Fortinet, Inc.

LSE:0IR9 Stock Report

Market Cap: US$74.6b

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 ($95.09) is trading below our estimate of fair value ($135.18)

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 Ratio48.1x
EarningsUS$1.53b
Market CapUS$74.57b

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 Average76.6x
SGE Sage Group
39.7x12.5%UK£12.8b
BLTG Blancco Technology Group
63x36.0%UK£173.0m
PANW Palo Alto Networks
44.7x-3.7%US$123.7b
CNS Corero Network Security
159.1x52.7%UK£100.9m
0IR9 Fortinet
48.1x10.6%US$74.6b

Price-To-Earnings vs Peers: 0IR9 is good value based on its Price-To-Earnings Ratio (48.1x) compared to the peer average (81.2x).

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
2.9xn/aUS$5.14m
No more companies available in this PE range
0IR9 48.1xIndustry Avg. 34.3xNo. of Companies4PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0IR9 is expensive based on its Price-To-Earnings Ratio (48.1x) compared to the UK Software industry average (34.2x).

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 Ratio48.1x
Fair PE Ratio59.4x

Price-To-Earnings vs Fair Ratio: 0IR9 is good value based on its Price-To-Earnings Ratio (48.1x) compared to the estimated Fair Price-To-Earnings Ratio (59.4x).

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$95.09
US$96.64
+1.6%
11.6%US$115.00US$62.00n/a37
Dec ’25US$95.05
US$95.07
+0.02%
11.5%US$111.00US$62.00n/a36
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$49.00US$95.0534
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

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/27 04:22
End of Day Share Price 2024/12/27 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Fortinet, Inc. is covered by 81 analysts. 41 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Shrenik KothariBaird
Ishan MajumdarBaptista Research
Saket KaliaBarclays