Innovation On Sale?
ARK Investยท2025-05-24 14:45
Valuation Analysis - Innovation-based strategies are trading at near record low valuations relative to their history [1] - Innovation strategies are selling at a very low premium to the S&P 500, as measured by enterprise value to adjusted EBITA [1] - The average valuation premium over ARK's life is roughly 90%, or 75% excluding the COVID distortion [2] Methodology - S&P 500 and various innovation strategies were adjusted for stock-based compensation and R&D [2]