Subject: Re: Hypergrowth valuation
The 'price targets' by analysts are far more a reflection of the multiple selected.

True. But, at least in this case, the multiples are broadly consistent with expected growth over at least the next 3-5 years (i.e., around a 40 multiple on EPS with revenues growing at 35-40%/annum). Typically, such growth projections would be implausible, but arguably they're not if the focus is the security of machine data, which is quite likely to grow at such rates for a good while yet.