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Mandiant Inc MNDT

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Morningstar’s Analysis

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Mandiant Performs Well in Q3, but Growth Lower Than We Expected; Maintaining $17 FVE

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

We are maintaining our $17 fair value estimate for no-moat Mandiant after its third-quarter results came in below our expectations for revenue growth and adjusted earnings, and its outlook for revenue growth in the fourth quarter fell short of what we anticipated. Nonetheless, we believe that Mandiant has a brighter future after shedding the FireEye products division in October and that the transition to subscriptions is a solid move in the long term. Without FireEye products, Mandiant is now a neutral player that is looking to become a key part of customers’ cybersecurity defense infrastructure by stepping in when threats emerge and by constantly verifying the attack perimeter. Although we believe Mandiant will be a key organization called on to remediate leading cyberthreats, our underlying concern is the ability to resolve issues, then lock customers into its ecosystem with products as a neutral player.

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Company Profile

Business Description

Mandiant (formally FireEye,) is a pure-play cybersecurity firm that focuses on incident response, threat intelligence, automated response, and managed security. Mandiant’s security experts can be used on demand or customers can outsource their security to Mandiant. The California-based company sells solutions security solutions worldwide, and sold its FireEye products division in October 2021.

601 McCarthy Boulevard
Milpitas, CA, 95035
T +1 408 321-6300
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Classic Growth
Employees 3,400