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.

Thematic (Sector/Industry)

<p>In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in consumer preferences that is magnifying (or will magnify) those business models most equipped to benefit from them.</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in consumer preferences that is magnifying (or will magnify) those business models most equipped to benefit from them.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Coronavirus as Secular Accelerator I: Internet, SMIDcap Edition

<div><p>Some datapoints that caught our eye last week in TMT.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 3/​27/​2020

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<p>Key points <em>(machine generated)</em></p><ul><li>The author recommends a long position in Zillow, arguing that negative perceptions are overstated.</li><li>Zillow's profitability is expected to improve with its residential super-app strategy, potentially doubling or tripling stock price.</li><li>The investment thesis has become less risky since early 2022, with potential for a rebound in housing turnover.</li></ul><p><em>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Key points (machine generated)The author recommends a long position in Zillow, arguing that negative perceptions are overstated.Zillow's profitability is expected to improve with its residential super-app strategy, potentially doubling or tripling stock price.The investment thesis has become less risky since early 2022, with potential for a rebound in housing turnover.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Zillow Group Inc (ZG) - Tuesday, Jul 15, 2025

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Zillow's strategic pivot away from capital-intensive iBuying to an asset-light marketplace model is yielding positive results, with a return to GAAP profitability in the first half of 2025 and strong growth in high-margin segments like Rentals and Mortgages.</li>
  <li>The company commands a dominant market position with unparalleled brand recognition and the largest online real estate audience, creating a powerful network effect that is difficult for competitors to replicate. This forms the basis of a wide economic moat.</li>
  <li>Significant risks remain, including intense competition from well-capitalized players like CoStar Group, sensitivity to the cyclical nature of the real estate market, and potential disruptions from litigation surrounding real estate agent commissions, which could impact its core Premier Agent revenue stream.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Zillow's strategic pivot away from capital-intensive iBuying to an asset-light marketplace model is yielding positive results, with a return to GAAP profitability in the first half of 2025 and strong growth in high-margin segments like Rentals and Mortgages.
  The company commands a dominant market position with unparalleled brand recognition and the largest online real estate audience, creating a powerful network effect that is difficult for competitors to replicate. This forms the basis of a wide economic moat.
  Significant risks remain, including intense competition from well-capitalized players like CoStar Group, sensitivity to the cyclical nature of the real estate market, and potential disruptions from litigation surrounding real estate agent commissions, which could impact its core Premier Agent revenue stream.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Zillow Group Inc C (Z US) - Sep 2025

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.

<ul><li>Zillow Group's recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that offer a comprehensive view of its current and future growth trajectory.</li><li>Zillow Group reported a 15% year-over-year increase in total revenue, reaching $655 million for the second quarter, surpassing their predicted outlook.</li><li>This growth is an encouraging sign, especially when paired with the attainment of a positive net income for the second consecutive quarter.</li></ul>

Zillow Group's recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that offer a comprehensive view of its current and future growth trajectory.Zillow Group reported a 15% year-over-year increase in total revenue, reaching $655 million for the second quarter, surpassing their predicted outlook.This growth is an encouraging sign, especially when paired with the attainment of a positive net income for the second consecutive quarter.

Zillow Group: Initiation of Coverage- Riding a 56% Rentals Revenue Surge—Will Partnerships Unlock Even Bigger Gains?

United States

Zillow Group, Inc. provides e-commerce services. The Company provides information about homes, real estate listings, and mortgages through their website and mobile applications. Zillow serves homeowners, buyers, sellers, renters, and real estate professionals throughout the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zillow Group Inc A (ZG US)

Coronavirus as Secular Accelerator I: Internet, SMIDcap Edition

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 3/27/2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Zillow Group Inc (ZG) - Tuesday, Jul 15, 2025

The author advocates for a long position in Zillow, citing overstated concerns and anticipating improved profitability and stock growth as the...

Value Investors Club (VIC)

Primer: Zillow Group Inc C (Z US) - Sep 2025

Zillow's strategic pivot away from capital-intensive iBuying to an asset-light marketplace model is yielding positive results, with a return to...

αSK Primers

Zillow Group: Initiation of Coverage- Riding a 56% Rentals Revenue Surge—Will Partnerships Unlock Even Bigger Gains?

Zillow Group's recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Coronavirus as Secular Accelerator I: Internet, SMIDcap Edition

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in...

Aaron Gabin

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 3/​27/​2020

Some datapoints that caught our eye last week in TMT.Obex’s fundamental research process is focused on secular change in the TMT and Consumer...

Aaron Gabin

Zillow Group Inc (ZG) - Tuesday, Jul 15, 2025

The author advocates for a long position in Zillow, citing overstated concerns and anticipating improved profitability and stock growth as the...

Value Investors Club (VIC)

Primer: Zillow Group Inc C (Z US) - Sep 2025

Zillow's strategic pivot away from capital-intensive iBuying to an asset-light marketplace model is yielding positive results, with a return to...

αSK Primers

Zillow Group: Initiation of Coverage- Riding a 56% Rentals Revenue Surge—Will Partnerships Unlock Even Bigger Gains?

Zillow Group's recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that...

Baptista Research

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 3/27/2020