Competing with a varied mix of hardware, software, and integrated rivals like Danaher (DHR), IBM (IBM), and CA (CA) is no picnic, but NetScout Systems (NTCT)
believes it has found a winning combination with a mixed hardware and
software approach to network and application performance management. The
company still generates the bulk of its revenue from three
verticals (finance, telecom services, government), but the relatively
new nGeniusONE platform should meaningfully expand its addressable
market and could fuel strong growth for multiple years. While
backward-looking valuation metrics may not scream "bargain" on these
shares, high single-digit free cash flow would support a fair value in
the mid-$40s.
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NetScout's Performance Management Managing Good Performance
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