INDEX EVOLUTION
EV/EBITDA
INDEX VALUE (EV/EBITDA)
10.0x
2021 Q2
Slight decrease of the Infront Eurozone Small Cap Valuation Index in Q2 2021, to a median EV/EBITDA level of 10.0x (10.2x in Q1 2021).

Updated 22 September 2021

The decrease is mainly due to French small cap valuation which dropped to 8.9x EBITDA in Q2 (9.9x in Q1 2021), while the index constituents median stock performance in Q2 was relatively stable. In Q2, the Argos Mid-market valuation index of unlisted small and mid caps in Eurozone continued its upward trend, rising to a new record-high value of 11.6x EBITDA (11.3x in Q1 2021), mainly explained by both the high level of liquidities flowing to the private equity market and the high valuations paid by private equity funds (12.9x EBITDA in Q2). Small caps in the USA continued to increase to a record-high 14.0x EBITDA (13.7x in Q1 2021). Nordic small caps valuation index slightly decreased to 13.3x EBITDA (13.5x in Q4 2020). Opposite to what we noticed on French constituents of the index, German small caps valuation continued to grow at 11.2x EBITDA (10.6x in Q1 2021). Regarding notable industry sectors valuation, we can note a drop of the Health Care companies (after a strong raise in Q1) and an increase in Food & Beverage sector.

INDEX EV/EBITDA MULTIPLES RANGES BY SECTOR

HIGHEST

Utilities
>14.0x
Food & Beverage
>12.0x
Travel & Leisure
>10.0x
Technology
>10.0x
Oil & Gas
>10.0x

LOWEST

Personal & Household Goods
<10.0x
Media
<10.0x
Chemicals
<8.0x
Automobiles & Parts
<8.0x
Telecommunications
<8.0x
Try Infront Analytics platform for detailed sector & peer group multiples, and beta values
INDEX CONSTITUENTS ANALYSIS
AS OF 30 JUN 2021
Median
Perf. (quarter)
+1.2%
Median
Market Cap.
92M€
Index No.
Companies
975
Median
EBITDA Margin
12.2%
Median
1yr Beta
0.54
INDEX CONSTITUENTS ANALYSIS
AS OF 30 JUN 2021
Median Stock Performance (quarter) +1.2%
Median Market Cap. 92M€
Number of Companies 975
Median EBITDA Margin 12.2%
Median 1yr Beta 0.54
INDEX BREAKDOWN
BY MARKET CAP
INDEX BREAKDOWN
BY COUNTRY
INDEX BREAKDOWN
BY SECTOR
INDEX BENCHMARK
EV/EBITDA