Multiples don’t re-rate when the business changes
Multiples don’t re-rate when the business changes. They re-rate when the market finally rewrites the label.
Fifteen names still filed under what they used to be: miner, SPAC, camera chips, satellite hardware. The business moved. The bucket didn’t. The gap between the label and the reality is the setup.
RE-RATE WATCHLIST
The market is often late to rename a business. That lag is where the opportunity lives, before the multiple catches up to the economics.
