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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Uh there's been a lot less pressure there.
So if we take the profitable ones, they've
Since December 20, they're down about 5% or so, versus, and this is in EV sales terms, and the unprofitable ones are down about 50%.
Now, I'm just talking valuation here.
All these companies have grown.
So it's just worth observing.
If your valuation's fallen 50%, but your sales have grown 100%, then your share price has actually stayed flat.
So for the profitable companies, the valuation's down a few percent, but the companies will have grown 10%.
percent or so.
So net net investors are still in the money over this period on the profitable companies.
In general on the non-profit ones, they are out of the money, but not by quite the they haven't halved their money, like the valuations might suggest.
I think we're we're in a period which you often get when valuations change where
You know, largely seller expectations are round about where they were six months ago, a year ago.
Seller expectations change slower than buyer expectations.
There's a lot of inertia in the system.
I mean, if you think about it, you know, advisors will have pitched for the business some months ago, and advisors will have promised management teams and financial owners a certain price, or not necessarily promised, but um implied that they're very confident of a certain price.
So
It's almost in nobody's interest on the sell side to reappraise the prospects for a business quickly.
Whereas clearly on the buy side, where where we may be sitting in these transactions on on investment committee,
it's in our interests to reprice appropriately.
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