Darktrace’s astonishing rise makes City forecasters look sillier than usual
The prize for most undervalued flotation of the year goes to Darktrace. The Cambridge-based cyber security firm floated in April at 250p. Price now: an astonishing 731p. How does that happen? How does a £1.7bn valuation become £5bn in five months?
Well, the company has done its bit in by delivering the trading numbers it said it would, plus a bit more, which clearly helps the mood. The fresh news in Wednesday’s first set of full-year figures wasn’t the thumping headline loss of $149m (£108m). It was the second post-float upgrade in revenue forecasts for the year ahead.
But the the upwards tickle in revenue forecasts is only a small part of the answer to the undervaluation. The heart of it seems to have been Darktrace’s desperation to get a …
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