Fortinet, Inc.


SKU: FTNT Category:


This is our first report on one of the leading players in integrated and automated cybersecurity solutions – Fortinet. The company has been performing well in 2022 so far with a reported increase in billing and product revenue growth. Fortinet has also recently introduced self-learning AI capabilities as well as new network detection. Clearly, the demand is seen to be quite strong for its solutions. The management has announced a unified solution that enables organizations in securing and connecting work-from-anywhere. The company has recently enhanced the industry’s only true converged security and networking platform with a new suite of the FortiGate network Firewalls. The convergence of networking and security, adopting cybersecurity mesh architecture, and a great awareness of the threat landscape have driven a solid growth of product revenue that has contributed to market share gains for the company. The company has also acquired a controlling stake in a Japan-based networking company ALAXALA Network for around $64 million. We initiate coverage on Fortinet with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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