Fortinet, Inc.

LSE:0IR9 Stock Report

Market Cap: US$71.4b

Fortinet Valuation

Is 0IR9 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0IR9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0IR9 ($95.4) is trading below our estimate of fair value ($121.71)

Significantly Below Fair Value: 0IR9 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0IR9?

Key metric: As 0IR9 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0IR9. This is calculated by dividing 0IR9's market cap by their current earnings.
What is 0IR9's PE Ratio?
PE Ratio48.3x
EarningsUS$1.53b
Market CapUS$71.37b

Price to Earnings Ratio vs Peers

How does 0IR9's PE Ratio compare to its peers?

The above table shows the PE ratio for 0IR9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average79.7x
SGE Sage Group
40.4x12.5%UK£13.0b
BLTG Blancco Technology Group
63x36.0%UK£173.0m
CNS Corero Network Security
167.7x52.7%UK£106.5m
PANW Palo Alto Networks
47.6x-4.1%US$126.8b
0IR9 Fortinet
48.3x10.7%US$71.4b

Price-To-Earnings vs Peers: 0IR9 is good value based on its Price-To-Earnings Ratio (48.3x) compared to the peer average (85.2x).

Price to Earnings Ratio vs Industry

How does 0IR9's PE Ratio compare vs other companies in the GB Software Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
SORT Sorted Group Holdings
3xn/aUS$5.46m
No more companies available in this PE range
0IR9 48.3xIndustry Avg. 35.4xNo. of Companies4PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0IR9 is expensive based on its Price-To-Earnings Ratio (48.3x) compared to the UK Software industry average (35.3x).

Price to Earnings Ratio vs Fair Ratio

What is 0IR9's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0IR9 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio48.3x
Fair PE Ratio59.1x

Price-To-Earnings vs Fair Ratio: 0IR9 is good value based on its Price-To-Earnings Ratio (48.3x) compared to the estimated Fair Price-To-Earnings Ratio (59.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0IR9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$95.40
US$95.22
-0.2%
11.5%US$111.00US$62.00n/a35
Nov ’25US$78.47
US$78.60
+0.2%
11.6%US$105.00US$62.00n/a36
Oct ’25US$76.58
US$73.75
-3.7%
9.2%US$90.14US$62.00n/a36
Sep ’25US$76.63
US$72.80
-5.0%
9.7%US$90.14US$59.00n/a36
Aug ’25US$56.72
US$70.74
+24.7%
12.6%US$90.14US$46.00n/a36
Jul ’25US$59.81
US$72.03
+20.4%
11.5%US$90.14US$54.00n/a37
Jun ’25US$58.01
US$71.84
+23.8%
11.5%US$90.14US$54.00n/a36
May ’25US$63.95
US$76.28
+19.3%
10.7%US$90.14US$55.11n/a37
Apr ’25US$68.52
US$76.03
+11.0%
10.3%US$90.00US$55.11n/a36
Mar ’25US$70.29
US$75.75
+7.8%
10.5%US$90.00US$55.11n/a36
Feb ’25US$66.06
US$62.48
-5.4%
10.8%US$77.00US$49.00n/a36
Jan ’25US$58.54
US$56.75
-3.0%
9.1%US$69.30US$49.00n/a35
Dec ’24US$52.02
US$56.69
+9.0%
9.8%US$69.30US$49.00n/a34
Nov ’24US$56.85
US$71.84
+26.4%
9.8%US$95.00US$60.00US$78.4735
Oct ’24US$58.36
US$75.01
+28.5%
9.7%US$95.00US$65.00US$76.5834
Sep ’24US$60.66
US$75.25
+24.1%
10.0%US$95.00US$65.00US$76.6332
Aug ’24US$78.15
US$80.81
+3.4%
11.3%US$95.00US$65.00US$56.7231
Jul ’24US$75.78
US$75.50
-0.4%
7.6%US$90.00US$65.00US$59.8130
Jun ’24US$68.16
US$74.87
+9.8%
7.9%US$90.00US$64.00US$58.0130
May ’24US$62.71
US$72.97
+16.4%
8.3%US$85.00US$63.00US$63.9531
Apr ’24US$65.94
US$70.74
+7.3%
9.0%US$85.00US$55.00US$68.5231
Mar ’24US$58.87
US$70.74
+20.2%
9.0%US$85.00US$55.00US$70.2931
Feb ’24US$52.30
US$64.48
+23.3%
11.0%US$85.00US$53.00US$66.0631
Jan ’24US$48.54
US$65.96
+35.9%
10.6%US$85.00US$54.00US$58.5430
Dec ’23US$54.78
US$65.79
+20.1%
10.5%US$85.00US$54.00US$52.0230
Nov ’23US$56.73
US$70.72
+24.7%
8.3%US$85.00US$60.00US$56.8529

Analyst Forecast: Target price is lower than the current share price.

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