Morgan Stanley Investment Banking Pitch Book
Morgan Stanley
...With Valuation Multiples Converging on Those of Peers Over Time
Since Orange IPO (1)(2)
AV / NTM Revenue
30
25
22.3x
20
17.6x
15
12.5×
10
5
0
Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Sep-22
Source: Capital IQ
Orange
-High Growth Software
-High Growth Security
8.8x
8.8x
8.5x
P/NTM FCF (3)(4)
X
120
100
77.3x
80
60
47.9x
40
20
88.4x
Yow
Inward
0
Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Sep-22
-Orange
High Growth Software
PRELIMINARY AND CONFIDENTIAL DRAFT
-High Growth Security
Notes
1. Market data and Thomson estimates as of 9/12/2022
2. Median of each category shown; High Growth Software includes: Atlassian, Docusign, Smartsheet, Jamf, Zoominfo, Asana, Sprout Social, Pagerduty, Hubspot, High Growth Security includes: Crowdstrike, Okta, Qualys, Rapid7, Tenable, Zscaler
3. FCF defined as operating cash flow less capex
4. FCF multiples above 110 0x shown as N M
PROJECT ORANGE
43.5x
41.7x
39.2x
REFERENCE MATERIALS
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