We are pleased to launch the fourth 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 September 30, 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.

Highlights

  • According to the International Monetary Fund (IMF) in its World Economic Outlook report, the outlook is still uncertain and critically shaped by monetary policies in response to high inflation, the impact of Russia’s war on Ukraine, and the impact of pandemic-related lockdowns and disruptions in the global supply chain.
  • The IMF expects that global growth will be 3.2% in 2022, in line with the IMF July’s report, and 2.7% in 2023, 0.2 percentage points lower than its July forecast.
  • Eurozone growth is expected to be 3.1% in 2022, reflecting a stronger-than-expected second quarter in most eurozone economies, led by growth in tourism-dependent economies.
  • In terms of EV/EBITDA multiples, multiples have generally decreased over the third quarter of 2022. The sector with the largest decrease in Q3 2022 was information technology (2.5x decrease), heavily impacted by software companies.

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.

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