INDEX EVOLUTION
EV/EBITDA
INDEX VALUE (EV/EBITDA)
10.2x
2021 Q1
Another increase in Q1 2021 for Infront Small Cap Eurozone valuation index to a new record-high median EV/EBITDA level of 10.2x (9.9x in Q4 2020).

Updated 09 June 2021

Small increase of the index in Q1 2021 with stock markets performing well and believing in the overall positive indicators on the global economy. Small and mid caps EBITDA multiple gets to a record high of 10.2x, ie +3% compared to 9.9x at the end of 2020. In Q1, the Argos Mid-market valuation index of unlisted small and mid caps in Eurozone has also raised to a new record-high value of 11.3x EBITDA (11.1x in Q4 2020), mainly explained by the very high amount of cash flowing to the private equity business due to continued accommodating central banks rate policy. Small caps in the USA had a high increase to record-high 13.7x EBITDA (11.7x in Q4 2020). Nordic small caps valuation index decreased to a still high 13.5x EBITDA (14.3x in Q4 2020). Geographically in Eurozone, the valuation of French small caps increased to 9.9x EBITDA (9.1x in Q4 2020) and German small caps also rose to 10.6x EBITDA (10.4x in Q4 2020). We can note a strong increase (more than 20%) of the EBITDA multiple in the following industry sectors: Health Care, Utilities, Media.

INDEX EV/EBITDA MULTIPLES RANGES BY SECTOR

HIGHEST

Health Care
>14.0x
Travel & Leisure
>12.0x
Utilities
>12.0x
Oil & Gas
>12.0x
Technology
>10.0x

LOWEST

Telecommunications
<8.0x
Personal & Household Goods
<8.0x
Construction & Materials
<8.0x
Chemicals
<8.0x
Automobiles & Parts
<8.0x
Try Infront Analytics platform for detailed sector & peer group multiples, and beta values
INDEX CONSTITUENTS ANALYSIS
AS OF 31 MAR 2021
Median
Perf. (quarter)
+17.3%
Median
Market Cap.
88M€
Index No.
Companies
975
Median
EBITDA Margin
11.5%
Median
1yr Beta
0.48
INDEX CONSTITUENTS ANALYSIS
AS OF 31 MAR 2021
Median Stock Performance (quarter) +17.3%
Median Market Cap. 88M€
Number of Companies 975
Median EBITDA Margin 11.5%
Median 1yr Beta 0.48
INDEX BREAKDOWN
BY MARKET CAP
INDEX BREAKDOWN
BY COUNTRY
INDEX BREAKDOWN
BY SECTOR
INDEX BENCHMARK
EV/EBITDA