I saw a marketing promotion that made me think: it's a great time for some struggling bank or civil service to reinvent itself and its capital structure ... by becoming a consumer retailer! Just buy a super app. Credit is cheap, sellers need to deleverage, and an entire generation of back office clerks needs to have its manhours repurposed.
So cute. Wonder if it will happen. Just get big K to work it out, and my hypothesis that 'Uber-style valuation only works if you renationalise the assets after they have first been privatised and rationalised' would come through - with the added benefit that now, under the economic pressure of times such as these, it's a good time for governments to sweep their 10-year opex restructuring under a rug of good PR. National unity, folks, economy recovery. Yeah, yeah, yeah ...
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