𝛼SK or Searchbullish
HENNGE; HENNGE remains undervalued even in a comparison with Okta.
SUMMARY
- We received considerable feedback from investors in response to our previous initiation report published on February 18.
- Among these, we received numerous requests to provide a comparison with Okta (OKTA), a U.S.-based SaaS company whose business model is relatively similar to HENNGE.
- As a follow-up, this report provides analysis on the following three points: a) a comparison of the valuation drivers of Okta and HENNGE to reaffirm the relative undervaluation of HENNGE, b) an explanation of the differences in strategies, markets, and services between the two companies that underlie their differing future growth rates, and c) CGS’s perspective on HENNGE’s expansion into the U.S.
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- HENNGE; HENNGE remains undervalued even in a comparison with Okta.14 Jul 2025
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