INDEX EVOLUTION
EV/EBITDA
INDEX VALUE (EV/EBITDA)
8.8x
2019 Q2
Infront Eurozone Small Cap Valuation Index continues to increase to an EV/EBITDA level of 8.8x for Q2 2019 vs 8.6x for Q1 2019. Increase is mainly due to overall stable market prices in the segment, with an increased level of debt position.

Updated 25 July 2019

The smaller cap segment of the index - with companies between 15 and 150m€ market cap - has increased the most, by 4% at 9.0x EBITDA (8.6x in Q1 19). The upper segment - between 150 and 500m€ market cap - remains stable at 8.5x EBITDA (8.6x in Q1 19).The Argos index on the non-listed M&A acquisitions in Eurozone (private companies) remains high at a level of 10.0x EBITDA. For the other benchmark valuation indexes, the Eurozone Large Cap (market capitalizations above 500m€) has increased to 9.8x EBITDA (9.6x in Q1 19). The US small caps index decreases to 8.9x EBITDA, now in line with Eurozone small capitalizations. Nordics Small Cap index remains high but is decreasing to 11.2x EBITDA (11.8x in Q1 19). During Q2 2019, the stock market indices remained quite flat or slightly increased: Stoxx Europe 600 went up 1.5%, S&P 500 up 3.8%, CAC Small up 2.3%.Geographically, France small cap valuation continues to increase by 3% to 8.7x EBITDA (8.4x in Q1 19 and 7.5x in Q4 19) and Benelux is up 2% to 8.8x (8.6x in Q1 19 and 8.0x in Q4 18). Germany is down 4% to 9.2x (from 9.6x) and Italy down 7% to 7.6x (8.1x in Q1 19). During Q2 19, most changes in representative index sectors are the Industrial Goods & Services (+8%), Technology (+5%), Media (-4%), Construction (-6%), Retail (-3%).

INDEX EV/EBITDA MULTIPLES RANGES BY SECTOR

HIGHEST

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

LOWEST

Media
<8.0x
Travel & Leisure
<8.0x
Telecommunications
<8.0x
Chemicals
<8.0x
Automobiles & Parts
<8.0x
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INDEX CONSTITUENTS ANALYSIS
AS OF 30 JUN 2019
Median
Perf. (quarter)
+0%
Median
Market Cap.
84M€
Index No.
Companies
1,094
Median
EBITDA Margin
10.9%
Median
1yr Beta
0.63
INDEX CONSTITUENTS ANALYSIS
AS OF 30 JUN 2019
Median Stock Performance (quarter) +0%
Median Market Cap. 84M€
Number of Companies 1,094
Median EBITDA Margin 10.9%
Median 1yr Beta 0.63
INDEX BREAKDOWN
BY MARKET CAP
INDEX BREAKDOWN
BY COUNTRY
INDEX BREAKDOWN
BY SECTOR
INDEX BENCHMARK
EV/EBITDA