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.