TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

I have over 20 years’ experience investing in the TMT and Consumer sectors, almost entirely on the buyside. Started at Bernstein covering software in 2001, moved to the buyside at Government of Singapore Investment Corporation (GIC) in 2003, covering hardware, software, and media. 

After getting an MBA at NYU in 2008 and a CFA, I spent 8 years at Coburn Ventures (a market neutral TMT/Consumer hedge fund). In 2015, I joined Deimos Asset Management, a low net multi-strat, where I managed a  TMT/Consumer portfolio.

I've spent the past few years at Obex Capital Management providing independent investment research to TMT and Consumer investors.

TMT & Consumer Independent Equity Research Analyst

Nutanix Buy This SaaS Transition at a Discount IV (Technicals, Management, Culture)

Nutanix: Subscription Transition Meets Corona Virus? Huh?

Beyond the Virus: 3 Things from TMT Land that Stood Out Week of 4/3/​​​​2020

Nutanix Buy This SaaS Transition at a Discount I (Fundamentals)

Nutanix Buy This SaaS Transition at a Discount II (The Setup)

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

<p>This case study evaluates <a href="https://www.smartkarma.com/entities/nutanix-inc" target="_blank" data-smartkarma-citation="entities:26440:1" rel="noopener">Nutanix Inc (NTNX US)</a>'s  business fundamentals, unit economics, valuation, investors, management and culture. </p>
<p>A 2016 IPO, Nutanix is a provider of Hyper Converged Infrastructure (HCI) Software. After an incredibly volatile three years where Nutanix went through two business model transitions and a sales pipeline rebuild, Nutanix may be poised for a strong multi-quarter run as it has seemingly stabilized its sales issues, stopped losing market share, and will be coming up against a very weak set of comps. At 4x EV/S, the market is not valuing Nutanix as the accelerating post-trough SaaS transition software company this is. The key upside risk is a takeout by a larger hybrid cloud provider, while key downside risks include an inability to generate operating leverage due to a heightened competitive environment, along with a dilutive capital raise, due to its accelerating FCF burn.</p>

This case study evaluates Nutanix Inc (NTNX US)'s  business fundamentals, unit economics, valuation, investors, management and culture. 
A 2016 IPO, Nutanix is a provider of Hyper Converged Infrastructure (HCI) Software. After an incredibly volatile three years where Nutanix went through two business model transitions and a sales pipeline rebuild, Nutanix may be poised for a strong multi-quarter run as it has seemingly stabilized its sales issues, stopped losing market share, and will be coming up against a very weak set of comps. At 4x EV/S, the market is not valuing Nutanix as the accelerating post-trough SaaS transition software company this is. The key upside risk is a takeout by a larger hybrid cloud provider, while key downside risks include an inability to generate operating leverage due to a heightened competitive environment, along with a dilutive capital raise, due to its accelerating FCF burn.

Nutanix の SaaS 移行を割引価格で購入 III (長期ケースの構築)