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Checking in on the US Enterprise Software Industry

PART:
1 2 3 4 5 6 7 8 9 10
Part 7
Checking in on the US Enterprise Software Industry PART 7 OF 10

Comparing Symantec’s Valuation

Symantec’s comprehensive valuation

Symantec (SYMC) has an EV (enterprise value) of ~$22.4 billion. In comparison, peers VMware (VMW), Intuit (INTU), Microsoft (MSFT), and Citrix Systems (CTXS) have EVs of ~$29 billion, ~$32.9 billion, ~$512.1 billion, and ~$12.2 billion, respectively.

Comparing Symantec&#8217;s Valuation

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Symantec’s EV-to-adjusted EBITDA (enterprise value to adjusted earnings before interest, tax, depreciation, and amortization) multiple for the trailing 12 months is 27.2x. Its EV-to-estimated EBITDA multiple is 9.5x. Its EV-to-sales multiple for the trailing 12 months is 5.6x, while its expected EV-to-sales multiple for the next year is 4.1x.

Earnings and sales

The -$0.38 EPS (earnings per share) for 2016 were based on total sales of $4 billion, which had fallen 4% from the year prior. Sales are expected to expand to ~$5.1 billion–$5.4 billion in 2017.

Inside Symantec’s price metrics

With a book value per share of ~$5.60, Symantec is trading at a price-to-book value of 5.3x. The stock’s estimated book value per share for 2017 is ~$5.90. Its price-to-sales ratio is 4.6x, and the estimated price-to-sales ratio is 3.6x for 2017.

A look at Symantec’s debt position

Symantec’s balance sheet reflects short-term debt and long-term debt of $1.3 billion and $6.9 billion, respectively, making its total debt $8.2 billion. As the company reported total capital of $11.7 billion, its total debt-to-total-capital ratio is 70%. The company’s debt-to-assets, debt-to-equity, and debt-to-EBITDA ratios are 0.45x, 234.8x, and 9.9x, respectively.

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