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  "documentTitle": "Forescout Technologies (FSCT)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-05-13 00:00:00",
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  "notes": "Includes a snippet of Avira's consolidated income statement and a comparative table of acquisition metrics.",
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      "kind": "callout",
      "text": "How can Forescout justify a 4.7x NTM EV / Sales multiple with projected sales contraction in Q1 FY20 and continued unprofitability?",
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      "text": "The precedent (pre-COVID19) software transactions cited in the deal proxy carry a median NTM revenue multiple of 4.7x. However, Spruce Point questions whether these transactions are now relevant to a post-COVID19 Forescout...",
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      "text": "Source: Bundesanzeiger",
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      "text": "Consolidated income statement for Avira (2017-2018)",
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      "text": "Avira Acquisition Analysis table showing Sales, Growth, and EV/Sales multiples for FY17-FY20",
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      "text": "More Recent, Profitable, Cybersecurity Deal Priced At A Sales Multiple Half of Forescout's",
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