Symantec to Acquire Blue Coat and Define the Future of Cybersecurity
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Symantec's (SYMC) Blue Coat Deal Looks Tentatively Good, but Some Risks Remain - BTIG
June 13, 2016 11:31 AM EDTBTIG affirms Symantec (NASDAQ: SYMC) with a Neutral rating after the company announced entering an agreement to acquire Blue Coat for about $4.65 billion.
Analyst Joel Fishbein commented Monday: The deal brings immediate benefits for SYMC: 1) increased enterprise security exposure, as pro forma... More
Symantec Corp (SYMC): Transformational Move Acquiring Blue Coat - UBS
June 13, 2016 9:09 AM EDTUBS analyst, Brent Thill, noted the transformational nature of Symantec's (NASDAQ: SYMC) acquisition of Blue Coat. No change to Sell rating or $16 PT.
SYMC is to acquire Blue Coat (BC) for an EV of $4.65B (~$3B equity value), implying CY16/CY17 EV/S 5.5x / 5x (vs. 2-3x paid by prior sponsors, in line with Raytheon/WBSN) assuming mid-teens rev growth consistent with prior years as disclosed in BC's recent S-1 filing. BC is also a profitable asset with high 20% Adj EBITDA margins (implied 20x/16x on... More
