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Gafanomics - The Quarterly - Episode 3 (Q3FY19)

Fabernovel is pleased to release the third edition of “Gafanomics - The Quarterly”, our new publication which offers you every quarter a transversal review of the earnings releases and strategic announcements of the disruptive Tech giants.

Fall is here and the Tech space has sneezed but not caught a cold yet warmed by still abundant liquidity on financial markets. Remaining the most performing sector on the Street since the start of the year (+33%), it recorded a modest rise Q3 (only +2%) with contrasted trends between players.

The aborted listing of WeWork was the scary scene of the Halloween party. Threatening to freeze the Tech IPOs flow, it raised the level of general anxiety about the valuation levels of private unicorns as well as the focus of the investment community on profitability, cash generation and governance.

Back to basics and old value patterns ? The Q3 earnings season delivered a more subtle read-across.
Releases of companies such as Alphabet or Amazon highlighted that investors can accept investments in growth at the expense of short term margins if they are convinced in the medium term profitability prospects. Topline traction, management’s vision and track record but also a transparent financial communication on relevant KPIs are critical success factors here.

Planets are aligning for Corporate & Social Responsibility to join this ingredients list.
We address in our quarterly focus this theme that still stands at the Achilles heel of many Tech Giants and sparks more and more debates. The customer centricity turns to be a necessary but not sufficient condition for success. Long live to the stakeholder centricity !

At a time when all companies are becoming software companies, becoming a trusted third party offers in our view a powerful opportunity for traditional economy players to differentiate and strike back. Autumn may not resonate with decline…

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