Industry Multiplies Global Report

Industry Multiples Global Report
Standard Edition
March 2006
IMGR SE – MARCH 2006
The Industry Multiples Global Report (IMGR) Standard Edition is a free quarterly publication
delivering valuation multiples for main industries to help both investors and entrepreneurs
approximate the value of a company.
The IMGR SE covers 114 industries, 27 countries, 8,000 public companies and includes
calculations of 5 different market multiples (EV/sales, EV/EBITDA, EV/EBIT, PER, PBR),
descriptive statistics at the industry level, best multiples selection, multiple rating and a text
description of each industry.
In the appendices section, Valmetrics also provides the information you need to understand and
interpret data shown in this document, including: data source and coverage, date schedule,
multiples selection, multiples rating, glossary, adjustments / possible biases, and references. Any
comments or suggestions to improve the IMGR are very welcome.
It’s easy to sign up for the IMGR service! Simply email “subscribe IMGR” with your contact details
to research@valmetrics.com. Your personal data will not be transmitted to any third party and you
maintain the option of unsubscribing whenever you wish (email: “unsubscribe IMGR”). To help
keep IMGR SE a free service, please tell your friends and colleagues about us.
Readers agree that: i) the contents of this report are communicated on a purely informative basis
ii) Information appearing in this report does not constitute an instruction or advice to acquire,
dispose, transfer or manage a company. Tables, data, logos, trademark included in this report are
the property of Valmetrics and are protected by international copyright laws.
This service is brought to you by Valmetrics Research, a service of Valmetrics. Valmetrics is a

Swiss-based corporation delivering comprehensive and authoritative financial metrics for business
valuation without incurring extensive costs in time and effort. To know more about us, visit our
website www.valmetrics.com. If you are interested in advertising in our research publications or
partnering with us, please email us at partners@valmetrics.com.
Copyright © 2006 Valmetrics 2 / 71

IMGR Professional – BETA version now available!!
We are pleased to offer a 2 month free trial of IMGR Pro Beta to subscribers who
signed-up for the Standard Edition before April 15, 2006. To run the beta version, you
will need to have Microsoft Access installed on your computer. The final version of
IMGR Pro will be available on the Internet (web based application) in June 2006.
IMGR Pro is a powerful, yet easy-to-use, tool to value an industry or a business. The
professional version offers 6 key advantages compared to the Standard Edition:
1 Easy-to-use database
IMGR Pro allows you to search, display,
sort, export and print multiples quickly
and easily.
2
Monthly update
Data is updated on a monthly basis, so
you do not need to wait for a quarter to
get the most recent multiples.
3
Regional coverage
With 11 geographical zones covered, you
have access to regional metrics and
analytics (e.g. North America, Europe).
Individual multiples
4
Lists of individual multiples enable you to
find comparables, understand Valmetrics
analysis and perform your own analysis.
5 Insightful analysis
IMGR Pro calculates, selects, analyzes,
rates and plots industry multiples with a
high level of accuracy and reliability.
Historical data
6
Historical multiples stored in IMGR Pro
date back to January 2000 (5 years) and
give you an additional dynamic overview.
IMGR PRO = more multiples, more analysis, more industry insights, more tools!
Achieve faster valuation & modelling, compare 130 industries, fine tune your
investment policy and put forward persuasive arguments in negotiation.

www.AltAssets.net
AltAssets, the private equity industry’s leading information source
AltAssets is an open access information resource that distributes news and research to
more than 1,000 institutional investors and 2,000 private equity and venture capital
firms worldwide. Over 18,000 industry professionals use the site, generating 2 million
page impressions from 180,000 sessions each month.
This service provides a centre of excellence for the field and contains insight from our
in-house team as well as significant third-party contributions from leading academics,
industry practioners and service providers in private equity.
Areas of the service include:

News
Recent private equity news and views, updated daily and available online as well as
via RSS Feed.
Features
Opinion pieces from leading private equity experts on topical issues. Our series of
institutional investor profiles feature leading limited partners giving insights and
investing advice to their fellow LPs.
Learning Curve
Clear explanations of the key areas of private equity - from conducting due diligence
to deciphering the terms and conditions of an investment.
Leading Edge
This area drives forward private equity theory and practice. It showcases progressive
thinking and investigation into this asset class and encourages further debate between
the industry's top-flight experts.
Surveys
Research on topics ranging from the latest management buy-out figures, to global
private equity performance, aggregated from market leaders.
Country and Sectors Analysis
All the information you need on investing in key countries, regions and sectors, from
private equity vehicles in France, to the benefits of investing in mezzanine funds.
Events
The definitive calendar for private equity events, conferences and seminars.
Jobs
Private equity jobs and executive positions vacant. Ideal for locating a new challenge
or expanding the number of professionals in your own organisation.
To subscribe FREE to AltAssets weekly e-mail newsletter, visit:

http://www.AltAssets.net/subscribe.php

LIST OF INDUSTRIES
1. Advertising........................................................................................................................................................ 7
2. Aerospace & Defense....................................................................................................................................... 7
3. Agricultural Products........................................................................................................................................ 8
4. Air Freight & Logistics...................................................................................................................................... 8
5. Airlines .............................................................................................................................................................. 9
6. Airport Services ................................................................................................................................................ 9
7. Alternative Carriers ........................................................................................................................................ 10
8. Aluminium....................................................................................................................................................... 10
9. Apparel Retail ................................................................................................................................................. 11
10. Apparel, Accessories & Luxury Goods .......................................................................................................... 11
11. Application Software ...................................................................................................................................... 12
12. Auto Parts & Equipment ................................................................................................................................ 12
13. Automobile Manufacturers............................................................................................................................. 13
14. Biotechnology................................................................................................................................................. 13
15. Brewers........................................................................................................................................................... 14
16. Broadcasting & Cable TV............................................................................................................................... 14
17. Building Products............................................................................................................................................ 15
18. Casinos & Gaming.......................................................................................................................................... 15
19. Catalogue retail .............................................................................................................................................. 16
20. Commercial Printing....................................................................................................................................... 16
21. Commodity Chemicals.................................................................................................................................... 17
22. Computer & Electronics Retail....................................................................................................................... 17
23. Computer Hardware....................................................................................................................................... 18
24. Computer Storage & Peripherals................................................................................................................... 18
25. Construction & Engineering........................................................................................................................... 19
26. Construction & Farm Machinery & Heavy Trucks ........................................................................................ 19
27. Construction Materials ................................................................................................................................... 20
28. Consumer Electronics..................................................................................................................................... 20
29. Data Processing & Outsourced Services....................................................................................................... 21
30. Department Stores......................................................................................................................................... 21
31. Distillers & Vintners........................................................................................................................................ 22
32. Distributors ..................................................................................................................................................... 22
33. Diversified Chemicals..................................................................................................................................... 23
34. Diversified Commercial Services ................................................................................................................... 23
35. Diversified Metals & Mining ........................................................................................................................... 24
36. Drug Retail...................................................................................................................................................... 24
37. Electric Utilities............................................................................................................................................... 25
38. Electrical Components & Equipment............................................................................................................. 25
39. Electronic Equipment Manufacturers ............................................................................................................ 26
40. Electronic Manufacturing Services ................................................................................................................ 26
41. Employment Services..................................................................................................................................... 27
42. Environmental Services.................................................................................................................................. 27
43. Fertilizers & Agricultural Chemicals............................................................................................................... 28
44. Food Distributors............................................................................................................................................ 28
45. Food Retail...................................................................................................................................................... 29
46. Footwear......................................................................................................................................................... 29
47. Forest Products .............................................................................................................................................. 30
48. Gas Utilities..................................................................................................................................................... 30
49. General Merchandise Stores.......................................................................................................................... 31
50. Gold................................................................................................................................................................. 31
51. Health Care Services...................................................................................................................................... 32
52. Health Care Distributors ................................................................................................................................ 32
53. Health Care Equipment.................................................................................................................................. 33
54. Health Care Facilities ..................................................................................................................................... 33
55. Health Care Supplies...................................................................................................................................... 34
56. Heavy Electrical Equipment........................................................................................................................... 34

57. Highways & Railtracks ................................................................................................................................... 35

58. Home Entertainment Software...................................................................................................................... 35
59. Home Furnishings .......................................................................................................................................... 36
60. Homebuilding ................................................................................................................................................. 36
61. Home Improvement Retail ............................................................................................................................ 37
62. Hotels, Resorts & Cruise Lines ...................................................................................................................... 37
63. Household Appliances.................................................................................................................................... 38
64. Household Products ....................................................................................................................................... 38
65. Housewares & Specialities............................................................................................................................. 39
66. Hypermarkets & Super Centers..................................................................................................................... 39
67. Industrial Conglomerates .............................................................................................................................. 40
68. Industrial Gases.............................................................................................................................................. 40
69. Industrial Machinery ...................................................................................................................................... 41
70. Integrated Oil & Gas ...................................................................................................................................... 41
71. Integrated Telecommunication Services ...................................................................................................... 42
72. Internet Retail ................................................................................................................................................ 42
73. Internet Software & Services ........................................................................................................................ 43
74. IT Consulting & Other Services..................................................................................................................... 43
75. Leisure Facilities ............................................................................................................................................. 44
76. Leisure Products............................................................................................................................................. 44
77. Managed Health Care .................................................................................................................................... 45
78. Marine ............................................................................................................................................................. 45
79. Marine Ports & Services................................................................................................................................. 46
80. Metal & Glass Containers............................................................................................................................... 46
81. Motorcycle Manufacturers ............................................................................................................................. 47
82. Movies & Entertainment ................................................................................................................................ 47
83. Multi-Utilities & Unregulated Power.............................................................................................................. 48
84. Office Electronics............................................................................................................................................ 48
85. Office Services & Supplies ............................................................................................................................. 49
86. Oil & Gas Drilling............................................................................................................................................ 49
87. Oil & Gas Equipment & Services ................................................................................................................... 50
88. Oil & Gas Exploration & Production .............................................................................................................. 50
89. Oil & Gas Refining, Marketing & Transportation.......................................................................................... 51
90. Packaged Foods & Meats............................................................................................................................... 51
91. Paper Packaging............................................................................................................................................. 52
92. Paper Products ............................................................................................................................................... 52
93. Personal Products........................................................................................................................................... 53
94. Pharmaceuticals ............................................................................................................................................. 53
95. Photographic Products................................................................................................................................... 54
96. Precious Metals & Minerals............................................................................................................................ 54
97. Publishing ....................................................................................................................................................... 55
98. Railroads ......................................................................................................................................................... 55
99. Restaurants..................................................................................................................................................... 56
100. Semiconductor Equipment............................................................................................................................. 56
101. Semiconductors.............................................................................................................................................. 57
102. Soft Drink........................................................................................................................................................ 57
103. Specialty Chemicals........................................................................................................................................ 58
104. Specialty Stores.............................................................................................................................................. 58
105. Steel ................................................................................................................................................................ 59
106. Systems Software........................................................................................................................................... 59
107. Technology Distributors................................................................................................................................. 60
108. Textiles............................................................................................................................................................ 60
109. Tires & Rubber ............................................................................................................................................... 61
110. Tobacco .......................................................................................................................................................... 61
111. Trading Companies & Distributors................................................................................................................ 62
112. Trucking.......................................................................................................................................................... 62
113. Water Utilities................................................................................................................................................. 63
114. Wireless Telecommunication Services.......................................................................................................... 63

1. Advertising
Companies providing advertising, marketing or public relations services.
Table 1 EV / Sales EV / EBITDA EV / EBIT PER PBR
Number of observations 57 57 57 57 57
Non available multiples 8 7 7 6 6
Non meaningful multiples 6 10 14 12 8
Short-listed multiples 43 40 36 39 43
Minimum 0.18x 2.3x 3.9x 3.6x 0.2x
1st quartile 0.59x 5.0x 7.9x 15.5x 1.2x
Median 0.89x 9.9x 11.6x 22.7x 2.5x
3rd quartile 1.61x 12.1x 14.7x 44.0x 3.3x
Maximum 3.21x 24.5x 34.9x 68.1x 6.6x
Mean 1.20x 9.9x 12.3x 28.5x 2.6x
Std deviation as % of mean 66% 55% 52% 64% 63%
Modal interval [0.58 - 1.17[ [9.2 - 13.4[ [11.1 - 15.2[ [2.2 - 19.1[ [2.4 - 3.5[
Modal interval frequency 30.2% 37.5% 36.1% 35.9% 34.9%
Mode estimate 0.82x 10.9x 12.8x 17.9x 2.6x
Valmetrics multiple 0.82x 10.9x 12.8x 17.9x 2.6x
Multiple rating (10=highest) 4 9 9 2 5
2. Aerospace & Defense
Manufacturers of civil or military aerospace and defense equipment, parts or products.

Includes defense electronics and space equipment.
Minimum 0.05x 4.3x 5.0x 9.8x 0.8x
Median 1.42x 12.0x 16.2x 23.2x 2.4x
Maximum 3.23x 21.1x 34.4x 50.4x 5.7x
Mean 1.45x 12.4x 17.2x 25.5x 2.5x
Modal interval [0.97 - 1.45[ [8.9 - 11.4[ [12 - 15.9[ [18.7 - 24.4[ [1.6 - 2.4[

3. Agricultural Products
Producers of agricultural products. Includes crop growers, owners of plantations and

companies that produce and process foods but do not package and market them. Excludes
companies classified in the Forest Products sub-industry and those that package and market
the food products classified in the Packaged Foods sub-industry.
Minimum 0.17x 2.4x 3.2x 7.0x 0.2x
Median 1.13x 11.6x 15.4x 20.3x 1.4x
Maximum 5.29x 36.7x 51.4x 59.2x 4.2x
Mean 1.46x 13.4x 18.4x 22.8x 1.5x
Modal interval [0 - 0.71[ [7.9 - 13.7[ [9.2 - 15.3[ [4.9 - 14.3[ [1 - 1.5[
4. Air Freight & Logistics
Companies providing air freight transportation, courier and logistics services, including
package and mail delivery and customs agents. Excludes those companies classified in the
Airlines, Marine or Trucking sub-industries.
Minimum 0.08x 1.2x 1.4x 6.9x 0.4x
Median 0.61x 7.0x 13.3x 16.8x 2.4x
Maximum 2.06x 17.9x 34.4x 41.3x 6.4x
Mean 0.77x 9.0x 15.3x 19.1x 2.4x
Modal interval [0.37 - 0.74[ [3.9 - 7.6[ [6.2 - 12.3[ [6.3 - 15.2[ [1.5 - 2.8[

5. Airlines
Companies providing primarily passenger air transportation.
Minimum 0.10x 2.3x 1.2x 5.6x 0.0x
Median 0.74x 7.4x 15.8x 13.0x 1.4x
Maximum 2.24x 20.4x 59.1x 34.9x 2.3x
Mean 0.86x 8.0x 18.8x 14.3x 1.3x
Modal interval [0 - 0.51[ [4.6 - 8[ [7.9 - 15.8[ [9.6 - 14.9[ [1.1 - 1.5[
6. Airport Services
Operators of airports and companies providing related services.
Minimum 0.57x 3.5x 4.9x 6.7x 0.8x
Median 4.67x 11.4x 15.4x 19.0x 1.9x
Maximum 7.97x 23.7x 30.7x 43.9x 5.0x
Mean 4.35x 11.7x 17.4x 19.6x 2.3x
Modal interval [1.83 - 3.66[ [9.2 - 12.1[ [10.6 - 17.8[ [18.5 - 25.3[ [0.8 - 1.8[

7. Alternative Carriers
Providers of communications and high-density data transmission services primarily through a

high bandwidth/fibber-optic cable network.
Minimum 0.04x 0.2x nm nm 0.1x
1st quartile 0.68x 4.0x nm nm 1.0x
Median 1.03x 8.2x nm nm 1.2x
3rd quartile 2.89x 13.8x nm nm 1.9x
Maximum 5.01x 27.9x nm nm 6.0x
Mean 1.71x 10.0x nm nm 1.7x
Std deviation as % of mean 87% 79% nm nm 90%
Modal interval [0 - 1.69[ [0 - 8.1[ nm nm [0.7 - 1.4[
Modal interval frequency 61.1% 50.0% nm nm 40.0%
Mode estimate 1.09x 6.3x nm nm 1.0x
Valmetrics multiple 1.03x 8.2x nm nm 1.2x
Multiple rating (10=highest) 2 2 na na 2
8. Aluminium
Producers of aluminium and related products, including companies that mine or process
bauxite and companies that recycle aluminium to produce finished or semi-finished products.
Excludes companies that primarily produce aluminium building materials classified in the
Building Products sub-industry.
Minimum 0.22x 2.9x 1.9x 2.4x 0.2x
Median 1.20x 9.7x 14.9x 12.5x 1.8x
Maximum 2.95x 22.4x 48.1x 41.5x 5.4x
Mean 1.30x 10.1x 16.2x 15.6x 2.2x
Modal interval [0.7 - 1.29[ [6.5 - 10.6[ [0 - 10.2[ [11.3 - 21.9[ [1.1 - 2.2[

9. Apparel Retail
Retailers specialized mainly in apparel and accessories.
Minimum 0.18x 2.6x 1.0x 3.9x 0.3x
Median 0.91x 8.5x 12.8x 20.2x 2.7x
Maximum 2.54x 18.4x 33.8x 47.2x 7.5x
Mean 1.02x 9.1x 13.3x 21.7x 3.1x
Modal interval [0.47 - 0.82[ [6.5 - 8.5[ [8.1 - 11.8[ [17.5 - 22.9[ [2.3 - 3.4[
10. Apparel, Accessories & Luxury Goods
Manufacturers of apparel, accessories & luxury goods. Includes companies primarily

producing designer handbags, wallets, luggage, jewellery and watches. Excludes shoes
classified in the Footwear sub-industry.

Minimum 0.04x 0.5x 1.0x 3.1x 0.2x
Median 0.83x 8.3x 12.1x 16.5x 1.6x
Maximum 4.46x 24.0x 36.4x 59.4x 6.1x
Mean 1.18x 9.8x 13.5x 19.1x 2.0x
Modal interval [0.44 - 0.88[ [5.7 - 8.3[ [8.5 - 12.8[ [8.5 - 15[ [0.7 - 1.4[

11. Application Software
Companies engaged in developing and producing software designed for specialized

applications for the business or consumer market. Includes enterprise and technical
software. Excludes companies classified in the Home Entertainment Software Sub-Industry.
Also excludes companies producing systems or database management software classified in
the Systems Software sub-industry.

Minimum 0.11x 0.1x 0.0x 1.0x 0.1x
Median 1.60x 13.7x 17.4x 27.4x 2.6x
Maximum 5.81x 40.8x 56.9x 72.9x 8.1x
Mean 1.85x 15.7x 21.2x 28.6x 3.1x
Modal interval [0.6 - 1.12[ [8.6 - 12.9[ [11.9 - 17.8[ [22.4 - 29.9[ [1.7 - 2.6[
12. Auto Parts & Equipment
Manufacturers of parts and accessories for automobiles and motorcycles. Excludes

companies classified in the Tires & Rubber sub-industry.

Minimum 0.08x 1.2x 1.4x 0.0x 0.0x
Median 0.66x 6.5x 11.0x 15.1x 1.4x
Maximum 3.30x 14.9x 32.2x 41.1x 3.8x
Mean 1.00x 7.1x 12.1x 16.4x 1.6x
Modal interval [0.08 - 0.54[ [3.1 - 5.6[ [9.1 - 12.9[ [10.6 - 15.9[ [1.1 - 1.6[

13. Automobile Manufacturers
Companies that produce mainly passenger automobiles and light trucks. Excludes
companies producing mainly motorcycles and three-wheelers classified in the Motorcycle
Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm
Machinery & Heavy Trucks sub-industry.
Minimum 0.13x 2.3x 3.4x 1.1x 0.1x
Median 0.58x 8.3x 12.8x 11.4x 1.3x
Maximum 1.92x 17.8x 25.8x 34.5x 2.8x
Mean 0.73x 8.2x 13.1x 13.1x 1.3x
Modal interval [0.4 - 0.71[ [8.5 - 11.6[ [8 - 14.6[ [10.5 - 15.4[ [1 - 1.5[
14. Biotechnology
Companies primarily involved in the development, manufacturing or marketing of products

based on advanced biotechnology research.

Minimum 0.07x 0.1x 0.0x 4.2x 0.0x
Median 6.18x 16.5x 23.4x 34.3x 2.7x
Maximum 33.76x 69.7x 104.0x 157.9x 10.8x
Mean 10.06x 22.6x 30.8x 48.6x 3.4x
Modal interval [0 - 4.61[ [9.7 - 19.4[ [13.2 - 26.3[ [0 - 24.5[ [1.1 - 2.3[

15. Brewers
Producers of beer and malt liquors. Includes breweries not classified in the Restaurants sub-
industry.
Minimum 0.09x 4.0x 1.4x 3.8x 0.5x
Median 1.72x 10.3x 14.2x 21.6x 1.8x
Maximum 3.82x 14.2x 36.6x 62.8x 4.7x
Mean 1.82x 9.5x 15.0x 24.0x 2.1x
Modal interval [0.78 - 1.56[ [9.8 - 11.4[ [10 - 15[ [11.9 - 22.6[ [1.1 - 1.8[
16. Broadcasting & Cable TV
Owners and operators of television or radio broadcasting systems and providers of cable or
satellite television services, including programming.

Minimum 0.10x 0.1x 0.1x 2.9x 0.1x
Median 2.73x 10.1x 13.9x 23.4x 1.9x
Maximum 7.03x 21.3x 34.2x 61.5x 7.1x
Mean 2.79x 9.9x 14.6x 25.2x 2.5x
Modal interval [1.53 - 2.29[ [8.5 - 11.4[ [11.5 - 15.3[ [16.5 - 24.3[ [1 - 2.1[

17. Building Products
Manufacturers of building components and home improvement products and equipment.

Excludes lumber and plywood classified under Forest Products and cement and other
materials classified in the Construction Materials sub-industry.

Minimum 0.04x 0.7x 1.1x 0.5x 0.2x
Median 0.86x 7.2x 10.8x 15.0x 1.7x
Maximum 2.92x 20.1x 26.3x 34.2x 4.9x
Mean 1.02x 8.0x 11.2x 15.4x 1.9x
Modal interval [0.35 - 0.71[ [6.9 - 8.7[ [8.6 - 11.2[ [15 - 18[ [1.2 - 1.7[
18. Casinos & Gaming
Owners and operators of casinos and gaming facilities. Includes companies providing lottery
and betting services.
Minimum 0.14x 0.7x 0.8x 7.0x 0.5x
Median 2.73x 12.9x 19.6x 30.7x 3.9x
Maximum 7.31x 27.7x 45.8x 69.2x 16.1x
Mean 2.92x 14.3x 21.5x 32.9x 5.4x
Modal interval [2.5 - 3.72[ [9.5 - 14.2[ [8.1 - 16.1[ [13.3 - 25.7[ [0 - 3.7[

19. Catalogue retail
Mail order and TV home shopping retailers. Includes companies that provide door-to-door
retail.
Minimum 0.12x 5.9x 7.9x 11.3x 1.1x
Median 1.08x 9.8x 14.1x 22.8x 2.9x
Maximum 2.06x 12.6x 27.4x 38.0x 4.5x
Mean 0.99x 9.6x 14.8x 23.3x 2.8x
Modal interval [1.15 - 1.72[ [9.3 - 11.2[ [7.8 - 12.7[ [16.6 - 24.6[ [0.6 - 2[
20. Commercial Printing
Companies providing commercial printing services. Includes printers primarily serving the
media industry.
Minimum 0.13x 1.8x 3.5x 5.7x 0.3x
Median 0.83x 7.4x 13.3x 15.8x 1.9x
Maximum 2.45x 12.4x 21.9x 43.0x 4.1x
Mean 0.93x 7.4x 13.4x 18.6x 1.9x
Modal interval [0.45 - 0.89[ [1.6 - 5.3[ [16.3 - 23.5[ [3.3 - 13.8[ [0.9 - 1.8[

21. Commodity Chemicals
Companies that primarily produce industrial chemicals and basic chemicals. Including but not
limited to plastics, synthetic fibbers, films, commodity-based paints & pigments, explosives
and petrochemicals. Excludes chemical companies classified in the Diversified Chemicals,
Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries.

Minimum 0.08x 0.8x 1.0x 0.6x 0.1x
Median 1.00x 8.1x 13.2x 14.8x 1.4x
Maximum 2.83x 20.0x 42.2x 68.5x 3.5x
Mean 1.10x 8.9x 15.0x 20.9x 1.4x
Modal interval [0.89 - 1.19[ [4.7 - 7[ [9 - 13.5[ [7 - 14[ [1.1 - 1.4[
22. Computer & Electronics Retail
Owners and operators of consumer electronics, computers, video and related products retail
stores.
Minimum 0.12x 3.0x 3.7x 6.1x 0.5x
Median 0.41x 8.6x 9.9x 14.1x 2.4x
Maximum 1.04x 20.0x 16.4x 31.9x 6.0x
Mean 0.47x 9.2x 10.2x 16.0x 2.6x
Modal interval [0.27 - 0.47[ [2.5 - 7[ [6.2 - 10[ [10 - 16[ [2.2 - 3.3[

23. Computer Hardware
Manufacturers of personal computers, servers, mainframes and workstations. Includes

manufacturers of Automatic Teller Machines (ATMs). Excludes manufacturers of copiers,
faxes and related products classified in the Office Electronics sub-industry.
Minimum 0.01x 0.1x 0.1x 0.8x 0.0x
Median 0.92x 13.7x 18.2x 18.0x 1.9x
Maximum 2.39x 33.8x 52.3x 59.7x 4.9x
Mean 0.93x 14.0x 20.3x 20.6x 1.9x
Modal interval [0.91 - 1.36[ [11.4 - 17.1[ [9.7 - 19.4[ [10.9 - 21.9[ [1.9 - 2.8[
24. Computer Storage & Peripherals
Manufacturers of electronic computer components and peripherals. Includes data storage

components, motherboards, audio and video cards, monitors, keyboards, printers and other
peripherals. Excludes semiconductors classified in the Semiconductors sub-industry.

Minimum 0.05x 0.6x 0.5x 1.5x 0.0x
Median 0.85x 9.4x 11.8x 18.2x 1.4x
Maximum 2.60x 29.8x 43.5x 53.9x 4.5x
Mean 0.93x 10.3x 14.9x 20.8x 1.6x
Modal interval [0.61 - 0.92[ [4 - 8[ [6.6 - 13.2[ [16.3 - 24.5[ [0.9 - 1.4[

25. Construction & Engineering
Companies engaged in primarily non-residential construction. Includes civil engineering

companies and large-scale contractors. Excludes companies classified in the Homebuilding
sub-industry.

Minimum 0.06x 1.3x 1.6x 0.2x 0.0x
Median 0.64x 10.9x 16.4x 21.3x 1.6x
Maximum 3.04x 29.0x 48.3x 58.5x 5.9x
Mean 0.83x 11.7x 17.9x 23.2x 2.1x
Modal interval [0.32 - 0.63[ [9.1 - 12.1[ [15 - 19.9[ [11.9 - 17.9[ [1.3 - 1.9[
26. Construction & Farm Machinery & Heavy Trucks
Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction

equipment, heavy farm machinery and manufacturers of related parts. Includes non-military
shipbuilding.

Minimum 0.06x 3.5x 5.3x 3.1x 0.0x
Median 0.75x 10.4x 13.9x 19.8x 2.0x
Maximum 2.64x 31.1x 52.0x 74.1x 6.1x
Mean 0.94x 12.6x 18.3x 25.4x 2.3x
Modal interval [0.35 - 0.69[ [6.3 - 10.7[ [10.1 - 17.5[ [11.8 - 23.6[ [0.8 - 1.6[

27. Construction Materials
Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates,

cement, concrete and bricks. Other finished or semi-finished building materials are classified
in the Building Products sub-industry.

Minimum 0.16x 2.0x 4.6x 3.7x 0.4x
Median 1.83x 8.6x 13.4x 14.7x 1.4x
Maximum 4.08x 15.6x 32.0x 40.6x 4.0x
Mean 1.87x 8.9x 14.3x 16.4x 1.6x
Modal interval [1.46 - 2.12[ [7 - 8.8[ [7.4 - 11.1[ [11.9 - 17[ [0.7 - 1.2[
28. Consumer Electronics
Manufacturers of consumer electronics products including TVs, VCRs, hi-fi equipment, game
consoles and related products. Excludes personal home computer manufacturers classified
in the Computer Hardware sub-industry, and electric household appliances classified in the
Household Appliances sub-industry.
Minimum 0.07x 1.0x 1.1x 3.4x 0.4x
Median 0.56x 12.1x 17.5x 22.6x 1.5x
Maximum 2.77x 29.7x 58.1x 102.3x 4.7x
Mean 0.88x 12.6x 21.2x 30.4x 1.9x
Modal interval [0 - 0.51[ [6.8 - 13.6[ [11.2 - 22.3[ [0 - 15.6[ [1.2 - 2.1[

29. Data Processing & Outsourced Services
Providers of commercial electronic data processing and/or business process outsourcing

services. Includes companies that provide services for back-office automation.
Minimum 0.55x 1.7x 1.7x 5.4x 0.4x
Median 2.05x 10.2x 15.3x 24.4x 3.4x
Maximum 5.53x 23.8x 33.8x 62.5x 7.0x
Mean 2.30x 11.0x 16.3x 27.4x 3.3x
Modal interval [1.23 - 2.44[ [8.6 - 12.9[ [7.4 - 14.3[ [12.7 - 23.3[ [3.1 - 4.7[
30. Department Stores
Owners and operators of department stores.
Minimum 0.20x 2.5x 2.9x 2.4x 0.2x
Median 0.74x 10.4x 16.5x 21.0x 1.7x
Maximum 2.37x 22.8x 46.1x 84.2x 3.9x
Mean 0.84x 11.4x 19.0x 26.8x 1.8x
Modal interval [0.37 - 0.68[ [5.6 - 9.1[ [9.9 - 17.2[ [10.1 - 20.2[ [1.6 - 2[

31. Distillers & Vintners
Distillers, vintners and producers of alcoholic beverages not classified in the Brewers sub-
industry.
Minimum 0.21x 6.2x 8.5x 9.7x 0.4x
Median 2.52x 13.5x 17.7x 25.7x 1.8x
Maximum 8.82x 28.5x 42.6x 78.3x 5.3x
Mean 3.03x 14.5x 20.9x 29.4x 2.1x
Modal interval [1.68 - 3.36[ [9 - 13.2[ [14 - 19.8[ [16.7 - 25.8[ [1.1 - 1.9[
32. Distributors
Distributors and wholesalers of general merchandise not classified elsewhere. Includes

vehicle distributors.
Minimum 0.04x 0.1x 0.1x 0.5x 0.1x
Median 0.44x 8.2x 11.2x 11.4x 1.3x
Maximum 1.81x 28.0x 33.0x 47.3x 3.5x
Mean 0.57x 10.2x 12.5x 15.4x 1.4x
Modal interval [0.01 - 0.27[ [4 - 8[ [10.1 - 15.1[ [9.7 - 14.6[ [0.5 - 1[

33. Diversified Chemicals
Manufacturers of a diversified range of chemical products not classified in the Industrial

Gases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicals
sub-industries.
Minimum 0.19x 1.0x 0.6x 2.4x 0.2x
Median 1.05x 8.2x 14.1x 18.2x 2.5x
Maximum 1.73x 15.5x 20.6x 49.2x 4.4x
Mean 0.99x 8.8x 13.0x 21.1x 2.6x
Modal interval [0.96 - 1.36[ [6.8 - 9.7[ [5.4 - 10.7[ [11.4 - 22.9[ [2.6 - 3.9[
34. Diversified Commercial Services
Companies providing commercial and consumer services not classified elsewhere. Includes
commercial cleaning services, education services and security services.

Minimum 0.01x 2.8x 2.0x 0.0x 0.0x
Median 1.14x 9.7x 14.8x 19.8x 2.5x
Maximum 4.88x 19.5x 30.6x 56.4x 7.7x
Mean 1.52x 9.4x 14.8x 20.4x 2.7x
Modal interval [0.59 - 1.18[ [9.1 - 11.2[ [15 - 17.6[ [6.6 - 13.1[ [1 - 2[

35. Diversified Metals & Mining
Companies engaged in diversified production or extraction of metals and minerals not

classified elsewhere. Includes companies that are primarily involved in coal mining or
production.

Minimum 0.14x 1.8x 2.1x 0.9x 0.0x
Median 1.62x 8.3x 13.0x 16.2x 2.2x
Maximum 4.97x 24.7x 35.8x 65.8x 6.4x
Mean 1.83x 9.6x 14.7x 21.0x 2.5x
Modal interval [0.77 - 1.54[ [6.7 - 10[ [5.6 - 10.9[ [10.1 - 19.4[ [1.4 - 2.1[
36. Drug Retail
Owners and operators of primarily drug retail stores and pharmacies.
Minimum 0.24x 6.3x 8.1x 6.3x 1.1x
Median 0.50x 10.9x 18.4x 18.8x 2.8x
Maximum 1.09x 22.5x 24.5x 46.7x 5.9x
Mean 0.57x 11.6x 17.5x 23.3x 3.0x
Modal interval [0.09 - 0.47[ [9.3 - 14.4[ [16.3 - 25.8[ [0.9 - 18[ [0.7 - 2.6[

37. Electric Utilities
Companies that produce or distribute electricity. Includes both nuclear and non-nuclear
facilities.

Minimum 0.41x 1.5x 2.9x 5.7x 0.2x
Median 2.21x 9.3x 14.4x 18.5x 1.7x
Maximum 5.10x 19.4x 31.9x 41.2x 3.7x
Mean 2.27x 9.7x 15.6x 19.8x 1.7x
Modal interval [1.79 - 2.27[ [6.6 - 8.5[ [11.4 - 14.4[ [15.6 - 19.6[ [1 - 1.4[
38. Electrical Components & Equipment
Companies that produce electric cables and wires, electrical components or equipment not
classified in the Heavy Electrical Equipment sub-industry.

Minimum 0.16x 2.6x 3.1x 2.3x 0.0x
Median 1.16x 10.6x 15.9x 23.2x 1.9x
Maximum 4.29x 34.0x 57.2x 85.9x 5.6x
Mean 1.47x 12.1x 18.2x 25.9x 2.1x
Modal interval [0.58 - 1.13[ [4.9 - 8.3[ [6.2 - 11.5[ [21.1 - 27.7[ [1.2 - 1.9[

39. Electronic Equipment Manufacturers
Producers of electronic equipment, instruments or components. Includes analytical,

electronic test and measurement instruments, electronic components, connection devices
and equipment not classified elsewhere. Excludes OEM suppliers classified in the Electronic
Manufacturing Services sub-industry.

Minimum 0.06x 0.2x 0.3x 3.1x 0.1x
Median 1.15x 9.9x 15.1x 20.0x 1.7x
Maximum 4.21x 25.8x 41.4x 59.6x 5.9x
Mean 1.28x 10.3x 16.4x 21.3x 2.0x
Modal interval [0.4 - 0.8[ [10.1 - 12.6[ [8.1 - 12.2[ [8.4 - 14.9[ [0.6 - 1.2[
40. Electronic Manufacturing Services
Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers)
markets.
Minimum 0.03x 1.1x 1.5x 3.7x 0.4x
Median 0.72x 8.0x 15.6x 16.8x 2.0x
Maximum 3.14x 20.3x 37.4x 36.8x 4.5x
Mean 0.91x 9.0x 15.7x 18.5x 2.0x
Modal interval [0 - 0.69[ [3.8 - 7.6[ [8 - 16[ [1.8 - 14.1[ [1.4 - 2.5[

41. Employment Services
Employment agencies and related services.
Minimum 0.06x 1.4x 2.0x 3.8x 0.3x
Median 0.48x 10.3x 15.7x 23.8x 3.2x
Maximum 2.49x 32.1x 39.0x 80.7x 7.1x
Mean 0.72x 12.9x 16.9x 30.6x 3.1x
Modal interval [0 - 0.48[ [7 - 13.5[ [9.2 - 18.5[ [14.4 - 28.3[ [0.3 - 2[
42. Environmental Services
Providers of environmental services. Includes waste management and pollution control

services. Excludes large-scale water treatment systems classified in the Water Utilities sub-
industry.
Minimum 0.08x 1.6x 1.9x 3.3x 0.2x
Median 1.46x 9.8x 15.2x 19.4x 2.4x
Maximum 8.33x 17.2x 35.9x 50.9x 5.1x
Mean 2.41x 10.3x 16.4x 21.7x 2.4x
Modal interval [0 - 1.59[ [7.7 - 11.1[ [11.5 - 16.4[ [19 - 27.1[ [2.3 - 3.4[

43. Fertilizers & Agricultural Chemicals
Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not

classified elsewhere.
Minimum 0.09x 2.2x 2.5x 3.7x 0.7x
Median 1.46x 8.3x 13.3x 17.8x 1.8x
Maximum 3.74x 16.0x 32.7x 55.6x 4.0x
Mean 1.64x 8.6x 13.9x 20.2x 1.9x
Modal interval [0.71 - 1.42[ [5.7 - 8[ [10.1 - 15.1[ [8.6 - 15.6[ [1.2 - 1.8[
44. Food Distributors
Distributors of food products to other companies and not directly to the consumer.
Minimum 0.08x 1.4x 4.9x 2.1x 0.3x
Median 0.48x 10.3x 14.1x 20.0x 1.9x
Maximum 1.53x 19.3x 24.8x 42.7x 6.9x
Mean 0.63x 10.5x 14.6x 20.2x 2.5x
Modal interval [0.33 - 0.66[ [10.4 - 15.4[ [10.9 - 14.9[ [13.3 - 26.5[ [0 - 2.4[

45. Food Retail
Owners and operators of primarily food retail stores.
Minimum 0.02x 0.3x 0.4x 0.0x 0.0x
Median 0.41x 8.0x 12.8x 16.7x 1.7x
Maximum 1.20x 16.5x 24.2x 44.9x 5.5x
Mean 0.44x 8.7x 13.3x 18.8x 2.2x
Modal interval [0.19 - 0.36[ [5.6 - 8.4[ [8.6 - 12.8[ [12.9 - 17.3[ [0.9 - 1.9[
46. Footwear
Manufacturers of footwear. Includes sport and leather shoes.
Minimum 0.12x 3.0x 4.3x 6.0x 0.4x
Median 0.53x 8.1x 10.2x 13.5x 1.8x
Maximum 1.57x 30.5x 12.2x 33.5x 5.5x
Mean 0.65x 11.5x 9.1x 15.2x 2.1x
Modal interval [0.11 - 0.48[ [0 - 8.5[ [10.1 - 13.9[ [3.5 - 11.6[ [0.4 - 1.7[

47. Forest Products
Manufacturers of timber and related wood products. Includes lumber for the building industry.
Minimum 0.43x 2.6x 3.5x 0.1x 0.0x
Median 1.27x 8.1x 13.8x 13.3x 1.2x
Maximum 5.09x 27.3x 53.3x 89.6x 4.8x
Mean 1.89x 11.8x 17.8x 21.8x 1.6x
Modal interval [0 - 1.44[ [1 - 10.3[ [2.3 - 11[ [11.7 - 23.3[ [0.6 - 1.3[
48. Gas Utilities
Companies whose main charter is to distribute and transmit natural and manufactured gas.
Excludes companies primarily involved in gas exploration or production classified in the Oil &
Gas Exploration & Production sub-industry. Also excludes diversified midstream natural gas
companies classified in the Oil & Gas Refining, Marketing & Transportation sub-industry.
Minimum 0.54x 3.5x 7.4x 0.6x 0.4x
Median 1.56x 9.2x 14.0x 18.0x 1.9x
Maximum 5.66x 16.1x 22.9x 38.3x 4.3x
Mean 1.94x 9.6x 14.2x 18.9x 2.0x
Modal interval [1.35 - 1.85[ [8 - 9.8[ [15.1 - 18[ [16.6 - 22.2[ [1.8 - 2.3[

49. General Merchandise Stores
Owners and operators of stores offering diversified general merchandise. Excludes

hypermarkets and large-scale super centers classified in the “Hypermarkets & Super
Centers” sub-industry.
Minimum 0.13x 0.6x 0.3x 14.3x 0.7x
Median 0.82x 9.8x 15.4x 28.4x 1.9x
Maximum 3.36x 27.2x 30.3x 182.9x 3.4x
Mean 1.22x 11.8x 16.5x 43.2x 2.2x
Modal interval [0 - 0.74[ [8.2 - 12.3[ [7.7 - 15.3[ [9.7 - 25.8[ [1.6 - 2.5[
50. Gold
Producers of gold and related products, including companies that mine or process gold and
the South African finance houses which primarily invest in, but do not operate, gold mines.
Minimum 0.39x 4.9x 6.4x 5.0x 0.4x
Median 4.94x 18.7x 29.8x 32.7x 3.6x
Maximum 29.72x 43.4x 60.8x 129.2x 9.6x
Mean 8.92x 20.1x 27.7x 39.3x 4.0x
Modal interval [0 - 6.81[ [0.1 - 12.1[ [0 - 16.8[ [0 - 28.5[ [1.9 - 3.4[

51. Health Care Services
Providers of health care services not classified elsewhere. Includes dialysis centers and lab
testing services.
Minimum 0.09x 0.8x 0.9x 0.4x 0.0x
Median 1.56x 11.1x 15.3x 22.0x 2.8x
Maximum 5.83x 28.5x 39.2x 55.1x 8.1x
Mean 1.95x 12.0x 16.8x 24.5x 3.2x
Modal interval [1.07 - 2.13[ [7.8 - 11.7[ [10.9 - 16.3[ [15.6 - 23.4[ [1.2 - 2.5[
52. Health Care Distributors
Distributors and wholesalers of health care products not classified elsewhere.
Minimum 0.07x 3.6x 4.9x 2.8x 0.2x
Median 0.63x 13.6x 18.5x 27.0x 2.5x
Maximum 3.34x 24.7x 35.5x 75.3x 4.9x
Mean 0.99x 13.6x 19.2x 30.6x 2.5x
Modal interval [0 - 0.72[ [10.2 - 14.1[ [14.8 - 20.2[ [23.1 - 33.8[ [0 - 1.4[

53. Health Care Equipment
Manufacturers of health care equipment and devices. Includes medical electronic precision
instruments. Includes drug delivery systems.

Minimum 0.41x 0.1x 0.0x 6.3x 0.1x
Median 2.88x 16.1x 18.8x 29.6x 3.3x
Maximum 9.38x 45.5x 47.1x 80.5x 11.5x
Mean 3.41x 17.1x 20.1x 32.8x 4.1x
Modal interval [1.56 - 2.89[ [15.6 - 20.8[ [14.9 - 19.9[ [19.1 - 27.2[ [1.6 - 3.1[
54. Health Care Facilities
Owners and operators of health care facilities, including hospitals, nursing homes,
rehabilitation and retirement centers, animal hospitals, cemeteries and funeral homes.
Minimum 0.15x 2.1x 2.7x 0.0x 0.0x
Median 1.35x 9.7x 13.2x 21.0x 2.1x
Maximum 3.96x 23.4x 37.2x 56.7x 6.3x
Mean 1.54x 11.2x 15.9x 23.0x 2.3x
Modal interval [0.62 - 1.24[ [6.3 - 10.6[ [6.9 - 12.1[ [10.8 - 21.7[ [2.1 - 2.8[

55. Health Care Supplies
Manufacturers of health care supplies and medical products not classified elsewhere.
Includes eye care products.
Minimum 0.11x 1.4x 1.3x 10.4x 0.2x
Median 2.76x 12.4x 15.5x 29.6x 3.2x
Maximum 6.68x 29.7x 32.6x 56.8x 11.0x
Mean 2.72x 13.5x 15.7x 28.8x 3.7x
Modal interval [2.18 - 3.27[ [11.4 - 13.5[ [15.2 - 18.8[ [28.8 - 38.4[ [1.8 - 3.5[
56. Heavy Electrical Equipment
Manufacturers of power-generating equipment and other heavy electrical equipment,

including power turbines, heavy electrical machinery intended for fixed-use and large
electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment sub-industry.
Minimum 0.08x 0.1x 0.1x 0.1x 0.0x
Median 1.25x 10.5x 17.8x 19.4x 2.4x
Maximum 3.71x 28.0x 33.4x 44.7x 8.3x
Mean 1.33x 10.9x 16.0x 19.7x 2.8x
Modal interval [0.6 - 1.2[ [6.8 - 13.6[ [0 - 12.4[ [0 - 13.5[ [1.8 - 3.6[

57. Highways & Railtracks
Owners and operators of roads, tunnels and railtracks.
Minimum 2.57x 4.0x 4.7x 1.9x 0.2x
Median 7.39x 10.3x 13.4x 17.7x 1.6x
Maximum 13.07x 22.9x 22.8x 46.2x 3.8x
Mean 7.10x 11.0x 14.3x 19.9x 1.8x
Modal interval [5.82 - 7.82[ [7.1 - 10.3[ [8.7 - 13.7[ [8.9 - 17.7[ [0.8 - 1.4[
58. Home Entertainment Software
Manufacturers of home entertainment software and educational software used primarily in

the home.
Minimum 0.03x 0.2x 0.2x 5.4x 0.0x
Median 0.82x 6.6x 15.2x 23.2x 1.7x
Maximum 2.12x 17.3x 35.6x 32.0x 4.4x
Mean 0.99x 7.1x 14.5x 19.8x 1.9x
Modal interval [0.02 - 0.72[ [0 - 6.6[ [11.7 - 23.4[ [18.7 - 36.9[ [1.1 - 2.2[

59. Home Furnishings
Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-
coverings.
Minimum 0.07x 0.0x 2.6x 2.8x 0.0x
Median 0.67x 8.0x 10.6x 15.3x 1.5x
Maximum 1.73x 14.6x 19.5x 30.1x 3.2x
Mean 0.70x 7.4x 11.0x 15.0x 1.6x
Modal interval [0.26 - 0.52[ [7.8 - 9.7[ [9.7 - 12.4[ [11.7 - 16.4[ [1.1 - 1.6[
60. Homebuilding
Residential construction companies. Includes manufacturers of prefabricated houses and

semi-fixed manufactured homes.
Minimum 0.29x 2.4x 2.4x 4.3x 0.6x
Median 0.90x 7.1x 6.6x 8.9x 1.8x
Maximum 2.17x 19.9x 21.0x 29.3x 4.2x
Mean 0.96x 8.7x 8.3x 10.4x 1.9x
Modal interval [0.74 - 0.99[ [4 - 6.8[ [4.1 - 6.2[ [6.5 - 9.1[ [1.7 - 2.1[

61. Home Improvement Retail
Owners and operators of home and garden improvement retail stores. Includes stores
offering building materials and supplies.
Minimum 0.45x 3.5x 8.9x 3.5x 0.6x
Median 0.67x 8.0x 11.0x 13.9x 1.7x
Maximum 2.26x 11.7x 16.2x 19.3x 3.9x
Mean 0.90x 8.3x 11.4x 13.1x 2.0x
Modal interval [0.43 - 0.89[ [6.6 - 8.6[ [8 - 10.3[ [13.3 - 17[ [0.2 - 1.6[
62. Hotels, Resorts & Cruise Lines
Owners and operators of hotels, resorts and cruise-ships. Includes travel agencies, tour
operators and related services not classified elsewhere. Excludes casino-hotels classified in
the Casinos & Gaming sub-industry.

Minimum 0.07x 3.0x 3.9x 1.3x 0.3x
Median 2.48x 11.1x 18.0x 20.9x 1.7x
Maximum 7.41x 28.4x 49.4x 63.7x 4.5x
Mean 2.72x 11.9x 19.5x 23.9x 1.8x
Modal interval [1.13 - 2.26[ [5.7 - 9.7[ [9.6 - 16.4[ [15.4 - 23[ [0.1 - 0.8[

63. Household Appliances
Manufacturers of electric household appliances and related products. Includes manufacturers

of power and hand tools, including garden improvement tools. Excludes TVs and other audio
and video products classified in the Consumer Electronics sub-industry and personal
computers classified in the Computer Hardware sub-industry.
Minimum 0.11x 3.3x 5.0x 5.0x 0.1x
Median 0.48x 6.9x 10.0x 15.1x 1.1x
Maximum 1.86x 16.2x 24.9x 57.3x 5.8x
Mean 0.65x 7.6x 11.7x 19.9x 1.8x
Modal interval [0.37 - 0.68[ [4.5 - 6.6[ [7.5 - 10.5[ [12.1 - 19.7[ [0 - 1[
64. Household Products
Producers of non-durable household products, including detergents, soaps, diapers and

other tissue and household paper products not classified in the Paper Products sub-industry.
Minimum 0.17x 4.4x 8.0x 7.4x 0.4x
Median 1.46x 9.2x 12.4x 17.0x 2.5x
Maximum 3.05x 13.0x 21.0x 24.6x 7.0x
Mean 1.58x 9.1x 12.8x 16.7x 2.6x
Modal interval [0.07 - 1.1[ [7 - 10.4[ [9.9 - 13[ [16 - 21.2[ [0.4 - 2.6[

65. Housewares & Specialities
Manufacturers of durable household products, including cutlery, cookware, glassware,

crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere.
Minimum 0.14x 1.8x 2.3x 5.4x 0.2x
Median 0.71x 6.9x 9.2x 14.5x 1.2x
Maximum 2.58x 15.5x 24.8x 31.7x 4.2x
Mean 0.93x 7.2x 11.0x 14.3x 1.7x
Modal interval [0.41 - 0.81[ [4.1 - 7.1[ [6.3 - 11.1[ [8.8 - 15.3[ [0.7 - 1.3[
66. Hypermarkets & Super Centers
Owners and operators of hypermarkets and super centers selling food and a wide-range of
consumer staple products. Excludes Food and Drug Retailers classified in the Food Retail
and Drug Retail sub-industries, respectively.
Minimum 0.14x 5.2x 8.8x 9.8x 0.5x
Median 0.36x 7.0x 11.1x 17.7x 2.3x
Maximum 0.60x 11.0x 23.0x 27.4x 5.0x
Mean 0.39x 7.6x 13.1x 17.4x 2.5x
Modal interval [0.29 - 0.45[ [6.1 - 7.4[ [8.4 - 12.1[ [9.1 - 15.4[ [0 - 1.5[

67. Industrial Conglomerates
Diversified industrial companies with business activities in three or more sectors, none of
which contributes a majority of revenues. Stakes held are predominantly of a controlling
nature and stake holders maintain an operational interest in the running of the subsidiaries.

Minimum 0.29x 3.0x 5.4x 0.1x 0.0x
Median 1.56x 10.0x 14.9x 19.6x 1.4x
Maximum 5.73x 34.2x 42.6x 73.0x 4.9x
Mean 1.95x 12.0x 16.6x 24.0x 1.9x
Modal interval [0 - 1.02[ [5 - 8.9[ [10.2 - 15.7[ [0 - 11[ [0.7 - 1.3[
68. Industrial Gases
Manufacturers of industrial gases.
Minimum 1.11x 6.8x 14.6x 20.0x 1.8x
Median 1.83x 10.0x 17.2x 24.5x 3.1x
Maximum 2.34x 11.5x 19.5x 30.0x 3.9x
Mean 1.81x 9.5x 17.0x 24.8x 2.8x
Modal interval [0.95 - 1.73[ [9.2 - 12.5[ [17.1 - 18.6[ [17.3 - 25[ [2.8 - 4.3[

69. Industrial Machinery
Manufacturers of industrial machinery and industrial components. Includes companies that

manufacture presses, machine tools, compressors, pollution control equipment, elevators,
escalators, insulators, pumps, roller bearings and other metal fabrications.

Minimum 0.03x 0.1x 0.2x 0.0x 0.0x
Median 0.92x 9.4x 13.4x 19.8x 1.9x
Maximum 3.08x 24.0x 36.2x 71.3x 6.1x
Mean 1.07x 9.7x 14.1x 22.9x 2.2x
Modal interval [0.3 - 0.58[ [5.8 - 7.8[ [8.2 - 10.9[ [11.9 - 17.9[ [1.7 - 2.3[
70. Integrated Oil & Gas
Integrated oil companies engaged in the exploration & production of oil and gas, as well as at
least one other significant activity in either refining, marketing and transportation, or
chemicals.
Minimum 0.43x 3.5x 1.2x 9.1x 0.3x
Median 1.38x 6.5x 9.2x 13.2x 3.1x
Maximum 3.43x 11.9x 22.0x 20.5x 4.3x
Mean 1.54x 7.1x 10.1x 14.2x 2.8x
Modal interval [1.01 - 1.62[ [4.5 - 6.1[ [5.9 - 8.8[ [11.4 - 13.7[ [2.3 - 3.4[

71. Integrated Telecommunication Services
Operators of primarily fixed-line telecommunications networks and companies providing both

wireless and fixed-line telecommunications services not classified elsewhere.
Minimum 0.10x 2.3x 3.3x 0.3x 0.0x
Median 1.99x 5.7x 10.7x 15.6x 1.9x
Maximum 3.94x 10.6x 22.3x 43.8x 4.6x
Mean 1.90x 5.7x 11.0x 16.8x 2.0x
Modal interval [1.87 - 2.5[ [4.9 - 6.4[ [7.4 - 10.1[ [12.9 - 17.2[ [2.1 - 2.8[
72. Internet Retail
Companies providing retail services primarily on the internet, not classified elsewhere.
Minimum 0.21x nm nm nm 1.0x
1st quartile 1.00x nm nm nm 2.2x
Median 1.60x nm nm nm 2.5x
3rd quartile 2.17x nm nm nm 3.4x
Maximum 2.95x nm nm nm 5.4x
Mean 1.55x nm nm nm 2.8x
Std deviation as % of mean 56% nm nm nm 51%
Modal interval [0 - 1.09[ nm nm nm [2 - 3.2[
Modal interval frequency 40.0% nm nm nm 37.5%
Mode estimate 0.88x nm nm nm 2.6x
Valmetrics multiple 1.55x nm nm nm 2.8x
Multiple rating (10=highest) 3 na na na 5

73. Internet Software & Services
Companies developing and marketing internet software and/or providing internet services
including online databases and interactive services, web address registration services,
database construction and internet design services. Excludes companies classified in the
Internet Retail sub-industry.

Minimum 0.13x 0.0x 0.0x 0.4x 0.0x
Median 1.36x 12.8x 13.9x 27.2x 2.5x
Maximum 8.34x 62.7x 63.8x 117.5x 10.9x
Mean 2.18x 17.5x 18.8x 34.1x 3.3x
Modal interval [0.8 - 1.56[ [0 - 9.3[ [0 - 9.7[ [13 - 26[ [1.3 - 2.7[
74. IT Consulting & Other Services
Providers of information technology and systems integration services not classified in the
Data Processing & Outsourced Services or Internet Software & Services sub-industries.
Includes information technology consulting and information management services.

Minimum 0.01x 0.7x 0.1x 1.4x 0.1x
Median 0.83x 11.6x 18.2x 23.5x 2.3x
Maximum 2.73x 31.0x 46.9x 72.8x 6.3x
Mean 0.89x 12.4x 19.1x 27.3x 2.6x
Modal interval [0.31 - 0.62[ [6.5 - 9.7[ [5.9 - 11.8[ [18.8 - 27.9[ [2 - 2.7[

75. Leisure Facilities
Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf
courses and amusement parks not classified in the Movies & Entertainment sub-industry.
Minimum 0.21x 3.1x 6.0x 8.9x 0.4x
Median 2.61x 9.4x 14.6x 20.1x 1.4x
Maximum 6.93x 28.3x 39.3x 57.3x 6.5x
Mean 2.81x 11.5x 17.2x 25.4x 2.1x
Modal interval [1.46 - 2.93[ [6.5 - 11.1[ [9.8 - 16.2[ [8.8 - 18.5[ [0.1 - 1.4[
76. Leisure Products
Manufacturers of leisure products and equipment including sports equipment, bicycles and
toys.
Minimum 0.09x 2.6x 4.3x 1.3x 0.0x
Median 0.77x 9.6x 14.2x 19.7x 1.9x
Maximum 2.95x 26.7x 39.2x 83.3x 7.7x
Mean 0.99x 11.1x 16.0x 25.7x 2.7x
Modal interval [0.52 - 1.04[ [9.1 - 12.8[ [3.6 - 10.8[ [10.9 - 21.8[ [0 - 1.6[

77. Managed Health Care
Owners and operators of Health Maintenance Organizations (HMOs) and other managed
plans.
Minimum nm 0.5x 0.5x 21.1x 2.4x
1st quartile nm 2.8x 2.9x 24.1x 3.0x
Median nm 8.3x 9.7x 24.9x 3.3x
3rd quartile nm 11.1x 13.1x 26.8x 3.4x
Maximum nm 16.6x 18.1x 28.9x 3.8x
Mean nm 7.8x 8.8x 25.2x 3.2x
Std deviation as % of mean nm 79% 79% 11% 15%
Modal interval nm [0 - 9.1[ [0 - 11.2[ [23.6 - 26.5[ [3.1 - 3.5[
Modal interval frequency nm 50.0% 50.0% 50.0% 57.1%
Mode estimate nm 9.1x 11.2x 25.5x 3.3x
Valmetrics multiple nm 8.3x 9.7x 25.2x 3.2x
Multiple rating (10=highest) na 7 5 8 5
78. Marine
Companies providing goods or passenger maritime transportation. Excludes cruise-ships

classified in the Hotels, Resorts & Cruise Lines sub-industry.
Minimum 0.08x 0.6x 1.6x 2.3x 0.4x
Median 1.54x 6.3x 9.0x 8.8x 1.5x
Maximum 4.10x 17.9x 41.3x 35.5x 4.4x
Mean 1.67x 7.2x 13.4x 11.2x 1.8x
Modal interval [0.71 - 1.42[ [5.4 - 8[ [0 - 7.7[ [0.8 - 8.1[ [0.8 - 1.5[

79. Marine Ports & Services
Owners and operators of marine ports and related services.
Minimum 0.49x 2.4x 2.8x 7.0x 0.6x
Median 3.69x 10.5x 15.4x 18.6x 2.1x
Maximum 10.09x 18.8x 27.7x 32.0x 4.9x
Mean 3.69x 10.8x 14.7x 19.5x 2.4x
Modal interval [0.32 - 2.31[ [8.9 - 12.3[ [15.3 - 20[ [17.6 - 21.4[ [1.1 - 1.9[
80. Metal & Glass Containers
Manufacturers of metal, glass or plastic containers. Includes corks and caps.
Minimum 0.23x 0.9x 1.0x 0.5x 0.1x
Median 0.77x 6.4x 11.5x 15.0x 1.1x
Maximum 1.92x 11.0x 25.1x 29.5x 2.6x
Mean 0.88x 6.2x 10.9x 14.2x 1.3x
Modal interval [0.41 - 0.74[ [2.5 - 4.9[ [8.8 - 13.3[ [15.7 - 23.6[ [1.3 - 2[

81. Motorcycle Manufacturers
Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles

classified in the Leisure Products sub-industry.
Minimum 0.29x 5.7x 7.8x 7.5x 1.0x
Median 1.16x 13.8x 42.8x 90.4x 1.8x
Maximum 3.30x 31.5x 174.9x 194.7x 4.8x
Mean 1.47x 16.8x 68.0x 89.2x 2.4x
Modal interval [0.21 - 1.27[ [2.5 - 18.6[ [0 - 75.5[ [0 - 112.1[ [0.8 - 2.9[
82. Movies & Entertainment
Companies that engage in producing and selling entertainment products and services,
including companies engaged in the production, distribution and screening of movies and
television shows, producers and distributors of music, entertainment theatres and sports
teams.
Minimum 0.05x 0.2x 0.2x 0.5x 0.1x
Median 1.12x 6.3x 13.8x 15.6x 1.6x
Maximum 4.16x 25.0x 34.5x 55.8x 4.6x
Mean 1.26x 8.2x 14.1x 18.9x 1.8x
Modal interval [0.63 - 1.26[ [4 - 8[ [11.9 - 17.9[ [7.8 - 15.5[ [1.6 - 2.1[

83. Multi-Utilities & Unregulated Power
Utility companies with significantly diversified activities in the Electric Utilities, Gas Utilities
and/or Water Utilities sub-industries not classified elsewhere. Includes unregulated
independent power producers and distributors.
Minimum 0.63x 3.8x 9.8x 1.6x 0.2x
Median 1.77x 9.1x 14.4x 17.1x 1.6x
Maximum 3.66x 14.1x 24.4x 40.0x 2.8x
Mean 1.86x 9.1x 14.9x 19.6x 1.6x
Modal interval [1.72 - 2.15[ [8.9 - 10.3[ [11.2 - 13.6[ [13.9 - 18.5[ [1.4 - 1.7[
84. Office Electronics
Manufacturers of office electronic equipment including copiers and faxes.
Minimum 0.46x 8.0x nm 9.3x 1.0x
1st quartile 0.77x 8.6x nm 15.0x 1.4x
Median 1.05x 9.6x nm 18.3x 1.9x
3rd quartile 1.43x 11.5x nm 23.7x 3.2x
Maximum 1.67x 22.1x nm 55.1x 5.1x
Mean 1.08x 11.6x nm 23.4x 2.5x
Std deviation as % of mean 44% 46% nm 70% 61%
Modal interval [0.34 - 1.07[ [6.8 - 10.1[ nm [8.2 - 17.8[ [0.1 - 2.1[
Modal interval frequency 50.0% 50.0% nm 50.0% 57.1%
Mode estimate 1.07x 9.3x nm 15.4x 1.4x
Valmetrics multiple 1.08x 11.6x nm 18.3x 1.9x
Multiple rating (10=highest) 8 6 na 3 2

85. Office Services & Supplies
Providers of office services and manufacturers of office supplies and equipment not classified
elsewhere.
Minimum 0.19x 2.2x 4.0x 5.4x 0.0x
Median 0.48x 7.7x 11.6x 18.0x 1.2x
Maximum 2.16x 14.9x 24.8x 38.1x 4.0x
Mean 0.70x 8.0x 12.4x 18.5x 1.6x
Modal interval [0.35 - 0.63[ [3.8 - 7[ [9.5 - 12.8[ [18.4 - 25.1[ [0.7 - 1.4[
86. Oil & Gas Drilling
Drilling contractors or owners of drilling rigs that contract their services for drilling wells
Minimum 1.09x 3.1x 6.0x 9.1x 2.5x
Median 4.15x 14.5x 26.7x 35.4x 3.3x
Maximum 9.16x 33.4x 59.0x 77.1x 5.6x
Mean 4.74x 16.6x 29.6x 36.9x 3.6x
Modal interval [2.72 - 5.13[ [7.4 - 14.6[ [23.3 - 41.7[ [19.2 - 35.1[ [3 - 4[

87. Oil & Gas Equipment & Services
Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies
and services to companies involved in the drilling, evaluation and completion of oil and gas
wells.
Minimum 0.04x 0.5x 0.7x 1.1x 0.3x
Median 2.59x 13.7x 21.8x 32.7x 3.3x
Maximum 7.62x 32.5x 51.0x 77.4x 8.5x
Mean 2.95x 14.9x 23.1x 34.7x 3.6x
Modal interval [1.31 - 2.62[ [4.9 - 9.9[ [8.4 - 16.8[ [31.7 - 47.6[ [1.6 - 3.3[
88. Oil & Gas Exploration & Production
Companies engaged in the exploration and production of oil and gas not classified
elsewhere.

Minimum 0.05x 2.4x 3.3x 7.4x 0.6x
Median 5.13x 8.5x 15.4x 21.5x 3.1x
Maximum 12.57x 19.6x 41.1x 66.4x 8.2x
Mean 5.31x 8.6x 16.9x 24.1x 3.4x
Modal interval [4.1 - 5.12[ [8.6 - 10.2[ [10.5 - 15.2[ [12.3 - 19.3[ [2.5 - 3.4[

89. Oil & Gas Refining, Marketing & Transportation
Companies engaged in the refining, marketing, processing and/or transportation of oil, gas
and/or refined products not classified in the Integrated Oil & Gas sub-industry. Includes
diversified midstream natural gas companies facing competitive markets.
Minimum 0.12x 1.3x 1.7x 3.0x 0.6x
Median 0.56x 9.3x 12.6x 17.1x 2.7x
Maximum 2.32x 17.1x 31.1x 69.4x 4.9x
Mean 0.78x 10.2x 13.3x 23.3x 2.6x
Modal interval [0.07 - 0.53[ [4.9 - 9.2[ [7 - 13.3[ [0 - 15.1[ [2.4 - 3.1[
90. Packaged Foods & Meats
Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and
pet foods.

Minimum 0.04x 0.9x 0.3x 0.1x 0.0x
Median 0.91x 8.6x 12.7x 17.7x 1.6x
Maximum 2.91x 20.2x 31.8x 50.8x 5.4x
Mean 1.04x 9.0x 13.6x 18.9x 1.9x
Modal interval [0.34 - 0.67[ [7.7 - 9.6[ [10.2 - 12.8[ [15.7 - 21[ [0.6 - 1.1[

91. Paper Packaging
Manufacturers of paper and cardboard containers and packaging.
Minimum 0.34x 4.9x 8.8x 3.8x 0.0x
Median 0.94x 8.1x 14.8x 17.5x 1.4x
Maximum 2.51x 14.3x 39.3x 40.8x 3.6x
Mean 1.07x 8.4x 16.4x 20.6x 1.5x
Modal interval [0.68 - 1.05[ [6.2 - 7.9[ [7.4 - 11.5[ [9.1 - 18.1[ [0.7 - 1.4[
92. Paper Products
Manufacturers of all grades of paper. Excludes companies specializing in paper packaging

classified in the Paper Packaging sub-industry.
Minimum 0.02x 1.9x 2.3x 3.5x 0.0x
Median 1.19x 8.4x 15.8x 13.2x 1.1x
Maximum 3.49x 20.4x 37.6x 43.3x 2.6x
Mean 1.30x 8.8x 16.4x 16.1x 1.1x
Modal interval [0.53 - 1.06[ [10.1 - 12.3[ [7.9 - 13.9[ [7.3 - 13.7[ [0.6 - 0.9[

93. Personal Products
Manufacturers of personal and beauty care products, including cosmetics and perfumes.
Minimum 0.28x 5.7x 7.6x 0.5x 0.5x
Median 1.48x 10.1x 14.5x 21.1x 2.7x
Maximum 3.88x 20.8x 34.7x 53.3x 9.4x
Mean 1.71x 11.4x 16.1x 23.0x 3.1x
Modal interval [0.89 - 1.68[ [8 - 11.5[ [9.9 - 14.4[ [16.9 - 22.6[ [1.5 - 2.9[
94. Pharmaceuticals
Companies engaged in the research, development or production of pharmaceuticals.

Includes veterinary drugs.

Minimum 0.21x 0.3x 0.2x 0.8x 0.0x
Median 2.31x 11.6x 15.0x 22.5x 2.2x
Maximum 7.30x 33.4x 49.4x 80.4x 7.4x
Mean 2.62x 13.4x 18.5x 28.1x 2.6x
Modal interval [1.95 - 2.85[ [7.1 - 10.6[ [10.7 - 16.1[ [19.4 - 25.8[ [0.8 - 1.7[

95. Photographic Products
Manufacturers of photographic equipment and related products.
Minimum 0.07x 4.9x 0.2x 11.3x 0.4x
Median 1.11x 8.9x 12.8x 21.9x 1.8x
Maximum 2.87x 11.9x 22.3x 29.3x 4.3x
Mean 1.14x 8.9x 13.5x 20.8x 2.2x
Modal interval [0.65 - 1.3[ [6.7 - 10.1[ [10.9 - 16.3[ [16.5 - 24.1[ [0 - 1.8[
96. Precious Metals & Minerals
Companies mining precious metals and minerals not classified in the Gold sub-industry.
Includes companies primarily mining platinum.
Minimum 0.44x 7.9x 9.2x 16.5x 0.7x
Median 3.78x 15.9x 17.9x 31.2x 3.6x
Maximum 8.54x 34.4x 41.0x 45.3x 7.9x
Mean 3.63x 16.8x 20.4x 31.2x 3.8x
Modal interval [0 - 2.57[ [11.4 - 17.9[ [17.2 - 19.5[ [24.8 - 36.9[ [1.8 - 3.6[

97. Publishing
Publishers of newspapers, magazines and books, and providers of information in print or

electronic formats.

Minimum 0.25x 0.7x 0.7x 0.6x 0.3x
Median 1.61x 9.8x 14.0x 19.8x 2.9x
Maximum 5.03x 21.4x 31.2x 47.0x 8.7x
Mean 1.88x 10.4x 15.1x 22.1x 3.0x
Modal interval [0.67 - 1.34[ [8.1 - 10.1[ [7.3 - 10.9[ [11.9 - 17.9[ [1.2 - 2.3[
98. Railroads
Companies providing primarily goods and passenger rail transportation.
Minimum 0.27x 6.3x 5.4x 7.6x 0.4x
Median 2.80x 9.3x 15.8x 22.4x 2.2x
Maximum 6.90x 15.8x 31.1x 38.2x 4.7x
Mean 2.87x 10.0x 17.7x 23.3x 2.4x
Modal interval [0 - 1.5[ [8.5 - 9.8[ [9.6 - 15.4[ [15.1 - 22.9[ [0.4 - 1.8[

99. Restaurants
Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes
companies that provide food catering services.
Minimum 0.17x 4.0x 5.0x 2.2x 0.6x
Median 1.07x 8.6x 12.9x 19.7x 2.1x
Maximum 3.55x 16.9x 26.5x 48.4x 5.1x
Mean 1.22x 8.6x 13.4x 21.6x 2.4x
Modal interval [0.51 - 0.96[ [8.7 - 10.4[ [11.9 - 13.8[ [15.2 - 21.9[ [2 - 2.9[
100. Semiconductor Equipment
Manufacturers of semiconductor equipment.
Minimum 0.24x 1.3x 1.5x 2.5x 0.7x
Median 1.93x 12.9x 16.5x 23.0x 2.1x
Maximum 3.88x 33.7x 45.0x 47.0x 5.3x
Mean 2.01x 13.8x 18.7x 21.3x 2.4x
Modal interval [0.87 - 1.74[ [0.2 - 7.1[ [15.7 - 23.2[ [21.2 - 31.7[ [1.6 - 2.5[

101. Semiconductors
Manufacturers of semiconductors and related products.

Minimum 0.00x 1.4x 1.4x 0.1x 0.1x
Median 2.08x 11.3x 16.3x 23.6x 1.9x
Maximum 9.24x 48.7x 61.7x 106.6x 7.0x
Mean 2.78x 15.0x 20.2x 31.3x 2.3x
Modal interval [0 - 1.21[ [7.1 - 13.1[ [7.3 - 14.6[ [0 - 13.9[ [0.9 - 1.8[
102. Soft Drink
Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk

classified in the Packaged Foods sub-industry.
Minimum 0.33x 3.3x 4.0x 1.6x 0.3x
Median 1.10x 7.4x 10.7x 15.7x 2.3x
Maximum 3.39x 12.5x 18.3x 23.8x 6.1x
Mean 1.27x 7.4x 10.9x 14.7x 2.5x
Modal interval [0.83 - 1.34[ [7 - 7.9[ [8.6 - 11.2[ [14.4 - 17.8[ [1.2 - 2.3[

103. Specialty Chemicals
Companies that primarily produce high value-added chemicals used in the manufacture of a
wide variety of products, including but not limited to fine chemicals, additives, advanced
polymers, adhesives, sealants and specialty paints, pigments and coatings.
Minimum 0.09x 0.9x 1.6x 4.6x 0.3x
Median 0.95x 8.6x 13.6x 18.9x 1.8x
Maximum 3.33x 19.3x 33.8x 47.9x 4.9x
Mean 1.13x 9.0x 14.8x 20.6x 2.0x
Modal interval [0.4 - 0.79[ [8.2 - 10.2[ [8.8 - 13.3[ [4.5 - 13.2[ [0.8 - 1.4[
104. Specialty Stores
Owners and operators of specialty retail stores not classified elsewhere. Includes toy stores,
office supply stores and automotive retail.
Minimum 0.09x 0.3x 3.5x 2.0x 0.2x
Median 0.54x 6.7x 10.8x 16.2x 1.8x
Maximum 2.10x 16.3x 20.9x 43.3x 4.4x
Mean 0.73x 7.0x 10.9x 17.6x 2.0x
Modal interval [0.38 - 0.74[ [4.8 - 7.2[ [8.4 - 10.9[ [7.4 - 13.5[ [1.1 - 1.9[

105. Steel
Producers of iron and steel and related products

Minimum 0.08x 0.8x 0.0x 0.0x 0.0x
Median 0.71x 4.7x 6.8x 7.8x 1.5x
Maximum 2.38x 16.6x 24.1x 30.1x 4.5x
Mean 0.82x 5.8x 8.3x 9.4x 1.6x
Modal interval [0.27 - 0.55[ [2.5 - 4.3[ [2.6 - 5.1[ [5.4 - 8.1[ [0.6 - 1.1[
106. Systems Software
Companies engaged in developing and producing systems and database management

software.
Minimum 0.12x 7.1x 10.3x 0.7x 0.2x
Median 2.42x 13.1x 18.9x 27.6x 3.2x
Maximum 7.86x 44.1x 78.1x 104.5x 10.5x
Mean 2.53x 17.7x 26.9x 34.5x 4.0x
Modal interval [1.4 - 2.7[ [3.9 - 11.1[ [4.7 - 20.5[ [16.7 - 33.4[ [1.6 - 3.3[

107. Technology Distributors
Distributors of technology hardware and equipment. Includes distributors of communications

equipment, computers & peripherals, semiconductors, and electronic equipment and
components.
Minimum 0.04x 1.1x 1.2x 3.4x 0.4x
Median 0.35x 8.2x 10.3x 15.0x 1.4x
Maximum 1.70x 18.8x 23.1x 36.8x 7.0x
Mean 0.49x 8.3x 10.8x 15.5x 2.2x
Modal interval [0 - 0.25[ [5.9 - 8.6[ [4.4 - 8.7[ [13.4 - 20.1[ [0.1 - 1.3[
108. Textiles
Manufacturers of textile and related products not classified in the Apparel, Accessories &
Luxury Goods, Footwear or Home Furnishings sub-industries.

Minimum 0.06x 1.7x 4.4x 2.5x 0.0x
Median 0.72x 7.9x 13.5x 12.8x 0.9x
Maximum 2.28x 20.4x 51.4x 70.6x 2.7x
Mean 0.82x 8.7x 17.0x 17.7x 1.0x
Modal interval [0.3 - 0.55[ [4.3 - 7[ [2.5 - 9.7[ [0.5 - 7.7[ [0.3 - 0.7[

109. Tires & Rubber
Manufacturers of tires and rubber.
Minimum 0.27x 3.6x 5.1x 2.8x 0.3x
Median 0.66x 6.3x 9.8x 11.0x 1.3x
Maximum 1.74x 9.5x 17.7x 25.5x 2.6x
Mean 0.75x 6.5x 10.6x 12.4x 1.3x
Modal interval [0.49 - 0.75[ [2.3 - 5.1[ [4.9 - 8.1[ [8.6 - 12.3[ [1.1 - 1.5[
110. Tobacco
Manufacturers of cigarettes and other tobacco products.
Minimum 0.67x 4.3x 4.4x 5.9x 0.5x
Median 2.38x 9.3x 10.5x 15.2x 5.4x
Maximum 5.02x 12.9x 15.2x 24.9x 7.6x
Mean 2.48x 8.7x 9.9x 14.9x 4.6x
Modal interval [2.33 - 3.35[ [8.6 - 10.8[ [9.8 - 15.3[ [10.1 - 15.4[ [4.6 - 9.3[

111. Trading Companies & Distributors
Trading companies and other distributors of industrial equipment and products.

Minimum 0.04x 1.0x 1.1x 0.0x 0.0x
Median 0.67x 9.1x 13.6x 18.9x 1.6x
Maximum 2.82x 19.1x 32.7x 56.0x 5.0x
Mean 0.91x 9.2x 14.0x 20.1x 1.9x
Modal interval [0.36 - 0.72[ [10.2 - 12.8[ [13.2 - 17.6[ [15.5 - 23.2[ [0.6 - 1.3[
112. Trucking
Companies providing primarily goods and passenger land transportation. Includes vehicle
rental and taxi companies.
Minimum 0.16x 2.2x 6.2x 8.8x 0.6x
Median 1.29x 6.9x 13.5x 17.4x 2.4x
Maximum 3.23x 14.9x 24.7x 27.8x 5.5x
Mean 1.36x 7.4x 13.6x 18.2x 2.6x
Modal interval [0.99 - 1.49[ [5.5 - 7.5[ [12.9 - 15.4[ [14.8 - 18.3[ [1.3 - 2.1[

113. Water Utilities
Companies that purchase and redistribute water to the end-consumer. Includes large-scale
water treatment systems.
Minimum 0.90x 2.4x 3.0x 1.4x 0.2x
Median 4.08x 10.5x 17.4x 24.8x 2.0x
Maximum 10.32x 20.9x 41.4x 63.9x 5.5x
Mean 4.44x 10.9x 19.2x 29.6x 2.2x
Modal interval [2.55 - 4.59[ [9.3 - 11.6[ [14.8 - 22.2[ [16.4 - 32.6[ [1 - 2.1[
114. Wireless Telecommunication Services
Providers of primarily cellular or wireless telecommunication services, including paging

services.
Minimum 0.19x 2.4x 0.8x 0.0x 0.0x
Median 2.18x 6.8x 12.0x 17.8x 2.2x
Maximum 4.73x 12.2x 36.2x 43.2x 6.2x
Mean 2.22x 7.0x 13.8x 19.5x 2.4x
Modal interval [1.64 - 2.46[ [6.7 - 7.9[ [11.7 - 14.7[ [15.9 - 23.9[ [0 - 1.3[

APPENDICES

DATA SOURCE
Valmetrics uses the Compustat database (provided by Standard & Poor’s) as the source for most
individual company data. Valmetrics makes no statement regarding the quality of information
received from Compustat but assumes that the data are accurate, consistent and reliable. Missing
data are either excluded or substituted by Valmetrics’ own data.
To comply with the authorized licence granted by Standard & Poor’s, Valmetrics does not provide
IMGR users with any access to Compustat content or services and only publishes its own
proprietary industry valuation analysis. If you wish to access Compustat data or learn about the
line of Compustat products and services, please visit www.compustat.com.
DATA COVERAGE
Valmetrics IMGR Standard Edition supports:
• 114 Industries: all main sub-industries - according to the Global Industry Classification
Standard - are covered (see “List of Industries” page: 5). Industries related to Finance,
Banking, Insurance and Real Estate are excluded in this edition.
• 27 countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, China (including

Hong-Kong), Denmark, France, Germany, India, Indonesia, Ireland, Israel, Italy, Mexico,
Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, Taiwan,
Thailand, United Kingdom, USA.
DATE SCHEDULE
All multiple calculations are based on historical data. The table below shows the IMGR release
dates and related market and financial data schedule.
IMGR SE Release Market data Financial data (last fiscal year available)
September 15th 05 August 31st 05 March 04 ../.. June 04../.. December 04* or later
th th
December 15 05 November 30 05 June 04 ../.. December 04* ../.. March 05 or later
th th
March 15 06 February 29 06 December 04* ../.. March 05 ../.. June 05 or later
th st
June 15 06 May 31 06 March 05 ../.. June 05 ../.. December 05*
(*) Closing of the fiscal year is most likely to be December.
Example:
IMGR Release September 15th 05

Market capitalisation (P) August 31st 05
Earnings (E) March 04 or June 04 or December 04
P/E Ratio => August 31st 05 / most likely December 04

MULTIPLES PRINCIPLE
Market multiples are valuation ratios (for example market value of a company over its net income)
that are widely used by the investment community to value businesses. Assuming that industry
peers all have the same valuation multiples, business appraisers can then apply the appropriate
industry multiple to the company’s revenues in order to ascertain its value.
There are five main multiples used in finance – EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR – and
many more in the industrial world (Price/Number of beds for hotels, Price/Number of tables for
restaurants, Price/Number of clients, etc….).
The following table shows the two types of market multiples available in the IMGR:
EV Multiples Price Multiples
EV / Sales P/E (Price / Earnings Ratio)

EV / EBITDA P/B (Price / Book Ratio)
EV / EBIT
EV = Enterprise Value P = Price
Market capitalization Market capitalization

+ Minority interests
+ Financial debt
- Cash & cash equivalents
= Enterprise Value = Price
Once you have the right multiple, you can apply it to the related company financial data requiring
valuation, i.e. Sales, EBITDA, EBIT, Earnings or Shareholders’ Equity.
With EV Multiples, you must deduct minority interests and the net financial debt to derive equity
value. With Price Multiples you acquire direct equity value.
Multiples cannot be applied to companies that do not have significant revenues (start-ups).
Therefore, Valmetrics advises the use of those multiples with companies that have already
recorded significant sales (for at least three years).

GLOSSARY
Number of observations: number of companies that constitute the sample on which all the
calculations are based. If the number of observations is insufficient, multiples calculations are
considered arbitrary and are substituted by “nm” (= non meaningful).
Non available (“na”) multiples: data non available in the databases.
Non meaningful (“nm”) multiples: negative multiples or excluded set outliers.
Minimum & maximum: respectively the lowest and highest multiple of the set.
1st, 2nd (median) and 3rd quartiles: a quartile is a statistical term describing a division of
observations into four defined intervals based on the values of the data. Each quartile contains
25% of the total observations. The quartiles are determined by sorting the data from the lowest to
the highest values and taking the data point at ¼ (1st quartile), the middle (median) or the ¾ of the
sequence. E.g. For the median, there is an equal number of points above and below the median.
Unlike the mean, the median is not influenced by outliers at the extremes of the data set.
Mean: simply the sum of the values divided by the total number of items in the set. The mean is the
most commonly-used measure of central tendency and is the preferred tool to calculate multiples.
The mean is an example of an estimator that is the best we can do if the underlying distribution is
normal. However, it lacks robustness of validity. That is, the confidence intervals based on the
mean tend not to be precise if the underlying distribution is indeed not normal.
Standard Deviation as a % of mean: a measure of the dispersion of a set of data from its mean.
The more spread-out the data, the higher the deviation. If the standard deviation is too high, the
mean multiple is not a relevant multiple.
Modal interval & Mode: The modal interval is the histogram interval with the greatest density. The
mode is the most frequently occurring value in the data set. As data are continuous, the mode is
estimated through an interpolation calculation based on modal interval boundaries.
Modal interval frequency: The number of multiples recorded within the modal interval divided by
the total number of multiples.
Valmetrics multiple: Valmetrics selects the best indicator among the median, the mean and the
mode according to dispersion and significance tests. See the “Multiple Selection” section below for
more details.
Rating: Valmetrics rates (on a scale from 0 to 10, with 10 the highest) the “Valmetrics multiple” to
help you select the most relevant multiple. See the “Multiple Rating” section below for more details.

MULTIPLES SELECTION
A major issue in using multiples concerns the choice of a fair and robust multiple. While most
appraisers defend either a buy- or a sell-side position and therefore choose the multiple according to
their target price (backward valuation), Valmetrics is dedicated to finding the multiple that best
represents the industry.
The selection of a multiple estimator is closely linked to the assumption of the data distribution. For
a Normal Distribution, the median, mean and mode are actually equivalent and the mean is a good
location estimator. For skewed distributions (e.g. Lognormal) it is not obvious whether the mean,
the median or the mode is the most meaningful measure. For heavy tails distributions (e.g. Gauchy),
the median provides a useful measure of the typical value, whereas the mean is useless.
Valmetrics does not make any distribution assumption in the IMGR Standard Edition but calculates
all the main estimators – quartiles, mean and mode – that feature the shape of the distribution. The
mean multiple remains the favourite estimator when the dispersion of the set (standard deviation as
% of the mean) is low. If this is not the case, Valmetrics also considers the mode and the median
estimators as shown in the diagram below.
yes
Size of the set <= 5 "nm" (1) SD: Standard Deviation in % of mean
(2) MF: Modal Frequency
no
yes (3) MM: (Mean-Median) / Median
(1)
SD < 41% Mean multiple
no
yes yes
(1) (2)
41% <= SD < 51% 40% <= MF Mode multiple
no
no
Mean mutliple
yes yes
(1) (2)
51% <= SD < 61% 35% <= MF Mode multiple
no
(3)
yes
no MM <= 8% Mean multiple
no
Median multiple
yes yes
(1) (2)
61% <= SD 30% <= MF Mode multiple
no
Median mutliple
CAUTION! Valmetrics selects the best estimator for each market multiple series, but to compare
each multiples series (i.e. EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR) make sure that you
compare them on the basis of the same estimator. For example, you cannot compare an EV/sales
mean multiple with an EV/EBITDA median multiple.

MULTIPLES RATING
How reliable is the multiple estimator selected by Valmetrics? Is it a robust measure of the typical
value? Even if calculated correctly, some multiples can not be considered robust measures because
of a lack of information or analysis. That is why Valmetrics has added a multiple rating line in all
tables to enable users to check the validity of the selected multiples.
The rating system set up by Valmetrics does not indicate whether a multiple is right or wrong, but
rather if it is robust or not. An average rated multiple can be a good and fair multiple but further
analysis is required to confirm its robustness. A highly rated multiple does not necessarily require
further analysis and can be used directly with a high level of confidence.
Rating’s range
Valmetrics proposes a rating scale of 10, 0 being the worst rating and 10 the best. Some multiples
series culminate at a maximum of 8 or 5 because of intrinsic drawbacks.
Multiples Highest rate Explanations

EV/Sales 8 Doesn’t take into account sales growth and operating margins
EV/EBITDA 10 Robust, especially when evaluating cash flow
EV/EBIT 10 Robust
The PER is subject to accounting window dressing. Non-operating items
PER 8 (extraordinary and financial items) can impact the PER.
The PBR is more often used to monitor whether the company creates
PBR 5 (PBR>1) or erodes (PBR<1) value than to compare valuation between
peers.
Rating points
The rating system is based on a proximity analysis between the median, mean and mode estimators.
If those three estimators are numerically close, then the “Valmetrics multiple” gathers a maximum
of points as presented below:
• 8 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 5%
• 1 point if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 40%
• 1 point if Number of “Short-listed multiples” >= 30
• 1 point if Number of “nm multiples” / “Number of observations” <= 20%

ADJUSTMENTS AND POSSIBLE BIASES
Valmetrics calculations are based on consistent, standardized and comparable data from company
to company and from industry to industry. Even so, appraisers may have to adjust the valuation
results depending of the company and the context.
• Illiquidity risk premium: to approximate the value of a privately held company, the
illiquidity risk premium of the company must be taken into consideration. In the IMGR
Standard Edition, Valmetrics gives market multiples which do not take into account the risk
premium related to the illiquidity of a private business. Illiquidity risk premium usually
ranges from a discount of 10% to 30% as compared to the public peer companies.
• Accountancy adjustment: all the market multiples are based on international accounting
standards (US GAAP / IFRS). If the company you wish to value does not use such an
accounting standard, some accountancy adjustments may be necessary to match the
financial data (especially EBIT, EBITDA) used to calculate the multiples.
• Strategic value: the market multiple reflects the “average” market price of the industry,
including both a fundamental value and a speculative value, but excludes the strategic
value of the business (control premium, synergies with another business, etc.).
Other possible biases
Date schedule: fiscal year closing dates (e.g. March ‘04, June ‘04, December ‘04) and financial
data communication dates differ among companies and among countries. Valmetrics uses the last
data available and mixes multiples with different date schedules. The only way to overcome this
bias is to select companies that have the same date schedule and then calculate their multiples.
Country / regional breakdown: two highly comparable companies in Europe and in the US may
have slightly different valuation results because of macroeconomic factors inherent to the country
where the company is listed (regulations, tax policy, business culture, domestic market potential,
innovation dynamic, etc ….). To improve calculation accuracy, a regional analysis is required.
Quasi-Equity: stock options, convertible bonds and other quasi-equity securities are financial
options and should be considered in the calculation of the enterprise value. If options are in the
money, they are equity, if not they are debt. Valmetrics does not take stock options into
consideration and includes convertible bonds in the financial debt.
Company size effect: within the same sector, there may be large companies and mid-sized
companies with different fixed cost- or productivity-thresholds. Big companies are also generally
less risky than small ones, and therefore should be characterized by higher multiples. IMGR does
not take into account this size effect.
Industry classification: Valmetrics uses the Global Industrial Classification Standards, which is
considered by some research papers as the best representative of each sector. Using another
industrial classification (SIC for instance) may have an impact on industry multiples.

REFERENCES
AFIC, BVCA, EVCA, International Private Equity And Venture Capital Valuation Guidelines,
2005 (www.privateequityvaluation.com).
Free research papers available on scholar.google.com
Baker M., Ruback R. S., Estimating Industry Multiples; 1999. Harvard University
Bhojraj S., Lee C. M. C., Ng D. T., International Valuation Using Smart Multiples, 2003, Johnson
Graduate School of Management
Bonadurer W., Valuation by Multiples, 2003, University of St. Gallen
Dittmann I, Weiner C., Selecting Comparables for the Valuation of European Firms, 2005
Humboldt-Universitat zu Berlin.
Fernandez P., Valuation Using Multiples. How Do Analysts Reach Their Conclusions?, 2002, IESE.
Lie E., Lie H. J., Multiples Used to Estimate Corporate Value, 2002, College of William & Mary
Liu, J., D. Nissim, and J. Thomas. 2000. Equity valuation using multiples. Working paper, UCLA
and Columbia University.
Thomas J. K., Zhang H., 2004, Another look at P/E ratios, Yale School of Management, University
of Hong-Kong.
Other research papers
Alford, A., 1992. The effect of the set of comparable firms on the accuracy of the price-earnings
valuation method. Journal of Accounting Research 30, 94-108
Bhojraj S., Lee C. M. C., Who is my Peer? A Valuation-Based Approach to the Selection of
Comparable Firms, 2002, Journal of Accounting Research, Vol. 40, n°2, 407-439.
Cheng, C.S.A. and R. McNamara. “The valuation Accuracy of the price-earnings and price-book
benchmark valuation methods. Working paper, university of Houston, Houston, TX 1996.
Leibowitz, M. L. and Krogelman, S. Inside the P/E ratio: the franchise factor. Financial Analysts
Journal, pp. 43 -53. 1990
Liu, Jing, Doron Nissim and Jacob Thomas (2002b): International equity valuation using multiples,
working paper, University of California at Los Angeles.
Tasker, S. C. Industry preferred multiples in acquisition valuation, working paper, Cornell

Industry Multiplies Global Report

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Industry Multiplies Global Report

Uploaded by

Copyright:

Available Formats

Industry Multiples Global Report

This service is brought to you by Valmetrics Research, a service of Valmetrics. Valmetrics is a

Copyright © 2006 Valmetrics 2 / 71

IMGR Professional – BETA version now available!!

Copyright © 2006 Valmetrics 3 / 71

AltAssets, the private equity industry’s leading information source

Areas of the service include:

To subscribe FREE to AltAssets weekly e-mail newsletter, visit:

Copyright © 2006 Valmetrics 4 / 71

Copyright © 2006 Valmetrics 5 / 71

57. Highways & Railtracks ................................................................................................................................... 35

Copyright © 2006 Valmetrics 6 / 71

Companies providing advertising, marketing or public relations services.

Table 1 EV / Sales EV / EBITDA EV / EBIT PER PBR

2. Aerospace & Defense

Manufacturers of civil or military aerospace and defense equipment, parts or products.

Table 2 EV / Sales EV / EBITDA EV / EBIT PER PBR

Copyright © 2006 Valmetrics 7 / 71

Producers of agricultural products. Includes crop growers, owners of plantations and

Table 3 EV / Sales EV / EBITDA EV / EBIT PER PBR

4. Air Freight & Logistics

Table 4 EV / Sales EV / EBITDA EV / EBIT PER PBR

Copyright © 2006 Valmetrics 8 / 71

Companies providing primarily passenger air transportation.

Table 5 EV / Sales EV / EBITDA EV / EBIT PER PBR

Operators of airports and companies providing related services.

Table 6 EV / Sales EV / EBITDA EV / EBIT PER PBR

Copyright © 2006 Valmetrics 9 / 71

Providers of communications and high-density data transmission services primarily through a

Table 7 EV / Sales EV / EBITDA EV / EBIT PER PBR

Table 8 EV / Sales EV / EBITDA EV / EBIT PER PBR

Copyright © 2006 Valmetrics 10 / 71

Retailers specialized mainly in apparel and accessories.

Table 9 EV / Sales EV / EBITDA EV / EBIT PER PBR

10. Apparel, Accessories & Luxury Goods

Manufacturers of apparel, accessories & luxury goods. Includes companies primarily

Table 10 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 142 142 142 142 142

Copyright © 2006 Valmetrics 11 / 71

11. Application Software

Companies engaged in developing and producing software designed for specialized

Table 11 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 263 263 263 263 263

12. Auto Parts & Equipment

Manufacturers of parts and accessories for automobiles and motorcycles. Excludes

Table 12 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 141 141 141 141 141

Copyright © 2006 Valmetrics 12 / 71

13. Automobile Manufacturers

Table 13 EV / Sales EV / EBITDA EV / EBIT PER PBR

Companies primarily involved in the development, manufacturing or marketing of products

Table 14 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 214 214 214 214 214

Copyright © 2006 Valmetrics 13 / 71

Table 15 EV / Sales EV / EBITDA EV / EBIT PER PBR

16. Broadcasting & Cable TV

Table 16 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 108 108 108 108 108

Copyright © 2006 Valmetrics 14 / 71

17. Building Products

Manufacturers of building components and home improvement products and equipment.

Table 17 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 139 139 139 139 139

18. Casinos & Gaming