Jordan Lambert
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Palo Alto Networks: Follow-up Report

- PANW is trading at a 50% to 60% discount based on sum-of-parts valuation. We estimate an intrinsic valuation of $70bn to $80bn.
- CEO Arora planning spinout could unleash shareholder value.
- Heightened cybersecurity awareness from SolarWinds fallout likely to boost the industry later this year.
- NetSec is a cash cow and ClaiSec is experiencing rampant growth – makes for very intriguing analysis.
- Arora's vision is build a cybersecurity conglomerate stitched together with BoB startups. Given his leadership and PANW's M&A ability we believe this will deliver substantial shareholder value.
Palo Alto Networks Inc.

Palo Alto Networks provides a platform that allows enterprises, service providers, and government entities to secure their organizations. The company's platform uses a traffic classification engine that identifies network traffic by application, user, and content and provides security across the network, endpoint, and cloud. The company's product, subscription, and support offerings include: firewall appliances and software; and Panorama, which is a centralized security management solution for global control of various firewall appliances and software deployed on an end-customer's network as well as in their instances in public or private cloud environments as a virtual appliance or a physical appliance.

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