Industry Multiples in Europe - Q1 2023

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

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

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

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