- While not a pure SaaS play, the company nevertheless sprouts a SaaS-like business model with recurring maintenance sales, 80%+ gross margins, 30%+ revenue growth, and large up-sell revenues.
- We think that the 3.6x 2020 EV/S multiple is too low for a market leader with these characteristics. The company has multiple large greenfield opportunities in front of it.
- While not profitable yet, at current speed, it can continue for well over a decade before running out of cash. Leverage will kick in much sooner than that.
Tufin Shares Are Still A Bargain
November 18th, 2019 · No Comments