After the bounce back in Q2 following the stock market crash, markets continued to perform quite well. Small and mid caps EBITDA multiple strongly increased in the third quarter, by + 16% to 8.7x compared to 7.5x at the end of June. Average index constituents share performance was of +4% in the quarter, so the median EV/EBITDA multiple rose more than the stock prices. This is mainly due to lower EBITDA levels, impacted by the first quarters of 2020, and relatively high stock prices and debt levels increasing the Enterprise Value of the companies. In the meantime, median EBITDA margin of the constituents decreased to 11.4% (12% in Q2 2020). In Q3, the Argos Mid-market valuation index of unlisted small and mid caps in Eurozone is back to pre-crisis levels at 10.1x EBITDA (9.2x in Q2). For the small caps in the USA, we can observe an even stronger increase to 9.4x EBITDA (8.0x in Q2 2020). Scandinavian small caps valuation index increased to a high 12.5x EBITDA (11.0x in Q2 2020). Geographically in Eurozone, the valuation of French small caps increased to 8.2x EBITDA (7.0x in Q2 2020) and German small caps also rose to a high level of 9.8x EBITDA (8.0x in Q2 2020).