AML3 Oct 2018 16:24
Well here a report on the hyped opening figs
ASTON MARTIN: OVERHYPED? (1402 GMT) When asking investors and traders why the Aston Martin IPO flopped so badly today, one word keeps coming up: "overhyped". The carmaker had high hopes of clinching a market cap of 4.33 billion pounds, pricing its shares at 19 pounds each. But it was last down 5.2 percent at 18 pounds. "There was a lot of hype. People were trying to get it away on similar multiples to Ferrari or a luxury good," says one trader. Ferrari trades on an eye-watering 39x price to earnings multiple - compared with 24.25 for LVMH and 5.99 for BMW. "I think the market is taking the view that is a car company," he continues. And it's not a good time to be a car company, certainly, with the threat of tariffs hanging over. Some are connecting it also to the 'B' word hanging over the UK market, which some say has dampened IPO activity and interest. "I wonder if other factors like Brexit too are spooking people piling into anything at the moment," says another trader.