Zscaler Excels for its Fiscal Year End; Raising FVE to $35 per Share, but Shares Look Expensive
Zscaler reported solid fourth-quarter results for its fiscal 2018 and we are raising our fair value estimate to $35 per share. Overall, we continue to believe Zscaler will grow very quickly, benefiting from underlying trends, such as its ability to upend the traditional VPN paradigm. However, we think on a valuation basis, with shares trading on an enterprise value/revenue multiple of approximately 22 times, Zscaler shares appear expensive and will need to experience accelerating revenue growth ...Zscaler is a cloud security company that developed a platform incorporating security functionalities needed to enable users to safely utilize authorized applications and services based on an organization's policies. The company's solution is a purpose-built, multi-tenant, distributed cloud security platform that secures access for users and devices to applications and services, regardless of location. The company delivers its solutions using a software-as-a-service business model and sells subscriptions to customers to access its cloud platform, together with related support services. The company conducts business worldwide, with presence in North America, Europe and Asia.
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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