play out, and cRPO growth actually accelerated QoQ to 81%.</li>
<li>Data sharing is picking up with larger customers, with 65% of $1M+ customers utilizing stable edges.</li>
</ul>


Product revenues beat consensus by 7% and EBIT margins by 5%, while full year guidance was and margins were raised ~2% ahead of consensus.
Fears of a consumption model driven slowdown (like Datadog) did not play out, and cRPO growth actually accelerated QoQ to 81%.
Data sharing is picking up with larger customers, with 65% of $1M+ customers utilizing stable edges.


Snowflake FY2Q23 Earnings: High in the Hierarchy of Needs

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.</li>
<li>The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.</li>
<li>Today we are flagging: Shopify, Snowflake, Intuitive Surgical, and ServiceNow</li>
</ul>


This model looks for slowing growth, margin declines, sales and/or earnings disappointments, troubling working capital trends, poor estimate trends or lowered guidance, among other characteristics.
The key judgement is whether a slowdown is temporary or the beginning of a trend.  These shorts tend to have high valuations and betas.  Multiple compression accelerates the stock’s decline.
Today we are flagging: Shopify, Snowflake, Intuitive Surgical, and ServiceNow


Breaking Growth Short Candidates: Shopify, Snowflake, Intuitive Surgical, ServiceNow

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>Snowflake was often one of the top trending stocks during the NASDAQ bull run but its fortunes have reversed just like most other high-growth tech stocks after the interest rate hike.</li><li>The $5 million-plus threshold was crossed by 10 customers on a 12-month basis for Snowflake in the recent result and they added sixteen new global 200 customers.</li><li>We give the company a ‘Hold’ rating for its stock with a revision in target price.</li></ul>

Snowflake was often one of the top trending stocks during the NASDAQ bull run but its fortunes have reversed just like most other high-growth tech stocks after the interest rate hike.The $5 million-plus threshold was crossed by 10 customers on a 12-month basis for Snowflake in the recent result and they added sixteen new global 200 customers.We give the company a ‘Hold’ rating for its stock with a revision in target price.

Snowflake Inc.: The Streamlit Acquisition & Other Drivers

Equity Research, Equity Breakdown

Equity Breakdown

Equity Research

Our goal in Equity Breakdown is to take a public filing of a company and break it down into simple facts, no bullshit! We will provide you with the power of information and time to quickly understand a company.

<ul><li>One of the most anticipated IPO’s of the year is finally happening. This would represent the third-largest IPO of the year after Snowflake’s snowstorm and Bill Ackman’s Goliath-like SPAC.</li><li>Tonight we will breakdown <strong>Airbnb, (ABNB), </strong>a company that wants to revolutionize human connection through authenticity, community, and design.</li><li>Airbnb is a technology company that fosters a marketplace for home-sharing at a global scale.</li></ul>

One of the most anticipated IPO’s of the year is finally happening. This would represent the third-largest IPO of the year after Snowflake’s snowstorm and Bill Ackman’s Goliath-like SPAC.Tonight we will breakdown Airbnb, (ABNB), a company that wants to revolutionize human connection through authenticity, community, and design.Airbnb is a technology company that fosters a marketplace for home-sharing at a global scale.

United States

Snowflake Inc. provides software solutions. The Company develops database architecture, data warehouses, query optimization, and parallelization solutions. Snowflake serves customers worldwide.

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Snowflake (SNOW US)

Earnings in Review: DLocal and Snowflake

The thing that makes DLocal unique is its profitability compared to many of the other software stocks as they run 35%+ EBITDA margins on a...

BluSuit

Snowflake FY2Q23 Earnings: High in the Hierarchy of Needs

Given how tough macro has roiled software (CRM) recently, Snowflake’s monster 2Q23 beat was impressive and defused questions about vital...

Aaron Gabin

Breaking Growth Short Candidates: Shopify, Snowflake, Intuitive Surgical, ServiceNow

Breaking Growth stocks combine declining fundamentals with a multiple compression. This week we flag: Shopify, Snowflake, Intuitive Surgical, and...

Eric Fernandez, CFA

Snowflake Inc.: The Streamlit Acquisition & Other Drivers

Snowflake was often one of the top trending stocks during the NASDAQ bull run but its fortunes have reversed just like most other high-growth tech...

Baptista Research

Airbnb (ABNB) Breakdown

One of the most anticipated IPO’s of the year is finally happening. This would represent the third-largest IPO of the year after Snowflake’s...

Equity Breakdown

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