INDEX EVOLUTION
EV/EBITDA
INDEX VALUE (EV/EBITDA)
8.6x
2019 Q4
Infront Eurozone Small Cap Valuation Index increased slightly in Q4 2019 to an EV/EBITDA level of 8.6x vs 8.4x for Q3 2019, mainly due to increasing stock prices in the small cap segment during the period.

Updated 26 February 2020

The spread with the non-listed M&A acquisitions is also increasing with the Argos index in Eurozone (private companies) reaching a new record of 10.3x EBITDA. It is clear that with such a spread, there is no illiquidity discount for the private equity market. For the other benchmark valuation indices, the Eurozone large caps (market capitalizations above 500m€) has increased to 9.9x EBITDA (9.1x in Q3 19), close to its level of Q2 19. The US Small Cap index is stable at 8.8x EBITDA (8.7x in Q3), in line with Eurozone small capitalizations. Nordics Small Cap index bounced back after two quarters with a decrease at 11.5x EBITDA (10.6x in Q3 19). During Q4 2019, main stock market indices went up. Geographically, French small caps valuation continues to decrease to a level of 7.6x EBITDA (7.9x in Q3), close to the level of end of 2018. Benelux is slightly up to 8.6x EBITDA. German small caps valuation increases to 9.2x (9.0x EBITDA in Q3). During Q4 19, major changes in representative index sectors valuation are the following: Health Care (+15%), Food & Beverage (+7%), Technology is stable and Personal Goods is down -3%.

INDEX EV/EBITDA MULTIPLES RANGES BY SECTOR

HIGHEST

Health Care
>10.0x
Oil & Gas
>10.0x
Food & Beverage
>10.0x
Utilities
>10.0x
Technology
>8.0x

LOWEST

Retail
<8.0x
Travel & Leisure
<8.0x
Media
<8.0x
Chemicals
<8.0x
Automobiles & Parts
<8.0x
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INDEX CONSTITUENTS ANALYSIS
AS OF 31 DEC 2019
Median
Perf. (quarter)
+1.3%
Median
Market Cap.
77M€
Index No.
Companies
996
Median
EBITDA Margin
10.8%
Median
1yr Beta
0.42
INDEX CONSTITUENTS ANALYSIS
AS OF 31 DEC 2019
Median Stock Performance (quarter) +1.3%
Median Market Cap. 77M€
Number of Companies 996
Median EBITDA Margin 10.8%
Median 1yr Beta 0.42
INDEX BREAKDOWN
BY MARKET CAP
INDEX BREAKDOWN
BY COUNTRY
INDEX BREAKDOWN
BY SECTOR
INDEX BENCHMARK
EV/EBITDA