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Will Debt-Ceiling Politics Hurt Stocks?

Aman Verjee

05.04.23
  • Debt
  • Public Markets

Practical Summary: Over the next month, expect a high-profile and uniquely American political fight to make headlines – the fight over the US “debt limit.” The US is one of only two countries in the world that has a statutorily imposed limit on its national debt. In other nations, the government produces a budget, which

PVC SaaS Index™ | Q1 2023 – SaaS Companies Are Now a Bargain vs. S&P 500

Aman Verjee

03.29.23
  • IPO
  • Public Markets
  • PVC SaaS Index
  • SaaS
  • Valuation

Practical Summary: This post is an update in a quarterly series of posts that tracks the PVC SaaS Index™, a basket of publicly traded US-listed SaaS companies. Background: SaaS Multiples in Public Markets Software as a Service (“SaaS”) has been around longer than the cool new cloud. The SaaS category shares some aspects of cloud computing, but

The Year of Efficiency: Much Needed in Silicon Valley

Aman Verjee

03.07.23
  • Silicon Valley
  • Tech

In the past few weeks, many tech firms have announced layoffs and it’s been making headlines.  According to Layoffs.FYI, tech companies announced 260,000 layoffs between 2022 and 2023, with a few of the larger announcements coming from these companies: On the face of it, such numbers might sound like grim news, but the reality is

PVC SaaS Index™ | Q4 2022 – Where Will SaaS Multiples Bottom Out?

Aman Verjee

10.19.22
  • IPO
  • Public Markets
  • PVC SaaS Index
  • Valuation

Practical Summary: Companies in our PVC SaaS Index™ now trade at an average 6.8x EV / LTM revenue, slightly down from the 7.6x multiple observed at the end of Q2 2022. SaaS multiples now trade at levels that haven’t been seen since the 2016 “SaaS crash.” Valuations today have just about normalized. Ignoring the 2020/2021

PVC SaaS Index™ | Q2 2022 – SaaS Multiples Are at a 4-Year Low: Where Do They Go From Here?

Aman Verjee

05.18.22
  • Downturn
  • IPO
  • Public Markets
  • PVC SaaS Index
  • SaaS

Practical Summary: Our PVC SaaS Index™ companies trade at just over 8x EV / LTM revenue, lower than at any time since the Q1 2020 market panic that followed the onset of the COVID pandemic. They are trading around where SaaS multiples were in 2017-2018. The median company multiple in our index is down 54%

Netflix

How Netflix Lost the Squid Game

Aman Verjee

04.22.22
  • Public Markets

NFLX now appears to have shifted from playing “at home” on technology against cable television and Blockbuster into a war over content and pricing against Disney and HBO, where they are definitely the “visitors.” Don’t expect a turnaround in the stock until they figure out monetization of freeloaders and ad-supported plans … all of which is still a long way off.

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