Listed and unlisted asset multiples

We believe the valuation of listed shares (PERs) will remain weakened for a long time after the coronavirus crisis due to the rise in risk aversion and therefore in equity risk premia, which this time will not be offset by a fall in long-term interest rates. This should also gradually reduce the multiples of unlisted assets (of private equity), but we are likely to see a factor that will make these multiples resilient relative to the PER of listed shares: the growing interest of savers/investors in unlisted shares, given the excessive price variability of listed shares . Multiples of unlisted assets (of private equity) are therefore likely to hold up better than those of listed assets .