NLOK - McAfee: Enterprise Security Exit Unlocks The Bigger Picture

• The recent announcement of the sale of the enterprise business is a big boost to McAfee's business outlook and valuation.
• Like NortonLifeLock, McAfee is streamlining its business towards offerings that will drive both growth and earnings.
• The momentum in the consumer security segment, coupled with the divestment of the enterprise security segment, means worries about its debt profile will wane heading into 2H'21.
• This justifies the improved momentum year until date.
• I expect more multiple expansion in the coming quarters.

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