FiscalNote Earnings and Growth Projections
LegalTech - Existing Institutional Buy-side and Sell-side Following
Limited Investable Public Float
Investor²
IPO Mkt. Cap
IPO Size 1
Cornerstone²
IPO Date
($MM)
($MM)
($MM)
intapp
legalzoom
Jun 30, 2021
1,569
314
Jun 30, 2021
5,507
616
●DISCO
Jul 21, 2021
1,820
240
Total $1.2BN
Total $350MM
PARTNERS
TCV
BlackRock
BlackRock DRAGONEER
NEUBERGER BERMAN
Attractive Entry Multiple Provides Margin of Safety and Re-rating Potential
60
240
TEMASEK Great Hill
50
Fiscal Note
6.9x
47
13.3x
3
3
8.5x
---
Mean: 10.0x
8.1x-
FiscalNoteⓇ
6.9x
23.3x
Mean: 13.4x
3
FiscalNote
8.8x
8.2x
4.6x
17.6x
$820MM
public float
7.4x
6.7x
Mean: 10.6x
IPO Multiple
(22E EV/Sales)
Current Multiple
(22E EV/Sales)
Current Multiple
(23E EV/Sales)
Note: Company Fillings, FactSet, Dealogic. Market data as of November 3, 2021. (1) Post-greenshoe and excluding any secondary offerings; (2) including Concurrent Private Placement for LegalZoom's IPO; (3)
Fiscal Note's multiple is based on FY22PF and FY23PF revenue.
Fiscal NoteView entire presentation