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Recent bidding battles for sub-£1bn firms such as Wincanton and Currys suggest London has an undervaluation problemGet ready to see more flotations later this year, said David Schwimmer, chief executive of the London Stock Exchange Group on Thursday. Good: it would mark a change from the droughts of 2022 and 2023 that have caused much agonising over the health of the London stock market. But, actually, the deep problem here may not be a shortage of newcomers. Rather, it could be indifference, or so it seems, towards sub-£1bn UK companies that have been around for years.The current extraordinary bid battle for Chippenham-based Wincanton, the last UK-listed logistics firm, shows how the London market – or part of it – sometimes doesn’t know how to value what it’s got. Continue reading...