The upper segment of the index with companies market capitalization between 150 and 500m€ has dropped the most, by 17% at 7.7x EBITDA (8.9x Q3 18). Smaller cap segment below 150m€ capitalization has dropped 12% at 8.1x EBITDA (8.8x Q3 18). Apart from the Argos index on the non listed M&A acquisitions in Eurozone which has increased in Q4 to 10.1x EBITDA, the drop affects all other benchmark indexes: 9.0x EBITDA (10.0x Q3 18) for Eurozone Large Cap valuation index (companies market capitalizations higher than 500m€), 8.4x EBITDA (10.7x Q3 18) for the USA small cap valuation index. Nordics small cap index has dropped 11% but remains high at 10.8x EBITDA. In Q4 the Stoxx Europe 600 stock index went down 12%, S&P 500 down 14%, CAC Small down -21%. Geographically, Italy remains low at 7.0x EBITDA. France has decreased by 23% at 7.5x EBITDA, Germany by 20% at 8.7x EBITDA. Most impacted representative index sectors are technology (-23%), travel & leisure (-19%) and Health Care (-19%). The Food & Beverage sector has resisted well with a -7% only decrease.