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Darktrace results show it continues to be undervalued versus its US peers

Date: 11 April 2024

1 minute read

11 April 2024

If you are covering Darktrace's latest results, please see the following comment from Ben Barringer, technology analyst at Quilter Cheviot:

“We’ve had another extremely solid print from Darktrace this morning, showing it continues to be undervalued versus its US peers. The trading statement showed consistent strong growth and another beat and raise.

“Revenues are up 26% and, importantly, net annualised recurring revenue turned positive. Roughly half of this growth is coming from new customers, while the other half is coming from an increase in sales to existing customers, resulting in good churn and upsell metrics.

“Darktrace raised guidance for its revenue growth, now expecting 25.5%, while margins were also raised from at least 21% to at least 23%. This means strong earnings upgrades which should help narrow the discount to US peers.

“Darktrace's new Chief Revenue Officer, Denise Walter, appears to be doing well at driving the topline, while its CFO Cathy Graham, is delivering on margin improvement.”

Megan Southwell

External Communications Manager
+44 (0)7500 523227

Notes to Editors

Notes to Editors:

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