Business
IPO contender Adore Beauty worth up to $870m: MS – The Australian Financial Review
Adore Beauty’s brokers have kicked off the company’s formal initial public offering marketing campaign.
UBS analysts did not seek to value the company.
Morgan Stanley’ analysts Joseph Michael, James Bales and Chenny Wang presented five “positives” and four “concerns” with the business in their report, which was dated September 28.
The positives included structural tailwinds from a shift to online shopping, its track record of growth (revenue up 52 per cent a year in past three financial years to $121 million in FY20), the defensive nature of beauty products, its attractive consumer proposition i…
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