RE: Cyber M&A11 Sep 2021 23:56
As per my old post I’d say 2,300
“ Let’s look at a few data points as to why DARK could hit a target SP of 2,300 to 7,200
At a SP of 620 the Market Cap is £4.325B ($6B)
In Customer Relationship Management (CRM) the big boys all bought Siebel etc & IBM, Oracle & Microsoft have big offering but Salesforce still thrived as an independent cloud leader now with a Market Cap of $224B
In Human Resource Management the big boys bought PeopleSoft etc & again all the big players have offerings but Workday still thrived as an independent cloud leader now with a Market Cap of $57B
In a commoditised Single Sign On security space, again big boys like Microsoft, Oracle & Salesforce have solutions but Okta is thriving as a breakout cloud specialist, valued at $31B & growing
Recently Norton announced buying Avast for $8B as they try to firm up offerings in the space. Analysts say that was cheap!
Every Gartner Magic Quadrant has many leaders as there is always room for many in a huge market. Think German car market; BMW, VW, Mercedes, Porsche etc - room for all & room for non German players to! So no one player owns a market; even Apple!
Darktrace main competitors such as Crowdstrike are valued @ $54B with circ $805m ARR over 9,900 customers appx
Dark has 5,600 customers, having grown its customer base by 42% year-on-year with Annualized Recurring Revenue (ARR) of $340 million, which represents year-over-year growth in constant currency ARR of at least 44%. Currently valued @ $6B remember!
The total addressable market (TAM) for Darktrace is $28 billion and by 2024, $40 billion so a lot to go around.
Darktrace has bee named the Best Security Company at the 2021 SC Europe Awards.
Independently they could easily reach a $30m to $50m Market Cap giving a SP of 4,320 to 7,200.
Even if DARK sold out it would be north of $16B IMHO @ a SP of 2,300.”
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