The spread with the non-listed M&A acquisitions is even higher, with the Argos index in Eurozone (private companies) remaining at its high level of 10.1x EBITDA. It means that with that kind of spread, there is no illiquidity discount for the private equity market. The difference is primarily the control premium. For the other benchmark valuation indices, the Eurozone large caps (market capitalizations above 500m€) has decreased to 9.1x EBITDA (9.8x in Q2 19). The US Small Cap index decreases to 8.7x EBITDA (8.9x in Q2), now in line with Eurozone small capitalizations. Nordics Small Cap index remains high but continues to decrease at 10.6x EBITDA (11.2x in Q2 19). During Q3 2019, main stock market indices remained quite flat or slightly increased, except the small cap-focused indices: Stoxx Europe 600 went up 2.2%, S&P 500 up 1.2%, CAC Small down 4.1%. Geographically, French small caps valuation decreased by 10% to 7.9x EBITDA and Benelux is down 8% to 8.4x. German small caps valuation resists better, at 9.0x. During Q3 19, major changes in representative index sectors valuation are the following: Media (-24%), Retail (-16%), Technology (-11%) and Personal Goods (-9%). [Note: due to change of LSE/Borsa Italiana commercial policy, Italian companies are now excluded from the index. Q2 2019 value has been recalculated accordingly].