INDEX EVOLUTION
EV/EBITDA
INDEX VALUE (EV/EBITDA)
8.0x
2018 Q4
9.6x
9.5x
9.0x
8.0x
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Infront Eurozone Small Cap Valuation Index has strongly decreased in Q4 2018 with an EV/EBITDA level of 8.0x vs 9.0x as of end of Q3 2018, due to market prices drop in Q4 strongly impacting small cap stocks.

Updated 20 February 2019

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.

INDEX EV/EBITDA MULTIPLES RANGES BY SECTOR

HIGHEST

Retail
>10.0x
Technology
>10.0x
Oil & Gas
>8.0x
Health Care
>8.0x
Construction & Materials
>8.0x

LOWEST

Media
<8.0x
Basic Resources
<8.0x
Chemicals
<8.0x
Telecommunications
<6.0x
Automobiles & Parts
<6.0x
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INDEX CONSTITUENTS ANALYSIS
AS OF 31 DEC 2018
Median
Stock Perf. (quarter)
-15%
Median
Market Cap.
81M€
Index No.
Companies
1,085
Median
EBITDA Margin
11.3%
Median
1yr Beta
0.62
INDEX CONSTITUENTS ANALYSIS
AS OF 31 DEC 2018
Median Stock Performance (quarter) -15%
Median Market Cap. 81M€
Number of Companies 1,085
Median EBITDA Margin 11.3%
Median 1yr Beta 0.62
INDEX BREAKDOWN
BY MARKET CAP
INDEX BREAKDOWN
BY COUNTRY
INDEX BREAKDOWN
BY SECTOR
INDEX BENCHMARK
EV/EBITDA