Rory O'Driscoll

There, I will make that step.

There, I will make that step.

I disagree with Jason.

I disagree with Jason.

I think fundamental value here reasserts itself.

I think fundamental value here reasserts itself.

I mean, there's two reasons I say that.

I mean, there's two reasons I say that.

One is, again, I always go back to the base rate.

One is, again, I always go back to the base rate.

The base rate on IPOs in general is, you know, you do see quite a lot dip.

The base rate on IPOs in general is, you know, you do see quite a lot dip.

The base rate on IPO is more than 10x forward sales, even more dip.

The base rate on IPO is more than 10x forward sales, even more dip.

The base rate on IPO is at 70 times forward sales.

The base rate on IPO is at 70 times forward sales.

There hasn't been any, but you've got to believe there's a dip.

There hasn't been any, but you've got to believe there's a dip.

So I think valuation reasserts itself over the medium term, and the probability of it being higher than the IPO price 12 months, in my gut, is lower, significantly lower.

So I think valuation reasserts itself over the medium term, and the probability of it being higher than the IPO price 12 months, in my gut, is lower, significantly lower.