HORIZONS | BDO'S GLOBAL VIEWOF MIDMARKET DEAL ACTIVITY 07
In our inaugural issue, we analyzed how fundamental estimates and equity prices moved in opposite directions during April and May of 2020. Many of the graphs in the latest report show that analyst estimates did begin to rebound from the lows at the end of May 2020. However, equity prices have continued to outpace estimates and exacerbated the overall disconnect.
PERCENT CHANGE IN TEV AND EBIT FROM FEBRUARY 2020 TO MAY 2021
Oil & Gas
Insurance
Airlines*
Gaming, Hospitality, Leisure*
Telecommunications
Despite increases in TEV for all but one industry, relatively few observed an increase in both actual EBIT and projected long- term EBIT.
Banks
Healthcare - Provider
Healthcare - Life Sciences
Restaurants
Distribution
TEV
2020 EBIT
Long-term EBIT
Retail - Consumer Staples
*Full range not shown
Construction - Multi-Family
Healthcare - Medical Devices
Healthcare - Payer
Asset Management
Construction - Commercial
Construction - Single-Family
Manufacturing
Tech. - Software & Services
Retail - Discretionary & Luxury
Media & Entertainment
Tech. - Semiconductors & Products Tech. - Hardware & Equipment
Retail - Online
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
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