VRNS: Varonis could be exploring a sale according to an unsubstantiated Bloomberg report

研报英文原文证据摘录

VRNS: Varonis could be exploring a sale according to an unsubstantiated Bloomberg report

Varonis Systems, Inc.

Target/Upside/Downside Scenarios Investment summary

Founded in 2004, Varonis provides a SaaS softwareVaronis Systems, Inc.

platform that assists customers in automating unstructured

70 125 Weeks 01FEB24 - 23JUN26 data protection and management, particularly for human-

60 generated data. The core technology behind the products

50 is its proprietary Metadata Framework, which collects

and aggregates metadata (or data about data) from

40 TARGETTARGET 36.0036.00 CURRENTCURRENT 35.0335.03 human-generated content including emails, documents,

30 spreadsheets, etc. The company’s family of products leverages

20 Metadata Framework for applications focused on security,

10 compliance, access, storage, collaboration, etc.

60m

40m

20m We believe the company is in the early stages of penetrating

2024 2025 2026

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J a $47 billion market that includes fragmented competition.

VRNS US Rel. S&P 500 COMPOSITE MA 40 weeks Through a land, expand, and retain strategy, we believe

Source: Bloomberg and RBC Capital Markets estimates for Target Varonis has the opportunity to generate strong financial

Valuation growth for several years while continuing to innovate new

Our $36 price target assumes that shares trade at 4.2x CY/27E technologies that leverage its Metadata Framework. In

EV/ARR, or roughly in line with peers. Our price target and addition, we believe the company is an attractive acquisition

multiple are warranted in our view by the increased pace of target for larger vendors seeking exposure to innovative big

the transition, which is why we used an ARR valuation, due to data solutions.