Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

<ul>
<li>SYM had an increase in system costs. SYM’s management highlighted delays in construction of systems in the quarter resulting in the Company to taking back EPC work.   </li>
<li>SYM suggests bringing the EPC work in-house would be more efficient. We do not agree. This creates additional headwinds as to timing and could create a new risk for SYM.  </li>
<li>During the earnings call, SYM’s management referred to delays in permits and product delivery resulting in people not having anything to do. This is a characterization of a construction/contracting company.</li>
</ul>


SYM had an increase in system costs. SYM’s management highlighted delays in construction of systems in the quarter resulting in the Company to taking back EPC work.   
SYM suggests bringing the EPC work in-house would be more efficient. We do not agree. This creates additional headwinds as to timing and could create a new risk for SYM.  
During the earnings call, SYM’s management referred to delays in permits and product delivery resulting in people not having anything to do. This is a characterization of a construction/contracting company.


<ul>
<li>We are initiating coverage of Symbotic (SYM) with a Sell Rating and $10 target. </li>
<li>The latest quarterly report from SYM suggests there could be little in the form of catalysts with the biggest news being related to a business owned by the CEO</li>
<li>We believe investors are putting too much reliance on SYM generating revenue from Wal-Mart (WMT) even though WMT is also using SYM’s competition for warehouse automation. </li>
</ul>


We are initiating coverage of Symbotic (SYM) with a Sell Rating and $10 target. 
The latest quarterly report from SYM suggests there could be little in the form of catalysts with the biggest news being related to a business owned by the CEO
We believe investors are putting too much reliance on SYM generating revenue from Wal-Mart (WMT) even though WMT is also using SYM’s competition for warehouse automation. 


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.

<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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<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?

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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