FireEye (FEYE) is improving its profitability factor while receiving the recognition it deserves via multiples expansion after its impressive earnings beat. This new reality will boost its momentum factor. Pressure from competitors remains a concern. Enterprises have more bargaining power to reduce the total cost of ownership of their security offerings. This will be the most significant pushback to margin expansion. It will also be interesting to watch FireEye navigate the competitive waters in the coming quarters. At a modest FY'20 EV/S of 4x, FireEye remains undervalued as the temporary transition to a subscription business