We are pleased to launch the first 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 December 31, 2021, estimated using constituents of the STOXX® Europe Total Market Index (“STOXX® Europe TMI”), which covers about 95% of the free float in Europe.


  • According to the OECD in its Economic Outlook report released in December 2021, the global economy is expected to have grown by approximately 5.6% in 2021 and to grow 4.5% in 2022 and 3.2% in 2023.
  • According to the same report, the Eurozone’s economy is expected to have expanded by approximately 5.2% in 2021 and to expand by 4.3% in 2022 and 2.5% in 2023.
  • In 2021, the STOXX® Europe TMI increased by 22%, surpassing the pre-COVID-19 level.
  • In terms of EV/EBITDA multiples, consumer services was the industry seeing the largest increases over the last eight quarters, going from 7.6x in Q1 2020, when the COVID-19 outbreak was declared a pandemic by the WHO to 18.5x in Q4 2021.
  • The second largest increase was recorded by the semiconductors and semiconductor equipment industry, which rose from 11.4x in Q1 2020 to 21.8x in Q4 2021.
  • Electric, gas and water utilities was the industry that had the lowest increase, going from 8.7x in Q1 2020 to 9.0x in Q4 2021.

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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