g shorter-term holders • Valuation attractive at 21x CY18E EV/uFCF (adjusted for SBC) given its 20% uFCF CAGR (FY19-22E). - This compares to peers Palo Alto Networks (39x), Fortinet (19x) and Check Point Software (18x), all of whom are more geared to the slowing Network security market and have lower FCF growth.

SGN.S Linde LING.DE Valeo SA VLOF.PA Continental AG CONG.DE Oesterreichische Post AG POST.VI Vinci SGEF.PA Deutsche Lufthansa AG LHAG.DE Palo Alto Networks PANW. N Vodafone Group Plc VOD.L Deutsche Post DHL DPWGn.DE PostNL NV PTNL.AS Wal-Mart WMT.N Deutsche Telekom DTEGn.DE Praxair PX.N Wol