David Toms
speaker
276 appearances
2 recordings
1 series
first heard Apr 2022
last heard Oct 2022
David Toms’s voice in public audio — every appearance, attributed to the second.
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Appearances
So the private markets are now larger, at least in a European context, than the public markets.
W actually why don't I I flip that around 'cause you've done a lot of D D meetings recently with investors, Matthew.
On the private side, what do you think we're seeing in terms of desire or reluctance to commit capital?
And do you think that's influencing investment committees thinking at all in valuation or the kind of businesses we're looking at?
I
think it
without wanting to um uh uh to insult the investment banking community too much, th there is a slight tendency for advisors to come and tell you what they are seeing.
Um what we are seeing out there in the market right now is a lot of P to Ps and obviously we've participated um in some of that.
So I think we will continue at current valuations we will continue to see P2Ps because they look attractive.
The the challenge is more execution than it is opportunity or attractive valuation.
And
Yeah, I'm not sure we're quite in a world yet where a twenty five, thirty percent premium gets you all the businesses you want to buy.
I think we're still in a world where boards have last year's peak in
Yes, definitely.
I mean, you know, the price on the screen is an indication of what the last person traded, you know, in some cases half a dozen shares at.
It's not the price even that an institutional buyer might be able to buy five or ten percent of the company at, or that an institutional seller might be able to sell five or ten percent of the company at.
I sometimes wonder if it would actually be easier to buy five or ten percent of a very large private company if we think of the liquidity we see in a in a business like Visma, than it is to buy the equivalent public asset as uh or a chunk of the equivalent public asset.
Yeah.
Yes,
And I think that's still the governance is still such a big difference.
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