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.


  • 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.
  • According to the same report, given current economic prospects, growth in the Eurozone is now expected to decrease from 5.3% in 2021 to 2.8% in 2022; the current IMF’s estimate for 2022 being 1.1 percentage point below their previous estimate in January–just three months earlier.
  • The STOXX Europe TMI decreased by 6.7% in the first quarter of 2022.
  • In terms of EV/EBITDA multiples, multiples have generally decreased over 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.

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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