Confirmed double digit growth in ARR
Corero’s trading update points to double digit ARR growth and a significant beat to our FY23E EBITDA forecast. We have upgraded our full year numbers to reflect this strong bottom line performance. The new Akamai partnership has already brought two new customers to the Group and we expect to see continued momentum from this route to market.We have left our FY24E forecasts unchanged for now. but, with a new CEO, Carl Herberger, onboard and an excellent pipeline of new business, we see plenty of capacity for upside risk to our FY24E forecasts. The business is self-sustaining and, in our view, undervalued on an EV/sales ratio of 1.8x this year. We continue to see fair value at 14p, with the potential to rise.
Corero Network Security is a provider of Distributed Denial of Service (DDoS) defense solutions for Service Providers, Hosting Providers and the On-line Enterprise. Co. develops, markets and sells network security products and services to provide protection from DDoS attacks. Co. sells the SmartWall technology in the form of either an appliance sale and perpetual software license plus annual SecureWatch services, or as-a-service which enables the customer to utilize the technology on a subscription or revenue share basis. Co.'s SecureWatch services include: updates delivered to its appliances in customer networks; and monitoring and support services such as DDoS attack mitigation services.
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