Morgan Stanley Investment Banking Pitch Book
Morgan Stanley
2 Orange Comparable Company Valuation Benchmarking
CY2023E AV/ Revenue (1)
X
7.4
Management
X
33.5
7.9
Management
Street
CY2023E P/FCF (1)(2)(3)
16.8
tlassian
34.6
Street
ZoomInfo
N.M.
13.9
Smartsheet
Sprout Social
N.M.
11.2
Asana
Sprout Social
8.4
N.M. N.M.
Source: Capital IQ, Thomson Consensus
Notes
1. Market data and consensus estimates as of 9/12/2022
2. Management reflects forecast provided by Management on 8/12/2022
3. Free cash flow calculated as operating cash flow less capex
PROJECT ORANGE
Asana
PagerDuty
7.6
Hubspot
N.M.
Atlassian
5.9
Jamf
57.9
CY2023E Median: 7.6x
PagerDuty
Hubspot
5.6
Smartsheet
5.3
35.4
ZoomInfo
CY2023E Median: 33.6x
DocuSign
31.8
5.1
Jamf
Orange Estimates
28.8
DocuSign
PRELIMINARY AND CONFIDENTIAL DRAFT
16.6
Zscaler
Crowdstrike
N.M.
15.2
Zscaler
66.5
Okta
10.3
Qualys
Crowdstrike
High Growth Software
48.8
CY2023E Median: 8.3x
6.3
Tenable
5.1
Rapid7
39.3
Rapid7
CY2023E Median: 39.3x
4.6
Okta
37.8
Tenable
31.2
Qualys
High Growth Security
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