The upper segment of the index with companies market cap between 150 and 500M€ has increased the most, by 11% at 8.6x EBITDA (7.7x in Q4 18). Smaller cap segment below 150M€ capitalization has gained 7% at 8.6x EBITDA (8.1x in Q4 18). At the same time, the Argos index on the non-listed M&A acquisitions in Eurozone (private companies) remains stable in Q1 2019 at a record level of 10.1x EBITDA. It is in line with the 3-year upwards valuation trend on the non-listed market, from 7.6x EBITDA in Q1 2016 to 10.1x in Q1 2019. The multiple is now 17% higher than the listed companies multiple! All other benchmark valuation indexes have also been up during the period: 9.6x EBITDA (9.1x in Q4 18) for Eurozone large caps (companies with market capitalizations over 500M€), 9.2x EBITDA (8.4x in Q4 18) for the USA small caps. Nordics small cap index is back to a very high level, close to its record of 12.3x in Q3 18, with 11.8x EBITDA. The Nordic small cap index is highly exposed to Sweden (58% of the constituents) and 3 main sectors: Industrial Goods & Services, Health Care and Technology. In Q1 2019, the Stoxx Europe 600 stock index went up 12%, S&P 500 index up 13%, CAC Small index up 8%. Geographically, bounce back for Italy small caps at 8.1x EBITDA (7.0x in Q4 18). France small companies are up 12% at 8.4x EBITDA, and German companies by 11% at 9.6x EBITDA, highest in Eurozone. During Q1 2019, major changes in representative index sectors are Health Care (+22%), Technology (+15%), Food & Beverage (+11%) and Personal Goods (+10%).