Fortinet Continues To Quietly Deliver
Aug 12, 2024
Not many people talk about Fortinet, but the company is an impressive player in the cybersecurity space, one of the few that covers the gamut from traditional "perimeter security" hardware to the newer "secure access service edge", or SASE, architecture used to protect access to cloud-based applications. For some time, we've seen Fortinet shift into the latter, which makes sense as that is where the growth is. It has come at a decline in the former. Still, Q2 shows the company is executing well, with 11% revenue growth, substantial EBITDA margin improvement (9 percentage points!), and strong cash flows. The market finally took notice, bumping the stock up close to 20%. It still looks undervalued to me, with a new fair value of $93/share.
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