Strong increase of the index in Q4 with stock markets continuing to perform very well despite the Covid-19 pandemic context. Small and mid caps EBITDA multiple gets to a record high level of 9.9x, ie + 14% compared to 8.7x at the end of Q3. Previous record was 9.6x in Q1 2018. Average index constituents share performance was of +14% in the fourth quarter, hence the median EV/EBITDA multiple followed the increase of the market prices. EBITDA levels are stable as most are not taking into account full fiscal year 2020 and are still quite low, impacted by the first quarters of 2020. High stock prices and high debt levels, increased with IFRS 16 roll out, explain the high Enterprise Value. In Q4, the Argos Mid-market valuation index of unlisted small and mid caps in Eurozone has also raised to a record-high value of 11.1x EBITDA (10.1x in Q3), mainly explained by the very high amount of cash flowing to the private equity business, due to accommodating central banks rate policy. Small caps in the USA had a high increase to 11.7x EBITDA (9.4x in Q3 2020). Following the same trend, Nordic small caps valuation index increased to 14.3x EBITDA (12.5x in Q3 2020). As for the Eurozone, the valuation of French small caps increased to 9.1x EBITDA (8.2x in Q3 2020) and German small caps also rose to a high level of 10.4x EBITDA (9.8x in Q3 2020). We can note a strong increase of the multiple (more than 15%) in the following industry sectors: Oil & Gas, Chemicals, Travel & Leisure and Industrial Goods.