Bundle of investment news: Internet of Things and Problematic IPOs

Bundle of investment news: Internet of Things and Problematic IPOs

McKinsey promotes the Internet of Things. Almost half of IPOs bring losses.

Disclaimer: when we talk about, that something has grown, we mean a comparison with the same quarter a year earlier. Since all issuers are from the USA, then all results in dollars. When creating the material, sources were used, inaccessible to users from the Russian Federation. We hope, Do you know, what to do.

Another IT feeder: McKinsey forecasts

Всемирно известная консалтинговая компания McKinsey поделилась с широкой публикой отчетом о перспективах интернета вещей. Вот какие интересные факты и числа там можно найти.

Benefit. К 2030 развитие этого направления принесет мировой экономике пользу в виде сокращенных издержек, increase in efficiency and new jobs by the amount of 5,5 to $12.6 trillion.

B2B-сектор и другие. Львиная доля работы на этом направлении будет сконцентрирована в B2B-секторе — около 65%. The largest professional customer in this area will be the manufacturing sector — 26% from the entire growth potential in the field of the Internet of Things, здесь существует огромная потребность в автоматизации и интеграции ПО на различных устройствах. Вторым по важности генератором спроса будет сектор медицины — 10—14%.

Developing countries. Доля западного мира в структуре экономического потенциала интернета вещей будет падать: from 60% of the world level in 2020 to 55% by 2030. Прирост развивающихся стран будет происходить в основном за счет Китая, which will take 26%, the country is intensively developing a high-tech sector of the economy.

Distribution of tasks. По типу решаемых задач, for whom the Internet of Things will be implemented, будут доминировать оптимизация операций — 41%, здравоохранение — 15%, повышение продуктивности труда людей — 15% и надзорные или наблюдательные операции — 12%. The steepest annual growth rates are expected in the field of self-driving cars – 37% per year before 2030.

Отчет McKinsey говорит о том, what, Firstly, ставка на автоматизацию на фондовом рынке полностью оправдывает себя. This sector is really waiting for a big growth., и он вызван потребностью оптимизации бизнес-операций. Actually, вся суть интернета вещей именно в автоматизации и заключается.

Secondly, сама McKinsey рассчитывает на то, чтобы поучаствовать в этом процессе. Actually, главная цель этого отчета — это создать у нынешних, бывших и потенциальных клиентов впечатление, что «интернет вещей — это тема вообще, надо ее развивать!», и выписать жирный чек самой McKinsey, которая будет консультировать заказчиков по развитию этого самого интернета вещей.

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McKinsey — это гуманитарный консалтинг — вещь куда менее маржинальная, rather than technological. For example, в свое время McKinsey пришлось взять контракт по консультированию южноафриканского ЖКХ-гиганта Eskom, согласно условиям которого McKinsey получала плату только в том случае, если от ее рекомендаций Eskom получала реальную финансовую пользу. Вряд ли какая-нибудь Accenture заключала контракт на внедрение блокчейн-операций в банке с условием, that she will receive a fee, если клиент увидит пользу от этого решения.

В ИТ у исполнителей есть возможность диктовать клиентам цены и условия работы, потому что клиент часто ничего не смыслит в технических подробностях и не может адекватно оценить стоимость услуг. apparently, McKinsey will try to develop a potentially more marginal area of technology consulting. Actually, в отчете много места уделяется разбору проблем, which companies will face, developing the Internet of Things, - like software incompatibility on different devices and other things. The report seems to hint at the target audience of McKinsey: "For the right price, we can help you unleash the full potential of the Internet of Things.".

For investors, this is a fertile field for speculation.. McKinsey and her colleagues are pumping up the internet of things, helping to increase the attractiveness of company shares, работающих в этой сфере. A lot of investors will buy shares from this area without looking at the foundation of the companies' business, which means, it will be possible to make money on this.

Что-то пошло не так: shares of just under half of new companies on the stock exchange fell this year

Dealogic researches major IPOs this year and shares analysis of the results with the Financial Times.

Dealogic evaluated the dynamics of company quotes, which this year were engaged in the placement of their shares on the UK stock exchanges, USA, Индии и Гонконга. Only those IPOs were taken into account, в ходе которых компании подняли не меньше миллиарда долларов. In total, Dealogic analyzed the history of quotes 43 companies.

As it turned out, Right away 49% of these issuers are traded below the IPO. This is quite a lot, even by the standards of previous years.: in 2019 33% companies that entered the IPO traded after some time below the placement price, in 2020 — 27%.

Such dubious "achievements" in 2021 are indicative against the background of the record growth of the main stock indices and the generally positive dynamics of the IPO.. This year, IPOs around the world were raised by about 330 billion dollars, which is a lot.

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By idea, this can be considered an indicator, that there is a bubble in the market, which will soon burst. But I'll still be the devil's advocate and try to explain, почему результаты исследования Dealogic не такие печальные, how one might consider.

Firstly, the picture was largely blurred by the pogrom of technology companies in the PRC, which caused a decrease in quotations of Asian issuers, IPOs this year. Their quotes fell simply due to the reshuffle of political priorities in the PRC..

Secondly, large private foundations, которые стояли за большинством этих IPO, Most likely, sold a larger volume of shares of new companies, than originally planned. Maybe, this contributed to price instability, because for many years investors have pumped a lot of money into such funds in the hope of better results than stock indices - but the results of private funds on average did not greatly exceed the results of stock indices with high risks. So private funds were eager to get the most out of their investments., to sell your stake in these startups at a higher price, showing good results in reporting to their investors.

Thirdly, investors from all over the world live in constant expectation of raising rates and rising cost of loans. Если у убыточной компании есть такая возможность, it is better to take money from shareholders, нежели занимать их у банка. А поскольку значительная часть IPO приходится на убыточные компании, then investors are justifiably afraid, that rising loan prices will make life harder for these loss-making startups.

So there is nothing terrible in Dealogic's revelations: still the same, как и всегда. Another question is, what, maybe, it is worthwhile to carefully evaluate companies before participating in their IPO - and not invest in companies with a not very good business foundation.

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