What, if anything, do you see as the greatest challenge facing the European tech ecosystem in the next 12 months? Notes: Based on sentiment analysis of survey respondents free Sources: text answers Publicly-listed tech showing signs of recovery In the public markets, a story of 2023 has been one of stabilising and recovering multiples. The heady highs of 2021 remain distant peaks, but after sinking below the long-term, 10-year average for large parts of 2022 and the 昀椀rst half of 2023, the median enterprise value to next-12-months (NTM) revenue multiple rebounded back above this level earlier this year, only to have fallen just below again in October 2023. The multiple for compa- nies trading in the top quartile, meanwhile, is still hovering below the long-term, 10-year average. It is this recovery in multiples, coupled with reduced volatility, that helped to lay some of the necessary groundwork for an initial reopening of the IPO window in late-2023 and, more signi昀椀cantly, will be continue to be crucial, along with con昀椀dence in strong post-listing performance, to set the scene for a potential stronger increase in IPO activity in 2024. | 32