Stranded Costs Obscure NortonLifeLock's True Earning Power [Seeking Alpha]
NortonLifeLock Inc. (NLOK)
Last nortonlifelock inc. earnings: 2/6 04:15 pm
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Source: Seeking Alpha
Seeking Alpha | Stranded Costs Obscure NortonLifeLock's True Earning Power Nov. 17, 2019 10:39 AM ET About: NortonLifeLock Inc. (NLOK) by: Matt Franz Long only, value, special situations, long-term horizon Summary NortonLifeLock, formerly Symantec, sold its enterprise division and is in the middle of a major restructuring. Stranded costs associated with discontinued operations obscure the remaining business's earnings power. Management will remove the stranded costs and return over 60% of its market cap over the next 12 months via buybacks and dividends. NortonLifeLock ( Investors should skate to where the puck is going, not where it is now. When the dust settles, GAAP accounting will show the company trades at just 8.6x P/E multiple (net of the upcoming special dividend), and enjoys 50% operating margins. NortonLifeLock, formerly known as Symantec, recently sold its enterprise security business to Broadcom (NASDAQ: AVGO NortonLifeLock, the RemainCo, plans to distribute 100% of th
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