Morgan Stanley Investment Banking Pitch Book
Morgan Stanley
Orange Performance Has Been Volatile Since IPO, Particularly During
Recent Market Turbulence...
Orange Capitalization
SMM, unless otherwise noted (¹)
Share Price
FDSO
Fully Diluted Equity Value
(-) Cash
(+) Debt
Aggregate Value
AV/CY 2022E Revenue
AV/CY 2023E Revenue
PROJECT ORANGE
$19.41
185
$3,594
(315)
0
$3,279
9.8x
7.9x
Share Price Performance Since IPO (1)(2)
Price per Share ($)
40
35
6/8/2021: Orange
launches new
30 Compliance Plus
Training Module
25
20
15
7/2/2021:
Kaseya
ransomware
attack
6/23/2021
Orange adds
Michael Williams
as new Chief
Marketing Officer
8/19/2021 Orange
launches Resource Kit to
defend against mounting
cyber attacks
7/20/2021
SolarWinds
Closes
Spin-Off of
N-Able
8/12/2021 Orange
announces Upsize
and Pricing of
Follow-On Offering
10/212021 Orange
announces it will acquire
Security Advisor and
intruduce a New
Information Security
category titled "Human
Detection and Response"
Source: Capital IQ
Notes
1. Market data as of 9/12/2022
2. High and low based on closing prices as of Capital IQ
11/10/2021 Orange
announces upsize and
pricing of proposed
Follow-On Offering
11/16/2021 Orange
completes acquisition of
Security Advisor
9/16/2021 Orange
releases 2021 State
of Privacy and
Security Awareness
Report
2/16/2022 Orange
announces transition of
Co-President and CFO
Krish Venkataraman to
Board of Directors
PRELIMINARY AND CONFIDENTIAL DRAFT
5/3/2022 Broader market
volability amid heightened
uncertainty around inflation,
quantitative tightening,
China slowdown and
Russia/Ukraine war
3/10/2022 Orange
appoints Robert "Bob"
Reich as new Chief
Financial Officer
2/24/2022
Russia
invades
Ukraine
6/24/2022 Orange is
added to the Russell
1000 Index
Volume (MM)
15
12
6
10
0
Apr-21 May-21 Jul-21 Aug-21 Sep-21 Nov-21 Dec-21 Jan-22 Feb-22 Apr-22 May-22 Jun-22 Aug-22 Sep-22
Volume -Price
$19.41
REFERENCE MATERIALS 23View entire presentation