Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>Symbotic is a warehouse automation technology leader and offers end-to-end AI-powered robotic and software platform for supply chains.</li>
<li>SYM’s hi-tech platform forms its deep competitive moat underpinned by significant R&amp;D spend of $800 million and 575 issued or pending patents.</li>
<li>Our positive outlook for SYM is underpinned by its hi-tech platform , a large TAM, robust order backlog ($23.2B) and its JV deal with Softbank that opens a large market.</li>
</ul>


Symbotic is a warehouse automation technology leader and offers end-to-end AI-powered robotic and software platform for supply chains.
SYM’s hi-tech platform forms its deep competitive moat underpinned by significant R&amp;D spend of $800 million and 575 issued or pending patents.
Our positive outlook for SYM is underpinned by its hi-tech platform , a large TAM, robust order backlog ($23.2B) and its JV deal with Softbank that opens a large market.


Symbotic Inc. (SYM): Fast Growing AI-Powered Warehouse Automation Supplier

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Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>In the aftermath of a stellar third-quarter earnings release, Symbotic, a warehouse automation company, exceeded the expectations of even the most bullish earnings forecasts.</li><li>Propelled by the encouraging financial performance, the company's stock value skyrocketed to over $62 per share, catapulting the company’s market cap to over $35 billion.</li><li>There are several reasons to be optimistic, given that the company is riding multiple tailwinds. </li></ul>

In the aftermath of a stellar third-quarter earnings release, Symbotic, a warehouse automation company, exceeded the expectations of even the most bullish earnings forecasts.Propelled by the encouraging financial performance, the company's stock value skyrocketed to over $62 per share, catapulting the company’s market cap to over $35 billion.There are several reasons to be optimistic, given that the company is riding multiple tailwinds. 

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Event-Driven

<ul>
<li>Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value</li>
<li>To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost</li>
<li>We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations</li>
</ul>


Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value
To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost
We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations


Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>News reports indicate venture capital firms are sitting in cash reserves 2x normal levels and that needs to be put to work</li>
<li>We expected a narrowing of public v private valuation levels was needed for Softbank to pivot from recent defensive but competition for deals may be more relevant</li>
<li>Access to investment capital is easier after settling of Alibaba-linked derivative contracts and Softbank has showed as recently as 2020 asset sales that it can lever up quickly</li>
</ul>


News reports indicate venture capital firms are sitting in cash reserves 2x normal levels and that needs to be put to work
We expected a narrowing of public v private valuation levels was needed for Softbank to pivot from recent defensive but competition for deals may be more relevant
Access to investment capital is easier after settling of Alibaba-linked derivative contracts and Softbank has showed as recently as 2020 asset sales that it can lever up quickly


Softbank Group - A Surplus of VC Cash Could Re-Energize Vision Fund’s Investment Pace

<ul><li>In an interesting turn of things, a leaked internal memo from Amazon dated back to the mid of 2021 showed that the company could run out of warehouse workers by 2024.</li><li>Amazon, along with Walmart and Target, continues to suffer from high staff turnover across logistics &amp; warehousing (the industry average stands at 49%, but is higher at the big three).</li><li>This has resulted in companies offering incentives, wage increases, and flexible working hours to retain top talent, with margins shrinking as a result.</li></ul>

In an interesting turn of things, a leaked internal memo from Amazon dated back to the mid of 2021 showed that the company could run out of warehouse workers by 2024.Amazon, along with Walmart and Target, continues to suffer from high staff turnover across logistics &amp; warehousing (the industry average stands at 49%, but is higher at the big three).This has resulted in companies offering incentives, wage increases, and flexible working hours to retain top talent, with margins shrinking as a result.

United States

Symbotic Inc operates as an automation technology company. The Company specializes in supply chain with its end-to-end, AI-powered robotic, and software platform. Symbotic serves the retail, wholesale, and food companies worldwide.

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Symbotic (SYM US)

Symbotic Inc. (SYM): Fast Growing AI-Powered Warehouse Automation Supplier

A fast growing AI-powered warhouse automation supplier on the cusp of profitability offers great opportunity for investors to ride the AI wave.

GSBR Research

Bots In The Backroom

In the aftermath of a stellar third-quarter earnings release, Symbotic, a warehouse automation company, exceeded the expectations of even the most...

subSPAC

Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

The NAV could be 10%-15% lower than stated now at the mid-May results release, due to a further squeeze in private company valuations; this would...

Victor Galliano

Softbank Group - A Surplus of VC Cash Could Re-Energize Vision Fund’s Investment Pace

We have expected the closure of the public/private valuation gap to eventually drive a renewed pace of investment but competition for deals may...

Kirk Boodry

Fixing the Supply Chain

In an interesting turn of things, a leaked internal memo from Amazon dated back to the mid of 2021 showed that the company could run out of...

subSPAC

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