M&A in 2023 and the lessons from prior downturns
Deal valuations and deal multiples tend to decline as market uncertainty manifests itself, most simply, in higher discount rates on longer term cash flows within valuation models. This is part of the cyclical deal pricing process that occurs during credit tightening (“crunches”) e.g., 2008 and since 2022. In stark contrast to the capital superabundance of the past […]