During the past year there has been uncertainty in the market, and in the last few weeks the challenges of the banking sector have reached Europe as well. Private equity investors have, however, remained active. Investors have particularly favoured the energy and financial sectors – as well as listed companies and large deals. In addition, international real-time economy has formed an exception in the otherwise uncertain market: even though Europe is in the middle of a crisis, small technology companies with wide international networks have managed to raise financing as the market has been more stable outside Europe.
19.4.2023
Certainty is now an asset in the investment market
Jarno Tanhuanpää, Janne Lauha & Karlo Siirala
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Listing projects have also been on hold in many companies, waiting for steadier times. The economic uncertainty has reduced valuations and made pricing difficult, which has caused companies to postpone their listings. In order for the number of listings to start increasing again, companies need a solid basis for the market forecast: companies have to be able to trust that the valuation stays stable and that buyer candidates can commit to the tenders they submit.
There is, however, a positive trend in the listing market. If inflation and interest rates settle down and valuations stay reasonable, it is possible that listing activity starts to increase again during the second half of the year, which also makes it easier for private equity investors to exit.
It seems that after the winter the market continues to develop in the same direction as now: The financing and energy sectors remain attractive, and there may be a positive trend in the technology sector as well. Private equity investors focusing on buyouts will likely continue to be interested in large deals and shift more and more towards platform and add-on arrangements where the investor buys several small objects to build a larger and more efficient unit out of them.
For technology investors, the market can offer profitable investments in promising growth companies with well-reasoned valuations and more time with the management. For listing candidates, now is the time to build their capacity and prepare for when the market picks up again. There is never any extra time for it during a listing process.
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