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Industry Multiples in Europe
Q1 2022
Table of
Contents
2
Page
1. Foreword 3
2. Summary 4
3. Country Snapshot 5
4. Industry Multiples
Communication Services
• Media and Entertainment 10
• Telecommunication Services 13
Consumer Discretionary
• Automobiles and Components 16
• Consumer Durables and Apparel 19
• Consumer Services 22
• Retailing 25
Consumer Staples
• Food and Staples Retailing 28
• Food, Beverage and Tobacco 31
• Household and Personal Products 34
Energy 37
Financials 40
Health Care
• Health Care Equipment and Services 43
• Pharmaceuticals, Biotechnology and Life Sciences 46
Industrials
• Capital Goods 49
• Commercial and Professional Services 52
• Transportation 55
Information Technology
• Semiconductors and Semiconductor Equipment 58
• Software and Services 61
• Technology Hardware and Equipment 64
Materials 67
Real Estate 70
Utilities
• Electric, Gas and Water Utilities 73
• Independent Power and Renewable Electricity Producers 76
5. Criteria 79
6. Industry Definitions 80
7. Contact 84
Foreword
Dear Readers,
We are pleased to launch the second 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 31, 2022. Our analysis uses
constituents of the STOXX® Europe Total Market Index (“STOXX Europe TMI”), which covers about 95% of the free float
in Europe, distributed among several industries and sectors, following the definitions by the Global Industry Classification
Standard (GICS).
Since January 2022, global equity markets have become more volatile as investors tried to ascertain the magnitude and
speed at which central banks would raise interest rates, leading to a potential decrease in the value of companies in
various industries due to an increase in discount rates. In addition, in February 2022, Russia initiated an armed conflict
with Ukraine, which increased the risk perception not only for those two countries but also for other markets. Severe
economic sanctions were imposed against Russia, which has contributed to a significant rise in the prices of oil, gas and
other commodities such as precious metals, base metals and agricultural products. Ukraine, and especially Russia, are
large producers of some of these commodities and the current war is further exacerbating global supply chain shortages
and adding to inflationary pressures. Since Europe was already suffering from an energy crisis prior to these events, it’s
been further impacted due to its higher exposure to Russia and Ukraine. The volatility index on the EURO STOXX 50 index
known as the VSTOXX has reached levels last observed back in April 2020, at the height of the pandemic. The STOXX
Europe TMI decreased by 6.7% in the first quarter of 2022.
According to the International Monetary Fund (IMF) in its World Economic Outlook report released in April 2022, prior to
the Russia-Ukraine war, the global economy was on a recovery path, although at different speeds by region and not yet
fully back to its pre-COVID-19 levels. However, economic prospects have deteriorated significantly since January. Global
growth is expected to decrease from 6.1% in 2021 to 3.6% in 2022, the current estimate for 2022 being 0.8 percentage
point below the IMF’s previous estimate in January—just three months earlier. Likewise, for the Eurozone, growth is
expected to decrease from 5.3% in 2021 to 2.8% in 2022 (a 1.1 percentage point decrease since the IMF’s previous
estimate for 2022). For the United Kingdom, growth is expected to decrease from 7.4% in 2021 to 3.7% in 2022 (a 1
percentage point decrease since the IMF’s previous estimate for 2022). In terms of inflation for 2022, the IMF currently
projects an annual average of 5.3% for the Eurozone and 7.4% in the United Kingdom.
In general, the current heightened uncertainty will have a negative impact on the valuation of investments globally,
especially on businesses generating cash flows in Russia and/or Ukraine and in industries most affected by the shortage
of commodities and rising prices.
In terms of EV/EBITDA multiples, multiples have generally decreased over the first quarter of 2022. In general, all
sectors/industry groups presented in this report observed a decrease in their multiples during the first quarter of 2022,
except for energy, and electric, gas and water utilities. All other sectors/industry groups observed a variation between
-4.3x and 0.0x in their multiples during the same period.
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 lookback at the trends of
these multiples for the industries covered.
We hope you find this report helpful in 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.
Michael Weaver
Managing Director and
EMEA Valuation Advisory
Services Leader
3
Source: International Monetary Fund – “World Economic Outlook - War Sets Back the Global Recovery”, April 2022; Kroll analysis.
Industry Multiples in Europe – Q1 2022
4
Summary: Median Multiples by Sector/Industry Groups
As of March 31, 2022
Sector/Industry Group EV/Revenues EV/EBITDA P/E P/B
Communication Services 2.5x 8.0x 17.5x 2.0x
Media and Entertainment 2.5x 8.3x 18.0x 2.3x
Telecommunication Services 2.5x 6.7x 17.5x 1.9x
Consumer Discretionary 1.3x 9.1x 16.0x 2.2x
Automobiles & Components 0.7x 6.2x 12.7x 1.0x
Consumer Durables & Apparel 1.5x 9.3x 19.5x 2.5x
Consumer Services 3.1x 14.8x 22.9x 3.1x
Retailing 1.1x 9.0x 15.6x 2.7x
Consumer Staples 1.5x 10.0x 21.0x 2.2x
Food and Staples Retailing 0.6x 6.7x 19.4x 2.4x
Food, Beverage and Tobacco 1.7x 10.2x 18.7x 2.1x
Household and Personal Products 2.0x 12.1x 30.3x 3.2x
Energy 1.9x 5.5x 11.3x 1.1x
Health Care 4.3x 16.6x 32.1x 4.4x
Health Care Equipment and Services 3.1x 15.2x 33.1x 3.7x
Pharmaceuticals, Biotechnology and Life Sciences 5.6x 17.5x 30.6x 5.1x
Industrials 1.3x 10.4x 20.5x 2.6x
Capital Goods 1.3x 10.6x 20.7x 2.7x
Commercial & Professional Services 1.4x 10.6x 22.3x 3.1x
Transportation 1.5x 8.4x 11.7x 2.1x
Information Technology 3.1x 17.4x 30.3x 4.1x
Semiconductors & Semiconductor Equipment 5.2x 17.4x 24.7x 3.8x
Software & Services 3.5x 18.5x 35.0x 4.6x
Technology Hardware & Equipment 2.4x 15.2x 27.1x 3.2x
Materials 1.2x 6.4x 12.5x 1.6x
Real Estate 15.8x 27.9x 24.6x 0.9x
Utilities 3.8x 10.4x 16.5x 2.3x
Electric, Gas and Water Utilities1
1.6x 9.6x 13.0x 1.9x
Independent Power & Renewable Electricity Producers1
8.7x 20.1x 47.9x 2.8x
Financials Sector/Industry Group Market Cap./Revenues P/TBV P/E P/B
Financials 2.2x 1.3x 10.6x 1.1x
Banks 2.4x 0.8x 9.4x 0.7x
Capital Markets1
3.6x 3.0x 13.4x 1.9x
Consumer Finance1
2.0x 1.0x 6.5x 0.8x
Diversified Financial Services1
3.6x 1.1x 13.7x 1.0x
Insurance 0.8x 1.9x 12.2x 1.1x
1 According to GICS nomenclature, these are classified as “Industry,” which is one level below “Industry Group.”
Industry Multiples in Europe – Q1 2022
0.6
0.8
1.0
1.2
1.4
1.6
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
STOXX Europe TMI CAC 40
-6.9%
-6.7%
Stock market performance
during the 1Q2022
5
Country Snapshot: France
1As of the report reference date.
Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis.
The CAC 40 index reflects the performance of the 40 largest and most actively traded shares listed on the Euronext Paris and is the most widely used
indicator of the Paris stock market. It is typically used as the benchmark stock market index in France. The percentage of French companies in the
STOXX Europe TMI is 8%, with 98% of the constituents of the CAC 40 being comprised within the European index.
In the first quarter of 2022, the CAC 40 decreased by 6.9% (in price terms), compared to the 6.7% decrease in the STOXX Europe TMI. France’s real
GDP is expected to grow by 2.9% in 2022 and 1.4% in 2023, according to the IMF’s latest World Economic Outlook (April 2022).
CAC 40 Spotlight
5Y Evolution: CAC 40 and STOXX Europe TMI Top 5 Industries
Industry
Market Cap
(€ bn)1
% of
CAC 40
Number of
Companies
Consumer Durables
and Apparel
606 28% 4
Capital Goods 365 17% 9
Household and Personal
Products
195 9% 1
Pharmaceuticals,
Biotechnology and
Life Sciences
133 6% 2
Energy 119 6% 1
€2,149
billion
(bn)
CAC 40
Market Cap1
Contact:
CARINE TOURNEUR
Managing Director
Tel +33 014 006 40 60
E: carine.tourneur@kroll.com
Industry Multiples in Europe – Q1 2022
6
Country Snapshot: Germany
The DAX is a total return index of 40 selected German blue-chip stocks traded on the Frankfurt Stock Exchange and is typically used as the benchmark
stock market index in Germany. The percentage of German companies in the STOXX Europe TMI is 10%, with 90% of the constituents of the DAX
being comprised within the European index. In September 2021, the number of constituents in the DAX index increased from 30 to 40 companies.
In the first quarter of 2022, the DAXK (DAX in price terms) decreased by 9.5%, compared to the 6.7% decrease in the STOXX Europe TMI. Germany’s
real GDP is expected to grow by 2.1% in 2022 and 2.7% in 2023, according to the IMF’s latest World Economic Outlook (April 2022).1
DAX Spotlight
5Y Evolution: DAXK and STOXX Europe TMI1 Top 5 Industries
Industry
Market Cap
(€ bn)2
% of
DAX
Number of
Companies
Automobiles and
Components
259 15% 5
Capital Goods 231 14% 5
Materials 226 13% 5
Pharmaceuticals,
Biotechnology and
Life Sciences
154 9% 3
Insurance 141 8% 3
€1,678bn
DAX
Market Cap2
Contact:
INGO SCHNEEMANN
Managing Director
Tel +49 697 191 8415
E: ingo.schneemann@kroll.com
1Although the DAX (total return index) is more widely recognized, for consistency purposes we refer to the DAXK (price index)
2As of the report reference date.
Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis.
0.6
0.8
1.0
1.2
1.4
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
STOXX Europe TMI DAXK
-9.5%
-6.7%
Stock market performance
during the 1Q2022
Industry Multiples in Europe – Q1 2022
7
Country Snapshot: Italy
The FTSE MIB index consists of the 40 most liquid and capitalized stocks listed on the Borsa Italiana. It is typically used as the benchmark stock market
index in Italy. The percentage of Italian companies in the STOXX Europe TMI is 6%, with 100% of the constituents of the FTSE MIB being comprised
within the European index.
In the first quarter of 2022, the FTSE MIB decreased (in price terms) by 8.5%, compared to the 6.7% decrease in the STOXX Europe TMI. Italy’s real
GDP is expected to grow by 2.3% in 2022 and 1.7% in 2023, according to the IMF’s latest World Economic Outlook (April 2022).
FTSE MIB Spotlight
5Y Evolution: FTSE MIB and STOXX Europe TMI Top 5 Industries
Industry
Market Cap
(€ bn)1
% of
FTSE MIB
Number of
Companies
Utilities 109 18% 6
Automobiles and
Components
87 15% 3
Banks 85 14% 6
Energy 64 11% 3
Insurance 50 8% 3
€596bn
FTSE MIB
Market Cap1
Contact:
ENRICO ROVERE
Managing Director
Tel +39 039 642 3860
E: enrico.rovere@kroll.com
1As of the report reference date.
Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis.
0.6
0.8
1.0
1.2
1.4
1.6
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
STOXX Europe TMI FTSE MIB
-8.5%
-6.7%
Stock market performance
during the 1Q2022
Industry Multiples in Europe – Q1 2022
8
Country Snapshot: Spain
The IBEX 35 is the official index of the Spanish Continuous Exchange. The index is comprised of the 35 most liquid stocks traded on the continuous
market. It is typically used as the benchmark stock market index in Spain. The percentage of Spanish companies in the STOXX Europe TMI is 4%, with
94% of the constituents of the IBEX 35 being comprised within the European index.
In the first quarter of 2022, the IBEX 35 decreased (in price terms) by 3.1%, compared to the 6.7% decrease in the STOXX Europe TMI. Spain’s real
GDP is expected to grow by 4.8% in 2022 and 3.3% in 2023, according to the IMF’s latest World Economic Outlook (April 2022).
IBEX 35 Spotlight
Top 5 Industries
5Y Evolution: IBEX 35 and STOXX Europe TMI
Industry
Market Cap
(€ bn)1
% of
IBEX 35
Number of
Companies
Utilities 137 25% 7
Banks 120 22% 5
Retailing 62 11% 1
Telecommunication
Services
54 10% 2
Capital Goods 40 7% 4
€556bn
IBEX 35
Market Cap1
Contact:
JAVIER ZOIDO
Managing Director
Tel +34 910 389 010
E: javier.zoido@kroll.com
1As of the report reference date.
Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis.
0.5
0.7
0.9
1.1
1.3
1.5
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
STOXX Europe TMI IBEX 35
-3.1%
-6.7%
Stock market performance
during the 1Q2022
Industry Multiples in Europe – Q1 2022
9
Country Snapshot: United Kingdom
The FTSE 100 index Is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. It is
typically used as the benchmark stock market index in the UK. The percentage of UK companies in the STOXX Europe TMI is 15%, with 94% of the
constituents of the FTSE 100 being comprised within the European index.
In the first quarter of 2022, the FTSE 100 increased (in price terms) by 1.8%, compared to the 6.7% decrease in the STOXX Europe TMI. UK’s real GDP
is expected to grow by 3.7% in 2022 and 1.2% in 2023, according to the IMF’s latest World Economic Outlook (April 2022).
FTSE 100 Spotlight
Top 5 Industries
5Y Evolution: FTSE 100 and STOXX Europe TMI
Industry
Market Cap
(€ bn)1
% of
FTSE 100
Number of
Companies
Materials 351 14% 11
Pharmaceuticals,
Biotechnology and Life
Sciences
295 12% 4
Energy 275 11% 2
Banks 238 9% 5
Food, Beverage and
Tobacco
232 9% 5
€2,516bn
FTSE 100
Market Cap1
Contact:
MATHIAS SCHUMACHER
Managing Director
Tel +44 207 089 4720
E:mathias.schumacher@kroll.com
1As of the report reference date. Exchange rate as of March 31, 2022, provided by Capital IQ.
Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis.
0.6
0.8
1.0
1.2
1.4
1.6
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
STOXX Europe TMI FTSE 100
1.8%
-6.7%
Stock market performance
during the 1Q2022
Media and Entertainment
10
Q1 2022
Industry Multiples in Europe – Q1 2022
11
Media and Entertainment
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
56 56 56 56
Number of Outliers2
7 10 20 10
High 18.4x 45.7x 146.1x 12.9x
3rd Quartile 5.3x 22.0x 49.8x 3.4x
Mean 4.1x 14.0x 35.1x 3.5x
Median 2.5x 8.3x 18.0x 2.3x
1st Quartile 1.2x 6.7x 11.7x 1.5x
Low 0.6x 3.7x 7.7x 0.9x
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
Industry Multiples in Europe – Q1 2022
12
Media and Entertainment
As of March 31, 2022
0
5
10
15
20
25
30
35
40
0.6 - 4.2 4.2 - 7.7 7.7 - 11.3 11.3 - 14.8 14.8 - 18.4
Number
of
Companies
EV/Revenues
0
5
10
15
20
25
30
3.7 - 12.1 12.1 - 20.5 20.5 - 28.9 28.9 - 37.3 37.3 - 45.7
Number
of
Companies
EV/EBITDA
0
5
10
15
20
25
8 - 35 35 - 63 63 - 91 91 - 118 118 - 146
Number
of
Companies
P/E
0
5
10
15
20
25
30
0.9 - 3.3 3.3 - 5.7 5.7 - 8.1 8.1 - 10.5 10.5 - 12.9
Number
of
Companies
P/B
Telecommunication Services
13
Q1 2022
Industry Multiples in Europe – Q1 2022
14
Telecommunication Services
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
25 25 25 25
Number of Outliers2
4 5 8 6
High 10.3x 14.2x 50.2x 9.2x
3rd Quartile 4.1x 8.7x 25.1x 2.7x
Mean 3.2x 7.6x 21.1x 2.7x
Median 2.5x 6.7x 17.5x 1.9x
1st Quartile 1.5x 5.3x 14.3x 1.6x
Low 1.3x 4.3x 12.0x 0.9x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
15
Telecommunication Services
As of March 31, 2022
0
2
4
6
8
10
12
14
1.3 - 3.1 3.1 - 4.9 4.9 - 6.7 6.7 - 8.5 8.5 - 10.3
Number
of
Companies
EV/Revenues
0
5
10
4.3 - 6.3 6.3 - 8.3 8.3 - 10.2 10.2 - 12.2 12.2 - 14.2
Number
of
Companies
EV/EBITDA
0
2
4
6
8
10
12.0 - 19.7 19.7 - 27.3 27.3 - 35.0 35.0 - 42.6 42.6 - 50.2
Number
of
Companies
P/E
0
5
10
15
0.9 - 2.5 2.5 - 4.2 4.2 - 5.9 5.9 - 7.5 7.5 - 9.2
Number
of
Companies
P/B
Automobiles and Components
16
Q1 2022
Industry Multiples in Europe – Q1 2022
17
Automobiles and Components
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
28 28 28 28
Number of Outliers2
5 5 9 6
High 1.7x 9.5x 24.2x 2.2x
3rd Quartile 1.1x 7.2x 14.5x 1.2x
Mean 0.8x 6.2x 12.8x 1.2x
Median 0.7x 6.2x 12.7x 1.0x
1st Quartile 0.5x 5.2x 9.0x 0.9x
Low 0.3x 4.2x 5.3x 0.6x
0.0x
0.2x
0.4x
0.6x
0.8x
1.0x
1.2x
1.4x
1.6x
1.8x
2.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
18
Automobiles and Components
As of March 31, 2022
0
2
4
6
8
10
0.3 - 0.6 0.6 - 0.9 0.9 - 1.1 1.1 - 1.4 1.4 - 1.7
Number
of
Companies
EV/Revenues
0
5
10
4.2 - 5.2 5.2 - 6.3 6.3 - 7.4 7.4 - 8.5 8.5 - 9.5
Number
of
Companies
EV/EBITDA
0
1
2
3
4
5
6
7
5.3 - 9.1 9.1 - 12.8 12.8 - 16.6 16.6 - 20.4 20.4 - 24.2
Number
of
Companies
P/E
0
5
10
0.6 - 0.9 0.9 - 1.2 1.2 - 1.6 1.6 - 1.9 1.9 - 2.2
Number
of
Companies
P/B
Consumer Durables and Apparel
19
Q1 2022
Industry Multiples in Europe – Q1 2022
20
Consumer Durables and Apparel
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
57 57 57 57
Number of Outliers2
6 6 10 8
High 6.6x 21.1x 54.4x 11.8x
3rd Quartile 2.7x 13.7x 24.3x 5.2x
Mean 2.1x 10.4x 19.7x 3.8x
Median 1.5x 9.3x 19.5x 2.5x
1st Quartile 1.0x 7.3x 11.5x 1.4x
Low 0.5x 4.6x 6.7x 0.8x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
21
Consumer Durables and Apparel
As of March 31, 2022
0
5
10
15
20
25
30
35
0.5 - 1.7 1.7 - 2.9 2.9 - 4.1 4.1 - 5.3 5.3 - 6.6
Number
of
Companies
EV/Revenues
0
5
10
15
20
4.6 - 7.9 7.9 - 11.2 11.2 - 14.5 14.5 - 17.8 17.8 - 21.1
Number
of
Companies
EV/EBITDA
0
5
10
15
20
6.7 - 16.2 16.2 - 25.8 25.8 - 35.3 35.3 - 44.9 44.9 - 54.4
Number
of
Companies
P/E
0
5
10
15
20
25
30
0.8 - 3.0 3.0 - 5.2 5.2 - 7.4 7.4 - 9.6 9.6 - 11.8
Number
of
Companies
P/B
Consumer Services
22
Q1 2022
Industry Multiples in Europe – Q1 2022
23
Consumer Services
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
38 38 38 38
Number of Outliers2
4 9 22 7
High 13.3x 80.5x 198.8x 6.7x
3rd Quartile 5.1x 24.3x 32.0x 5.0x
Mean 3.7x 21.6x 33.8x 3.4x
Median 3.1x 14.8x 22.9x 3.1x
1st Quartile 1.6x 9.9x 14.2x 1.6x
Low 0.7x 5.0x 7.4x 0.6x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
24
Consumer Services
As of March 31, 2022
0
5
10
15
20
0.7 - 3.2 3.2 - 5.7 5.7 - 8.3 8.3 - 10.8 10.8 - 13.3
Number
of
Companies
EV/Revenues
0
5
10
15
20
5.0 - 20.1 20.1 - 35.2 35.2 - 50.3 50.3 - 65.4 65.4 - 80.5
Number
of
Companies
EV/EBITDA
0
2
4
6
8
10
12
14
16
7 - 46 46 - 84 84 - 122 122 - 161 161 - 199
Number
of
Companies
P/E
0
5
10
15
0.6 - 1.8 1.8 - 3.1 3.1 - 4.3 4.3 - 5.5 5.5 - 6.7
Number
of
Companies
P/B
Retailing
25
Q1 2022
Industry Multiples in Europe – Q1 2022
26
Retailing
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
64 64 64 64
Number of Outliers2
8 13 21 9
High 2.8x 20.3x 40.7x 9.5x
3rd Quartile 1.7x 11.5x 19.0x 3.9x
Mean 1.2x 9.6x 17.6x 3.1x
Median 1.1x 9.0x 15.6x 2.7x
1st Quartile 0.6x 5.9x 11.7x 1.7x
Low 0.3x 3.6x 6.1x 0.6x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
27
Retailing
As of March 31, 2022
0
5
10
15
20
0.3 - 0.8 0.8 - 1.3 1.3 - 1.8 1.8 - 2.3 2.3 - 2.8
Number
of
Companies
EV/Revenues
0
5
10
15
20
25
3.6 - 7.0 7.0 - 10.3 10.3 - 13.7 13.7 - 17.0 17.0 - 20.3
Number
of
Companies
EV/EBITDA
0
5
10
15
20
6.1 - 13.0 13.0 - 19.9 19.9 - 26.9 26.9 - 33.8 33.8 - 40.7
Number
of
Companies
P/E
0
5
10
15
20
25
30
0.6 - 2.4 2.4 - 4.2 4.2 - 5.9 5.9 - 7.7 7.7 - 9.5
Number
of
Companies
P/B
Food and Staples Retailing
28
Q1 2022
Industry Multiples in Europe – Q1 2022
29
Food and Staples Retailing
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
19 19 19 19
Number of Outliers2
2 5 7 3
High 2.4x 16.1x 41.5x 10.2x
3rd Quartile 1.0x 9.5x 28.6x 4.1x
Mean 0.8x 8.5x 22.5x 3.4x
Median 0.6x 6.7x 19.4x 2.4x
1st Quartile 0.5x 6.2x 15.4x 1.5x
Low 0.2x 5.8x 11.9x 0.8x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
30
Food and Staples Retailing
As of March 31, 2022
0
2
4
6
8
10
0.2 - 0.7 0.7 - 1.1 1.1 - 1.5 1.5 - 2.0 2.0 - 2.4
Number
of
Companies
EV/Revenues
0
2
4
6
8
10
5.8 - 7.9 7.9 - 9.9 9.9 - 12.0 12.0 - 14.1 14.1 - 16.1
Number
of
Companies
EV/EBITDA
0
1
2
3
4
5
6
7
11.9 - 17.9 17.9 - 23.8 23.8 - 29.7 29.7 - 35.6 35.6 - 41.5
Number
of
Companies
P/E
0
2
4
6
8
10
0.8 - 2.7 2.7 - 4.6 4.6 - 6.5 6.5 - 8.3 8.3 - 10.2
Number
of
Companies
P/B
Food, Beverage and Tobacco
31
Q1 2022
Industry Multiples in Europe – Q1 2022
32
Food, Beverage and Tobacco
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
54 54 54 54
Number of Outliers2
6 9 12 8
High 7.2x 21.2x 40.2x 7.4x
3rd Quartile 3.0x 13.7x 26.5x 3.2x
Mean 2.4x 11.1x 20.5x 2.6x
Median 1.7x 10.2x 18.7x 2.1x
1st Quartile 1.1x 7.6x 14.5x 1.3x
Low 0.4x 5.0x 9.7x 0.7x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
33
Food, Beverage and Tobacco
As of March 31, 2022
0
5
10
15
20
25
30
0.4 - 1.8 1.8 - 3.1 3.1 - 4.5 4.5 - 5.9 5.9 - 7.2
Number
of
Companies
EV/Revenues
0
5
10
15
20
5.0 - 8.2 8.2 - 11.5 11.5 - 14.7 14.7 - 18.0 18.0 - 21.2
Number
of
Companies
EV/EBITDA
0
5
10
15
20
9.7 - 15.8 15.8 - 21.9 21.9 - 28.0 28.0 - 34.1 34.1 - 40.2
Number
of
Companies
P/E
0
5
10
15
20
25
0.7 - 2.1 2.1 - 3.4 3.4 - 4.7 4.7 - 6.1 6.1 - 7.4
Number
of
Companies
P/B
Household and Personal Products
34
Q1 2022
Industry Multiples in Europe – Q1 2022
35
Household and Personal Products
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
12 12 12 12
Number of Outliers2
2 2 2 2
High 5.8x 27.3x 58.7x 8.6x
3rd Quartile 3.5x 15.4x 41.3x 5.6x
Mean 2.7x 14.4x 31.6x 4.0x
Median 2.0x 12.1x 30.3x 3.2x
1st Quartile 1.5x 10.4x 20.7x 2.2x
Low 0.6x 7.3x 14.9x 1.3x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
36
Household and Personal Products
As of March 31, 2022
0
1
2
3
4
5
0.6 - 1.7 1.7 - 2.7 2.7 - 3.7 3.7 - 4.8 4.8 - 5.8
Number
of
Companies
EV/Revenues
0
1
2
3
4
5
7.3 - 11.3 11.3 - 15.3 15.3 - 19.3 19.3 - 23.3 23.3 - 27.3
Number
of
Companies
EV/EBITDA
0
1
2
3
4
5
14.9 - 23.6 23.6 - 32.4 32.4 - 41.2 41.2 - 49.9 49.9 - 58.7
Number
of
Companies
P/E
0
1
2
3
4
5
1.3 - 2.8 2.8 - 4.3 4.3 - 5.7 5.7 - 7.2 7.2 - 8.6
Number
of
Companies
P/B
Energy
37
Q1 2022
Industry Multiples in Europe – Q1 2022
38
Energy
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
53 53 53 53
Number of Outliers2
9 11 19 8
High 9.7x 25.5x 63.7x 5.0x
3rd Quartile 2.6x 10.0x 25.0x 1.6x
Mean 2.2x 7.4x 19.0x 1.5x
Median 1.9x 5.5x 11.3x 1.1x
1st Quartile 0.8x 3.3x 6.6x 0.8x
Low 0.4x 1.8x 2.7x 0.5x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
39
Energy
As of March 31, 2022
0
5
10
15
20
25
30
0.4 - 2.3 2.3 - 4.1 4.1 - 6.0 6.0 - 7.8 7.8 - 9.7
Number
of
Companies
EV/Revenues
0
5
10
15
20
25
30
1.8 - 6.5 6.5 - 11.3 11.3 - 16.0 16.0 - 20.8 20.8 - 25.5
Number
of
Companies
EV/EBITDA
0
5
10
15
20
25
2.7 - 14.9 14.9 - 27.1 27.1 - 39.3 39.3 - 51.5 51.5 - 63.7
Number
of
Companies
P/E
0
5
10
15
20
25
30
35
0.5 - 1.4 1.4 - 2.3 2.3 - 3.2 3.2 - 4.1 4.1 - 5.0
Number
of
Companies
P/B
Financials
40
Q1 2022
Industry Multiples in Europe – Q1 2022
41
Financials
As of March 31, 2022
Market Cap./Revenues P/TBV P/E P/B
Number of Observations1
202 202 202 202
Number of Outliers2
25 34 38 25
High 10.7x 9.7x 61.8x 6.7x
3rd Quartile 3.8x 2.2x 15.4x 1.7x
Mean 2.8x 2.0x 13.7x 1.4x
Median 2.2x 1.3x 10.6x 1.1x
1st Quartile 1.2x 0.8x 7.9x 0.7x
Low 0.3x 0.4x 4.0x 0.4x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Market
Cap./Revenues,
P/TBV
and
P/B
P/E
Median Multiples
P/E Market cap/Revenues P/TBV P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
42
Financials
As of March 31, 2022
0
20
40
60
80
100
0.3 - 2.4 2.4 - 4.5 4.5 - 6.5 6.5 - 8.6 8.6 - 10.7
Number
of
Companies
Market Cap./Revenues
0
20
40
60
80
100
120
140
0.4 - 2.3 2.3 - 4.1 4.1 - 6.0 6.0 - 7.8 7.8 - 9.7
Number
of
Companies
P/TBV
0
20
40
60
80
100
120
140
4.0 - 15.6 15.6 - 27.1 27.1 - 38.7 38.7 - 50.2 50.2 - 61.8
Number
of
Companies
P/E
0
20
40
60
80
100
120
140
0.4 - 1.6 1.6 - 2.9 2.9 - 4.2 4.2 - 5.4 5.4 - 6.7
Number
of
Companies
P/B
Health Care Equipment and
Services
43
Q1 2022
Industry Multiples in Europe – Q1 2022
44
Health Care Equipment and Services
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
53 53 53 53
Number of Outliers2
6 8 14 10
High 14.7x 45.4x 132.5x 15.4x
3rd Quartile 5.3x 22.0x 48.8x 6.1x
Mean 4.0x 18.2x 38.8x 4.5x
Median 3.1x 15.2x 33.1x 3.7x
1st Quartile 1.6x 11.4x 24.8x 1.9x
Low 0.2x 5.3x 13.2x 0.9x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
45
Health Care Equipment and Services
As of March 31, 2022
0
5
10
15
20
25
0.2 - 3.1 3.1 - 6.0 6.0 - 8.9 8.9 - 11.8 11.8 - 14.7
Number
of
Companies
EV/Revenues
0
5
10
15
20
25
5.3 - 13.3 13.3 - 21.3 21.3 - 29.4 29.4 - 37.4 37.4 - 45.4
Number
of
Companies
EV/EBITDA
0
5
10
15
20
25
13 - 37 37 - 61 61 - 85 85 - 109 109 - 132
Number
of
Companies
P/E
0
5
10
15
20
25
0.9 - 3.8 3.8 - 6.7 6.7 - 9.6 9.6 - 12.5 12.5 - 15.4
Number
of
Companies
P/B
Pharmaceuticals, Biotechnology
and Life Sciences
46
Q1 2022
Industry Multiples in Europe – Q1 2022
47
Pharmaceuticals, Biotechnology and Life Sciences
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
77 77 77 77
Number of Outliers2
13 29 34 13
High 48.7x 64.1x 82.4x 13.0x
3rd Quartile 12.1x 34.9x 50.2x 6.6x
Mean 10.1x 23.7x 37.0x 5.3x
Median 5.6x 17.5x 30.6x 5.1x
1st Quartile 3.4x 11.8x 20.7x 3.2x
Low 2.0x 8.8x 13.3x 1.6x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
45.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
48
Pharmaceuticals, Biotechnology and Life Sciences
As of March 31, 2022
0
10
20
30
40
50
2.0 - 11.4 11.4 - 20.7 20.7 - 30.0 30.0 - 39.4 39.4 - 48.7
Number
of
Companies
EV/Revenues
0
5
10
15
20
25
30
8.8 - 19.9 19.9 - 30.9 30.9 - 42.0 42.0 - 53.0 53.0 - 64.1
Number
of
Companies
EV/EBITDA
0
5
10
15
20
13.3 - 27.1 27.1 - 40.9 40.9 - 54.8 54.8 - 68.6 68.6 - 82.4
Number
of
Companies
P/E
0
5
10
15
20
25
30
35
1.6 - 3.9 3.9 - 6.2 6.2 - 8.5 8.5 - 10.8 10.8 - 13.0
Number
of
Companies
P/B
Capital Goods
49
Q1 2022
Industry Multiples in Europe – Q1 2022
50
Capital Goods
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
226 226 226 226
Number of Outliers2
25 30 50 29
High 6.9x 37.9x 73.9x 10.8x
3rd Quartile 2.4x 16.0x 28.7x 4.4x
Mean 1.8x 12.6x 23.9x 3.3x
Median 1.3x 10.6x 20.7x 2.7x
1st Quartile 0.8x 7.7x 15.1x 1.7x
Low 0.3x 4.1x 9.8x 0.9x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
51
Capital Goods
As of March 31, 2022
0
20
40
60
80
100
120
0.3 - 1.6 1.6 - 2.9 2.9 - 4.3 4.3 - 5.6 5.6 - 6.9
Number
of
Companies
EV/Revenues
0
20
40
60
80
100
120
4.1 - 10.9 10.9 - 17.6 17.6 - 24.4 24.4 - 31.2 31.2 - 37.9
Number
of
Companies
EV/EBITDA
0
20
40
60
80
100
120
9.8 - 22.6 22.6 - 35.4 35.4 - 48.3 48.3 - 61.1 61.1 - 73.9
Number
of
Companies
P/E
0
20
40
60
80
100
120
0.9 - 2.9 2.9 - 4.9 4.9 - 6.8 6.8 - 8.8 8.8 - 10.8
Number
of
Companies
P/B
Commercial and
Professional Services
52
Q1 2022
Industry Multiples in Europe – Q1 2022
53
Commercial and Professional Services
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
54 54 54 54
Number of Outliers2
6 8 9 7
High 6.6x 20.4x 51.3x 12.4x
3rd Quartile 3.4x 14.5x 31.4x 5.5x
Mean 2.2x 10.9x 23.6x 4.2x
Median 1.4x 10.6x 22.3x 3.1x
1st Quartile 0.7x 6.6x 14.8x 2.0x
Low 0.4x 4.8x 9.4x 1.2x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
54
Commercial and Professional Services
As of March 31, 2022
0
5
10
15
20
25
30
0.4 - 1.6 1.6 - 2.9 2.9 - 4.1 4.1 - 5.4 5.4 - 6.6
Number
of
Companies
EV/Revenues
0
5
10
15
20
25
30
4.8 - 7.9 7.9 - 11.0 11.0 - 14.2 14.2 - 17.3 17.3 - 20.4
Number
of
Companies
EV/EBITDA
0
5
10
15
20
9.4 - 17.8 17.8 - 26.2 26.2 - 34.5 34.5 - 42.9 42.9 - 51.3
Number
of
Companies
P/E
0
5
10
15
20
25
30
1.2 - 3.4 3.4 - 5.7 5.7 - 7.9 7.9 - 10.1 10.1 - 12.4
Number
of
Companies
P/B
Transportation
55
Q1 2022
Industry Multiples in Europe – Q1 2022
56
Transportation
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
45 45 45 45
Number of Outliers2
7 11 19 8
High 8.2x 30.8x 45.7x 8.3x
3rd Quartile 3.3x 13.2x 22.3x 3.8x
Mean 2.3x 10.2x 17.2x 2.7x
Median 1.5x 8.4x 11.7x 2.1x
1st Quartile 0.9x 4.9x 9.0x 1.3x
Low 0.3x 1.6x 4.3x 1.0x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
57
Transportation
As of March 31, 2022
0
5
10
15
20
25
0.3 - 1.9 1.9 - 3.5 3.5 - 5.0 5.0 - 6.6 6.6 - 8.2
Number
of
Companies
EV/Revenues
0
5
10
15
20
1.6 - 7.4 7.4 - 13.2 13.2 - 19.1 19.1 - 24.9 24.9 - 30.8
Number
of
Companies
EV/EBITDA
0
2
4
6
8
10
12
14
16
4.3 - 12.6 12.6 - 20.9 20.9 - 29.1 29.1 - 37.4 37.4 - 45.7
Number
of
Companies
P/E
0
5
10
15
20
25
1.0 - 2.5 2.5 - 3.9 3.9 - 5.4 5.4 - 6.8 6.8 - 8.3
Number
of
Companies
P/B
Semiconductors and
Semiconductor Equipment
58
Q1 2022
Industry Multiples in Europe – Q1 2022
59
Semiconductors and Semiconductor Equipment
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
19 19 19 19
Number of Outliers2
2 6 7 2
High 13.0x 32.2x 54.7x 18.7x
3rd Quartile 7.9x 21.3x 44.4x 8.2x
Mean 5.7x 17.1x 31.3x 5.8x
Median 5.2x 17.4x 24.7x 3.8x
1st Quartile 3.0x 11.1x 20.5x 3.1x
Low 1.2x 5.9x 13.3x 1.2x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
60
Semiconductors and Semiconductor Equipment
As of March 31, 2022
0
1
2
3
4
5
6
7
8
1.2 - 3.6 3.6 - 5.9 5.9 - 8.3 8.3 - 10.6 10.6 - 13.0
Number
of
Companies
EV/Revenues
0
1
2
3
4
5
6
5.9 - 11.2 11.2 - 16.4 16.4 - 21.7 21.7 - 26.9 26.9 - 32.2
Number
of
Companies
EV/EBITDA
0
1
2
3
4
5
6
13.3 - 21.6 21.6 - 29.9 29.9 - 38.2 38.2 - 46.4 46.4 - 54.7
Number
of
Companies
P/E
0
2
4
6
8
10
12
1.2 - 4.7 4.7 - 8.2 8.2 - 11.7 11.7 - 15.2 15.2 - 18.7
Number
of
Companies
P/B
Software and Services
61
Q1 2022
Industry Multiples in Europe – Q1 2022
62
Software and Services
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
78 78 78 78
Number of Outliers2
8 12 23 10
High 17.0x 67.6x 142.7x 30.8x
3rd Quartile 7.4x 28.0x 57.9x 8.8x
Mean 4.9x 22.2x 45.5x 7.2x
Median 3.5x 18.5x 35.0x 4.6x
1st Quartile 1.8x 13.4x 23.6x 2.1x
Low 0.5x 5.8x 14.0x 0.8x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
45.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
63
Software and Services
As of March 31, 2022
0
5
10
15
20
25
30
35
40
0.5 - 3.8 3.8 - 7.1 7.1 - 10.4 10.4 - 13.7 13.7 - 17.0
Number
of
Companies
EV/Revenues
0
5
10
15
20
25
30
35
5.8 - 18.1 18.1 - 30.5 30.5 - 42.9 42.9 - 55.2 55.2 - 67.6
Number
of
Companies
EV/EBITDA
0
5
10
15
20
25
30
35
14 - 40 40 - 65 65 - 91 91 - 117 117 - 143
Number
of
Companies
P/E
0
5
10
15
20
25
30
35
40
0.8 - 6.8 6.8 - 12.8 12.8 - 18.8 18.8 - 24.8 24.8 - 30.8
Number
of
Companies
P/B
Technology Hardware
and Equipment
64
Q1 2022
Industry Multiples in Europe – Q1 2022
65
Technology Hardware and Equipment
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
43 43 43 43
Number of Outliers2
6 7 10 7
High 8.2x 38.4x 74.8x 8.0x
3rd Quartile 3.7x 23.3x 34.1x 5.6x
Mean 2.9x 17.1x 29.6x 4.0x
Median 2.4x 15.2x 27.1x 3.2x
1st Quartile 1.4x 10.5x 19.6x 2.4x
Low 1.0x 5.6x 12.1x 1.4x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
66
Technology Hardware and Equipment
As of March 31, 2022
0
5
10
15
20
1.0 - 2.4 2.4 - 3.8 3.8 - 5.3 5.3 - 6.7 6.7 - 8.2
Number
of
Companies
EV/Revenues
0
2
4
6
8
10
12
14
5.6 - 12.2 12.2 - 18.7 18.7 - 25.3 25.3 - 31.8 31.8 - 38.4
Number
of
Companies
EV/EBITDA
0
2
4
6
8
10
12
14
16
12.1 - 24.6 24.6 - 37.2 37.2 - 49.7 49.7 - 62.2 62.2 - 74.8
Number
of
Companies
P/E
0
2
4
6
8
10
12
14
1.4 - 2.7 2.7 - 4.0 4.0 - 5.4 5.4 - 6.7 6.7 - 8.0
Number
of
Companies
P/B
Materials
67
Q1 2022
Industry Multiples in Europe – Q1 2022
68
Materials
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
108 108 108 108
Number of Outliers2
12 12 16 15
High 5.5x 22.6x 42.6x 5.4x
3rd Quartile 1.6x 9.2x 20.9x 2.4x
Mean 1.5x 7.7x 15.2x 1.9x
Median 1.2x 6.4x 12.5x 1.6x
1st Quartile 0.8x 4.3x 7.4x 1.1x
Low 0.3x 2.1x 3.4x 0.6x
0.0x
0.2x
0.4x
0.6x
0.8x
1.0x
1.2x
1.4x
1.6x
1.8x
2.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
69
Materials
As of March 31, 2022
0
10
20
30
40
50
60
0.3 - 1.3 1.3 - 2.4 2.4 - 3.4 3.4 - 4.4 4.4 - 5.5
Number
of
Companies
EV/Revenues
0
10
20
30
40
50
2.1 - 6.2 6.2 - 10.3 10.3 - 14.4 14.4 - 18.5 18.5 - 22.6
Number
of
Companies
EV/EBITDA
0
10
20
30
40
50
3.4 - 11.3 11.3 - 19.1 19.1 - 26.9 26.9 - 34.7 34.7 - 42.6
Number
of
Companies
P/E
0
10
20
30
40
50
0.6 - 1.5 1.5 - 2.5 2.5 - 3.5 3.5 - 4.4 4.4 - 5.4
Number
of
Companies
P/B
Real Estate
70
Q1 2022
Industry Multiples in Europe – Q1 2022
71
Real Estate
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
95 95 95 95
Number of Outliers2
10 20 22 16
High 30.4x 46.8x 46.8x 2.0x
3rd Quartile 20.8x 32.4x 27.4x 1.2x
Mean 16.7x 27.6x 23.6x 1.0x
Median 15.8x 27.9x 24.6x 0.9x
1st Quartile 12.8x 22.0x 16.4x 0.8x
Low 2.0x 9.7x 8.4x 0.5x
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
0.85x
0.90x
0.95x
1.00x
1.05x
1.10x
1.15x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
P/B
EV/Revenues,
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
Industry Multiples in Europe – Q1 2022
72
Real Estate
As of March 31, 2022
0
5
10
15
20
25
30
2.0 - 7.7 7.7 - 13.3 13.3 - 19.0 19.0 - 24.7 24.7 - 30.4
Number
of
Companies
EV/Revenues
0
5
10
15
20
25
30
35
40
9.7 - 17.2 17.2 - 24.6 24.6 - 32.0 32.0 - 39.4 39.4 - 46.8
Number
of
Companies
EV/EBITDA
0
5
10
15
20
25
30
8.4 - 16.1 16.1 - 23.8 23.8 - 31.5 31.5 - 39.1 39.1 - 46.8
Number
of
Companies
P/E
0
5
10
15
20
25
30
0.5 - 0.8 0.8 - 1.1 1.1 - 1.4 1.4 - 1.7 1.7 - 2.0
Number
of
Companies
P/B
Electric, Gas and Water Utilities
73
Q1 2022
Industry Multiples in Europe – Q1 2022
74
Electric, Gas and Water Utilities
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
35 35 35 35
Number of Outliers2
4 5 7 5
High 8.4x 18.0x 60.1x 4.8x
3rd Quartile 4.8x 12.8x 24.8x 2.5x
Mean 3.0x 9.9x 18.6x 2.1x
Median 1.6x 9.6x 13.0x 1.9x
1st Quartile 0.8x 7.3x 9.4x 1.5x
Low 0.2x 2.5x 5.1x 0.4x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
EV/Revenues
and
P/B
EV/EBITDA
and
P/E
Median Multiples
EV/EBITDA P/E EV/Revenues P/B
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
Industry Multiples in Europe – Q1 2022
75
Electric, Gas and Water Utilities
As of March 31, 2022
0
5
10
15
20
0.2 - 1.8 1.8 - 3.5 3.5 - 5.1 5.1 - 6.7 6.7 - 8.4
Number
of
Companies
EV/Revenues
0
2
4
6
8
10
2.5 - 5.6 5.6 - 8.7 8.7 - 11.8 11.8 - 14.9 14.9 - 18.0
Number
of
Companies
EV/EBITDA
0
5
10
15
20
5.1 - 16.1 16.1 - 27.1 27.1 - 38.1 38.1 - 49.1 49.1 - 60.1
Number
of
Companies
P/E
0
2
4
6
8
10
12
14
16
0.4 - 1.3 1.3 - 2.2 2.2 - 3.1 3.1 - 3.9 3.9 - 4.8
Number
of
Companies
P/B
Independent Power and
Renewable Producers
76
Q1 2022
Industry Multiples in Europe – Q1 2022
77
Independent Power and Renewable Producers
As of March 31, 2022
EV/Revenues EV/EBITDA P/E P/B
Number of Observations1
13 13 13 13
Number of Outliers2
2 3 5 2
High 35.5x 28.7x 225.0x 5.9x
3rd Quartile 14.8x 25.3x 74.5x 2.9x
Mean 11.5x 19.5x 73.9x 3.3x
Median 8.7x 20.1x 47.9x 2.8x
1st Quartile 5.9x 13.7x 39.3x 2.6x
Low 0.9x 9.8x 28.4x 2.5x
1 A sector/industry group must have a minimum of five company participants to be calculated.
2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions.
Sources: Capital IQ; Bloomberg; Kroll analysis.
0x
10x
20x
30x
40x
50x
60x
70x
80x
90x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
P/E
EV/Revenues,
EV/EBITDA
and
P/B
Median Multiples
EV/EBITDA EV/Revenues P/B P/E
Industry Multiples in Europe – Q1 2022
78
Independent Power and Renewable Producers
As of March 31, 2022
0
1
2
3
4
5
6
0.9 - 7.8 7.8 - 14.7 14.7 - 21.6 21.6 - 28.5 28.5 - 35.5
Number
of
Companies
EV/Revenues
0
1
2
3
4
9.8 - 13.5 13.5 - 17.3 17.3 - 21.1 21.1 - 24.9 24.9 - 28.7
Number
of
Companies
EV/EBITDA
0
1
2
3
4
5
6
7
28 - 68 68 - 107 107 - 146 146 - 186 186 - 225
Number
of
Companies
P/E
0
2
4
6
8
10
2.5 - 3.2 3.2 - 3.9 3.9 - 4.5 4.5 - 5.2 5.2 - 5.9
Number
of
Companies
P/B
Industry Multiples in Europe – Q1 2022
79
Criteria
• For all reported multiples, we have considered the constituents of the STOXX Europe TMI as of the report reference date. The STOXX
Europe TMI represents approximately 95% of the free float market capitalization across 18 European countries.1 Companies were
grouped by sectors, industry groups or industries, as defined by the Global Industry Classification Standard, considering that each
grouping would have enough constituents and granularity to attain the objective of this report.2
• Companies are only considered in the computation of the different multiples if the following criteria are met: market capitalization is
above the fifth percentile, at least 25% free float, and average daily volume is above 0.1% of the float (data derived from Standard &
Poor’s Capital IQ and Bloomberg databases).
• Observations deemed to be outliers have been excluded from the above analysis. Outlier criteria include: (i) negative multiples, (ii)
multiples below the fifth percentile and (iii) multiples above the 95th percentile.
• EV = Enterprise Value = Market value of equity plus book value of debt, minority interests, preferred stock, less cash and cash
equivalents, loans and notes receivables, and long- and short-term investments.3 Revenues = Revenue for latest 12 months. EBITDA =
Earnings before interest, taxes, depreciation and amortization for latest 12 months (provided by Capital IQ, adjusted for non-recurring
items). P/E = Share price divided by earnings per share on a diluted basis. P/B = Share price/book value per share on a diluted basis
where book value per share equals total book value of equity divided by diluted number of shares. P/TBV = Share price/book value
minus intangible assets, per share on a diluted basis.
• Multiples have been computed in companies’ filing currencies and considering figures last fully reported as at the publication of this
report.
1 Although most of the companies in the STOXX Europe TMI Index prepare financial statements in accordance with IFRS, some use other accounting standards, such as U.S. GAAP and other local
standards. Generally, since only a small proportion of the companies in the index do not use IFRS, the inclusion of those companies did not have a material impact on the statistics reported.
Companies filing in accordance with U.S. GAAP accounted for approximately 1% of the total number of companies in the index. Companies following other reporting standards were treated using a
similar approach as those filing in accordance with IFRS. Companies filing in accordance with Belgium, Denmark, Luxembourg, Poland and Switzerland GAAP represented approximately 3% of the
total number of companies in the index.
2 The GICS structure is comprised of 11 sectors, 24 industry groups, 69 industries and 158 sub-industries.
3 Book value of debt includes lease liabilities.
Industry Multiples in Europe – Q1 2022
80
Industry Definitions
The industry classification for the companies represented in this report is based on the GICS. A summary of the sectors, as well as a brief
description of those relevant industry groups that are part of a particular sector, according to the GICS guidelines, is found below:
Communication Services
Media and Entertainment
Companies providing advertising, marketing or public relations services. Owners and operators of television or
radio broadcasting systems, including programming and services. Publishers of newspapers, magazines and
books in print or electronic formats. Companies that engage in producing and selling entertainment products and
services, including gaming products and mobile applications.
Telecommunication Services
Providers of primarily cellular or wireless telecommunication services and operators of primarily fixed-line
telecommunications networks.
Consumer Discretionary
Automobiles and Components
Companies related to the production of passenger automobiles and light trucks, motorcycles, scooters or three-
wheelers, as well as companies manufacturing parts and components for those vehicles, including tires and
rubber.
Consumer Durables and Apparel
Manufacturers of electric household appliances and related products. Includes manufacturers of durable
household products, power and hand tools, including garden improvement tools, but excludes TVs and other
audio and video products. Manufacturers of apparel, accessories and luxury goods. Includes companies primarily
producing designer handbags, wallets, luggage, jewelry and watches and manufacturers of textile and related
products.
Consumer Services
Owners and operators of leisure and accommodation activities such as hotels, bars and restaurants, cruise ships,
leisure facilities, casinos and gaming facilities, among others.
Retailing
Companies involved in owning and operating department stores, general merchandise stores and specialty
stores. It also includes companies providing retail services primarily through the internet, mail order and TV home
shopping retailers.
Industry Multiples in Europe – Q1 2022
81
Industry Definitions
Consumer Staples
Food and Staples Retailing
Owners and operators of food and drug retail stores, pharmacies, hypermarkets and super centers selling
food and a wide-range of consumer staple products. Distributors of food products to other companies and not
directly to the consumer.
Food, Beverage and Tobacco
Producers of beer and malt liquors, distillers, vintners, producers of alcoholic and non-alcoholic beverages
including mineral waters. Producers of agricultural products and producers of packaged foods including dairy
products, fruit juices, meats, poultry, fish and pet foods. Manufacturers of cigarettes and other tobacco products
Household and Personal Products
Producers of non-durable household products, including detergents, soaps, diapers and other tissue and
household paper products not included elsewhere. Manufacturers of personal and beauty care products, including
cosmetics and perfumes.
Energy
Energy
Companies engaged in exploration and production, refining and marketing, and storage and transportation of oil
and gas and coal and consumable fuels. It also includes companies that offer oil and gas equipment and services.
Financials
Banks
Commercial diverse with a national footprint whose revenues are derived primarily from conventional banking
operations, have significant business activity in retail banking and small and medium corporate lending, and
provide a diverse range of financial services. This also includes regional banks that tend to operate in limited
geographic regions and excludes investment banks.
Diversified Financial Services
Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of
financial decision support tools and products including ratings agencies. Providers of a diverse range of financial
services and/or with some interest in a wide range of financial services including banking, insurance, and capital
markets, but with no dominant business line.
Consumer Finance
Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related
money services and pawn shops.
Industry Multiples in Europe – Q1 2022
82
Industry Definitions
Financials (cont.)
Capital Markets
Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in
at least two of the following areas: large/major corporate lending, investment banking, brokerage and asset
management. Includes financial exchanges for securities, commodities, derivatives and other financial
instruments.
Insurance
Companies providing insurance and reinsurance services of any kind as well as insurance and reinsurance
brokerage firms.
Health Care
Health Care Equipment and
Services
Companies including health care providers and services, companies that manufacture and distribute health care
equipment and supplies and health care technology companies.
Pharmaceuticals, Biotechnology
and Life Sciences
Companies involved in the research, development, production and marketing of pharmaceuticals and
biotechnology products.
Industrials
Capital Goods
Companies related to the manufacturing or distribution of goods. The sector is diverse, containing companies that
manufacture machinery used to create capital goods, electrical equipment, aerospace and defense, engineering,
and construction projects.
Commercial and
Professional Services
Companies involved in supporting businesses with specialized skills such as human capital management,
research and consulting services, office services, security and protection services, environmental and maintenance
services.
Transportation
Companies involved in providing mainly goods and passenger transportation through air, sea or land. Companies
owning and operating the infrastructures needed for transportation, such as airports, ports, railtracks or roads.
Industry Multiples in Europe – Q1 2022
83
Industry Definitions
Information Technology
Semiconductors and
Semiconductor Equipment
Manufacturers of semiconductors, semiconductor equipment and related products including manufacturers of
solar modules and cells as well as manufacturers of the raw material and equipment used in the solar power
industry.
Software and Services
Companies offering software and information technology services as well as infrastructure for the internet
including data centers, cloud networking and storage infrastructure.
Technology Hardware and
Equipment
Companies involved in manufacturing communication equipment, cellular phones, personal computers, computer
components, peripherals, electronic equipment and components as well as technology distributors.
Materials
Materials
Companies that manufacture chemicals, construction materials, glass, paper, forest products and related
packaging products, and metals, minerals and mining companies, including producers of steel.
Real Estate
Real Estate
Companies engaged in real estate development and operation. It also includes companies offering real estate-
related services and Equity Real Estate Investment Trusts (REITs).
Utilities
Electric, Gas and Water Utilities
Companies involved in producing or distributing electricity, in the distribution of gas, in redistributing water to the
end-consumer, as well as utility companies with significantly diversified activities in addition to core electric utility,
gas utility and/or water utility operations.
Independent Power and
Renewable Electricity Producers
Independent power producers and energy traders and companies that engage in generation and distribution of
electricity using renewable sources.
About Kroll
Kroll provides proprietary data, technology and insights to help our clients stay ahead of complex demands related to risk, governance and growth. Our solutions deliver a powerful
competitive advantage, enabling faster, smarter and more sustainable decisions. With 5,000 experts around the world, we create value and impact for our clients and communities. To
learn more, visit www.kroll.com.
M&A advisory, capital raising and secondary market advisory services in the United States are provided by Kroll Securities, LLC (member FINRA/SIPC). M&A advisory, capital raising and
secondary market advisory services in the United Kingdom are provided by Kroll Securities Ltd., which is authorized and regulated by the Financial Conduct Authority (FCA). Valuation
Advisory Services in India are provided by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the Securities and Exchange Board of India.
© 2022 Kroll, LLC. All rights reserved.
For more information, please contact:
Michael Weaver
EMEA Valuation Advisory
Services Leader
michael.weaver@kroll.com
Hakim Abdeljaouad
Managing Director, Middle East
hakim.abdeljaouad@kroll.com
Niall Cribben
Managing Director, Ireland
niall.cribben@kroll.com
Henk Oosterhout
Managing Director, Netherlands
henk.oosterhout@kroll.com
Enrico Rovere
Managing Director, Italy
enrico.rovere@kroll.com
Ingo Schneemann
Managing Director, Germany
ingo.schneemann@kroll.com
Mathias Schumacher
Managing Director, UK
mathias.schumacher@kroll.com
Carine Tourneur
Managing Director, France
carine.tourneur@kroll.com
Javier Zoido
Managing Director, Iberia
javier.zoido@kroll.com
This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the
exercise of professional judgment. Whilst due care has been taken in the preparation of this document and information contained herein, Kroll does not accept any liability
whatsoever for any direct or consequential loss howsoever arising from any use of this document or its contents or otherwise arising in connection herewith.

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Industry Multiples Europe.pdf

  • 1. Industry Multiples in Europe Q1 2022
  • 2. Table of Contents 2 Page 1. Foreword 3 2. Summary 4 3. Country Snapshot 5 4. Industry Multiples Communication Services • Media and Entertainment 10 • Telecommunication Services 13 Consumer Discretionary • Automobiles and Components 16 • Consumer Durables and Apparel 19 • Consumer Services 22 • Retailing 25 Consumer Staples • Food and Staples Retailing 28 • Food, Beverage and Tobacco 31 • Household and Personal Products 34 Energy 37 Financials 40 Health Care • Health Care Equipment and Services 43 • Pharmaceuticals, Biotechnology and Life Sciences 46 Industrials • Capital Goods 49 • Commercial and Professional Services 52 • Transportation 55 Information Technology • Semiconductors and Semiconductor Equipment 58 • Software and Services 61 • Technology Hardware and Equipment 64 Materials 67 Real Estate 70 Utilities • Electric, Gas and Water Utilities 73 • Independent Power and Renewable Electricity Producers 76 5. Criteria 79 6. Industry Definitions 80 7. Contact 84
  • 3. Foreword Dear Readers, We are pleased to launch the second 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 31, 2022. Our analysis uses constituents of the STOXX® Europe Total Market Index (“STOXX Europe TMI”), which covers about 95% of the free float in Europe, distributed among several industries and sectors, following the definitions by the Global Industry Classification Standard (GICS). Since January 2022, global equity markets have become more volatile as investors tried to ascertain the magnitude and speed at which central banks would raise interest rates, leading to a potential decrease in the value of companies in various industries due to an increase in discount rates. In addition, in February 2022, Russia initiated an armed conflict with Ukraine, which increased the risk perception not only for those two countries but also for other markets. Severe economic sanctions were imposed against Russia, which has contributed to a significant rise in the prices of oil, gas and other commodities such as precious metals, base metals and agricultural products. Ukraine, and especially Russia, are large producers of some of these commodities and the current war is further exacerbating global supply chain shortages and adding to inflationary pressures. Since Europe was already suffering from an energy crisis prior to these events, it’s been further impacted due to its higher exposure to Russia and Ukraine. The volatility index on the EURO STOXX 50 index known as the VSTOXX has reached levels last observed back in April 2020, at the height of the pandemic. The STOXX Europe TMI decreased by 6.7% in the first quarter of 2022. According to the International Monetary Fund (IMF) in its World Economic Outlook report released in April 2022, prior to the Russia-Ukraine war, the global economy was on a recovery path, although at different speeds by region and not yet fully back to its pre-COVID-19 levels. However, economic prospects have deteriorated significantly since January. Global growth is expected to decrease from 6.1% in 2021 to 3.6% in 2022, the current estimate for 2022 being 0.8 percentage point below the IMF’s previous estimate in January—just three months earlier. Likewise, for the Eurozone, growth is expected to decrease from 5.3% in 2021 to 2.8% in 2022 (a 1.1 percentage point decrease since the IMF’s previous estimate for 2022). For the United Kingdom, growth is expected to decrease from 7.4% in 2021 to 3.7% in 2022 (a 1 percentage point decrease since the IMF’s previous estimate for 2022). In terms of inflation for 2022, the IMF currently projects an annual average of 5.3% for the Eurozone and 7.4% in the United Kingdom. In general, the current heightened uncertainty will have a negative impact on the valuation of investments globally, especially on businesses generating cash flows in Russia and/or Ukraine and in industries most affected by the shortage of commodities and rising prices. In terms of EV/EBITDA multiples, multiples have generally decreased over the first quarter of 2022. In general, all sectors/industry groups presented in this report observed a decrease in their multiples during the first quarter of 2022, except for energy, and electric, gas and water utilities. All other sectors/industry groups observed a variation between -4.3x and 0.0x in their multiples during the same period. 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 lookback at the trends of these multiples for the industries covered. We hope you find this report helpful in 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. Michael Weaver Managing Director and EMEA Valuation Advisory Services Leader 3 Source: International Monetary Fund – “World Economic Outlook - War Sets Back the Global Recovery”, April 2022; Kroll analysis.
  • 4. Industry Multiples in Europe – Q1 2022 4 Summary: Median Multiples by Sector/Industry Groups As of March 31, 2022 Sector/Industry Group EV/Revenues EV/EBITDA P/E P/B Communication Services 2.5x 8.0x 17.5x 2.0x Media and Entertainment 2.5x 8.3x 18.0x 2.3x Telecommunication Services 2.5x 6.7x 17.5x 1.9x Consumer Discretionary 1.3x 9.1x 16.0x 2.2x Automobiles & Components 0.7x 6.2x 12.7x 1.0x Consumer Durables & Apparel 1.5x 9.3x 19.5x 2.5x Consumer Services 3.1x 14.8x 22.9x 3.1x Retailing 1.1x 9.0x 15.6x 2.7x Consumer Staples 1.5x 10.0x 21.0x 2.2x Food and Staples Retailing 0.6x 6.7x 19.4x 2.4x Food, Beverage and Tobacco 1.7x 10.2x 18.7x 2.1x Household and Personal Products 2.0x 12.1x 30.3x 3.2x Energy 1.9x 5.5x 11.3x 1.1x Health Care 4.3x 16.6x 32.1x 4.4x Health Care Equipment and Services 3.1x 15.2x 33.1x 3.7x Pharmaceuticals, Biotechnology and Life Sciences 5.6x 17.5x 30.6x 5.1x Industrials 1.3x 10.4x 20.5x 2.6x Capital Goods 1.3x 10.6x 20.7x 2.7x Commercial & Professional Services 1.4x 10.6x 22.3x 3.1x Transportation 1.5x 8.4x 11.7x 2.1x Information Technology 3.1x 17.4x 30.3x 4.1x Semiconductors & Semiconductor Equipment 5.2x 17.4x 24.7x 3.8x Software & Services 3.5x 18.5x 35.0x 4.6x Technology Hardware & Equipment 2.4x 15.2x 27.1x 3.2x Materials 1.2x 6.4x 12.5x 1.6x Real Estate 15.8x 27.9x 24.6x 0.9x Utilities 3.8x 10.4x 16.5x 2.3x Electric, Gas and Water Utilities1 1.6x 9.6x 13.0x 1.9x Independent Power & Renewable Electricity Producers1 8.7x 20.1x 47.9x 2.8x Financials Sector/Industry Group Market Cap./Revenues P/TBV P/E P/B Financials 2.2x 1.3x 10.6x 1.1x Banks 2.4x 0.8x 9.4x 0.7x Capital Markets1 3.6x 3.0x 13.4x 1.9x Consumer Finance1 2.0x 1.0x 6.5x 0.8x Diversified Financial Services1 3.6x 1.1x 13.7x 1.0x Insurance 0.8x 1.9x 12.2x 1.1x 1 According to GICS nomenclature, these are classified as “Industry,” which is one level below “Industry Group.”
  • 5. Industry Multiples in Europe – Q1 2022 0.6 0.8 1.0 1.2 1.4 1.6 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 STOXX Europe TMI CAC 40 -6.9% -6.7% Stock market performance during the 1Q2022 5 Country Snapshot: France 1As of the report reference date. Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis. The CAC 40 index reflects the performance of the 40 largest and most actively traded shares listed on the Euronext Paris and is the most widely used indicator of the Paris stock market. It is typically used as the benchmark stock market index in France. The percentage of French companies in the STOXX Europe TMI is 8%, with 98% of the constituents of the CAC 40 being comprised within the European index. In the first quarter of 2022, the CAC 40 decreased by 6.9% (in price terms), compared to the 6.7% decrease in the STOXX Europe TMI. France’s real GDP is expected to grow by 2.9% in 2022 and 1.4% in 2023, according to the IMF’s latest World Economic Outlook (April 2022). CAC 40 Spotlight 5Y Evolution: CAC 40 and STOXX Europe TMI Top 5 Industries Industry Market Cap (€ bn)1 % of CAC 40 Number of Companies Consumer Durables and Apparel 606 28% 4 Capital Goods 365 17% 9 Household and Personal Products 195 9% 1 Pharmaceuticals, Biotechnology and Life Sciences 133 6% 2 Energy 119 6% 1 €2,149 billion (bn) CAC 40 Market Cap1 Contact: CARINE TOURNEUR Managing Director Tel +33 014 006 40 60 E: carine.tourneur@kroll.com
  • 6. Industry Multiples in Europe – Q1 2022 6 Country Snapshot: Germany The DAX is a total return index of 40 selected German blue-chip stocks traded on the Frankfurt Stock Exchange and is typically used as the benchmark stock market index in Germany. The percentage of German companies in the STOXX Europe TMI is 10%, with 90% of the constituents of the DAX being comprised within the European index. In September 2021, the number of constituents in the DAX index increased from 30 to 40 companies. In the first quarter of 2022, the DAXK (DAX in price terms) decreased by 9.5%, compared to the 6.7% decrease in the STOXX Europe TMI. Germany’s real GDP is expected to grow by 2.1% in 2022 and 2.7% in 2023, according to the IMF’s latest World Economic Outlook (April 2022).1 DAX Spotlight 5Y Evolution: DAXK and STOXX Europe TMI1 Top 5 Industries Industry Market Cap (€ bn)2 % of DAX Number of Companies Automobiles and Components 259 15% 5 Capital Goods 231 14% 5 Materials 226 13% 5 Pharmaceuticals, Biotechnology and Life Sciences 154 9% 3 Insurance 141 8% 3 €1,678bn DAX Market Cap2 Contact: INGO SCHNEEMANN Managing Director Tel +49 697 191 8415 E: ingo.schneemann@kroll.com 1Although the DAX (total return index) is more widely recognized, for consistency purposes we refer to the DAXK (price index) 2As of the report reference date. Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis. 0.6 0.8 1.0 1.2 1.4 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 STOXX Europe TMI DAXK -9.5% -6.7% Stock market performance during the 1Q2022
  • 7. Industry Multiples in Europe – Q1 2022 7 Country Snapshot: Italy The FTSE MIB index consists of the 40 most liquid and capitalized stocks listed on the Borsa Italiana. It is typically used as the benchmark stock market index in Italy. The percentage of Italian companies in the STOXX Europe TMI is 6%, with 100% of the constituents of the FTSE MIB being comprised within the European index. In the first quarter of 2022, the FTSE MIB decreased (in price terms) by 8.5%, compared to the 6.7% decrease in the STOXX Europe TMI. Italy’s real GDP is expected to grow by 2.3% in 2022 and 1.7% in 2023, according to the IMF’s latest World Economic Outlook (April 2022). FTSE MIB Spotlight 5Y Evolution: FTSE MIB and STOXX Europe TMI Top 5 Industries Industry Market Cap (€ bn)1 % of FTSE MIB Number of Companies Utilities 109 18% 6 Automobiles and Components 87 15% 3 Banks 85 14% 6 Energy 64 11% 3 Insurance 50 8% 3 €596bn FTSE MIB Market Cap1 Contact: ENRICO ROVERE Managing Director Tel +39 039 642 3860 E: enrico.rovere@kroll.com 1As of the report reference date. Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis. 0.6 0.8 1.0 1.2 1.4 1.6 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 STOXX Europe TMI FTSE MIB -8.5% -6.7% Stock market performance during the 1Q2022
  • 8. Industry Multiples in Europe – Q1 2022 8 Country Snapshot: Spain The IBEX 35 is the official index of the Spanish Continuous Exchange. The index is comprised of the 35 most liquid stocks traded on the continuous market. It is typically used as the benchmark stock market index in Spain. The percentage of Spanish companies in the STOXX Europe TMI is 4%, with 94% of the constituents of the IBEX 35 being comprised within the European index. In the first quarter of 2022, the IBEX 35 decreased (in price terms) by 3.1%, compared to the 6.7% decrease in the STOXX Europe TMI. Spain’s real GDP is expected to grow by 4.8% in 2022 and 3.3% in 2023, according to the IMF’s latest World Economic Outlook (April 2022). IBEX 35 Spotlight Top 5 Industries 5Y Evolution: IBEX 35 and STOXX Europe TMI Industry Market Cap (€ bn)1 % of IBEX 35 Number of Companies Utilities 137 25% 7 Banks 120 22% 5 Retailing 62 11% 1 Telecommunication Services 54 10% 2 Capital Goods 40 7% 4 €556bn IBEX 35 Market Cap1 Contact: JAVIER ZOIDO Managing Director Tel +34 910 389 010 E: javier.zoido@kroll.com 1As of the report reference date. Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis. 0.5 0.7 0.9 1.1 1.3 1.5 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 STOXX Europe TMI IBEX 35 -3.1% -6.7% Stock market performance during the 1Q2022
  • 9. Industry Multiples in Europe – Q1 2022 9 Country Snapshot: United Kingdom The FTSE 100 index Is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. It is typically used as the benchmark stock market index in the UK. The percentage of UK companies in the STOXX Europe TMI is 15%, with 94% of the constituents of the FTSE 100 being comprised within the European index. In the first quarter of 2022, the FTSE 100 increased (in price terms) by 1.8%, compared to the 6.7% decrease in the STOXX Europe TMI. UK’s real GDP is expected to grow by 3.7% in 2022 and 1.2% in 2023, according to the IMF’s latest World Economic Outlook (April 2022). FTSE 100 Spotlight Top 5 Industries 5Y Evolution: FTSE 100 and STOXX Europe TMI Industry Market Cap (€ bn)1 % of FTSE 100 Number of Companies Materials 351 14% 11 Pharmaceuticals, Biotechnology and Life Sciences 295 12% 4 Energy 275 11% 2 Banks 238 9% 5 Food, Beverage and Tobacco 232 9% 5 €2,516bn FTSE 100 Market Cap1 Contact: MATHIAS SCHUMACHER Managing Director Tel +44 207 089 4720 E:mathias.schumacher@kroll.com 1As of the report reference date. Exchange rate as of March 31, 2022, provided by Capital IQ. Sources: Capital IQ; Bloomberg; International Monetary Fund – “World Economic Outlook,” April 2022; Kroll analysis. 0.6 0.8 1.0 1.2 1.4 1.6 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 STOXX Europe TMI FTSE 100 1.8% -6.7% Stock market performance during the 1Q2022
  • 11. Industry Multiples in Europe – Q1 2022 11 Media and Entertainment As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 56 56 56 56 Number of Outliers2 7 10 20 10 High 18.4x 45.7x 146.1x 12.9x 3rd Quartile 5.3x 22.0x 49.8x 3.4x Mean 4.1x 14.0x 35.1x 3.5x Median 2.5x 8.3x 18.0x 2.3x 1st Quartile 1.2x 6.7x 11.7x 1.5x Low 0.6x 3.7x 7.7x 0.9x 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis. 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B
  • 12. Industry Multiples in Europe – Q1 2022 12 Media and Entertainment As of March 31, 2022 0 5 10 15 20 25 30 35 40 0.6 - 4.2 4.2 - 7.7 7.7 - 11.3 11.3 - 14.8 14.8 - 18.4 Number of Companies EV/Revenues 0 5 10 15 20 25 30 3.7 - 12.1 12.1 - 20.5 20.5 - 28.9 28.9 - 37.3 37.3 - 45.7 Number of Companies EV/EBITDA 0 5 10 15 20 25 8 - 35 35 - 63 63 - 91 91 - 118 118 - 146 Number of Companies P/E 0 5 10 15 20 25 30 0.9 - 3.3 3.3 - 5.7 5.7 - 8.1 8.1 - 10.5 10.5 - 12.9 Number of Companies P/B
  • 14. Industry Multiples in Europe – Q1 2022 14 Telecommunication Services As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 25 25 25 25 Number of Outliers2 4 5 8 6 High 10.3x 14.2x 50.2x 9.2x 3rd Quartile 4.1x 8.7x 25.1x 2.7x Mean 3.2x 7.6x 21.1x 2.7x Median 2.5x 6.7x 17.5x 1.9x 1st Quartile 1.5x 5.3x 14.3x 1.6x Low 1.3x 4.3x 12.0x 0.9x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 15. Industry Multiples in Europe – Q1 2022 15 Telecommunication Services As of March 31, 2022 0 2 4 6 8 10 12 14 1.3 - 3.1 3.1 - 4.9 4.9 - 6.7 6.7 - 8.5 8.5 - 10.3 Number of Companies EV/Revenues 0 5 10 4.3 - 6.3 6.3 - 8.3 8.3 - 10.2 10.2 - 12.2 12.2 - 14.2 Number of Companies EV/EBITDA 0 2 4 6 8 10 12.0 - 19.7 19.7 - 27.3 27.3 - 35.0 35.0 - 42.6 42.6 - 50.2 Number of Companies P/E 0 5 10 15 0.9 - 2.5 2.5 - 4.2 4.2 - 5.9 5.9 - 7.5 7.5 - 9.2 Number of Companies P/B
  • 17. Industry Multiples in Europe – Q1 2022 17 Automobiles and Components As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 28 28 28 28 Number of Outliers2 5 5 9 6 High 1.7x 9.5x 24.2x 2.2x 3rd Quartile 1.1x 7.2x 14.5x 1.2x Mean 0.8x 6.2x 12.8x 1.2x Median 0.7x 6.2x 12.7x 1.0x 1st Quartile 0.5x 5.2x 9.0x 0.9x Low 0.3x 4.2x 5.3x 0.6x 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 18. Industry Multiples in Europe – Q1 2022 18 Automobiles and Components As of March 31, 2022 0 2 4 6 8 10 0.3 - 0.6 0.6 - 0.9 0.9 - 1.1 1.1 - 1.4 1.4 - 1.7 Number of Companies EV/Revenues 0 5 10 4.2 - 5.2 5.2 - 6.3 6.3 - 7.4 7.4 - 8.5 8.5 - 9.5 Number of Companies EV/EBITDA 0 1 2 3 4 5 6 7 5.3 - 9.1 9.1 - 12.8 12.8 - 16.6 16.6 - 20.4 20.4 - 24.2 Number of Companies P/E 0 5 10 0.6 - 0.9 0.9 - 1.2 1.2 - 1.6 1.6 - 1.9 1.9 - 2.2 Number of Companies P/B
  • 19. Consumer Durables and Apparel 19 Q1 2022
  • 20. Industry Multiples in Europe – Q1 2022 20 Consumer Durables and Apparel As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 57 57 57 57 Number of Outliers2 6 6 10 8 High 6.6x 21.1x 54.4x 11.8x 3rd Quartile 2.7x 13.7x 24.3x 5.2x Mean 2.1x 10.4x 19.7x 3.8x Median 1.5x 9.3x 19.5x 2.5x 1st Quartile 1.0x 7.3x 11.5x 1.4x Low 0.5x 4.6x 6.7x 0.8x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 21. Industry Multiples in Europe – Q1 2022 21 Consumer Durables and Apparel As of March 31, 2022 0 5 10 15 20 25 30 35 0.5 - 1.7 1.7 - 2.9 2.9 - 4.1 4.1 - 5.3 5.3 - 6.6 Number of Companies EV/Revenues 0 5 10 15 20 4.6 - 7.9 7.9 - 11.2 11.2 - 14.5 14.5 - 17.8 17.8 - 21.1 Number of Companies EV/EBITDA 0 5 10 15 20 6.7 - 16.2 16.2 - 25.8 25.8 - 35.3 35.3 - 44.9 44.9 - 54.4 Number of Companies P/E 0 5 10 15 20 25 30 0.8 - 3.0 3.0 - 5.2 5.2 - 7.4 7.4 - 9.6 9.6 - 11.8 Number of Companies P/B
  • 23. Industry Multiples in Europe – Q1 2022 23 Consumer Services As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 38 38 38 38 Number of Outliers2 4 9 22 7 High 13.3x 80.5x 198.8x 6.7x 3rd Quartile 5.1x 24.3x 32.0x 5.0x Mean 3.7x 21.6x 33.8x 3.4x Median 3.1x 14.8x 22.9x 3.1x 1st Quartile 1.6x 9.9x 14.2x 1.6x Low 0.7x 5.0x 7.4x 0.6x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 24. Industry Multiples in Europe – Q1 2022 24 Consumer Services As of March 31, 2022 0 5 10 15 20 0.7 - 3.2 3.2 - 5.7 5.7 - 8.3 8.3 - 10.8 10.8 - 13.3 Number of Companies EV/Revenues 0 5 10 15 20 5.0 - 20.1 20.1 - 35.2 35.2 - 50.3 50.3 - 65.4 65.4 - 80.5 Number of Companies EV/EBITDA 0 2 4 6 8 10 12 14 16 7 - 46 46 - 84 84 - 122 122 - 161 161 - 199 Number of Companies P/E 0 5 10 15 0.6 - 1.8 1.8 - 3.1 3.1 - 4.3 4.3 - 5.5 5.5 - 6.7 Number of Companies P/B
  • 26. Industry Multiples in Europe – Q1 2022 26 Retailing As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 64 64 64 64 Number of Outliers2 8 13 21 9 High 2.8x 20.3x 40.7x 9.5x 3rd Quartile 1.7x 11.5x 19.0x 3.9x Mean 1.2x 9.6x 17.6x 3.1x Median 1.1x 9.0x 15.6x 2.7x 1st Quartile 0.6x 5.9x 11.7x 1.7x Low 0.3x 3.6x 6.1x 0.6x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 27. Industry Multiples in Europe – Q1 2022 27 Retailing As of March 31, 2022 0 5 10 15 20 0.3 - 0.8 0.8 - 1.3 1.3 - 1.8 1.8 - 2.3 2.3 - 2.8 Number of Companies EV/Revenues 0 5 10 15 20 25 3.6 - 7.0 7.0 - 10.3 10.3 - 13.7 13.7 - 17.0 17.0 - 20.3 Number of Companies EV/EBITDA 0 5 10 15 20 6.1 - 13.0 13.0 - 19.9 19.9 - 26.9 26.9 - 33.8 33.8 - 40.7 Number of Companies P/E 0 5 10 15 20 25 30 0.6 - 2.4 2.4 - 4.2 4.2 - 5.9 5.9 - 7.7 7.7 - 9.5 Number of Companies P/B
  • 28. Food and Staples Retailing 28 Q1 2022
  • 29. Industry Multiples in Europe – Q1 2022 29 Food and Staples Retailing As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 19 19 19 19 Number of Outliers2 2 5 7 3 High 2.4x 16.1x 41.5x 10.2x 3rd Quartile 1.0x 9.5x 28.6x 4.1x Mean 0.8x 8.5x 22.5x 3.4x Median 0.6x 6.7x 19.4x 2.4x 1st Quartile 0.5x 6.2x 15.4x 1.5x Low 0.2x 5.8x 11.9x 0.8x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 30. Industry Multiples in Europe – Q1 2022 30 Food and Staples Retailing As of March 31, 2022 0 2 4 6 8 10 0.2 - 0.7 0.7 - 1.1 1.1 - 1.5 1.5 - 2.0 2.0 - 2.4 Number of Companies EV/Revenues 0 2 4 6 8 10 5.8 - 7.9 7.9 - 9.9 9.9 - 12.0 12.0 - 14.1 14.1 - 16.1 Number of Companies EV/EBITDA 0 1 2 3 4 5 6 7 11.9 - 17.9 17.9 - 23.8 23.8 - 29.7 29.7 - 35.6 35.6 - 41.5 Number of Companies P/E 0 2 4 6 8 10 0.8 - 2.7 2.7 - 4.6 4.6 - 6.5 6.5 - 8.3 8.3 - 10.2 Number of Companies P/B
  • 31. Food, Beverage and Tobacco 31 Q1 2022
  • 32. Industry Multiples in Europe – Q1 2022 32 Food, Beverage and Tobacco As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 54 54 54 54 Number of Outliers2 6 9 12 8 High 7.2x 21.2x 40.2x 7.4x 3rd Quartile 3.0x 13.7x 26.5x 3.2x Mean 2.4x 11.1x 20.5x 2.6x Median 1.7x 10.2x 18.7x 2.1x 1st Quartile 1.1x 7.6x 14.5x 1.3x Low 0.4x 5.0x 9.7x 0.7x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 33. Industry Multiples in Europe – Q1 2022 33 Food, Beverage and Tobacco As of March 31, 2022 0 5 10 15 20 25 30 0.4 - 1.8 1.8 - 3.1 3.1 - 4.5 4.5 - 5.9 5.9 - 7.2 Number of Companies EV/Revenues 0 5 10 15 20 5.0 - 8.2 8.2 - 11.5 11.5 - 14.7 14.7 - 18.0 18.0 - 21.2 Number of Companies EV/EBITDA 0 5 10 15 20 9.7 - 15.8 15.8 - 21.9 21.9 - 28.0 28.0 - 34.1 34.1 - 40.2 Number of Companies P/E 0 5 10 15 20 25 0.7 - 2.1 2.1 - 3.4 3.4 - 4.7 4.7 - 6.1 6.1 - 7.4 Number of Companies P/B
  • 34. Household and Personal Products 34 Q1 2022
  • 35. Industry Multiples in Europe – Q1 2022 35 Household and Personal Products As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 12 12 12 12 Number of Outliers2 2 2 2 2 High 5.8x 27.3x 58.7x 8.6x 3rd Quartile 3.5x 15.4x 41.3x 5.6x Mean 2.7x 14.4x 31.6x 4.0x Median 2.0x 12.1x 30.3x 3.2x 1st Quartile 1.5x 10.4x 20.7x 2.2x Low 0.6x 7.3x 14.9x 1.3x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 36. Industry Multiples in Europe – Q1 2022 36 Household and Personal Products As of March 31, 2022 0 1 2 3 4 5 0.6 - 1.7 1.7 - 2.7 2.7 - 3.7 3.7 - 4.8 4.8 - 5.8 Number of Companies EV/Revenues 0 1 2 3 4 5 7.3 - 11.3 11.3 - 15.3 15.3 - 19.3 19.3 - 23.3 23.3 - 27.3 Number of Companies EV/EBITDA 0 1 2 3 4 5 14.9 - 23.6 23.6 - 32.4 32.4 - 41.2 41.2 - 49.9 49.9 - 58.7 Number of Companies P/E 0 1 2 3 4 5 1.3 - 2.8 2.8 - 4.3 4.3 - 5.7 5.7 - 7.2 7.2 - 8.6 Number of Companies P/B
  • 38. Industry Multiples in Europe – Q1 2022 38 Energy As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 53 53 53 53 Number of Outliers2 9 11 19 8 High 9.7x 25.5x 63.7x 5.0x 3rd Quartile 2.6x 10.0x 25.0x 1.6x Mean 2.2x 7.4x 19.0x 1.5x Median 1.9x 5.5x 11.3x 1.1x 1st Quartile 0.8x 3.3x 6.6x 0.8x Low 0.4x 1.8x 2.7x 0.5x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 39. Industry Multiples in Europe – Q1 2022 39 Energy As of March 31, 2022 0 5 10 15 20 25 30 0.4 - 2.3 2.3 - 4.1 4.1 - 6.0 6.0 - 7.8 7.8 - 9.7 Number of Companies EV/Revenues 0 5 10 15 20 25 30 1.8 - 6.5 6.5 - 11.3 11.3 - 16.0 16.0 - 20.8 20.8 - 25.5 Number of Companies EV/EBITDA 0 5 10 15 20 25 2.7 - 14.9 14.9 - 27.1 27.1 - 39.3 39.3 - 51.5 51.5 - 63.7 Number of Companies P/E 0 5 10 15 20 25 30 35 0.5 - 1.4 1.4 - 2.3 2.3 - 3.2 3.2 - 4.1 4.1 - 5.0 Number of Companies P/B
  • 41. Industry Multiples in Europe – Q1 2022 41 Financials As of March 31, 2022 Market Cap./Revenues P/TBV P/E P/B Number of Observations1 202 202 202 202 Number of Outliers2 25 34 38 25 High 10.7x 9.7x 61.8x 6.7x 3rd Quartile 3.8x 2.2x 15.4x 1.7x Mean 2.8x 2.0x 13.7x 1.4x Median 2.2x 1.3x 10.6x 1.1x 1st Quartile 1.2x 0.8x 7.9x 0.7x Low 0.3x 0.4x 4.0x 0.4x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Market Cap./Revenues, P/TBV and P/B P/E Median Multiples P/E Market cap/Revenues P/TBV P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 42. Industry Multiples in Europe – Q1 2022 42 Financials As of March 31, 2022 0 20 40 60 80 100 0.3 - 2.4 2.4 - 4.5 4.5 - 6.5 6.5 - 8.6 8.6 - 10.7 Number of Companies Market Cap./Revenues 0 20 40 60 80 100 120 140 0.4 - 2.3 2.3 - 4.1 4.1 - 6.0 6.0 - 7.8 7.8 - 9.7 Number of Companies P/TBV 0 20 40 60 80 100 120 140 4.0 - 15.6 15.6 - 27.1 27.1 - 38.7 38.7 - 50.2 50.2 - 61.8 Number of Companies P/E 0 20 40 60 80 100 120 140 0.4 - 1.6 1.6 - 2.9 2.9 - 4.2 4.2 - 5.4 5.4 - 6.7 Number of Companies P/B
  • 43. Health Care Equipment and Services 43 Q1 2022
  • 44. Industry Multiples in Europe – Q1 2022 44 Health Care Equipment and Services As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 53 53 53 53 Number of Outliers2 6 8 14 10 High 14.7x 45.4x 132.5x 15.4x 3rd Quartile 5.3x 22.0x 48.8x 6.1x Mean 4.0x 18.2x 38.8x 4.5x Median 3.1x 15.2x 33.1x 3.7x 1st Quartile 1.6x 11.4x 24.8x 1.9x Low 0.2x 5.3x 13.2x 0.9x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 45. Industry Multiples in Europe – Q1 2022 45 Health Care Equipment and Services As of March 31, 2022 0 5 10 15 20 25 0.2 - 3.1 3.1 - 6.0 6.0 - 8.9 8.9 - 11.8 11.8 - 14.7 Number of Companies EV/Revenues 0 5 10 15 20 25 5.3 - 13.3 13.3 - 21.3 21.3 - 29.4 29.4 - 37.4 37.4 - 45.4 Number of Companies EV/EBITDA 0 5 10 15 20 25 13 - 37 37 - 61 61 - 85 85 - 109 109 - 132 Number of Companies P/E 0 5 10 15 20 25 0.9 - 3.8 3.8 - 6.7 6.7 - 9.6 9.6 - 12.5 12.5 - 15.4 Number of Companies P/B
  • 47. Industry Multiples in Europe – Q1 2022 47 Pharmaceuticals, Biotechnology and Life Sciences As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 77 77 77 77 Number of Outliers2 13 29 34 13 High 48.7x 64.1x 82.4x 13.0x 3rd Quartile 12.1x 34.9x 50.2x 6.6x Mean 10.1x 23.7x 37.0x 5.3x Median 5.6x 17.5x 30.6x 5.1x 1st Quartile 3.4x 11.8x 20.7x 3.2x Low 2.0x 8.8x 13.3x 1.6x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x 45.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 48. Industry Multiples in Europe – Q1 2022 48 Pharmaceuticals, Biotechnology and Life Sciences As of March 31, 2022 0 10 20 30 40 50 2.0 - 11.4 11.4 - 20.7 20.7 - 30.0 30.0 - 39.4 39.4 - 48.7 Number of Companies EV/Revenues 0 5 10 15 20 25 30 8.8 - 19.9 19.9 - 30.9 30.9 - 42.0 42.0 - 53.0 53.0 - 64.1 Number of Companies EV/EBITDA 0 5 10 15 20 13.3 - 27.1 27.1 - 40.9 40.9 - 54.8 54.8 - 68.6 68.6 - 82.4 Number of Companies P/E 0 5 10 15 20 25 30 35 1.6 - 3.9 3.9 - 6.2 6.2 - 8.5 8.5 - 10.8 10.8 - 13.0 Number of Companies P/B
  • 50. Industry Multiples in Europe – Q1 2022 50 Capital Goods As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 226 226 226 226 Number of Outliers2 25 30 50 29 High 6.9x 37.9x 73.9x 10.8x 3rd Quartile 2.4x 16.0x 28.7x 4.4x Mean 1.8x 12.6x 23.9x 3.3x Median 1.3x 10.6x 20.7x 2.7x 1st Quartile 0.8x 7.7x 15.1x 1.7x Low 0.3x 4.1x 9.8x 0.9x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 51. Industry Multiples in Europe – Q1 2022 51 Capital Goods As of March 31, 2022 0 20 40 60 80 100 120 0.3 - 1.6 1.6 - 2.9 2.9 - 4.3 4.3 - 5.6 5.6 - 6.9 Number of Companies EV/Revenues 0 20 40 60 80 100 120 4.1 - 10.9 10.9 - 17.6 17.6 - 24.4 24.4 - 31.2 31.2 - 37.9 Number of Companies EV/EBITDA 0 20 40 60 80 100 120 9.8 - 22.6 22.6 - 35.4 35.4 - 48.3 48.3 - 61.1 61.1 - 73.9 Number of Companies P/E 0 20 40 60 80 100 120 0.9 - 2.9 2.9 - 4.9 4.9 - 6.8 6.8 - 8.8 8.8 - 10.8 Number of Companies P/B
  • 53. Industry Multiples in Europe – Q1 2022 53 Commercial and Professional Services As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 54 54 54 54 Number of Outliers2 6 8 9 7 High 6.6x 20.4x 51.3x 12.4x 3rd Quartile 3.4x 14.5x 31.4x 5.5x Mean 2.2x 10.9x 23.6x 4.2x Median 1.4x 10.6x 22.3x 3.1x 1st Quartile 0.7x 6.6x 14.8x 2.0x Low 0.4x 4.8x 9.4x 1.2x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 54. Industry Multiples in Europe – Q1 2022 54 Commercial and Professional Services As of March 31, 2022 0 5 10 15 20 25 30 0.4 - 1.6 1.6 - 2.9 2.9 - 4.1 4.1 - 5.4 5.4 - 6.6 Number of Companies EV/Revenues 0 5 10 15 20 25 30 4.8 - 7.9 7.9 - 11.0 11.0 - 14.2 14.2 - 17.3 17.3 - 20.4 Number of Companies EV/EBITDA 0 5 10 15 20 9.4 - 17.8 17.8 - 26.2 26.2 - 34.5 34.5 - 42.9 42.9 - 51.3 Number of Companies P/E 0 5 10 15 20 25 30 1.2 - 3.4 3.4 - 5.7 5.7 - 7.9 7.9 - 10.1 10.1 - 12.4 Number of Companies P/B
  • 56. Industry Multiples in Europe – Q1 2022 56 Transportation As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 45 45 45 45 Number of Outliers2 7 11 19 8 High 8.2x 30.8x 45.7x 8.3x 3rd Quartile 3.3x 13.2x 22.3x 3.8x Mean 2.3x 10.2x 17.2x 2.7x Median 1.5x 8.4x 11.7x 2.1x 1st Quartile 0.9x 4.9x 9.0x 1.3x Low 0.3x 1.6x 4.3x 1.0x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 57. Industry Multiples in Europe – Q1 2022 57 Transportation As of March 31, 2022 0 5 10 15 20 25 0.3 - 1.9 1.9 - 3.5 3.5 - 5.0 5.0 - 6.6 6.6 - 8.2 Number of Companies EV/Revenues 0 5 10 15 20 1.6 - 7.4 7.4 - 13.2 13.2 - 19.1 19.1 - 24.9 24.9 - 30.8 Number of Companies EV/EBITDA 0 2 4 6 8 10 12 14 16 4.3 - 12.6 12.6 - 20.9 20.9 - 29.1 29.1 - 37.4 37.4 - 45.7 Number of Companies P/E 0 5 10 15 20 25 1.0 - 2.5 2.5 - 3.9 3.9 - 5.4 5.4 - 6.8 6.8 - 8.3 Number of Companies P/B
  • 59. Industry Multiples in Europe – Q1 2022 59 Semiconductors and Semiconductor Equipment As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 19 19 19 19 Number of Outliers2 2 6 7 2 High 13.0x 32.2x 54.7x 18.7x 3rd Quartile 7.9x 21.3x 44.4x 8.2x Mean 5.7x 17.1x 31.3x 5.8x Median 5.2x 17.4x 24.7x 3.8x 1st Quartile 3.0x 11.1x 20.5x 3.1x Low 1.2x 5.9x 13.3x 1.2x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 60. Industry Multiples in Europe – Q1 2022 60 Semiconductors and Semiconductor Equipment As of March 31, 2022 0 1 2 3 4 5 6 7 8 1.2 - 3.6 3.6 - 5.9 5.9 - 8.3 8.3 - 10.6 10.6 - 13.0 Number of Companies EV/Revenues 0 1 2 3 4 5 6 5.9 - 11.2 11.2 - 16.4 16.4 - 21.7 21.7 - 26.9 26.9 - 32.2 Number of Companies EV/EBITDA 0 1 2 3 4 5 6 13.3 - 21.6 21.6 - 29.9 29.9 - 38.2 38.2 - 46.4 46.4 - 54.7 Number of Companies P/E 0 2 4 6 8 10 12 1.2 - 4.7 4.7 - 8.2 8.2 - 11.7 11.7 - 15.2 15.2 - 18.7 Number of Companies P/B
  • 62. Industry Multiples in Europe – Q1 2022 62 Software and Services As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 78 78 78 78 Number of Outliers2 8 12 23 10 High 17.0x 67.6x 142.7x 30.8x 3rd Quartile 7.4x 28.0x 57.9x 8.8x Mean 4.9x 22.2x 45.5x 7.2x Median 3.5x 18.5x 35.0x 4.6x 1st Quartile 1.8x 13.4x 23.6x 2.1x Low 0.5x 5.8x 14.0x 0.8x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x 45.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 63. Industry Multiples in Europe – Q1 2022 63 Software and Services As of March 31, 2022 0 5 10 15 20 25 30 35 40 0.5 - 3.8 3.8 - 7.1 7.1 - 10.4 10.4 - 13.7 13.7 - 17.0 Number of Companies EV/Revenues 0 5 10 15 20 25 30 35 5.8 - 18.1 18.1 - 30.5 30.5 - 42.9 42.9 - 55.2 55.2 - 67.6 Number of Companies EV/EBITDA 0 5 10 15 20 25 30 35 14 - 40 40 - 65 65 - 91 91 - 117 117 - 143 Number of Companies P/E 0 5 10 15 20 25 30 35 40 0.8 - 6.8 6.8 - 12.8 12.8 - 18.8 18.8 - 24.8 24.8 - 30.8 Number of Companies P/B
  • 65. Industry Multiples in Europe – Q1 2022 65 Technology Hardware and Equipment As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 43 43 43 43 Number of Outliers2 6 7 10 7 High 8.2x 38.4x 74.8x 8.0x 3rd Quartile 3.7x 23.3x 34.1x 5.6x Mean 2.9x 17.1x 29.6x 4.0x Median 2.4x 15.2x 27.1x 3.2x 1st Quartile 1.4x 10.5x 19.6x 2.4x Low 1.0x 5.6x 12.1x 1.4x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 66. Industry Multiples in Europe – Q1 2022 66 Technology Hardware and Equipment As of March 31, 2022 0 5 10 15 20 1.0 - 2.4 2.4 - 3.8 3.8 - 5.3 5.3 - 6.7 6.7 - 8.2 Number of Companies EV/Revenues 0 2 4 6 8 10 12 14 5.6 - 12.2 12.2 - 18.7 18.7 - 25.3 25.3 - 31.8 31.8 - 38.4 Number of Companies EV/EBITDA 0 2 4 6 8 10 12 14 16 12.1 - 24.6 24.6 - 37.2 37.2 - 49.7 49.7 - 62.2 62.2 - 74.8 Number of Companies P/E 0 2 4 6 8 10 12 14 1.4 - 2.7 2.7 - 4.0 4.0 - 5.4 5.4 - 6.7 6.7 - 8.0 Number of Companies P/B
  • 68. Industry Multiples in Europe – Q1 2022 68 Materials As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 108 108 108 108 Number of Outliers2 12 12 16 15 High 5.5x 22.6x 42.6x 5.4x 3rd Quartile 1.6x 9.2x 20.9x 2.4x Mean 1.5x 7.7x 15.2x 1.9x Median 1.2x 6.4x 12.5x 1.6x 1st Quartile 0.8x 4.3x 7.4x 1.1x Low 0.3x 2.1x 3.4x 0.6x 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 69. Industry Multiples in Europe – Q1 2022 69 Materials As of March 31, 2022 0 10 20 30 40 50 60 0.3 - 1.3 1.3 - 2.4 2.4 - 3.4 3.4 - 4.4 4.4 - 5.5 Number of Companies EV/Revenues 0 10 20 30 40 50 2.1 - 6.2 6.2 - 10.3 10.3 - 14.4 14.4 - 18.5 18.5 - 22.6 Number of Companies EV/EBITDA 0 10 20 30 40 50 3.4 - 11.3 11.3 - 19.1 19.1 - 26.9 26.9 - 34.7 34.7 - 42.6 Number of Companies P/E 0 10 20 30 40 50 0.6 - 1.5 1.5 - 2.5 2.5 - 3.5 3.5 - 4.4 4.4 - 5.4 Number of Companies P/B
  • 71. Industry Multiples in Europe – Q1 2022 71 Real Estate As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 95 95 95 95 Number of Outliers2 10 20 22 16 High 30.4x 46.8x 46.8x 2.0x 3rd Quartile 20.8x 32.4x 27.4x 1.2x Mean 16.7x 27.6x 23.6x 1.0x Median 15.8x 27.9x 24.6x 0.9x 1st Quartile 12.8x 22.0x 16.4x 0.8x Low 2.0x 9.7x 8.4x 0.5x 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis. 0.85x 0.90x 0.95x 1.00x 1.05x 1.10x 1.15x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 P/B EV/Revenues, EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B
  • 72. Industry Multiples in Europe – Q1 2022 72 Real Estate As of March 31, 2022 0 5 10 15 20 25 30 2.0 - 7.7 7.7 - 13.3 13.3 - 19.0 19.0 - 24.7 24.7 - 30.4 Number of Companies EV/Revenues 0 5 10 15 20 25 30 35 40 9.7 - 17.2 17.2 - 24.6 24.6 - 32.0 32.0 - 39.4 39.4 - 46.8 Number of Companies EV/EBITDA 0 5 10 15 20 25 30 8.4 - 16.1 16.1 - 23.8 23.8 - 31.5 31.5 - 39.1 39.1 - 46.8 Number of Companies P/E 0 5 10 15 20 25 30 0.5 - 0.8 0.8 - 1.1 1.1 - 1.4 1.4 - 1.7 1.7 - 2.0 Number of Companies P/B
  • 73. Electric, Gas and Water Utilities 73 Q1 2022
  • 74. Industry Multiples in Europe – Q1 2022 74 Electric, Gas and Water Utilities As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 35 35 35 35 Number of Outliers2 4 5 7 5 High 8.4x 18.0x 60.1x 4.8x 3rd Quartile 4.8x 12.8x 24.8x 2.5x Mean 3.0x 9.9x 18.6x 2.1x Median 1.6x 9.6x 13.0x 1.9x 1st Quartile 0.8x 7.3x 9.4x 1.5x Low 0.2x 2.5x 5.1x 0.4x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 EV/Revenues and P/B EV/EBITDA and P/E Median Multiples EV/EBITDA P/E EV/Revenues P/B 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis.
  • 75. Industry Multiples in Europe – Q1 2022 75 Electric, Gas and Water Utilities As of March 31, 2022 0 5 10 15 20 0.2 - 1.8 1.8 - 3.5 3.5 - 5.1 5.1 - 6.7 6.7 - 8.4 Number of Companies EV/Revenues 0 2 4 6 8 10 2.5 - 5.6 5.6 - 8.7 8.7 - 11.8 11.8 - 14.9 14.9 - 18.0 Number of Companies EV/EBITDA 0 5 10 15 20 5.1 - 16.1 16.1 - 27.1 27.1 - 38.1 38.1 - 49.1 49.1 - 60.1 Number of Companies P/E 0 2 4 6 8 10 12 14 16 0.4 - 1.3 1.3 - 2.2 2.2 - 3.1 3.1 - 3.9 3.9 - 4.8 Number of Companies P/B
  • 76. Independent Power and Renewable Producers 76 Q1 2022
  • 77. Industry Multiples in Europe – Q1 2022 77 Independent Power and Renewable Producers As of March 31, 2022 EV/Revenues EV/EBITDA P/E P/B Number of Observations1 13 13 13 13 Number of Outliers2 2 3 5 2 High 35.5x 28.7x 225.0x 5.9x 3rd Quartile 14.8x 25.3x 74.5x 2.9x Mean 11.5x 19.5x 73.9x 3.3x Median 8.7x 20.1x 47.9x 2.8x 1st Quartile 5.9x 13.7x 39.3x 2.6x Low 0.9x 9.8x 28.4x 2.5x 1 A sector/industry group must have a minimum of five company participants to be calculated. 2 Outliers have been excluded from the concluded multiples. Please refer to “Criteria” for outlier criteria and definitions. Sources: Capital IQ; Bloomberg; Kroll analysis. 0x 10x 20x 30x 40x 50x 60x 70x 80x 90x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 P/E EV/Revenues, EV/EBITDA and P/B Median Multiples EV/EBITDA EV/Revenues P/B P/E
  • 78. Industry Multiples in Europe – Q1 2022 78 Independent Power and Renewable Producers As of March 31, 2022 0 1 2 3 4 5 6 0.9 - 7.8 7.8 - 14.7 14.7 - 21.6 21.6 - 28.5 28.5 - 35.5 Number of Companies EV/Revenues 0 1 2 3 4 9.8 - 13.5 13.5 - 17.3 17.3 - 21.1 21.1 - 24.9 24.9 - 28.7 Number of Companies EV/EBITDA 0 1 2 3 4 5 6 7 28 - 68 68 - 107 107 - 146 146 - 186 186 - 225 Number of Companies P/E 0 2 4 6 8 10 2.5 - 3.2 3.2 - 3.9 3.9 - 4.5 4.5 - 5.2 5.2 - 5.9 Number of Companies P/B
  • 79. Industry Multiples in Europe – Q1 2022 79 Criteria • For all reported multiples, we have considered the constituents of the STOXX Europe TMI as of the report reference date. The STOXX Europe TMI represents approximately 95% of the free float market capitalization across 18 European countries.1 Companies were grouped by sectors, industry groups or industries, as defined by the Global Industry Classification Standard, considering that each grouping would have enough constituents and granularity to attain the objective of this report.2 • Companies are only considered in the computation of the different multiples if the following criteria are met: market capitalization is above the fifth percentile, at least 25% free float, and average daily volume is above 0.1% of the float (data derived from Standard & Poor’s Capital IQ and Bloomberg databases). • Observations deemed to be outliers have been excluded from the above analysis. Outlier criteria include: (i) negative multiples, (ii) multiples below the fifth percentile and (iii) multiples above the 95th percentile. • EV = Enterprise Value = Market value of equity plus book value of debt, minority interests, preferred stock, less cash and cash equivalents, loans and notes receivables, and long- and short-term investments.3 Revenues = Revenue for latest 12 months. EBITDA = Earnings before interest, taxes, depreciation and amortization for latest 12 months (provided by Capital IQ, adjusted for non-recurring items). P/E = Share price divided by earnings per share on a diluted basis. P/B = Share price/book value per share on a diluted basis where book value per share equals total book value of equity divided by diluted number of shares. P/TBV = Share price/book value minus intangible assets, per share on a diluted basis. • Multiples have been computed in companies’ filing currencies and considering figures last fully reported as at the publication of this report. 1 Although most of the companies in the STOXX Europe TMI Index prepare financial statements in accordance with IFRS, some use other accounting standards, such as U.S. GAAP and other local standards. Generally, since only a small proportion of the companies in the index do not use IFRS, the inclusion of those companies did not have a material impact on the statistics reported. Companies filing in accordance with U.S. GAAP accounted for approximately 1% of the total number of companies in the index. Companies following other reporting standards were treated using a similar approach as those filing in accordance with IFRS. Companies filing in accordance with Belgium, Denmark, Luxembourg, Poland and Switzerland GAAP represented approximately 3% of the total number of companies in the index. 2 The GICS structure is comprised of 11 sectors, 24 industry groups, 69 industries and 158 sub-industries. 3 Book value of debt includes lease liabilities.
  • 80. Industry Multiples in Europe – Q1 2022 80 Industry Definitions The industry classification for the companies represented in this report is based on the GICS. A summary of the sectors, as well as a brief description of those relevant industry groups that are part of a particular sector, according to the GICS guidelines, is found below: Communication Services Media and Entertainment Companies providing advertising, marketing or public relations services. Owners and operators of television or radio broadcasting systems, including programming and services. Publishers of newspapers, magazines and books in print or electronic formats. Companies that engage in producing and selling entertainment products and services, including gaming products and mobile applications. Telecommunication Services Providers of primarily cellular or wireless telecommunication services and operators of primarily fixed-line telecommunications networks. Consumer Discretionary Automobiles and Components Companies related to the production of passenger automobiles and light trucks, motorcycles, scooters or three- wheelers, as well as companies manufacturing parts and components for those vehicles, including tires and rubber. Consumer Durables and Apparel Manufacturers of electric household appliances and related products. Includes manufacturers of durable household products, power and hand tools, including garden improvement tools, but excludes TVs and other audio and video products. Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer handbags, wallets, luggage, jewelry and watches and manufacturers of textile and related products. Consumer Services Owners and operators of leisure and accommodation activities such as hotels, bars and restaurants, cruise ships, leisure facilities, casinos and gaming facilities, among others. Retailing Companies involved in owning and operating department stores, general merchandise stores and specialty stores. It also includes companies providing retail services primarily through the internet, mail order and TV home shopping retailers.
  • 81. Industry Multiples in Europe – Q1 2022 81 Industry Definitions Consumer Staples Food and Staples Retailing Owners and operators of food and drug retail stores, pharmacies, hypermarkets and super centers selling food and a wide-range of consumer staple products. Distributors of food products to other companies and not directly to the consumer. Food, Beverage and Tobacco Producers of beer and malt liquors, distillers, vintners, producers of alcoholic and non-alcoholic beverages including mineral waters. Producers of agricultural products and producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods. Manufacturers of cigarettes and other tobacco products Household and Personal Products Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not included elsewhere. Manufacturers of personal and beauty care products, including cosmetics and perfumes. Energy Energy Companies engaged in exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels. It also includes companies that offer oil and gas equipment and services. Financials Banks Commercial diverse with a national footprint whose revenues are derived primarily from conventional banking operations, have significant business activity in retail banking and small and medium corporate lending, and provide a diverse range of financial services. This also includes regional banks that tend to operate in limited geographic regions and excludes investment banks. Diversified Financial Services Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of financial decision support tools and products including ratings agencies. Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including banking, insurance, and capital markets, but with no dominant business line. Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services and pawn shops.
  • 82. Industry Multiples in Europe – Q1 2022 82 Industry Definitions Financials (cont.) Capital Markets Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in at least two of the following areas: large/major corporate lending, investment banking, brokerage and asset management. Includes financial exchanges for securities, commodities, derivatives and other financial instruments. Insurance Companies providing insurance and reinsurance services of any kind as well as insurance and reinsurance brokerage firms. Health Care Health Care Equipment and Services Companies including health care providers and services, companies that manufacture and distribute health care equipment and supplies and health care technology companies. Pharmaceuticals, Biotechnology and Life Sciences Companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. Industrials Capital Goods Companies related to the manufacturing or distribution of goods. The sector is diverse, containing companies that manufacture machinery used to create capital goods, electrical equipment, aerospace and defense, engineering, and construction projects. Commercial and Professional Services Companies involved in supporting businesses with specialized skills such as human capital management, research and consulting services, office services, security and protection services, environmental and maintenance services. Transportation Companies involved in providing mainly goods and passenger transportation through air, sea or land. Companies owning and operating the infrastructures needed for transportation, such as airports, ports, railtracks or roads.
  • 83. Industry Multiples in Europe – Q1 2022 83 Industry Definitions Information Technology Semiconductors and Semiconductor Equipment Manufacturers of semiconductors, semiconductor equipment and related products including manufacturers of solar modules and cells as well as manufacturers of the raw material and equipment used in the solar power industry. Software and Services Companies offering software and information technology services as well as infrastructure for the internet including data centers, cloud networking and storage infrastructure. Technology Hardware and Equipment Companies involved in manufacturing communication equipment, cellular phones, personal computers, computer components, peripherals, electronic equipment and components as well as technology distributors. Materials Materials Companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel. Real Estate Real Estate Companies engaged in real estate development and operation. It also includes companies offering real estate- related services and Equity Real Estate Investment Trusts (REITs). Utilities Electric, Gas and Water Utilities Companies involved in producing or distributing electricity, in the distribution of gas, in redistributing water to the end-consumer, as well as utility companies with significantly diversified activities in addition to core electric utility, gas utility and/or water utility operations. Independent Power and Renewable Electricity Producers Independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources.
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