Opinion: Scarcity value is key for valuations

While everyone is agreed that there's no end in sight for UK
broker consolidation - there are still 3,000 of them all after all
- the days of 13x-15x Ebitda could be numbered.
That's because the number of brokers with the scale and
margins to command such valuations is small.
As with buyers circling London-listed Lloyd's carriers,
there's something of a scarcity value for those intermediaries
of a certain size and profitability.
Look at the valuation rumours surrounding UK broker...