Fire Eye Inc.
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FireEye Inc. is a cybersecurity company headquartered in Milpitas, California that went public in 2013. Some key details: - Market cap of $5.27B as of October 2, 2015 with share price of $33.06 - Revenue of $147.2M as of June 30, 2015 - Acquired Mandiant in 2013 and nPulse Technologies in 2014 to grow its business
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Fire Eye Inc.
- 1. FireEye Inc. (FEYE: NASDAQ GS) Martina Lugo 1
- 2. 9 product lines generating >$10M 2 Source: Fireeye.com
- 3. Key Financials • Share price: $33.06* • Market Cap: $5,270M • 52 Week Range: $55.33-$24.81 • YTD Return: 4.69% • Revenue: $147.20M** • R&D(2014, 2015): $53.4M**, $68.7M** 3 *: close (Oct 2nd, 2015) **: 10Q (June 30th, 2015) Source: Bloomberg Business
- 4. History • 2004 – Founded by Ashar Aziz • Headquartered in Milpitas, California • IPO in 2013 • CEO Dave DeWalt (McAfee) 4
- 5. Big steps towards growing into the valuation • 2013- Acquired Mandiant • 2014- Acquired nPulse Techonologies • 150 of Fortune 500 • Certification by Dept. Homeland Security • Patents • High profile attacks 5
- 6. Competitive Advantage • Cloud, cross-enterprise security • Real time • Integrate information globally • Fixed IT security budgets 6 *:10Q (June 30th, 2015)
- 7. FireEye Earns JPMorgan Chase Hall of Innovation Award • JP Morgan Chase breach • Malware • Disruptive technology 7 Source: Reuters
- 8. Public Comparables Growth Opportunity • Palo Alto Networks, (EV= $14B) • Trend Micro, (EV= $4B) • Blue Coat Systems (private, TEV= $2.4B) • PEG : -0.52 to -0.6 8Source: Bloomberg Business
- 9. Forecast and outlook • Strong industry growth • Higher FCF (FY15e $3M) • Growing sales, 55% YTD • Price target $44*-$54** Red Flags • CFO resigned • Marketing $116M 9 *: Morgan Stanley Research **: JP Morgan Research Source: Seeking Alpha
Editor's Notes
- IT security software for corporations and governments to detect and prevent cyber attacks
- Network security, email, forensics, threat intelligence Business model is B2B -MVX: Multivector virtual execution -targets attacks by eliminating suspicious files, Web objects, and email attachments within instrumented virtual machine environments. 3,700 customers across 67 countries. Global aspect is important to perceive more threats 675 of the Forbes Global 2000
- No dividend, no surprise since it’s tech the performance overall volatility in the stock market may begin to weigh on Tech sector
- -Ashar (Pakistani-American), vice-chairman of the board -CEO McAfee
- -Mandiant: information security giant ($1B) -nPulse: to improve ability to detect intrusions ($60M) -First cyber security company awarded certification -key intangible assets, patented Virtual Execution technology platform -JP Morgan, Target, Sony Pictures, Anthem
- -Advanced threat prevention, monitoring system -Cloud drawbacks: increased load, added latency, privacy and regulations compliance -Many advanced attacks are part of a broader campaign against similar targets elsewhere. Share intelligence
- -malware to extract data on customers, bank’s network, reports -JPM recognizes select companies creating business and disruptive technologies -JPM $250M annually on security and employs 1,000 related personnel
- -Shaping the competitive landscape is the proliferation of cyber attacks and threats and development of new technologies -The degree of venture capital funding has led many to ask whether a bubble exists in private funding
- -CFO Michael Sheridan leaving, management transitions are risky --Deferred Rev FireEye has grown its deferred revenue account for at least nine consecutive quarters -resources as possible into expanding its revenue base. -While this is a common strategy among tech start-up companies, management still has the responsibility of guiding the organization to eventual profitability.