FiscalNote Earnings and Growth Projections
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Why Duddell Likes FiscalNote - "Elegance in its Simplicity"
Fundamental
1 Category creator that can turbo charge consolidation - no longer capital constrained
2 Ready to scale with multiple growth vectors: SaaS flywheel, adjacent verticals, geographic expansion
3 Precedent value creation in information services sector: base + bolt-ons
FiscalNote
Structural &
Technical
4
Founder-led management - conservative by nature, with "beat and raise" mentality
1
Credibility through high quality venture capital and strategic led funding rounds
2
Public market institutional demand for LegalTech - visible listed peers with limited investable float
3
Track record and familiarity from Maso's prior investment experience in company
5
4 Seller earnout at $12.5 / $15 / $20 / $25 and sponsor commitment provides alignment with shareholders
Valuation margin of safety - execution leads to a potential equity re-rating
Great Company | Attractive Valuation |Right Structure
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