research2discovery
@R2Discovery
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Focused on finding great businesses. Concentrated Long Term Investor. Insights Driven. Own opinions, no investment advice.
Joined October 2024
Throughout years of researching numerous cybersecurity companies, one can observe that, unfortunately, most are far from being true cybersecurity firms by nature. Rather, they are second or third derivatives cybsec play’s , such as consultants, distributors, or providers of generic, mass-market cybersecurity technology with few entry barriers. 1) What is then a real listed Cybsec Pureplay in Europe? Wallix ($ALLIX) stands out on many fronts. A recently published Gartner report on the Privileged Access Management (PAM) market, which highlighted its major players, once again indicated that Wallix is one of the global technology leaders in the PAM space, among nine other companies, all of which are significantly larger than Wallix. Gartner is really just one research institute of many who confirms this notion but it’s the industry leading research firm.
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Release date coming up soon? $GUI.PA Guillemot corp 👀
Forza Horizon! What are some of the most important things Playstation players need to know before they join us at the Festival? Share your wisdom!
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RT @ArtificallCom: The Wallix stock broke up a resistance with solid buyer volumes. It's a buying signal! The price could reach 19.7 € 🎯…
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Nice piece on Wallix. Agree that they need to execute on profitability and as they promised profitability for full year. They mention these levers basically looking like they want to keep OPEX flat meaning all growth/additional revenues should translate to profitability, Just quick there regarding license sales sliding there - arguably most important part on growth drivers as similar to its direct peers is the transition to stable/predictable subscription revenues. For full year these are up by 75% or 7.9 million. As that base gets larger they should deliver higher growth rates. MRR stands at 2 million 25% growth versus last year.
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Embracer $EMBRAC - strong KCD2 momentum continues on Steam for how long can it continue? Likely helpful to some bit that the major CIV7 release also looking weak with only 50% positive user score on Steam. On PS5 surprised KCD2 is not on top 1-2 spot in the US best sellers currently no.5 - did not follow it during release so might have been there for some while. On sequel theme for Embracer previous big hit Wreckfest coming into EA in late March. Success here could likely help sales for $GUI.PA too. And can KF 3 set for March 2025 beat its predecessors review score's? Certainly interesting release period ahead.
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CTT Systems $CTT - Is there an explanation why the distributors are "well-stocked" in the after-market (AM) it would be interesting to understand if competitors are gaining ground in AM? Perhaps someone following or seeing this knows more about the current competitive dynamics? @AbcpokerBI
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@evfcfaddict @memyselfandi006 Thanks! For H1-24 I get to c. EUR 20M net CF what do you think it can be for H2?
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@BodenPJ Ja lär väl komma in 30-40 st till i den här fabrikstakten? Från generellt synsätt i process tror många missar att det är klokt arbeta igenom nedsidan för att förstå uppsidan. Man verkar gärna inte fråga varför ex. denna fråga ->
@European_DGI Do you have thoughts around the current short-selling? (Meaning what is the reason why a tiger cub is short the stock?) ->
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@European_DGI Do you have thoughts around the current short-selling? (Meaning what is the reason why a tiger cub is short the stock?) ->
What is Viking Global short-selling thesis on Evolution $EVO? Tiger Cub👀
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@AlejandroUgal Nice one, congratulations. Did not know Thales is so active in smaller cybersec m&a now.
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@AlejandroUgal Very nice spot with M&A. Thales cybersecurity looks like important partner, so they know products:
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RT @Eric_Lewin: Belle publication pour @wallixcom avec un CA en hausse de 12,9% à 34,1 millions d'euros!! Résultat d'exploitation positif à…
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Maintenant, avec Trump au pouvoir, l’amusement pourrait vraiment commencer pour Wallix 🍾 Je pense que les entreprises européennes vont faire attention à savoir si elles confient leurs accès aux États-Unis ou non. Et Wallix est le seul logiciel non américain qui peut obtenir du business en gestion des accès.
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@Eric_Lewin @GuerbetGroup Bien, que penses-tu de Wallix maintenant ? Cela semble être un rapport très solide sur la croissance des abonnements et maintenant en bonne voie pour atteindre une rentabilité totale pour la première fois de son histoire. ->
The Rare Pure-Play Cybsec Wallix Pivots To Profitability: Discovery Phase Of Europe’s Cheapest Cybersecurity Pure-Play My estimate of the Wallix $ALLIX cost base is around €9 million per quarter, which means that with €11.2 million in revenue, Wallix generated €1.4 million in operating profit in Q4 2024. Assuming that the growth rate remains around +20% (and it actually seems to be accelerating) and that the gross margin stays at 90%+ in 2025, we get approximately €42 million in revenue and single digit million in profit in 2025. At a ridiculously low market capitalization €69.5m with €10m cash. There is an abundance of angles that supports this – for example have a look on direct pure-play Cybsec peers valuation with similar operational levers is enough to see the irrationality between price and value. Direct peers are trading EV/S 10x+ and Wallix at c.2x for 2024 which is decreasing fast in subsequent years together with strong profitability improvement that is now in full action mode. Reminder: When it comes to #cybersecurity software focused on identity and access security, there is only one such company in Europe and which also happens to recognized by industry experts as one of the globally major players from a technology standpoint: Wallix Group. $Allix $CYBR $ZS $PANW $CRWD $MSFT $PLTR $CIBR $S @joinyellowbrick @ivanhoff2 @geokoutalidis
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