After lackluster deals from Arm Holdings and Instacart, investors should rethink IPO valuations, says David Trainer.
If the valuation is sky-high, that may be something of a red flag, according to David Trainer, chief executive of independent equity research company New Constructs. The company uses machine learning and natural-language processing to parse corporate filings and model economic earnings, although its research has encountered pushback.
For more, see: Birkenstock is going public: 5 things to know about the iconic German sandal maker’s IPO designs But the company acknowledges in its F-1 filing that it faces “competition from counterfeit or ‘knockoff’ products,” due to the many countries that do not protect intellectual property rights to the same extent as the U.S.
“While such a move certainly protects brand integrity, it also puts a cap on revenue growth potential — growth it will need to justify its IPO valuation,” said Trainer.
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