Following the stock market crash in Q1 caused by the Covid-19 crisis, the markets recovered during the second quarter of 2020. Small and mid caps valuation in Eurozone bounced back, with the Infront Small Cap Eurozone index increased by + 10% compared to the end of March 2020, to 7.5x EBITDA. The EBITDA margin of the companies in the index continues to increase (12% in Q2 2020), knowing that the index is mainly based on the financial accounts published for fiscal year 2019, in which IFRS16 has taken place. In Q2, the Argos index on majority M&A transactions in the unlisted Eurozone remains stable at 9.2x EBITDA (9.3x in Q1), far from its record level of 10.3x EBITDA in Q4 2019. The spread between the listed small caps valuation and non-listed ones in Eurozone is still high but reduced. Regarding small caps in the USA, we can observe an even stronger increase than in Europe, raising to 8.0x EBITDA (6.7x in Q1 2020). The Scandinavian Small Caps index rebounded strongly to 11x EBITDA (8.6x in Q1 2020). Geographically in Eurozone, the valuation of French small caps rebounded strongly to 7.0x EBITDA (5.6x in Q1 2020) and German small caps rose to 8.0x EBITDA (6.8x in Q1 2020). In terms of the valuation of the industry sectors, all recorded a strong increase, except the construction sector which continues to fall. The EBITDA multiples of the healthcare sector stocks are up after a good resilience during the crisis, still at a high level of valuation. We can also note a strong rebound in the retail and technology sectors.