Introduction
NortonLifeLock (NLOK) is a pure-play consumer cybersecurity company that was formed after Symantec sold off the enterprise security division to Broadcom (AVGO). This creates a special situation, and through this article, I aim to explain the possibility of a value play in this opportunity.
Image Source: Company Website
The Special Dividend and Valuation
NortonLifeLock currently has a market cap of $17.4 billion. Looking into its balance sheet for cash and debt, the enterprise value calculates to $20 billion.
Source: WSJ
After the issue of the special dividend to return $8 billion to shareholders, I