Cybersecurity Market Review
2elXGia
2elXGia
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Trading Multiples: High Growth & Low Growth<br />
Valuation Multiples For High Growth & Low Growth <strong>Cybersecurity</strong> Companies. <br />
8.6x 8.5x<br />
EV / 2016E Revenue<br />
EV / 2017E Revenue<br />
7.5x<br />
6.7x<br />
5.7x 5.7x Median: 5.7x<br />
4.2x<br />
4.2x<br />
6.9x<br />
6.0x<br />
Median: 3.3x<br />
3.6x 3.5x 3.4x 3.3x 3.2x 2.8x 2.8x 2.7x<br />
0.9x<br />
6.6x 6.5x<br />
5.9x 5.5x<br />
4.8x<br />
4.7x<br />
Median: 4.8x<br />
6.6x<br />
5.0x<br />
Median: 2.8x<br />
2.1x<br />
3.5x 3.4x<br />
1.8x<br />
3.2x 3.1x 3.1x 2.8x 2.8x 2.6x 2.6x 2.3x<br />
0.8x<br />
PANW PFPT SPLK CYBR MIME QLYS FTNT RPD SCWX CHKP IMPV SOPH BLOX CUDA SYMC FEYE TREND FSC1V VDSI MOBL<br />
PFPT PANW SPLK CYBR QLYS MIME FTNT RPD SCWX CHKP IMPV CUDA SOPH Blox SYMC FEYE FSC1V TREND VDSI MOBL<br />
2015-2016E Revenue Growth 2016-2017E Revenue Growth<br />
40% 38% 37% 37%<br />
32%<br />
Median: 32%<br />
32%<br />
29% 28% 27%<br />
23% 23%<br />
27% 25%<br />
21% 21%<br />
24%<br />
16%<br />
11% 10% 8% 7%<br />
Median: 7%<br />
7% 6% 6%<br />
Median: 23%<br />
20% 19% 19%<br />
20%<br />
17% 15% 15% 15% 15%<br />
Median: 15%<br />
11% 7% 7% 6% 6%<br />
RPD PANW SPLK PFPT CYBR FTNT SCWX MIME QLYS TREND FEYE CUDA FSC1V MOBL SOPH IMPV SYMC CHKP BLOX VDSI<br />
(3%)<br />
High Growth<br />
(13%)<br />
Source: Capital IQ, market data as of September 30, 2016.<br />
High Growth represented by companies with >20% revenue CAGR; Low Growth represented by companies with
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