Latest share crash drops Aston Martin’s value below £1bn
Aston Martin’s torrid first year as a stock market listed company hit another unexpected depth when its market value dropped below £1bn.
The Gaydon-based manufacturer was worth £4.33bn went it went public last October but its share price soon went into free fall and has been in decline ever since.
Investors have grown increasingly concerned about the luxury car maker’s ability to achieve its forecasts over the longer-term, with the company already forced to lower expectations for 2019.
At one point on Thursday, Aston Martin’s shares were down 20% – valuing the company at just £850m – before improving.
It ended the day down 5% at 445p. That gives the company a market value of £1.01bn, a fall of 77% in less than a year.
The FTSE 100 also had a difficult day yesterday, hitting a 5-month low caused by concerns about the health and direction of the global economy.
Aston Martin has hoped to be part of the FTSE 100 when it was planning its listing, although its valuation put it just outside.
It is now in danger of dropping out of the FTSE 250, a position unimaginable last summer.