Small increase of the index in Q1 2021 with stock markets performing well and believing in the overall positive indicators on the global economy. Small and mid caps EBITDA multiple gets to a record high of 10.2x, ie +3% compared to 9.9x at the end of 2020. In Q1, the Argos Mid-market valuation index of unlisted small and mid caps in Eurozone has also raised to a new record-high value of 11.3x EBITDA (11.1x in Q4 2020), mainly explained by the very high amount of cash flowing to the private equity business due to continued accommodating central banks rate policy. Small caps in the USA had a high increase to record-high 13.7x EBITDA (11.7x in Q4 2020). Nordic small caps valuation index decreased to a still high 13.5x EBITDA (14.3x in Q4 2020). Geographically in Eurozone, the valuation of French small caps increased to 9.9x EBITDA (9.1x in Q4 2020) and German small caps also rose to 10.6x EBITDA (10.4x in Q4 2020). We can note a strong increase (more than 20%) of the EBITDA multiple in the following industry sectors: Health Care, Utilities, Media.