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 案例分析

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 NASDAQ: QUALYS INC
CYBER SECURITY / CLOUD SECURITY

成立日期 30 DEC 1999

上市日期 28 SEPT 2012

市值 USD 3.94 BILLION
員工人數 1,498 (2020)

網站 https://www.qualys.com

All data in this presentation was extracted as at 16 March 2021

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 內容
商業模式

• 核心業務
• 經濟護城河
• 成長動力
• 風險

管理層分析

• 管理
• 管理層指標

估值與股價

• 數據
• 估值

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 网络安全的概念及主要类型

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 #1 商業模式

Qualys 主要是以 SaaS 模式提供云安全服务的公司。

•侦探 IT 设施中的
安全风险

漏洞管理

供应商 •确保解决方案遵从
外部的法规条例和 公司为客户 •保护 IT 系统
内部的政策需求
合规性解决方案

•抵御网络攻击
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 #1 商業模式

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 #2 經濟護城河
1）网络效应 (Network Effect) - 黏性较高

Qualys的客户基本上都属于黏性较高的一方。

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 #3 增長動力
1）网络威胁与日俱增

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 #3 增長動力
2）网络安全的趋势

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 #4 風險
1) 科技風險 (Science & Technology Risk)
• 非常依賴科技方面的提升及開發來為消費者提供生態系統的服務，因此它會面對一定
程度的科技風險。

2) 关键人物风险 (Key Person Risk)

• 首席执行官的替换可能对该公司以后的成长方针会有所不一样的发展

3) 市场竞争非常高 (Intense Competition)

• 大小型企业的竞争
– Belden (Tripwire), Broadcom (Symantec Enterprise Security), CrowdStrike, F5 Networks, FireEye, Forescout Technologies, International
Business Machines, Micro Focus International, Rapid7, Palo Alto Networks, and Tenable Holdings, as well as privately held security
providers including Barracuda Networks, BeyondTrust Software, Flexera, Imperva, McAfee, Tanium, Trustwave Holdings, Venafi, and
Veracode.

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 管理層

Philippe Courtot Sumedh Thakar

首席执行官 (CEO) 首席产品官 (Chief Product Officer)

主席 (Chairman)
2021年2月
2021年2月 临时首席执行官 (Interim CEO)
因健康出现状况而暂时离席 兼
首席执行官 (Principle Executive Officer)
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 管理層

首席执行官请病假的消息出去后，
2月10日週三盤後交易中，Qualys
的股票下跌6.60美元（5.62％）

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 管理層
Philippe Courtot
Chairman and CEO

Philippe F. Courtot has served as our Chairman and Chief Executive

Officer since March 2001 and has been a director since January
2000. He also served as our President from May 2014 to October
2019 and from March 2011 to November 2013. From April 1999 to
February 2000, Mr. Courtot served as Chairman and Chief Executive
Officer of Signio Inc., a secure payments solution provider, until its
acquisition by VeriSign, Inc. Mr. Courtot holds a Master of Science
degree from the University of Paris.

We believe that Mr. Courtot possesses specific attributes that

qualify him to serve as a member of our board of directors,
including his experience as our Chief Executive Officer and his
background in the technology industry, as well as his perspective as
one of our significant stockholders.

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 管理層
Sumedh Thakar
President and Chief Product Officer

As President and Chief Product Officer at Qualys, Sumedh oversees worldwide field
operations, engineering, development and product management for the Qualys
software-as-a-service (SaaS) platform and integrated suite of security and compliance
applications. A core systems and database engineer, Sumedh started at Qualys in 2003,
architecting and delivering Qualys’ PCI compliance platform to meet the Payment Card
Industry (PCI) Data Security Standard (DSS) requirements. Today, more than 69 percent
of ASVs and 50 percent of QSAs worldwide use Qualys PCI to perform PCI DSS
certification.

A long time advocate of the SaaS model and cloud computing, Sumedh worked at
Intacct, a cloud-based financial and accounting software provider, before working at
Qualys. Previous to Intacct, Sumedh worked at Northwest Airlines to develop complex
algorithms for yield and revenue management for their backend reservation system.

Sumedh is active in the PCI and security community working closely with the PCI
Council on the development and enhancement of PCI DSS. He co-authored “PCI
Compliance for Dummies,” an easy-to-read guide designed to educate merchant
organizations about PCI. Sumedh has a bachelor’s degree in computer engineering
with distinction from the University of Pune.

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 管理層 – 大股东

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 VI 風險評級

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 VI 企業5維能力圖

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P.I.E.C.
Revenue

Net Income (Adj)

Diluted EPS (Adj)

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P.I.E.C.

Cash From
Operation

Free Cash
Flow (FCF)

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P.I.E.C.

Return On
Equity (Adj)

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P.I.E.C.

Total Debt
to Equity
Ratio

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 估值

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