Cybersecurity Market Review
2elXGia
2elXGia
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Severe Decline In Correlation Of Value To Growth<br />
Public & M&A <strong>Market</strong>s Value Profit & Predictability Over Growth (Back to Basics). <br />
10.0x<br />
Palo Alto Networks<br />
$14,475 mn<br />
9.0x<br />
Proofpoint<br />
$3,146 mn<br />
EV / Revenue 2016E<br />
8.0x<br />
7.0x<br />
6.0x<br />
5.0x<br />
4.0x<br />
3.0x<br />
Symantec<br />
$15,623 mn<br />
Check Point<br />
$13,308 mn<br />
Imperva<br />
$1,752 mn<br />
Sophos<br />
$1,582 mn<br />
Barracuda Networks<br />
$1,328 mn<br />
FireEye<br />
$2,499 mn<br />
Qualys<br />
$1,351 mn<br />
TrendMicro<br />
$4,758 mn<br />
Mimecast<br />
$1,042 mn<br />
Fortinet<br />
$6,377 mn<br />
Cyberark<br />
$1,664 mn<br />
Splunk<br />
$7,895 mn<br />
Rapid7<br />
$742 mn<br />
2.0x<br />
F-Secure<br />
$592 mn<br />
SecureWorks<br />
$1,009 mn<br />
1.0x<br />
MobileIron<br />
$236 mn<br />
0.0x<br />
0% 5% 10% 15% 20% 25% 30% 35% 40%<br />
2015-16E Revenue Growth<br />
High Growth <strong>Cybersecurity</strong> Low Growth <strong>Cybersecurity</strong> R 2<br />
3Q16: 25.6%<br />
2Q16: 23.1%<br />
1Q16: 23.6%<br />
Note: Size of the bubble indicates <strong>Market</strong> Cap. In USD; <strong>Market</strong> data as of September 30, 2016.<br />
Source: Capital IQ.<br />
4Q15: 29.2%<br />
3Q15: 63.2% 2Q15: 68.4%<br />
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