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VALUATION

Wed, Jul 05, 2023


INDUSTRY MULTIPLES IN EUROPE – Q1 2023

We are pleased to launch the sixth edition of our Industry Multiples in Europe
quarterly report. This report provides valuable insights into trading multiples
for various key industries in Europe as of March 21, 2023.

Download the Report


Our analysis uses constituents of the STOXX® Europe Total Market Index (“STOXX
Europe TMI”), which covers about 95% of the free float in Europe.

In 2023, the global economy still faces a lot of uncertainty, with the
challenges faced over the past three years, such as COVID-19 and the war in
Ukraine, still reverberating in today’s economy as many economies are still
absorbing the shocks. While it seems that recovery is on the way, the forces
that shaped the world in 2022 are likely to continue. Inflation has started to
soften in many regions, but the rapid rise in interest rates to fight inflation
led to other impacts, as seen with the recent turbulence in the banking sector.
Equity markets are still volatile in 2023. The daily average of the volatility
index on the EURO STOXX 50® index (VSTOXX®) during the first three months of
2023 was lower than the 2022 overall daily average. However, the 2023
year-to-date daily average is still more than 30% higher than the overall daily
average of 2019 (before the COVID-19 pandemic started).


HIGHLIGHTS

According to the World Economic Outlook report, released by the International
Monetary Fund (IMF) in April 2023, global growth is projected to reach 2.8% in
2023, below the estimated growth in 2022 of 3.4%.

For the eurozone, the IMF forecasts growth to decelerate from 3.5% in 2022 to
0.8% in 2023, followed by 1.4% in 2024.

The IMF’s estimate for global inflation is 7.0% in 2023, down from 8.7% in 2022,
to be followed by 4.9% in 2024. Inflation is expected to be above central banks’
targets for most economies at least until 2025.

In terms of EV/EBITDA, multiples have generally remained relatively stable
during the first quarter of 2023, with a few industries presenting significant
variations. For example, the median EV/EBITDA multiple of semiconductors and
semiconductor equipment increased to 15x (from 10x in Q4 2022).

Our report provides a detailed overview of the EV/revenues, EV/EBITDA, P/E and
P/B multiples of companies in the STOXX® Europe TMI covering nonfinancial
industries and market capitalization/revenues, P/TBV, P/E and P/B multiples
covering financial industries for which such data is available. We also provide
an eight-quarter look back at the trends of these multiples for the industries
covered.

We hope you find this report helpful for understanding the range of trading
multiples for major industries in Europe. If you would like to receive further
information or discuss any of the findings, please contact us.


CONNECT WITH US

Michael Weaver

Michael Weaver
Managing Director and International Valuation Advisory Services Leader,
Testifying Expert
Valuation Advisory Services
London
+44 (0)20 7089 4773 Phone
Michael Weaver

Hakim Abdeljaouad

Hakim Abdeljaouad
Managing Director
Valuation Advisory Services
Dubai
+971 (0)5 6115 6109 Phone
Hakim Abdeljaouad

Alexander Bregonje

Alexander Bregonje
Managing Director
Valuation Advisory Services
Amsterdam
+31 20 851 5151 Phone

Marc Broekema

Marc Broekema
Managing Director
Valuation Advisory Services
Amsterdam
+31 20 851 5151 Phone

Niall Cribben

Niall Cribben
Managing Director
Valuation Advisory Services
Dublin
+353 1472 0742 Phone
Niall Cribben

Enrico Rovere

Enrico Rovere
Managing Director
Valuation Advisory Services
Milan
+39 02 46712360 Phone
Enrico Rovere

Ingo Schneemann

Ingo Schneemann
Managing Director
Valuation Advisory Services
Frankfurt
+49 69 719184 0 Phone
Ingo Schneemann

Carine Tourneur

Carine Tourneur
Managing Director
Valuation Advisory Services
Paris
+33 (0)6 42 07 21 61 Phone
Carine Tourneur

Javier Zoido

Javier Zoido
Managing Director, Latin America and Iberia Valuation Advisory Services Leader
Valuation Advisory Services
Madrid
+34 910 389 000 Phone
Javier Zoido


--------------------------------------------------------------------------------

PREVIOUS REPORTS

Industry Multiples in Europe – Q4 2022
Valuation Outlook

--------------------------------------------------------------------------------


INDUSTRY MULTIPLES IN EUROPE – Q4 2022

Mar 10, 2023




Industry Multiples in Europe – Q3 2022
Valuation

--------------------------------------------------------------------------------


INDUSTRY MULTIPLES IN EUROPE – Q3 2022

Dec 06, 2022

by
Michael Weaver, Hakim Abdeljaouad, Niall Cribben, Henk Oosterhout, Enrico Rovere, Ingo Schneemann, Mathias Schumacher, Carine Tourneur, Javier Zoido


Industry Multiples in Europe – Q2 2022
Valuation

--------------------------------------------------------------------------------


INDUSTRY MULTIPLES IN EUROPE – Q2 2022

Oct 04, 2022

by
Michael Weaver, Hakim Abdeljaouad, Niall Cribben, Henk Oosterhout, Enrico Rovere, Ingo Schneemann, Mathias Schumacher, Carine Tourneur, Javier Zoido


Industry Multiples in Europe – Q1 2022
Valuation

--------------------------------------------------------------------------------


INDUSTRY MULTIPLES IN EUROPE – Q1 2022

Jun 15, 2022

by
Michael Weaver, Hakim Abdeljaouad, Niall Cribben, Henk Oosterhout, Enrico Rovere, Ingo Schneemann, Mathias Schumacher, Carine Tourneur, Javier Zoido




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