
Thu, Oct 12, 2023
Industry Multiples in Europe — Q2 2023
We are pleased to launch the seventh 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 June 30, 2023.

Our analysis uses constituents of the STOXX® Europe Total Market Index ("STOXX® Europe TMI"), which covers about 95% of the free-float in Europe.
As we observed in a recent Kroll article,
Highlights
According to the World Economic Outlook Update report, released by the International Monetary Fund (IMF) in July 2023, global growth is projected to reach 3.0% in 2023, below the estimated growth in 2022 of 3.5%.
For the eurozone, real growth is estimated to decelerate from 3.5% in 2022 to 0.9% in 2023, followed by 1.5% in 2024.
The IMF’s estimate for global inflation is 6.8% in 2023, down from 8.7% in 2022, to be followed by 5.2% in 2024.
In terms of EV/EBITDA, although for most industries there was no significant variation, some had notable changes. For semiconductors and semiconductor equipment, the median multiple decreased in the second quarter to 12x from 15x in the first quarter. For independent power and renewable electricity producers, the median multiple decreased to 15x in the second quarter from 17x in the first quarter.
Our report provides a detailed overview of the EV/revenues, EV/EBITDA, P/E and P/B multiples of companies in the STOXX® Europe TMI covering nonfinancial industries and market capitalization/revenues, P/TBV, P/E and P/B multiples covering financial industries for which such data is available. We also provide an eight-quarter look-back at the trends of these multiples for the industries covered.
We hope you find this report helpful for understanding the range of trading multiples for major industries in Europe. If you would like to receive further information or discuss any of the findings, please contact us.
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