Loading
Ben Shapira
@BEN_SHAPIRO_IL · JOINED 2025
5.3K FOLLOWERS
Cyber and Israeli security software.
Check Point, CyberArk and the private pipeline behind them.
LATEST
0:19
RESEARCHISRAELVIDEO · THESIS
NICE: the cost programme has slipped twice without a new date
The savings target has been reiterated without a revised timeline. Reiterating the number while moving the date is how these programmes fail slowly.
AUG 21, 2026 · 7,511 VIEWS
Everything
0:19
RESEARCHISRAELVIDEO · THESIS
NICE: the cost programme has slipped twice without a new date
AUG 21, 2026 · 7,511 VIEWS
0:18
CALLNICE.TAShortVIDEO · CALL · CARDS
NICE: the margin bridge has one bad assumption in it
AUG 21, 2026 · 6,057 VIEWS · 63548.40 → 29930.00 · +52.9%
0:19
CALLCHKP.TALongVIDEO · CALL · CARDS
Check Point: cloud mix is past the margin inflection
AUG 21, 2026 · 6,106 VIEWS
CALLCHKP.TALongCALL · CARDS
CHKP: free cash conversion is better than the headline earnings
Working capital release and lower maintenance capex mean cash earnings run well ahead of GAAP. On cash, this is materially cheaper than the screen suggests.
AUG 19, 2026 · 6,920 VIEWS
CALLCHKP.TALongCALL · CARDS
Check Point: pricing power is showing up in renewals, not in the list price
List price is a distraction. Realised price per account has risen for five straight quarters, which is where pricing power actually shows up.
JUL 14, 2026 · 6,837 VIEWS · 73061.50 → 78681.46 · +7.7%
RESEARCHNICE.TAShortCALL · THESIS
NICE: seat growth is decelerating inside the disclosed number
Net revenue retention is being carried by expansion in a shrinking number of accounts. That is a different business from the one the multiple assumes.
JUL 13, 2026 · 1,514 VIEWS · 61316.73 → 52428.93 · +14.5%
RESEARCHCHKP.TALongCALL · THESIS
Check Point: the AI modules are selling into the installed base at full price
Upsell into the installed base carries no acquisition cost. At this attach rate the contribution margin on the increment is close to the gross margin.
JUL 2, 2026 · 2,793 VIEWS · 62093.76 → 67684.41 · +9.0%
RESEARCHCHKP.TALongCALL · THESIS
Check Point: the mix shift is now accretive rather than dilutive
The transition stopped costing margin this quarter. The rest of the migration now adds to it rather than subtracting.
JUN 26, 2026 · 191 VIEWS · 63692.88 → 65461.99 · +2.8%
CALLCHKP.TAHoldCALL · CARDS
CHKP: right thesis, wrong price
The operational story is intact. The entry is not, after a move that already discounts two years of the plan.
JUN 23, 2026 · 4,187 VIEWS
NOTEISRAEL
NICE: the aggregate is hiding the cohort
Total seats keep rising while the first enterprise cohort renews below plan. The blended number conceals that for roughly two more quarters.
JUN 14, 2026 · 5,037 VIEWS
CALLCHKP.TALongCALL · CARDS
Check Point: attach is real and it is not discounted
Upsell into the installed base carries no acquisition cost. At this attach rate the contribution margin on the increment is close to the gross margin.
MAY 29, 2026 · 1,553 VIEWS