Overview: Why Valuations Are Rising
Improving revenue outlooks, resilient liquidity, and institutional demand expand multiples.
Drivers: Revenue, Liquidity, Institutional Demand
Diversified products, stronger orderbooks, and disclosures draw capital.
Comparables and Multiples
Benchmarks include listed peers and private rounds; cycles affect comparables.
Scenarios and Sensitivities
Valuations vary with fee pressure, regulatory timing, and market conditions.
Implications for Strategy and IPOs
Higher valuations encourage expansion and listing optionality; execution still matters.
Conclusion
Valuation recovery reflects stronger fundamentals; sustainability depends on delivery.