Tenable Holdings Inc

TENB: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$86.00	Mlzhhgq	Hkyzxyd

Tenable Earnings: Macro Pressures Force Customers to Rethink Some Spending

Malik Ahmed Khan

Aug 1, 2024

We are trimming our fair value estimate for narrow-moat Tenable to $40 from $43 after the firm reported solid second-quarter earnings but lowered its top-line guidance for the second half of fiscal 2024. Coupled with the latter, management also reduced its forward-looking billings guidance for fiscal 2024, implying a top-line deceleration in fiscal 2025. Some of the fair value impact of the reduced sales growth was moderated by improved profitability as the firm continues to benefit from scale and the operating leverage built into its software business model.

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