Radware Reported Better-Than-Expected 1Q 2017; Raising Our FVE to $10; Shares Overvalued
Radware posted a solid start for 2017 with first-quarter revenue coming in at the higher end of management’s guidance and above our projections. The company is finally starting to see growth in deferred revenue recognition driving top-line growth while subscription bookings more than doubled from a year ago. We believe that Radware’s strong pivot toward a secure ADC platform resonates with its large customers, but we fear that the company could become even more of a niche player in the long run....Radware sells application delivery and network security products, which it sometimes refer to as its devices, that are delivered on top of a unified hardware switching platforms family with various levels of processing power, throughput, port density, and speed depending on the selected model. Co.'s products run different configurations of embedded software to deliver features specific to the intended operation of the appliance. Multiple Radware devices can be managed through Co.'s common management tool and dashboard (Apsolute Vision). This market sector is comprised of a few solution domains, among which Co. focuses on two: Application Delivery and Network Security.
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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