Two things:
-
Kempower’s market value is not a billion, but half of that. Yes, the slowdown in growth has also been reflected in its stock price. But since you started comparing, Kempower has grown ~65x from 2020 → 2024e. Duell about 2x. Do you notice a difference?
-
You’re not seriously comparing a successful, years-growing platform economy software company (Wolt) to some buy-and-sell business (Duell), are you? They have nothing in common except the country where they were founded.
It’s also interesting that if the valuation is completely zero and a turnaround is just around the corner, the management team and board must have been buying hand over fist, right? Well, they haven’t; the only purchase this year is a whopping €12k investment. About half of the insiders don’t own the company at all (source).
The stock price is not the same as the company’s valuation. This has, of course, been explained several times in this thread before.
It’s worth remembering that these offerings have not been free money. In connection with them, the number of shares has increased, diluting previous holdings, and they have been made practically under duress. It’s certainly good that the company has improved its financial situation, but the fact that it had to be done soon after the IPO speaks volumes about the company’s financial expertise.
Now you’re confusing people. I didn’t say that. Instead, I wanted to point out that you are now firmly comparing apples and oranges; the companies’ growth history, industry, and profile are completely different.