European Industry Market Multiples

Read Valuation Insights, Fourth Quarter 2018

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European Industry Market Multiples

An industry must have a minimum of five company participants to be calculated. For all reported multiples in Europe, the average number of companies in the calculation sample was 90 and the median number of companies in the calculation sample was 39. Sample set includes publicly-traded companies (private companies are not included). Source: Data derived from Standard & Poor’s Capital IQ databases. Reported multiples are median ratios (excluding negatives or certain outliers). MVIC = Market Value of Invested Capital = Market Value of Equity plus Book Value of Debt. EBIT = Earnings Before Interest and Taxes for the last 12 months. EBITDA = Earnings Before Interest, Taxes, Deprecia¬tion and Amortization for the last 12 months. Note that due to the exclusion of negative multiples from the analysis, the number of companies used in the computation of each of the three reported multiples across the same industry may differ, which may occasionally result in a counterintuitive relationship between those multiples (e.g. the MVIC-to-EBITDA multiple may exceed MVIC to EBIT).

Duff & Phelps is not rendering legal, accounting or any other professional advice through the presentation of this material. Duff & Phelps expressly disclaims any liability, of any type, including direct, indirect, incidental, special or consequential damages, arising from or relating to the use of this information or any errors or omissions that may be contained herein. All definitions, formulas and calculations presented have been created by Duff & Phelps for publication in its quarterly newsletter Valuation Insights and are based on data derived from S&P Capital IQ. Reported multiples are calculated as median ratios (excluding negatives) based on raw data that has not been subject to any analysis or adjustments typically performed in a valuation.

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