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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 29.4x - 32.5x | 30.9x |
| Selected Fwd P/E Multiple | 29.4x - 32.5x | 31.0x |
| Fair Value | $118.85 - $131.36 | $125.11 |
| Upside | -27.1% - -19.4% | -23.2% |
| Benchmarks | - | Full Ticker |
| Fortinet, Inc. | - | NasdaqGS:FTNT |
| Palo Alto Networks, Inc. | - | NasdaqGS:PANW |
| AvePoint, Inc. | - | NasdaqGS:AVPT |
| Rubrik, Inc. | - | NYSE:RBRK |
| Check Point Software Technologies Ltd. | - | NasdaqGS:CHKP |
| Commvault Systems, Inc. | - | NasdaqGS:CVLT |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| FTNT | PANW | AVPT | RBRK | CHKP | CVLT | |||
| NasdaqGS:FTNT | NasdaqGS:PANW | NasdaqGS:AVPT | NYSE:RBRK | NasdaqGS:CHKP | NasdaqGS:CVLT | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 39.4% | NM- | NM- | NM- | 0.5% | 116.4% | ||
| 3Y CAGR | 42.2% | NM- | NM- | NM- | 1.2% | NM- | ||
| Latest Twelve Months | 52.0% | -44.9% | -33.9% | -226.1% | 0.6% | 24319.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 20.2% | 3.4% | -13.5% | -85.1% | 36.8% | 3.6% | ||
| Prior Fiscal Year | 21.6% | 6.4% | -8.0% | -56.4% | 34.8% | -4.6% | ||
| Latest Fiscal Year | 29.3% | 32.1% | -8.8% | -130.3% | 33.0% | 20.1% | ||
| Latest Twelve Months | 29.3% | 14.6% | -8.8% | -130.3% | 33.0% | 18.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 37.1x | 78.1x | 215.8x | -10.0x | 23.8x | 77.1x | ||
| Price / LTM Sales | 12.5x | 13.2x | 9.0x | 12.9x | 9.8x | 7.6x | ||
| LTM P/E Ratio | 42.6x | 90.4x | -102.5x | -9.9x | 29.6x | 41.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -102.5x | 29.6x | 90.4x | |||||
| Historical LTM P/E Ratio | -6263.9x | -107.2x | 160.9x | |||||
| Selected P/E Multiple | 29.4x | 30.9x | 32.5x | |||||
| (x) LTM Net Income | 171 | 171 | 171 | |||||
| (=) Equity Value | 5,034 | 5,299 | 5,563 | |||||
| (/) Shares Outstanding | 44.0 | 44.0 | 44.0 | |||||
| Implied Value Range | 114.41 | 120.43 | 126.45 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 114.41 | 120.43 | 126.45 | 162.94 | ||||
| Upside / (Downside) | -29.8% | -26.1% | -22.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | FTNT | PANW | AVPT | RBRK | CHKP | CVLT | |
| Value of Common Equity | 74,337 | 113,424 | 2,981 | 11,476 | 25,016 | 7,169 | |
| (/) Shares Outstanding | 769.0 | 662.1 | 201.8 | 189.8 | 108.4 | 44.0 | |
| Implied Stock Price | 96.67 | 171.31 | 14.77 | 60.47 | 230.84 | 162.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 96.67 | 171.31 | 14.77 | 60.47 | 230.84 | 162.94 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |