HCA SaaS Update October: Large volatility with no clear signs of growth re-acceleration across the global SaaS sector
In October, a few Danish-listed SaaS companies reported Q3 2023 results, while the cloud giants as well as some global SaaS companies also delivered fresh results and new expectations to the market recently. This has led to large volatility across the sector, where small negative or positive guidance surprises have led to big share price reactions.
The recent development in the US 10Y bond yield continues to put pressure on the growth stocks, but there is speculation by market analysts of a year-end stock market rally after a challenging October month and months in general. In October 2023, we now see that the HCA SaaS Index covering smaller Danish-listed SaaS companies trades at a median ARR multiple of 3.1x, while the US-based SaaS Capital Index covering global SaaS companies also declined to a median ARR multiple of 6.3x.
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Disclaimer: HC Andersen Capital receives payment from some of the mentioned SaaS companies (Agillic, Impero, MapsPeople, OrderYOYO, and Penneo) for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 14:20, 7 November 2023.
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