Rabobank: Bridging the Valuation Expectation Gap

Dear Client:There have been several large wine deals so far this year, from the Vintage Wine Estates deal to the Duckhorn IPO to Treasury Wine Estates' deal with The Wine Group. Meanwhile, there have been noticeably less deals done with smaller wineries and part of that has to do with valuations. EXTREME VALUATIONS NOT THE NEW NORM. What's in a valuation? Apparently a huge gap in expectations.Indeed, "sources suggest that the Covid crisis and the recent wildfires have driven an increase