Raising Our FVE for Imperva to $38 After Incorporating Expected U.S. Corporate Tax Reform
We are increasing our fair value estimate for Imperva to $38 from $37 based on Morningstar’s belief that U.S. corporate tax reform is expected to settle at a 25% federal tax rate. Imperva is a leader in the growing web application firewall market and has successfully expanded into adjacent network security niches, such as enterprise data protection, auditing and compliance, cloud access governance, and distributed denial of service protection. However, Imperva has yet to carve out a long-lasting...Imperva is engaged in the development, marketing, sales, service and support of cyber-security solutions that protect data and applications whether in the cloud or on premises. The company's SecureSphere, CounterBreach and Camouflage product lines secure business-critical applications and data in physical and virtual data centers from hackers and malicious insiders. The company's Payment Card Industry certified Incapsula service delivers cloud-based Website Security, Distributed Denial of Service Protection and Load Balancing and Failover. The company also sells its ThreatRadar services as an add-on services to its SecureSphere appliances, which provides reputation and crowdsourced security intelligence services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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