Gen Digital Inc Constructive Setup Despite Noisy F1Q Comps

研报英文原文证据摘录

Gen Digital Inc Constructive Setup Despite Noisy F1Q Comps

in Q1E 0.69 0.69

financial wellness, partner expansion, and the Engine marketplace, with contributions Q2E 0.72 0.71

starting in 2H FY27 and scaling into FY28-29. We see potential for shares to re-rate if Q3E 0.73 0.74

GEN can execute on this opportunity and prove out the platform approach across GEN’s Q4E 0.76 0.77

growing connected-accounts base. 03/27E 2.90 2.90

03/28E 3.29 3.29

AI & agentic trust layer 03/29E 3.69 3.64

On AI, GEN has already shipped a broad set of trust-layer products including Genie scam Roger Boyd

detection, the Agent Trust Hub, Norton Neo, and now Norton Family Assistant, also Analyst

developed by the GEN AI Foundry team, which further positions the company as the roger.boyd@ubs.com

security and trust layer for consumers as they deploy AI agents in everyday life. Norton +1-212-713 1256

Family Assistant, in particular, is framed as a secure AI agent built on the Agent Trust Hub Nicholas Hodge

to organize family logistics while keeping data private and under user control, Associate Analyst

highlighting GEN’s “trust-first” architecture for autonomous agents. Alongside this, the nicholas.hodge@ubs.com

re-imagined Avast One experience introduces a comprehensive free consumer +1-212-882 5954

cybersecurity tier with AI-powered scam detection and AI Agent Protection, exploring

new paths from freemium to modular paid subscription add-ons.

Valuation: We roll our valuation forward to CY28E and leave our PT of $36

unchanged, based on 10x CY28E EPS (11x CY27E previously) and equivalent to

15x CY28E FCF (16x CY27E previously).

Highlights (US$m) 03/24 03/25 03/26 03/27E 03/28E 03/29E 03/30E 03/31E

Revenues 3,800 3,935 5,000 5,391 5,778 6,190 6,617 7,061