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玮大发明
2021-10-29

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SentinelOne: Why I Am Not A Buyer. Yet.<blockquote>哨兵一号：为什么我不是买家。还。</blockquote>

Summary SentinelOne went public in June of 2021 and has been on somewhat of a roller coaster since.

SentinelOne: Why I Am Not A Buyer. Yet.<blockquote>哨兵一号：为什么我不是买家。还。</blockquote>

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Yet.<blockquote>哨兵一号：为什么我不是买家。还。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184565150","media":"Seeking Alpha","summary":"Summary\n\nSentinelOne went public in June of 2021 and has been on somewhat of a roller coaster since.","content":"Summary<blockquote>总结</blockquote> <ul> <li>SentinelOne went public in June of 2021 and has been on somewhat of a roller coaster since.</li> <li>The company has an enormous TAM, incredible growth, and strong future prospects.</li> <li>Despite these positives, there remain concerns that may not justify the current valuation.</li> <li>There are likely much better entry points coming.</li> </ul> <img src=\"https://static.tigerbbs.com/e6e594ecb7b47299440e7129e25e25e1\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Sundry Photography/iStock Editorial via Getty Images<blockquote><ul><li>SentinelOne于2021年6月上市，此后就像过山车一样。</li><li>该公司拥有巨大的TAM、令人难以置信的增长和强劲的未来前景。</li><li>尽管有这些积极因素，但仍然存在可能无法证明当前估值合理的担忧。</li><li>可能会有更好的切入点。</li></ul>杂项摄影/iStock社论来自Getty Images</blockquote> SentinelOne Enters The Cybersecurity Fray<blockquote>SentinelOne加入网络安全领域</blockquote> Cybersecurity is one of the most critical challenges of our time. The total costs from malware, ransomware, data breaches, and other threats account for billions upon billions of dollars worldwide - and growing rapidly. These threats affect organizations of all types. We have seen data breaches at Big Tech companies, hacks of United States government agencies, a brazen attack on a vaccine registry in Italy, and everything in between. The work-from-home (WFH) acceleration has only expanded the market for endpoint security that much faster.<blockquote>网络安全是我们这个时代最严峻的挑战之一。恶意软件、勒索软件、数据泄露和其他威胁的总成本在全球范围内高达数十亿美元，并且还在快速增长。这些威胁影响所有类型的组织。我们已经看到了大型科技公司的数据泄露、美国政府机构的黑客攻击、对意大利疫苗登记处的厚颜无耻攻击，以及介于两者之间的一切。在家工作(WFH)的加速只会更快地扩大终端安全市场。</blockquote> SentinelOne(NYSE:S)&nbsp;is a leader in endpoint protection services and a rapidly growing company to watch.<blockquote>SentinelOne（纽约证券交易所股票代码：S）是终端保护服务领域的领导者，也是一家值得关注的快速发展的公司。</blockquote> SentinelOne Has Amazing Potential<blockquote>SentinelOne具有惊人的潜力</blockquote> As mentioned, SentinelOne is a leader in endpoint protection&nbsp;according to Gartner in 2021. This is a critically important function.<blockquote>如前所述，根据Gartner 2021年的数据，SentinelOne是终端保护领域的领导者。这是一个至关重要的功能。</blockquote> <img src=\"https://static.tigerbbs.com/96099a0afe6744349cff194a12bcab08\" tg-width=\"640\" tg-height=\"673\" width=\"100%\" height=\"auto\"><blockquote></blockquote> Forbes&nbsp;puts the total addressable market for SentinelOne&nbsp;at over $40B by 2024. It is important to note the stiff competition among the leaders. CrowdStrike(NASDAQ:CRWD)&nbsp;is clearly still the Gartner favorite among SentinelOne' s direct competition.<blockquote>《福布斯》预计，到2024年，SentinelOne的总潜在市场将超过400亿美元。重要的是要注意领导者之间的激烈竞争。CrowdStrike（纳斯达克：CRWD）显然仍然是SentinelOne直接竞争对手中Gartner的最爱。</blockquote> The growth metrics at SentinelOne are likely unmatched among peers. Year-over-year (YOY) the company increased annual recurring revenues (ARR) over 127% based on July 31, 2021 earnings. The total customer count increased over 75% in this period. Even better, large customers (those who provide over $100,000 in ARR) grew 140% over this time.<blockquote>SentinelOne的增长指标在同行中可能是无与伦比的。根据2021年7月31日的收益，该公司的年度经常性收入(ARR)同比增长超过127%。在此期间，客户总数增加了75%以上。更好的是，大客户（ARR超过100,000美元的客户）在此期间增长了140%。</blockquote> <img src=\"https://static.tigerbbs.com/10618306d4cf30dc86fe0f811a8c6d10\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> Shown above, quarterly revenue for the three months ended July 31, 2021 was $45.75M, up from $37.4M for the three months ended April 30, 2021. This is a quarterly growth of over 22%. The company's growth is expected to continue with another 70% of annual growth in fiscal 2023.<blockquote>如上所示，截至2021年7月31日的三个月的季度收入为4575万美元，高于截至2021年4月30日的三个月的3740万美元。这是超过22%的季度增长。预计该公司将继续增长，2023财年年增长率将达到70%。</blockquote> Author's note: S runs on a January 31 fiscal year end, so fiscal 2023 is the year ending January 31, 2023.<blockquote>作者注：S于1月31日财年结束，因此2023财年是截至2023年1月31日的年度。</blockquote> This is all excellent news. It is important not to forget the laws of small numbers and percentages. For instance, while SentinelOne is adding more revenue on a percentage basis, CrowdStrike is adding much more on an absolute basis. As SentinelOne scales the percentages will normalize. The same is true of customers. While SentinelOne grew the customer base 75% from July 31, 2020 to July 31, 2021, this amounted to about 2,300 customers added. Over the same period CrowdStrike added 5,850 customers, an increase of 80%.<blockquote>这都是好消息。重要的是不要忘记小数和百分比的定律。例如，虽然SentinelOne在百分比基础上增加了更多收入，但CrowdStrike在绝对基础上增加了更多收入。随着SentinelOne的扩展，百分比将正常化。客户也是如此。虽然SentinelOne的客户群从2020年7月31日到2021年7月31日增长了75%，但这相当于增加了约2,300名客户。同期，CrowdStrike增加了5,850名客户，增长了80%。</blockquote> The IPO cash windfall should allow management to spend whatever is needed on increasing the customer base and ARR. The company us sitting on $1.68B in cash and equivalents with only a small amount of current liabilities, relatively. Potential acquisitions are also a possibility.<blockquote>首次公开募股的意外之财应该可以让管理层在增加客户群和ARR上花费任何需要的资金。该公司拥有$16.8亿现金及等价物，相对来说只有少量流动负债。潜在的收购也是一种可能性。</blockquote> Some Metrics Are Concerning<blockquote>一些指标令人担忧</blockquote> SentinelOne does have areas for which improvement is needed in coming quarters if they are to become a stock for which I am a buyer.<blockquote>如果SentinelOne要成为我买入的股票，那么它们在未来几个季度确实有需要改进的地方。</blockquote> First, the ARR per customer is much lower than many peers. Based on the ARR reported of $198M, and total customer count of 5,400, SentinelOne is bringing in just $36,667 in ARR per customer. CrowdStrike, by contrast, brings in nearly $100,000 in ARR per customer. For those interested, I have written extensively about CRWD's metricshere.<blockquote>首先，每个客户的ARR远低于许多同行。根据报告的1.98亿美元的ARR和5,400名客户总数，SentinelOne每位客户的ARR仅为36,667美元。相比之下，CrowdStrike为每位客户带来了近10万美元的ARR。对于那些感兴趣的人，我在这里写了大量关于CRWD指标的文章。</blockquote> Determining SentinelOne's customer acquisition cost is somewhat difficult based on the limited reporting available. However, it is likely, based on the six months ended July 31, 2021, that S has spent $130-$150M on sales and marketing in the last four quarters. This would give them a customer acquisition cost of between $56,000 and $64,000 for that period. Given the average ARR, the payback period is 18-20 months. This is far outside of the&nbsp;optimal 5-10 month payback period&nbsp;for SaaS companies. The&nbsp;SaaS Magic Number&nbsp;for the last four quarters would also be in the range of 0.73 - 0.85. The optimal Magic Number is greater than 0.75.<blockquote>基于有限的可用报告，确定SentinelOne的客户获取成本有些困难。然而，根据截至2021年7月31日的六个月，S很可能在过去四个季度的销售和营销支出为1.3亿至1.5亿美元。这将使他们在此期间的客户获取成本在56,000美元到64,000美元之间。考虑到平均ARR，投资回收期为18-20个月。这远远超出了SaaS公司5-10个月的最佳投资回收期。过去四个季度的SaaS神奇数字也在0.73-0.85之间。最佳幻数大于0.75。</blockquote> Gross margin is another area in which SentinelOne struggles compared to peers. Zscaler(NASDAQ:ZS),which I have covered recently here,is posting gross margins nearing 80% in some quarters, while S is struggling to maintain 60%.<blockquote>与同行相比，毛利率是SentinelOne陷入困境的另一个领域。我最近在这里介绍过的Zscaler（纳斯达克：ZS）在某些季度的毛利率接近80%，而S则难以维持60%。</blockquote> <img src=\"https://static.tigerbbs.com/0889f0f0e5af5fdb5536d76f911a1b85\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> As shown above, SentinelOne has some work to do in this area. Gross margin is often an indicator of a SaaS company's ability to scale to profitability successfully.<blockquote>如上所示，SentinelOne在这方面还有一些工作要做。毛利率通常是SaaS公司成功实现盈利能力的指标。</blockquote> Despite these concerning metrics, SentinelOne stock trades at an incredibly high price-to-sales (PS) ratio. The&nbsp;forward PS ratio is 87.44x according to Seeking Alpha. This is far higher than peers who have better overall SaaS metrics. Given, none of these companies are growing at the percentages of SentinelOne, shown below.<blockquote>尽管有这些令人担忧的指标，SentinelOne股票的市销率(PS)仍高得令人难以置信。根据Seeking Alpha的数据，远期市盈率为87.44倍。这远远高于整体SaaS指标更好的同行。鉴于此，这些公司都没有以SentinelOne的百分比增长，如下所示。</blockquote> <img src=\"https://static.tigerbbs.com/cf19f191fc5473f3cf4de8bbf36e155a\" tg-width=\"635\" tg-height=\"501\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> <img src=\"https://static.tigerbbs.com/e781462b7c1a72ea837107c64eafcb46\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> Summary on SentinelOne<blockquote>SentinelOne总结</blockquote> Wall Street is generally bullish on S stock with a Bullish rating according to&nbsp;Seeking Alpha's Wall St. Analysts Rating Summary. 10 analysts come in at Bullish or Very Bullish and two have neutral ratings. The average analyst price target is just over $75 or about 17% over current prices.<blockquote>根据Seeking Alpha的华尔街分析师评级摘要，华尔街普遍看好S股，给予看涨评级。10名分析师给予看涨或非常看涨评级，两名分析师给予中性评级。分析师的平均目标价略高于75美元，比当前价格高出约17%。</blockquote> As shown below, the stock has enjoyed a bullish ride since its IPO, rising 46%. It is currently 15% off September 2021 highs.<blockquote>如下图所示，该股自IPO以来一直处于看涨状态，上涨了46%。目前较2021年9月高点低15%。</blockquote> <img src=\"https://static.tigerbbs.com/acef013b9d521f386145c4d3b01cc79e\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> In my opinion, SentinelOne is a stock to watch and a company with massive potential. At this point, however, I need to see quarterly improvements in metrics, or a price correction, before initiating a position.<blockquote>在我看来，SentinelOne是一只值得关注的股票，也是一家具有巨大潜力的公司。然而，在这一点上，我需要在建仓之前看到指标的季度改善或价格调整。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SentinelOne: Why I Am Not A Buyer. Yet.<blockquote>哨兵一号：为什么我不是买家。还。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSentinelOne: Why I Am Not A Buyer. Yet.<blockquote>哨兵一号：为什么我不是买家。还。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-21 10:50\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>SentinelOne went public in June of 2021 and has been on somewhat of a roller coaster since.</li> <li>The company has an enormous TAM, incredible growth, and strong future prospects.</li> <li>Despite these positives, there remain concerns that may not justify the current valuation.</li> <li>There are likely much better entry points coming.</li> </ul> <img src=\"https://static.tigerbbs.com/e6e594ecb7b47299440e7129e25e25e1\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\">Sundry Photography/iStock Editorial via Getty Images<blockquote><ul><li>SentinelOne于2021年6月上市，此后就像过山车一样。</li><li>该公司拥有巨大的TAM、令人难以置信的增长和强劲的未来前景。</li><li>尽管有这些积极因素，但仍然存在可能无法证明当前估值合理的担忧。</li><li>可能会有更好的切入点。</li></ul>杂项摄影/iStock社论来自Getty Images</blockquote> SentinelOne Enters The Cybersecurity Fray<blockquote>SentinelOne加入网络安全领域</blockquote> Cybersecurity is one of the most critical challenges of our time. The total costs from malware, ransomware, data breaches, and other threats account for billions upon billions of dollars worldwide - and growing rapidly. These threats affect organizations of all types. We have seen data breaches at Big Tech companies, hacks of United States government agencies, a brazen attack on a vaccine registry in Italy, and everything in between. The work-from-home (WFH) acceleration has only expanded the market for endpoint security that much faster.<blockquote>网络安全是我们这个时代最严峻的挑战之一。恶意软件、勒索软件、数据泄露和其他威胁的总成本在全球范围内高达数十亿美元，并且还在快速增长。这些威胁影响所有类型的组织。我们已经看到了大型科技公司的数据泄露、美国政府机构的黑客攻击、对意大利疫苗登记处的厚颜无耻攻击，以及介于两者之间的一切。在家工作(WFH)的加速只会更快地扩大终端安全市场。</blockquote> SentinelOne(NYSE:S)&nbsp;is a leader in endpoint protection services and a rapidly growing company to watch.<blockquote>SentinelOne（纽约证券交易所股票代码：S）是终端保护服务领域的领导者，也是一家值得关注的快速发展的公司。</blockquote> SentinelOne Has Amazing Potential<blockquote>SentinelOne具有惊人的潜力</blockquote> As mentioned, SentinelOne is a leader in endpoint protection&nbsp;according to Gartner in 2021. This is a critically important function.<blockquote>如前所述，根据Gartner 2021年的数据，SentinelOne是终端保护领域的领导者。这是一个至关重要的功能。</blockquote> <img src=\"https://static.tigerbbs.com/96099a0afe6744349cff194a12bcab08\" tg-width=\"640\" tg-height=\"673\" width=\"100%\" height=\"auto\"><blockquote></blockquote> Forbes&nbsp;puts the total addressable market for SentinelOne&nbsp;at over $40B by 2024. It is important to note the stiff competition among the leaders. CrowdStrike(NASDAQ:CRWD)&nbsp;is clearly still the Gartner favorite among SentinelOne' s direct competition.<blockquote>《福布斯》预计，到2024年，SentinelOne的总潜在市场将超过400亿美元。重要的是要注意领导者之间的激烈竞争。CrowdStrike（纳斯达克：CRWD）显然仍然是SentinelOne直接竞争对手中Gartner的最爱。</blockquote> The growth metrics at SentinelOne are likely unmatched among peers. Year-over-year (YOY) the company increased annual recurring revenues (ARR) over 127% based on July 31, 2021 earnings. The total customer count increased over 75% in this period. Even better, large customers (those who provide over $100,000 in ARR) grew 140% over this time.<blockquote>SentinelOne的增长指标在同行中可能是无与伦比的。根据2021年7月31日的收益，该公司的年度经常性收入(ARR)同比增长超过127%。在此期间，客户总数增加了75%以上。更好的是，大客户（ARR超过100,000美元的客户）在此期间增长了140%。</blockquote> <img src=\"https://static.tigerbbs.com/10618306d4cf30dc86fe0f811a8c6d10\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> Shown above, quarterly revenue for the three months ended July 31, 2021 was $45.75M, up from $37.4M for the three months ended April 30, 2021. This is a quarterly growth of over 22%. The company's growth is expected to continue with another 70% of annual growth in fiscal 2023.<blockquote>如上所示，截至2021年7月31日的三个月的季度收入为4575万美元，高于截至2021年4月30日的三个月的3740万美元。这是超过22%的季度增长。预计该公司将继续增长，2023财年年增长率将达到70%。</blockquote> Author's note: S runs on a January 31 fiscal year end, so fiscal 2023 is the year ending January 31, 2023.<blockquote>作者注：S于1月31日财年结束，因此2023财年是截至2023年1月31日的年度。</blockquote> This is all excellent news. It is important not to forget the laws of small numbers and percentages. For instance, while SentinelOne is adding more revenue on a percentage basis, CrowdStrike is adding much more on an absolute basis. As SentinelOne scales the percentages will normalize. The same is true of customers. While SentinelOne grew the customer base 75% from July 31, 2020 to July 31, 2021, this amounted to about 2,300 customers added. Over the same period CrowdStrike added 5,850 customers, an increase of 80%.<blockquote>这都是好消息。重要的是不要忘记小数和百分比的定律。例如，虽然SentinelOne在百分比基础上增加了更多收入，但CrowdStrike在绝对基础上增加了更多收入。随着SentinelOne的扩展，百分比将正常化。客户也是如此。虽然SentinelOne的客户群从2020年7月31日到2021年7月31日增长了75%，但这相当于增加了约2,300名客户。同期，CrowdStrike增加了5,850名客户，增长了80%。</blockquote> The IPO cash windfall should allow management to spend whatever is needed on increasing the customer base and ARR. The company us sitting on $1.68B in cash and equivalents with only a small amount of current liabilities, relatively. Potential acquisitions are also a possibility.<blockquote>首次公开募股的意外之财应该可以让管理层在增加客户群和ARR上花费任何需要的资金。该公司拥有$16.8亿现金及等价物，相对来说只有少量流动负债。潜在的收购也是一种可能性。</blockquote> Some Metrics Are Concerning<blockquote>一些指标令人担忧</blockquote> SentinelOne does have areas for which improvement is needed in coming quarters if they are to become a stock for which I am a buyer.<blockquote>如果SentinelOne要成为我买入的股票，那么它们在未来几个季度确实有需要改进的地方。</blockquote> First, the ARR per customer is much lower than many peers. Based on the ARR reported of $198M, and total customer count of 5,400, SentinelOne is bringing in just $36,667 in ARR per customer. CrowdStrike, by contrast, brings in nearly $100,000 in ARR per customer. For those interested, I have written extensively about CRWD's metricshere.<blockquote>首先，每个客户的ARR远低于许多同行。根据报告的1.98亿美元的ARR和5,400名客户总数，SentinelOne每位客户的ARR仅为36,667美元。相比之下，CrowdStrike为每位客户带来了近10万美元的ARR。对于那些感兴趣的人，我在这里写了大量关于CRWD指标的文章。</blockquote> Determining SentinelOne's customer acquisition cost is somewhat difficult based on the limited reporting available. However, it is likely, based on the six months ended July 31, 2021, that S has spent $130-$150M on sales and marketing in the last four quarters. This would give them a customer acquisition cost of between $56,000 and $64,000 for that period. Given the average ARR, the payback period is 18-20 months. This is far outside of the&nbsp;optimal 5-10 month payback period&nbsp;for SaaS companies. The&nbsp;SaaS Magic Number&nbsp;for the last four quarters would also be in the range of 0.73 - 0.85. The optimal Magic Number is greater than 0.75.<blockquote>基于有限的可用报告，确定SentinelOne的客户获取成本有些困难。然而，根据截至2021年7月31日的六个月，S很可能在过去四个季度的销售和营销支出为1.3亿至1.5亿美元。这将使他们在此期间的客户获取成本在56,000美元到64,000美元之间。考虑到平均ARR，投资回收期为18-20个月。这远远超出了SaaS公司5-10个月的最佳投资回收期。过去四个季度的SaaS神奇数字也在0.73-0.85之间。最佳幻数大于0.75。</blockquote> Gross margin is another area in which SentinelOne struggles compared to peers. Zscaler(NASDAQ:ZS),which I have covered recently here,is posting gross margins nearing 80% in some quarters, while S is struggling to maintain 60%.<blockquote>与同行相比，毛利率是SentinelOne陷入困境的另一个领域。我最近在这里介绍过的Zscaler（纳斯达克：ZS）在某些季度的毛利率接近80%，而S则难以维持60%。</blockquote> <img src=\"https://static.tigerbbs.com/0889f0f0e5af5fdb5536d76f911a1b85\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> As shown above, SentinelOne has some work to do in this area. Gross margin is often an indicator of a SaaS company's ability to scale to profitability successfully.<blockquote>如上所示，SentinelOne在这方面还有一些工作要做。毛利率通常是SaaS公司成功实现盈利能力的指标。</blockquote> Despite these concerning metrics, SentinelOne stock trades at an incredibly high price-to-sales (PS) ratio. The&nbsp;forward PS ratio is 87.44x according to Seeking Alpha. This is far higher than peers who have better overall SaaS metrics. Given, none of these companies are growing at the percentages of SentinelOne, shown below.<blockquote>尽管有这些令人担忧的指标，SentinelOne股票的市销率(PS)仍高得令人难以置信。根据Seeking Alpha的数据，远期市盈率为87.44倍。这远远高于整体SaaS指标更好的同行。鉴于此，这些公司都没有以SentinelOne的百分比增长，如下所示。</blockquote> <img src=\"https://static.tigerbbs.com/cf19f191fc5473f3cf4de8bbf36e155a\" tg-width=\"635\" tg-height=\"501\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> <img src=\"https://static.tigerbbs.com/e781462b7c1a72ea837107c64eafcb46\" tg-width=\"635\" tg-height=\"450\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> Summary on SentinelOne<blockquote>SentinelOne总结</blockquote> Wall Street is generally bullish on S stock with a Bullish rating according to&nbsp;Seeking Alpha's Wall St. Analysts Rating Summary. 10 analysts come in at Bullish or Very Bullish and two have neutral ratings. The average analyst price target is just over $75 or about 17% over current prices.<blockquote>根据Seeking Alpha的华尔街分析师评级摘要，华尔街普遍看好S股，给予看涨评级。10名分析师给予看涨或非常看涨评级，两名分析师给予中性评级。分析师的平均目标价略高于75美元，比当前价格高出约17%。</blockquote> As shown below, the stock has enjoyed a bullish ride since its IPO, rising 46%. It is currently 15% off September 2021 highs.<blockquote>如下图所示，该股自IPO以来一直处于看涨状态，上涨了46%。目前较2021年9月高点低15%。</blockquote> <img src=\"https://static.tigerbbs.com/acef013b9d521f386145c4d3b01cc79e\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> In my opinion, SentinelOne is a stock to watch and a company with massive potential. At this point, however, I need to see quarterly improvements in metrics, or a price correction, before initiating a position.<blockquote>在我看来，SentinelOne是一只值得关注的股票，也是一家具有巨大潜力的公司。然而，在这一点上，我需要在建仓之前看到指标的季度改善或价格调整。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4460917-sentinelone-why-i-am-not-a-buyer-yet\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"S":"SentinelOne, Inc"},"source_url":"https://seekingalpha.com/article/4460917-sentinelone-why-i-am-not-a-buyer-yet","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184565150","content_text":"Summary\n\nSentinelOne went public in June of 2021 and has been on somewhat of a roller coaster since.\nThe company has an enormous TAM, incredible growth, and strong future prospects.\nDespite these positives, there remain concerns that may not justify the current valuation.\nThere are likely much better entry points coming.\n\nSundry Photography/iStock Editorial via Getty Images\nSentinelOne Enters The Cybersecurity Fray\nCybersecurity is one of the most critical challenges of our time. The total costs from malware, ransomware, data breaches, and other threats account for billions upon billions of dollars worldwide - and growing rapidly. These threats affect organizations of all types. We have seen data breaches at Big Tech companies, hacks of United States government agencies, a brazen attack on a vaccine registry in Italy, and everything in between. The work-from-home (WFH) acceleration has only expanded the market for endpoint security that much faster.\nSentinelOne(NYSE:S) is a leader in endpoint protection services and a rapidly growing company to watch.\nSentinelOne Has Amazing Potential\nAs mentioned, SentinelOne is a leader in endpoint protection according to Gartner in 2021. This is a critically important function.\n\nForbes puts the total addressable market for SentinelOne at over $40B by 2024. It is important to note the stiff competition among the leaders. CrowdStrike(NASDAQ:CRWD) is clearly still the Gartner favorite among SentinelOne' s direct competition.\nThe growth metrics at SentinelOne are likely unmatched among peers. Year-over-year (YOY) the company increased annual recurring revenues (ARR) over 127% based on July 31, 2021 earnings. The total customer count increased over 75% in this period. Even better, large customers (those who provide over $100,000 in ARR) grew 140% over this time.\nData by YCharts\nShown above, quarterly revenue for the three months ended July 31, 2021 was $45.75M, up from $37.4M for the three months ended April 30, 2021. This is a quarterly growth of over 22%. The company's growth is expected to continue with another 70% of annual growth in fiscal 2023.\nAuthor's note: S runs on a January 31 fiscal year end, so fiscal 2023 is the year ending January 31, 2023.\nThis is all excellent news. It is important not to forget the laws of small numbers and percentages. For instance, while SentinelOne is adding more revenue on a percentage basis, CrowdStrike is adding much more on an absolute basis. As SentinelOne scales the percentages will normalize. The same is true of customers. While SentinelOne grew the customer base 75% from July 31, 2020 to July 31, 2021, this amounted to about 2,300 customers added. Over the same period CrowdStrike added 5,850 customers, an increase of 80%.\nThe IPO cash windfall should allow management to spend whatever is needed on increasing the customer base and ARR. The company us sitting on $1.68B in cash and equivalents with only a small amount of current liabilities, relatively. Potential acquisitions are also a possibility.\nSome Metrics Are Concerning\nSentinelOne does have areas for which improvement is needed in coming quarters if they are to become a stock for which I am a buyer.\nFirst, the ARR per customer is much lower than many peers. Based on the ARR reported of $198M, and total customer count of 5,400, SentinelOne is bringing in just $36,667 in ARR per customer. CrowdStrike, by contrast, brings in nearly $100,000 in ARR per customer. For those interested, I have written extensively about CRWD's metricshere.\nDetermining SentinelOne's customer acquisition cost is somewhat difficult based on the limited reporting available. However, it is likely, based on the six months ended July 31, 2021, that S has spent $130-$150M on sales and marketing in the last four quarters. This would give them a customer acquisition cost of between $56,000 and $64,000 for that period. Given the average ARR, the payback period is 18-20 months. This is far outside of the optimal 5-10 month payback period for SaaS companies. The SaaS Magic Number for the last four quarters would also be in the range of 0.73 - 0.85. The optimal Magic Number is greater than 0.75.\nGross margin is another area in which SentinelOne struggles compared to peers. Zscaler(NASDAQ:ZS),which I have covered recently here,is posting gross margins nearing 80% in some quarters, while S is struggling to maintain 60%.\nData by YCharts\nAs shown above, SentinelOne has some work to do in this area. Gross margin is often an indicator of a SaaS company's ability to scale to profitability successfully.\nDespite these concerning metrics, SentinelOne stock trades at an incredibly high price-to-sales (PS) ratio. The forward PS ratio is 87.44x according to Seeking Alpha. This is far higher than peers who have better overall SaaS metrics. Given, none of these companies are growing at the percentages of SentinelOne, shown below.\nData by YCharts\nData by YCharts\nSummary on SentinelOne\nWall Street is generally bullish on S stock with a Bullish rating according to Seeking Alpha's Wall St. Analysts Rating Summary. 10 analysts come in at Bullish or Very Bullish and two have neutral ratings. The average analyst price target is just over $75 or about 17% over current prices.\nAs shown below, the stock has enjoyed a bullish ride since its IPO, rising 46%. It is currently 15% off September 2021 highs.\nData by YCharts\nIn my opinion, SentinelOne is a stock to watch and a company with massive potential. At this point, however, I need to see quarterly improvements in metrics, or a price correction, before initiating a position.","news_type":1,"symbols_score_info":{"S":0.9}},"isVote":1,"tweetType":1,"viewCount":1148,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":36,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}