EFTA Document EFTA01385535

> TMT Deutsche Bank ED Sophos - Alex Tout, BUY, close 600p, 790p tgt, 32% upside • A significant player in IT security market with differentiation from its balanced portfolio across Endpoint and Network security • Increasing confidence in management forecasts to FY20 due to traction with Intercept X and Central and high renewal rates (139% in 1H18). This supports double-digit billings growth to FY22E. ■ Highly supportive end market demands as customer senior management increase focus on