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Standard Edition

June 2006

IMGR SE – JUNE 2006

**The Industry Multiples Global Report (IMGR) Standard Edition is a quarterly publication
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BANQUE PRIVÉE EDMOND DE ROTHSCHILD EUROPE IMGR SE – JUNE 2006 GROUPE LCF ROTHSCHILD ARE YOU LOOKING FOR A SOLUTION FOR YOUR PRIVATE EQUITY FUND ADMINISTRATION? A specialist in private equity fund administration For over fifteen years. we take satisfaction in being more than a service provider: we are your partner.lu 4 / 71 . and the daily commitment and flexible solutions they require.feyereisen@lcf-rothschild. boasting multi-lingual skills: q q q q q Assistance with SICAR structuring and drafting of corporate documentation & procedures Full handling of capital calls & return of capital Full accounting and book-keeping services Full custody and general banking services Full reporting services including EVCA Level II standards At the LCF Rothschild Group.lu Copyright © 2006 Valmetrics Private Equity Desk Christoph Lanz Deputy Vice-President Tel: +352 24 88 22 56 c. the bank can provide services suitable for the needs of general partners. A one-stop shopping solution is provided thanks to the highly competent staff. Sales Contact Eric Feyereisen Vice-President Tel: +352 24 88 24 28 e. thus. Banque Privée Edmond de Rothschild Europe has acquired considerable experience in servicing private equity and venture capital funds. offering tailor-made solutions.lanz@lcf-rothschild. A dedicated Private Equity Desk The Private Equity Desk undertakes to combine close and continuous client relationships with customisation of services.

............................................................................................................ 28....................... 29 Forest Products ............................................................................. 19........................... 38................................................................ 22............................................................................. 22 Distributors ........................................................ 42. 8.................................................................... 39........... 24 Drug Retail.......................................................................................... 26...... 27 Environmental Services....................................................................................................................................................................................................... 48........................................ 12 Auto Parts & Equipment .................................... 30..................................................................................................................................................................................................... 34............................................ 27 Fertilizers & Agricultural Chemicals................................................................................................................................................ 20............................................................................................. 24 Electric Utilities............................................................. 30 Gas Utilities.................................................................. 47.................................................. 50.......................................................................................................... 17 Computer Hardware.................................................................................................................................................................................................. 18 Construction & Engineering................................................................... 54.. 33 Health Care Facilities ...................... 33 Health Care Supplies. 34 Copyright © 2006 Valmetrics 5 / 71 .......................................................................................... 53........................ 36.............................................................................................................................................................. 16 Commodity Chemicals.............................................................................................................. 17 Computer & Electronics Retail................................................. 32 Health Care Distributors ............................... 11........................ 16 Commercial Printing................ 33.................................................................................................................................................................IMGR SE – JUNE 2006 LIST OF INDUSTRIES 1..................................................................................... 9............. 45..... 28 Food Distributors................................................................................................................. 15 Catalogue retail ................................................ 31......................................................................................... 49.................................................................................................. 18 Computer Storage & Peripherals................ 55................................................... Advertising............................................................ 12 Automobile Manufacturers..................................................................................................................................................... 15 Casinos & Gaming......................................................... Accessories & Luxury Goods ............ 9 Alternative Carriers .............................. 21................................................... 7 Aerospace & Defense................. 8 Airlines ............... 21 Department Stores......................................................................................... 7 Agricultural Products............................................................... 23 Diversified Metals & Mining ................ 29 Footwear........................... 23................. 52..................................................................................................................................................... 27........... 9 Airport Services .................................................................... 23 Diversified Commercial Services . 25.............................................................................................. 11 Apparel................................................................................................. 43...................................... 13 Biotechnology.............................................................. 10 Aluminium.............................................................................................................................................................................................................................................................................. 20 Data Processing & Outsourced Services.............................................................................. 25 Electronic Equipment Manufacturers ............................................................................................................... 44................................................................................................... 2..................... 16....................... 14 Broadcasting & Cable TV........... 41.............................................................................. 31 Health Care Services........................................................................................................................... 30 General Merchandise Stores................................................................................................. 18........................... 4................................................................................ 14...................... 24........................................ 31 Gold..................................................... 21 Distillers & Vintners.................................................. 28 Food Retail............................................. 10............................................................................................................................................................................................................................................................................................................................................................................................................................................... 51..................... 13 Brewers....................................... 8 Air Freight & Logistics..................... 26 Employment Services.......... 46............................................................................................................................... 20 Consumer Electronics.......................... 32............................................................................................................................................ 35............. 40.................................... 25 Electrical Components & Equipment... 37.................................................. 32 Health Care Equipment............................................................................................................................................. 6............................................................. 13........................ 12................................... 14 Building Products........................................................................ 26 Electronic Manufacturing Services .................... 15.... 19 Construction & Farm Machinery & Heavy Trucks ................. 29.......................................................................... 10 Apparel Retail ..................................................................................................................................................... 17........ 19 Construction Materials ............................................................................. 5............................................................... 3............................................... 11 Application Software ................................................... 22 Diversified Chemicals ......................................................................................................................... 7........................

....................................................................... 36 Homebuilding ........................................ 56 Semiconductors........................................................................................................... 65................................ 62 Water Utilities............................................................................................. 85..................... 57.............. 68.. 48 Office Electronics.......................................................................................... 49 Oil & Gas Equipment & Services ..... 106...................... 108...................................................... 95................. 103...................................... 83........................ 89............................................................................................................................... 105................................................................................................................................................................................ 110.................................................................. Marketing & Transportation........................................................... 53 Photographic Products......... 50 Oil & Gas Exploration & Production ................................................................... 71......................................................................... 70............................... 34 Highways & Railtracks ............................................................ 59............. Resorts & Cruise Lines ........................................ 60 Tires & Rubber ................................... 63 Wireless Telecommunication Services.................................................................. 58.................. 63....................... 77. 54 Publishing .................................................................... 66........................................................................................ 81......... 40 Industrial Gases................................................................. 109............................................... 113.................................................................................... 54 Precious Metals & Minerals....................................................................... 38 Housewares & Specialities......................................... 112............................................................. 99.................................................................................................. 37 Household Appliances............. 60............................................................................................................................................................................................................................. 114................................................................................................................................................................................................. 50 Oil & Gas Refining....................................................................................................................................................................... 91.. 59 Systems Software....................................... 61 Tobacco . 47 Movies & Entertainment ......................................................................................................................... 104...................................................................................... 49 Oil & Gas Drilling . 61............................ 102........................................................................................................................................ 42 Internet Software & Services . 64.................................................................................................................................................... 57 Soft Drink... 51 Paper Packaging......................................................................................................... 41 Integrated Oil & Gas ................................................................................. 53 Pharmaceuticals ................................................................ 86................... 42 Internet Retail ................................................................................................... 40 Industrial Machinery ...... 56 Semiconductor Equipment......................................................................................................... 87.................................................................................. 93........................................................ 76............ 78............................... 39 Industrial Conglomerates ................................... 74..... 36 Home Improvement Retail ........................................................................ 62 Trucking......................... 75................................................................................ 100.......... 45 Marine ................................................................................................................................................................................................................................................................................................................................................................................................. 37 Hotels............................................................. 90............................................... 48 Office Services & Supplies ....................... 80......................................................................................................................................... 41 Integrated Telecommunication Services ................................... 39 Hypermarkets & Super Centers............................................................................................................................................................................................................................................. 44 Managed Health Care ........ 43 Leisure Facilities ....................... 84............................................... 101............. 55 Restaurants............................................................... Heavy Electrical Equipment.................................................................. 88........................................................... 73............ 57 Specialty Chemicals...................................................................................................................... 46 Metal & Glass Containers..... 82........................ 98............... 92............ 58 Steel ......................... 46 Motorcycle Manufacturers ............................................................................................... 61 Trading Companies & Distributors...................................................... 52 Personal Products.................................................................................................................... 44 Leisure Products......................................................... 69.............................................................................................................................................................................................. 35 Home Entertainment Software.................................................................. 111...................................................... 38 Household Products ............................................................................ 60 Textiles........ 51 Packaged Foods & Meats.................................... 55 Railroads ..................................................... 43 IT Consulting & Other Services............ 45 Marine Ports & Services................................................. 52 Paper Products ................................................................................................................................. 63 Copyright © 2006 Valmetrics 6 / 71 ......................................................................................................................................................................................................................................IMGR SE – JUNE 2006 56.. 35 Home Furnishings ..................................................................... 67.......................................................................................................................................................... 59 Technology Distributors....................................................................................................................... 47 Multi-Utilities & Unregulated Power. 79..................................................................................... 96............................................................................................................................................................... 97................................................................................... 62............................. 58 Specialty Stores....................................................................................................................... 94................................................. 72.......................................................................... 107.......................................................................................................................................

2x 9.24.23[ 31.5x 2.1x 13.7x 9 21.2% 10.4x 13.5 .6x 3.6x 5 7 / 71 .9x 11.3x 2.07 .27x 76% [0.1.6x 12.8x 25.3[ 35.93x 0.4x 18.0x 1.4x 42.25x 1.4 . marketing or public relations services.8x 2.6[ 31.13.7x 0.2x 3.95x 1.3x 15.62 .2.1x 79% [1.3x 21.2x 2.13. Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment.6% 0.9x 19.63x 0.7x 1. Table 2 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 88 3 8 77 88 3 15 70 88 3 22 63 88 3 21 64 88 3 13 72 0.8x 13.2x 9.0x 32% [8.2[ 26.6x 46% [1.7x 35% [20.7x 8 2.05x 0.6x 2 2.2% 1.6[ 38.6x 8 3.0x 10.2 . parts or products.1x 0.04x 0.6x 10.7% 12.4% 13.4[ 24.25x 6 11.5[ 31.IMGR SE – JUNE 2006 1. Includes defense electronics and space equipment.1x 43.10.6% 21.5x 5.9x 25.3x 22.93x 5 9.7x 24.2 .7 .82x 3.3% 10.9x 18. Table 1 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 55 12 5 38 55 11 10 34 55 11 13 31 55 10 15 30 55 10 5 40 0.98x 3.0% 1.43x 56% [1.4 .5[ 30.3x 12.8x 13.5x 5.0x 55% [9.66x 3.0x 21.8x 6.85x 1.1.9x 46% [11.6% 2. Advertising Companies providing advertising.5 .2x 20.09x 1.9x 11.5 .6x 45% [17.2x 1.7x 30% [11.23[ 30.0x 9 13.15.4x 3.9x 12.3x 17.6x 9 10.9[ 48.0% 18.3x 13.85x 1.1x 1.0x 1.5x 3.4x 7 18.0x 11.6x 1.

73x 2 11.6x 7 17.23x 0.03x 5.0.6x 33.15.3% 10.2 .7x 52% [1.0x 4. 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.2x 75 7 29 39 4.4x 5.10.1x 55% [0.8x 15. Air Freight & Logistics Companies providing air freight transportation.1x 1. Marine or Trucking sub-industries.IMGR SE – JUNE 2006 3.4[ 29. Table 4 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 42 6 6 30 0.0.3 .2x 1.7x 2.8[ 35. Agricultural Products Producers of agricultural products.8x 7.00x 2.08x 79% [0.43x 3.23.4x 9.0% 6.3% 1.1x 18.44x 0.6x 11.6.03 .5 .4x 15.0% 15.5x 19.2 .1x 7 28.75x 1 11.1.0x 1.5[ 31.9x 42 6 8 28 5.4x 20.1x 77% [14.9[ 30.8x 2 1.7x 1.0x 53% [3 .1x 15. owners of plantations and companies that produce and process foods but do not package and market them. Includes crop growers.8x 26.1x 10.1x 19.6x 1.0x 4 3.6x 1.5x 11.7x 91.6x 14.7x 49% [9.73x 1.7x 13. courier and logistics services.9x 14.1x 12.47x 88% [0.1x 24. Excludes those companies classified in the Airlines.42x 42 6 5 31 3.2x 75 5 25 45 4.19 .3 .5x 42.4x 46.6% 18.5x 50% [13.49x 0.5x 4 15.26x 0.6 .97[ 44.9[ 35.1. including package and mail delivery and customs agents.5x 14.8x 18. Table 3 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 75 7 18 50 0.60x 1.18[ 41.0x 62% [0.5 .0x 10.2% 1.0x 42 5 5 32 5.8x 42 4 4 34 0.7[ 46.6x 20.7x 5 4.8x 25.0% 0.7x 7 19.3% 0.60x 75 8 25 42 3.7x 2 8 / 71 .0x 1.7x 9.4% 12.75x 0.4x 31.2x 75 5 17 53 0.11.0x 8.6x 2.2[ 33.6x 44% [6.6x 3.3% 9.63[ 43.

14x 27 8 3 16 3.0x 0. Airlines Companies providing primarily passenger air transportation.8x 8.16[ 37.3x 8.6 .2x 3.9x 62.4x 57% [0.5x 10.5x 50% [1.3x 2.9x 1.39x 0.5x 16.5x 27 8 5 14 5.31x 6.2[ 45.3[ 40.4x 100% [0 .7 .72x 1.3.3x 11.0x 14.0.45[ 30.3% 24.2x 1.8x 5 9 / 71 .6x 33% [13.5% 3.6x 13.3% 5.6[ 35.5.5x 19.8x 16.7% 15.5x 39% [11.7[ 33. Airport Services Operators of airports and companies providing related services.0% 11.23x 4.46x 10.16.3x 4.3x 17.7x 8.7x 8.6x 44% [20.3x 32.6x 9 19.8x 4.30[ 33.8 .3x 0 19.15x 2.0x 0.7x 17.52x 5 11.0% 1.1 .7x 2.6x 0.8 .6x 4 1.0x 3.3x 87% [7.6x 35.17.8x 42% [1.4x 12. Table 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 49 7 3 39 49 8 11 30 49 7 17 25 49 6 23 20 49 5 9 35 0.1.6x 1.0x 0.5x 9 16.IMGR SE – JUNE 2006 5.7 .2[ 35.5x 4 26.15.8 .23[ 37.82x 69% [0 .6x 26.39x 4.00x 0.26x 2.3x 27 3 4 20 0.0% 1.1x 1.8% 0.5% 12.5x 18. Table 6 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 27 8 3 16 0.45x 2 8.5x 0.5x 20.4x 13.5x 94.1x 5 6.5x 1 1.0% 11.2.14x 2.5x 20.0x 10.9x 21.6x 24.9x 1.45x 0.6[ 48.0x 27 3 6 18 6.2x 14.3x 12.4x 18.52x 58% [0 .

0x 1 10 / 71 .7x 16.1x 32.1[ 41.6x 13.7% 7.22x 0. Table 7 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 27 12 2 13 0.9x 34 2 14 18 2.8x 1.8x 2 22.24x 60% [0.5% 1.86x 1.6x 8.2% 0.7x 76% [0.2[ 33.2x 10.2[ 38.7[ 37.4% 1.10.4x 63% [5.2x 1.0x 1.8x 59% [5.10.10.5 .6x 5.53x 2.1x 54.1 .78x 34 3 10 21 2.4x 34 2 8 24 0.1% 8.74x 1.1x 4 18.1x 1.6x 2.17x 2.1.3x 2.IMGR SE – JUNE 2006 7.7 .1.57x 0.72x 1.6x 7.68 .1 . Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fibber-optic cable network.6x 27.2x 1.3[ 36.1x 13.24x 8 11.7x 20.4 .3x 34 2 12 20 3.9x 80% [0 .46[ 69.17x 2 8.17x 1.4x 16.31x 3.70x 27 12 3 12 1.1.3x 1.22x 1. Excludes companies that primarily produce aluminium building materials classified in the Building Products sub-industry.3x 20.9x 47.1x 10.0x 3.5x 27 12 11 4 nm nm nm nm nm 27 12 13 2 nm nm nm nm nm 27 12 4 11 0.3% 19.4x 10.4x 10.23.8x 18. Aluminium Producers of aluminium and related products.6x 4 8.22[ 29.7[ 30.5x 5.1. Table 8 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 34 3 7 24 0.0% 10.6x 7 2.2% 1.1x 5 nm nm nm nm nm nm na nm nm nm nm nm nm na 1.52x 66% [0. including companies that mine or process bauxite and companies that recycle aluminium to produce finished or semi-finished products.5x 6.0x 68% [12.8x 24.8x 60% [0 .4x 7.6x 2.

6x 14.1x 2. Apparel.65x 0.0. accessories & luxury goods.8x 13.2x 67% [8.36x 3.0x 1.4x 6. luggage. jewellery and watches.8[ 27.06x 0.4 .0x 70% [0.5x 28.0x 8.2x 58% [1.7[ 28.5[ 22.87x 1.6x 4 20.0. Accessories & Luxury Goods Manufacturers of apparel.0x 8.2x 48% [6.0x 17.1x 1.87x 3 10.6x 19.3x 17.4[ 26.7x 3.2. Includes companies primarily producing designer handbags. wallets.73x 139 14 25 100 1.1x 41.4[ 34.78[ 26.13x 0.7x 3 2.7x 24.03x 58% [0.12.9x 44% [4. Apparel Retail Retailers specialized mainly in apparel and accessories.7x 6.7x 63% [4.41x 2.1x 8 3.IMGR SE – JUNE 2006 9.39 .4 .8[ 37.4x 139 11 17 111 0.9x 16.7x 1.1x 6.3x 139 11 38 90 1.7.6 .5x 11.6x 3 11 / 71 .5[ 26.1. Table 10 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 139 11 19 109 0.0% 7.2x 11.6% 8.8x 2.2% 9.15x 84% [0.5[ 29. Table 9 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 73 3 6 64 73 3 13 57 73 3 18 52 73 3 18 52 73 3 5 65 0.60x 0.3x 7.19.5% 0.4x 7.44x 0.3x 9.63x 3.65x 3 8.9x 26.5x 11.8 .6x 8.61x 0.3x 68% [7 .2 .3x 8.9x 13.7x 11.6% 0.83x 1.5x 25.5% 16.6x 5 14.6x 16.4x 1.9x 68.3 .7x 139 12 43 84 2.1x 41% [13.0x 1.7 .8x 42.9x 10.2% 2.2x 1.9.9x 5 10.7 . Excludes shoes classified in the Footwear sub-industry.2% 12.4x 0.1% 7.6x 2.7x 19.9x 4.1x 1.2x 5 19.6[ 36.9x 7 11.3x 8.13.7% 1.

03x 75% [0.3x 17.8x 26.0x 1.1x 16.7x 26.7x 33.0x 9. Includes enterprise and technical software.8x 12.1 .1x 44.2x 2. Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles.1x 16.3x 258 24 39 195 0.95x 1.6x 8 18.9x 52% [14.3x 4.4x 1.7x 4. Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market.16.7 .5% 2.3x 141 12 59 70 0.87x 62% [1.0x 1.4x 5 3.4x 141 12 32 97 0.42x 3.83x 1.3x 48.24x 258 27 80 151 0.9x 8.7x 58% [1.2x 1.70x 2.8x 23.27x 141 12 41 88 0.2.6x 33.5x 53% [10.9x 258 26 110 122 0.3x 1.6x 5 1.70x 3 7.3x 141 12 47 82 0.6x 16.4% 6.6x 16.7x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 12.9x 18.8x 12.48x 0.1x 7.6% 14.7.7 .7x 10.6x 23. Excludes companies classified in the Tires & Rubber sub-industry.6[ 22.9% 14.1x 59% [1.6[ 21.14.0x 258 25 108 125 0.2.70x 1.17.1x 8 19.02x 0.IMGR SE – JUNE 2006 11.8% 0. Excludes companies classified in the Home Entertainment Software Sub-Industry.13.8[ 28.8 .4% 11.7x 2.8x 12.6x 51% [10.6x 2.2x 18.0x 48% [13 .0x 6 28.1.7x 5 12 / 71 .5% 11.6x 7 13.1[ 32.1[ 22. Table 12 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 141 12 25 104 0.45x 0.55 .0x 12.45 .07[ 19. Also excludes companies producing systems or database management software classified in the Systems Software sub-industry.0x 16.6x 49% [5.8x 6.9x 13.70x 8 13.4 .0.4x 54% [10.2x 1.2% 20.7% 1.5% 1.11x 0.1x 12.1x 8.3[ 24.3 .4x 37.7x 4.3[ 24.49x 5. Table 11 EV / Sales EV / EBITDA EV / EBIT PER PBR 258 27 21 210 0.7 .87[ 28.1x 72.22[ 23.

5x 0.4% 0.81x 184 15 124 45 0.6x 53% [5.7x 184 11 31 142 0.2[ 37.69x 0.2x 1.9x 5.1x 11. manufacturing or marketing of products based on advanced biotechnology research.3% 1.5x 11.4[ 55.17x 5.1[ 32.4x 15.2x 42 1 16 25 4.2x 7.8x 6 47.6[ 26.6% 10.3x 30.3x 67.7 .9x 4 13 / 71 .2x 131.6x 44.2% 17.2[ 42.95x 2 23.7 . Table 13 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 42 1 9 32 0.6x 4 18.1.0x 7.95x 10.2x 1.5[ 48.0x 75% [0 .4x 35.06[ 25.4x 47% [1 .4x 5 14.1x 42 0 15 27 2.7x 75% [24.IMGR SE – JUNE 2006 13.43x 0.2x 1. 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.8x 24.3x 7. Table 14 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 184 21 46 117 0.0x 23.7x 3.0x 18.1x 10.35 .8x 1 16.0x 4 23.4% 28.13.6x 73.1 . Biotechnology Companies primarily involved in the development.6x 70% [1.0x 184 12 140 32 3.28.71x 48% [0.9x 184 14 133 37 0.3x 78.0x 1.6x 8.1x 34.26.62x 0.1x 85% [13.5x 22.8x 39.1x 66% [6.6% 3.0x 1.5% 24.7x 2.2.2x 24.6.0.2x 1 3.0% 7.1x 22.7x 55% [0 .11.8% 2.0x 17.8.71x 8 9.37.9x 9.1x 15.6x 11.86x 1.3 .2[ 36.0% 9.1x 2.44x 3.62[ 34.4x 2 1.0x 42 0 9 33 0.8x 28.03 .18x 0. Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks.1x 11.7 .4[ 33.61x 42 3 14 25 3.4x 19.2x 7.41x 5.59x 77% [3.58x 25.6x 11.

0x 20.4x 10.20x 1.35x 48 3 9 36 1.9[ 33.1x 1.6x 108 10 23 75 0.11.8x 35% [9.3% 18.8 .6x 2.7x 18.7x 2.1x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 16.3x 18.3% 10.6x 10.09x 4.1x 11.4x 17.1x 48% [1 .8x 10.12.4x 20.22.5 .3x 2 14 / 71 .53x 1.5x 6.4x 8 15.8x 108 12 26 70 1.4x 43% [9.3x 74.6x 33.9 .4x 4 26.1[ 23.1x 71% [0.78x 2.9[ 25.6% 10.12.3x 1.5 .21. Brewers Producers of beer and malt liquors.98[ 31.6x 51% [14.7% 10.8x 9.8[ 32.7% 17.9x 9. including programming.11x 108 12 24 72 3.1.8x 9 14.38 .4% 1.9x 6.1x 48 3 10 35 3.2x 1.9x 45.0x 47.1.5x 43% [9 .IMGR SE – JUNE 2006 15.0x 1.9x 5.4x 17.8x 2.4% 1.3x 108 12 39 57 0.3x 48 3 8 37 0.3x 9.5x 6 20.7x 14. Table 15 EV / Sales EV / EBITDA EV / EBIT PER PBR 48 3 10 35 0.8[ 33.12x 1.9 .77x 2.7x 62% [5.11x 1.3x 1. Table 16 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 108 12 9 87 0.5x 7.8[ 32.9x 14.9[ 31.77x 57% [1.1x 48 3 10 35 1.2.3x 12. Includes breweries not classified in the Restaurants subindustry.3% 2.0% 1.5x 1.4x 14.45x 2.9x 2.2 .0x 11.84x 8 9.6x 26.68x 7.4x 3 2.9x 18.84x 53% [1.9[ 45.5x 19.2x 71% [11.6x 14.4% 11.58[ 25.77x 8 9.6x 13.10.72 .7x 32.71x 3.6x 8 2. Broadcasting & Cable TV Owners and operators of television or radio broadcasting systems and providers of cable or satellite television services.1.

0x 3.9[ 23.2.3x 14.9x 7.1x 34% [14.15x 7.7x 139 13 21 105 0.5 .0x 26.9x 11.5[ 23.2x 13.5% 23.7x 37% [15.0.7x 8.35. Casinos & Gaming Owners and operators of casinos and gaming facilities.4x 5.8x 139 13 45 81 3.4[ 24.4% 2.72x 4.86[ 35.5 .57x 0.4x 9 11.0x 44 3 7 34 0.8 .2x 1.1x 8 2.8x 8 4.5% 16.4[ 24.5% 11.3x 11.03x 2.09x 0.14.1x 2.0x 5 15 / 71 .5[ 34.12.1 .20x 139 14 31 94 1.6x 13.9x 10.IMGR SE – JUNE 2006 17.2x 2. Excludes lumber and plywood classified under Forest Products and cement and other materials classified in the Construction Materials sub-industry.3x 20.3x 31.6x 24.23.0x 52% [1.5x 11.4x 45% [6.7x 30.3x 14.8 .67x 3 8.4x 16. Includes companies providing lottery and betting services.7x 3.3. Building Products Manufacturers of building components and home improvement products and equipment.8x 37% [24 .47 .0x 5 18.4% 12.24x 2.0x 7. Table 18 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 44 4 3 37 0.0x 39.79x 2.4x 8 19.5% 7.6x 5.8.67x 0.29 .2x 18.8 .6x 11.86x 1.3x 44 3 12 29 0.8% 2. Table 17 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 139 13 14 112 0.4x 40% [9.3x 26.11x 64% [0.3x 44 3 13 28 6.3x 19.1x 19.6x 139 13 45 81 3.71x 44 3 9 32 0.6x 31.79x 8 14.1x 53.8[ 34.0x 13.6[ 35.0x 2.3x 16.4[ 32.7% 0.0x 9 16.2x 72% [2.44[ 32.5x 30.2x 2.7 .7% 31.7x 5.5x 21.8x 19.3x 1.0x 36% [9.16.02x 62% [2.4% 3.51x 3.4x 3.7x 4 30.

7x 37% [1.0x 2.9x 7.2x 33 3 10 20 3.0x 17.7x 17.8x 85% [2.3% 0.1. Includes companies that provide door-to-door retail.0% 16.8x 5 16 / 71 .2x 8 12.9% 0.87x 51% [0.0x 12.61x 0.5% 2.8x 18.1x 2.3x 49% [10.7 .3x 20 5 5 10 3.8x 2.3x 32% [6.7 .3x 7 2.0% 19.87x 4 7.9[ 65.8x 49% [1 .2x 24.5[ 36.4 .8 .4x 20 5 4 11 1.1x 16.9x 73.9x 17.4x 1.0x 20 5 5 10 3.13x 0. Includes printers primarily serving the media industry.9x 9.0.0x 27.4x 11.19.4% 9.7x 0.26.89x 58% [0.5x 3.64 .7x 14.77x 20 5 4 11 2.9x 13.31x 33 4 7 22 1.6x 2.58x 0.4[ 30.5 .4x 1 1.3x 1.9x 11.21x 1.9x 3.1x 25.2x 4 27.1[ 36.IMGR SE – JUNE 2006 19. Table 20 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 33 3 6 24 0.6x 13.95x 1.10.2x 33 3 8 22 0.80x 0.2[ 45.0% 9.1.7.2x 47% [5.4x 44.0x 33 3 10 20 4.9x 8.35 .7x 9 11.7x 5 20.02x 2.3x 10.6x 6.9x 8.7 .3x 8 17.4x 9.7x 12. Catalogue retail Mail order and TV home shopping retailers.4% 1.4x 7.8x 5.47x 0.5x 8.4x 1.64[ 33.10[ 40.7x 39% [7.0% 10.0x 13.13x 0.4x 16.9x 0.88x 1.2x 3. Commercial Printing Companies providing commercial printing services.7x 10. Table 19 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 20 5 1 14 0.10.7[ 36.2x 38% [5.3 .26[ 42.89x 7 9.3.9[ 40.4% 6.

5x 26.8x 10.8x 29. Table 21 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 187 8 27 152 0.2x 13.4x 41% [9.6% 8.13x 0. Industrial Gases.4x 2 22.8x 5.9x 187 8 67 112 0.18[ 50.8x 18.7x 57% [5.17.4x 9 13.9x 8.0x 67% [4.7x 1.0x 26 3 2 21 0.49x 58% [0.1.32 .9x 12.3[ 23.3x 18.3x 26.6 . Excludes chemical companies classified in the Diversified Chemicals.2x 26 3 5 18 5.IMGR SE – JUNE 2006 21.4x 187 6 72 109 0.0x 59% [4. Computer & Electronics Retail Owners and operators of consumer electronics.0.1x 11.8[ 25. films.4% 1.4 .0. computers.9 .7 .08x 0.7 .5x 12.27x 63% [0.3x 1.1 .42x 0. Table 22 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 26 4 2 20 0.4% 17.1x 3 2.51x 187 8 51 128 0.8x 15.3x 82% [8.5% 10.4x 10.6x 8.4[ 30. explosives and petrochemicals.5x 5 22.2x 2.75x 3.8x 18. Fertilizers & Agricultural Chemicals.7x 12.7x 57% [1.4x 2.42x 6 10.1x 1 1.0x 187 6 42 139 0.5x 52% [0.4x 10.9% 2.0% 0.40x 0.0x 3.6x 1.4 .9x 4 15.7x 5 17 / 71 .6 .8x 39.7x 5.4x 13.9. video and related products retail stores.3[ 19.0% 0.53[ 45.1x 12.4x 19. synthetic fibbers. Including but not limited to plastics.66x 1.69x 1.77x 1.6x 80.6x 3.8.16x 26 5 5 16 3.9x 1.1[ 42.4% 6.3.17. or Specialty Chemicals sub-industries. Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals.5x 8.3% 11.6x 46% [11.13[ 37.7x 58.2[ 29. commodity-based paints & pigments.01x 4 9.8 .1x 28.6x 5 22.0% 13.5x 17.6x 8.6x 0.4[ 28.01x 1.8x 26 4 5 17 2.36x 0.3x 7.1x 0.2x 10.6x 2.

8x 4 24.9 .9x 58 3 17 38 0.3x 3 12.1x 1 2.46x 0.3x 7. Includes data storage components. printers and other peripherals.2x 23. Computer Storage & Peripherals Manufacturers of electronic computer components and peripherals.4x 26.3x 10.3x 29.7[ 30.8x 51% [4.10.4x 9.5% 10.2x 0.1x 75% [0.2[ 36.89x 3 13.4x 12.1x 10.4x 30.1x 72% [0.6x 58% [9.7. Excludes semiconductors classified in the Semiconductors sub-industry. Excludes manufacturers of copiers.99x 58 3 19 36 0.0x 5 18.49x 0.0.0x 17.8x 18.0x 34.1x 0.4% 1.0. monitors.8x 6.40x 0. Computer Hardware Manufacturers of personal computers.2x 25. keyboards.9% 7.87x 4 11.0x 8.6x 8.1x 1.01x 0.7 . motherboards.9[ 27.8% 9.8x 62% [0.9.23x 2.9[ 30.65[ 23. faxes and related products classified in the Office Electronics sub-industry.3x 1.1. audio and video cards.7x 9 24.6x 16.2x 16.1[ 39.89x 1.7x 15.95x 67% [0.9 . mainframes and workstations.9x 58 3 10 45 0.3 .14. servers.4x 16.7x 11.5x 57% [3.1x 11.2x 51.6% 10.0% 1.7 .1x 112 12 16 84 0.1% 10.97x 71% [0 .3x 54% [6. Includes manufacturers of Automatic Teller Machines (ATMs).8 .6x 5.53x 0. Table 24 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 112 12 15 85 0.4[ 31.3x 1.1x 61% [3.IMGR SE – JUNE 2006 23.6x 112 12 46 54 0.0x 1.5x 58 3 24 31 0.4x 10.1 .5% 0.5x 7.0x 1.9x 112 12 51 49 6.4x 68.6x 2.46[ 28.32 .21x 2.18.5[ 24.3 .9% 15.8x 2.2x 19. Table 23 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 58 3 9 46 0.1x 40.3x 5 16.1x 3 18 / 71 .0x 10.2x 3 1.12.1.5[ 41.76x 112 12 32 68 0.87x 1.07x 0.1x 1.4x 11.2x 14.3% 0.

4x 0.0x 49% [8.7x 6.5x 20.33[ 28.8x 14.2.7x 12.7 .9x 11.0% 0.1x 29.8[ 32.9x 3.10[ 28.1x 1.01x 62% [0.0x 7 17.3x 20.2x 14.3x 201 22 53 126 0.6x 11.17.4 .7% 13.5x 76.0% 13.1.9x 3 26.3x 35.0x 1.1x 4 2.0x 6.3x 113 7 24 82 4.13.8x 68% [3 . Includes civil engineering companies and large-scale contractors.8 .8 .2x 67% [0.0. earth-moving and construction equipment.6x 2.75x 0. Construction & Farm Machinery & Heavy Trucks Manufacturers of heavy duty trucks.3x 42.32x 0.4[ 24.3x 3.30x 2.20x 3.9x 9. Excludes companies classified in the Homebuilding sub-industry.3% 10.8x 201 22 17 162 0.3x 6.69x 113 7 20 86 1.3x 1 2.61x 1.1x 1.4 .1x 10.9x 56% [11.9x 15.6x 49% [9.3x 113 7 11 95 0.03x 0.7x 4 16.7[ 27.4% 9.1x 1.96[ 31.11x 201 27 54 120 0.8 . heavy farm machinery and manufacturers of related parts.5x 52% [1. rolling machinery.5x 3 25.1x 55.14.11. Table 25 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 201 26 32 143 0.5x 8.3x 13.4x 43.7[ 27.9x 14.7% 1.30x 0.7x 50% [4.5x 16.2[ 25.5x 201 25 61 115 0.0.7x 10.3x 19.7[ 31.9% 0.80x 1.6x 23.64 .0% 15.4x 14. Table 26 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 113 7 15 91 0.3x 19.0x 2.75x 5 11.2 .2x 56% [5. Includes non-military shipbuilding.1x 17.IMGR SE – JUNE 2006 25.7x 113 7 25 81 1.82x 81% [0 .5x 5 19 / 71 . Construction & Engineering Companies engaged in primarily non-residential construction.05x 0.3x 27.7[ 28.7x 28.61x 2 12.58x 0.3% 2.1x 1.6x 5 21.6% 6.0x 12.

VCRs.1. gypsum. lime.16x 1.1x 28.2% 7.3x 57% [7. game consoles and related products.9x 4 18.6% 19.1x 3.3% 1.3x 17. Other finished or semi-finished building materials are classified in the Building Products sub-industry.1x 44.12.12.3[ 35.1x 47.31.4x 16.6 .7x 1.3x 10.9x 17. Excludes personal home computer manufacturers classified in the Computer Hardware sub-industry. hi-fi equipment.1x 23.2 .4x 10.2x 45% [5.5x 1.5x 55% [5.83x 55% [1.2x 41 4 13 24 4.3 . concrete and bricks.4x 2 1.18x 1.1x 12. Consumer Electronics Manufacturers of consumer electronics products including TVs.6x 2.1x 7 2.3[ 35. and electric household appliances classified in the Household Appliances sub-industry.5x 41 4 16 21 6.3x 1.2.IMGR SE – JUNE 2006 27.69x 2. Table 28 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 41 4 4 33 0.6 .9x 50% [6.1 .2x 1.83x 8 10.1[ 29. Construction Materials Manufacturers of construction materials including sand.2x 5 15.2x 18.6x 1.19 .09x 0.2[ 39.4x 10.1.9% 1.2x 10.54x 2 11.44x 4.3x 3 17.16x 41 4 9 28 3.2x 115 11 44 60 5.55x 115 11 32 72 2.0x 23. Table 27 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 115 11 19 85 0.3% 10.0x 42.96[ 63.7x 22.1x 7 21.11.7x 11.1x 62% [1.55x 1.1x 1.0x 7.9[ 38.32x 0. clay.1[ 47.0.5[ 22.5x 115 11 21 83 0.08x 102% [0 .7[ 33.3x 9.3x 9.5x 23.7x 5 28.0x 27.52x 1.5x 37.0x 115 11 40 64 6.2x 52% [18.8x 41 3 4 34 0.54x 0.6x 5 20 / 71 .1% 10.78[ 25.86x 4.3x 1.6x 9.6% 0.7x 49% [1.0x 24.8x 2.2x 11.9x 5.8.3x 1. cement.0x 11.7% 8.1x 50% [11.20. aggregates.8x 6.6 .1 .8x 14.4x 10.3% 16.9% 1.9 .

93x 54% [0.8x 9.4 .5x 22. Department Stores Owners and operators of department stores.8% 1.0x 0.3x 33.2% 9.2x 51% [1.8x 76% [14 .6x 8.4x 55% [7.21x 78 6 14 58 4.9x 2 2.8x 2.6x 1.3% 0.20x 61% [1. Includes companies that provide services for back-office automation.6x 10.4x 8.1x 59% [12.2x 38% [9.7 .8x 45.4x 14.0x 9 14.8x 3 EV / Sales EV / EBITDA EV / EBIT PER PBR 78 6 12 60 0.98[ 33.70x 0.11.0x 22.44[ 37.6x 43 4 4 35 0.2[ 25.7x 22.8x 41.3x 17.2 .9x 17.6 .84x 1. Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services.8x 1.2x 78 6 25 47 2.20x 5.9x 14.2x 1.8% 1.6x 10.0.4x 7.8x 43 4 4 35 5.5x 12.6 .21[ 33.6% 21.2.56 .4x 78 6 10 62 0.5x 30.8x 18.1[ 42.7[ 34. Table 29 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 43 4 2 37 0.2x 53.84x 6 13.8x 2.1% 1.4x 24.5x 2.2x 56% [0.8x 5 20.62x 5 10.7x 41% [17.8x 26.17x 2.3% 13.3% 21.8x 5.03x 3.2x 18.5x 2.2x 5 30.3x 11.49x 0.6x 43 4 2 37 0.18x 0.9[ 41.2x 10 24.IMGR SE – JUNE 2006 29.25.9x 21.3 .9.14.0x 2.0x 40% [6.4[ 34.28.7x 8 3.6x 16.5x 9.1x 11.7% 8.22 .21x 1.62x 1.3% 13.3x 78 6 24 48 5. Table 30 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics 21 / 71 .31x 2.8x 4 34.7x 15.8x 4.9[ 36.2[ 35.3x 15.8 .59x 43 4 3 36 0.9x 116.

12.0x 57% [8.3x 3.9% 8.3% 18.9 .3x 7.62x 11.4x 12.1x 7 43.33x 3 8.1x 8.9x 9 12.8x 39% [14.9x 11.43x 0.3x 27.1x 46% [13.6 .0x 75% [3.6 .5[ 31.8x 10 22.4 .1x 53.0.7x 15.5x 40.9x 128.6x 43 3 2 38 0.4x 12.2x 2.6[ 34.8[ 25.1[ 41.19[ 27.2x 65% [1.8x 12.5x 22.4[ 25.1x 28.5x 4.3% 16.2x 0.7 .03x 5.38x 3.4x 1.6x 12.5x 49.05x 0.IMGR SE – JUNE 2006 31.8% 1.4 .8 .20x 2.9% 8.1[ 36.4x 19.4x 5 15.9x 30.1x 5 22 / 71 .66x 75% [0 .6x 4 1.2x 4 32.20x 3 15.55x 75% [0. vintners and producers of alcoholic beverages not classified in the Brewers subindustry.6x 43 4 9 30 7. Distributors Distributors and wholesalers of general merchandise not classified elsewhere.6x 2.1.2x 1. Distillers & Vintners Distillers. Includes vehicle distributors.1x 15.4x 50% [4.1x 31.23x 1.52[ 36.6x 12.1x 1.6x 87 10 19 58 0.25.76x 1.1x 7.85x 87 11 18 58 0.4x 61% [0.2x 43 4 8 31 8.8x 1.2x 0.9x 87 10 11 66 0.25x 0.9% 21.1x 6.1x 87 10 19 58 0.21[ 33.33x 0.0x 21.3[ 31.9x 20.3. Table 32 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 87 11 9 67 0.5x 9.2x 19.0x 2 3.58x 43 4 6 33 6.8.9x 51% [7.4x 8.5% 10.4 .2x 15.6x 17.8% 2.7x 4.8% 2.1x 24.3% 0.1x 16.25 . Table 31 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 43 4 1 38 0.2.10.

Includes commercial cleaning services.2x 41% [10.8x 13.8x 24.1x 6.0x 33.5x 2.58x 0.3x 8.4 .8[ 26.5x 5 23 / 71 .2x 15.4% 1.1x 6 12.IMGR SE – JUNE 2006 33.2[ 33.7x 0.3x 4 14.68x 1.9x 11.9x 12.3% 10.9x 8 2.02x 145 21 23 101 2.8 .1x 9.9x 2.5x 52% [0.8x 6.92 .1% 13.0x 13.5x 17.5x 51.2 .12x 0.85x 3 9.2 .0x 1.85x 0.16x 1.2x 14.2x 34 4 7 23 6.6x 5 34.4x 2.9[ 25.6x 44% [2.1x 145 20 33 92 2.6x 34 4 12 18 2.0x 8.1.02x 0.7x 145 19 16 110 0.8x 18.8x 8.3x 12.0x 14.92x 6 8.6x 4 2.9x 51% [16. Commodity Chemicals.35x 67% [0.12. Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases.4% 2.3x 1.1[ 20.7x 13.3x 22.3x 36% [5.13.1 .6x 8.4 .8% 0.7 .6% 17.12x 1. education services and security services. Table 34 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 145 20 15 110 0.67x 34 4 5 25 2.9x 34 4 7 23 1.0x 28.2[ 36.5x 6.86x 4.7.7[ 26. Specialty Chemicals or Fertilizers & Agricultural Chemicals sub-industries.6x 57% [2.5 .4[ 30.1x 8.6x 9.49 .4x 3.98[ 31.8[ 34. Table 33 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 34 4 4 26 0.0x 12.3.2x 8 13.0x 10.0x 1.5x 19.8% 9.1x 5.21.4x 18. Diversified Commercial Services Companies providing commercial and consumer services not classified elsewhere.99x 1.10.1x 35% [4.1.6x 2.8% 10.5x 3.0.0% 6.5x 22.92x 45% [0.17x 0.5% 1.31[ 38.9.5x 9 18.5x 40% [10.8x 145 19 40 86 0.

59x 1.8.9x 13.5x 8 17.0% 2.9x 26.8% 7.9x 17. Drug Retail Owners and operators of primarily drug retail stores and pharmacies.3x 4 2.0x 1.2x 9.02x 64% [0.6x 0.5% 10.12.0% 0.2 .5 .3x 6.5x 7.5x 14.8x 9 17.4x 2.8x 61.5[ 23.8x 2.19.1x 2. Table 35 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 104 19 12 73 0.5x 36% [14.1 .9x 12.24x 0.99x 5.6x 3.5x 3 19.88[ 60.0% 15.2[ 32.38x 0.3[ 62.3x 4 2.9x 14.5x 14.0.7x 56% [1.3x 22.2 .8% 9.4x 10.9% 22.6x 9.3[ 42.9x 18.6x 4.14x 1.8x 56% [4.6x 47% [1.5 .1x 19.2.3 . 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.6x 5 24 / 71 .82x 2.5x 5 36.6x 23.5[ 50.5% 0.3x 10.52x 12 2 2 8 8.0x 1.5% 2.6 .5x 12.1x 45.3x 17.7 .4x 13.70x 0.18.5x 7.4x 15.9 .7x 104 7 16 81 0.92x 2 10.1x 12 2 3 7 1.2x 18.3x 50% [11.11.22.5x 7.8x 9.5x 3.5x 9.5x 4 14.3.8x 104 7 29 68 1. Table 36 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 12 2 0 10 0.1x 73% [13.59x 5 10.92x 0.76x 63% [0.14x 0.IMGR SE – JUNE 2006 35.7x 2.3x 30.1.02x 2.9x 12 2 2 8 10.8[ 38.3x 62% [6.0x 104 9 28 67 1.3x 25.24x 104 13 24 67 1.4x 12 2 0 10 1.7[ 40.9% 15.1x 15.6x 2.8x 20% [8.4[ 27.13[ 31.17 .

5% 8.3 .3% 12.8x 30.8x 24.0x 31.8% 20.9x 7 14.3x 4.2x 57% [1.20x 3.2 . Electric Utilities Companies that produce or distribute electricity.0x 1.7[ 28.9.9x 6.8 . electrical components or equipment not classified in the Heavy Electrical Equipment sub-industry.13.9x 18.0x 10.77x 168 12 50 106 1.07x 0.07x 4.1x 13.9x 7.43x 2.4x 7.2x 15.39x 53% [2.9x 23.83x 117 23 11 83 0. Electrical Components & Equipment Companies that produce electric cables and wires.9x 5 25 / 71 .1 .9x 14.7x 7 1.1[ 28.26.5x 18.2.7x 52.3x 1.2x 11.3 .20x 8 9.9x 4 24.9x 8 18.8x 43% [1.16.2[ 22.9x 41% [5.9x 15. Table 38 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 168 14 22 132 0.0% 1.2x 22.05 .2x 9.8x 11.61x 2.4x 48% [6.4% 1.57 .7.0x 117 21 16 80 1.12x 5.8[ 26.8x 16.6x 1.1x 11.1x 168 12 55 101 3.2x 1.6x 68.6% 14.24x 1.26x 2.7 .7x 41% [11.7 .8x 5 38.7x 23.51x 70% [0.7x 9.0x 2.5% 7.17.73[ 26.9x 2.7% 12.5x 13.26x 5 11.4x 168 12 64 92 2.0x 14.6x 17.IMGR SE – JUNE 2006 37.9x 39% [10.5x 117 19 11 87 0.1.9x 168 13 30 125 0.8x 11.3[ 24.9[ 28.3x 26.0x 22.4x 1.7x 8 2.7x 55% [19.9x 39.3x 56% [11.7x 2.7[ 26.0x 117 19 21 77 3.8% 1.1.05x 1.73x 1.6x 1.0x 1.9 . Table 37 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 117 22 9 86 0.4x 6 18.2[ 31.1.7% 2.1[ 25. Includes both nuclear and non-nuclear facilities.

0x 9 18.0x 10.6x 10.89x 83% [0 .IMGR SE – JUNE 2006 39.4x 59% [22. Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.7x 2.29.2x 16.61x 1.1 .13.8x 51% [11 .9[ 34.4x 1.20x 3 10.5x 13.6x 1.2 .7x 4 24.8x 51.5% 0. Includes analytical.1x 1.5 .7x 22.6% 1.9 .1x 249 20 87 142 3.14.5% 22.1 .8x 3 26 / 71 .9x 5.37x 0.3% 0.0% 10.6x 8.25x 2.1.6x 14.1x 0.15x 249 21 67 161 0.8x 2.1x 31.3x 249 20 26 203 0.1x 1.6x 19.1x 61.0.8% 11. connection devices and equipment not classified elsewhere. electronic test and measurement instruments.1[ 22.8x 25.1x 6.1% 12.5x 6.3x 46% [4.14.4x 8.81x 4.20x 1.04x 0.1x 62% [0.1x 14.6[ 31.6x 14.4x 249 21 77 151 0.0x 25.1x 60% [0.4x 1.1x 61% [1.5x 47 5 1 41 0.63x 1.7x 17.37x 2 9.34x 69% [0.3% 7.2x 1. instruments or components.3[ 34.7[ 24.9x 47 5 10 32 1.7x 13.72x 47 6 6 35 1.8x 22.4x 22.8x 47 5 15 27 3.0.69x 1.3% 14.0x 2 2.8x 8 18.4x 10. Table 39 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 249 22 25 202 0.0x 46% [7.81[ 22.8x 5.3x 9.41 .3x 27.1x 8 2. Excludes OEM suppliers classified in the Electronic Manufacturing Services sub-industry. Electronic Equipment Manufacturers Producers of electronic equipment.1.11.7x 5 40. Table 40 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 47 5 2 40 0.1x 17.56[ 47.28x 0.7x 14.1% 1.3 .1x 1.9 .1[ 37.1x 40.0x 59% [9.3[ 25.7[ 21.05x 0.9x 12.4x 8.3x 7 14. electronic components.

16.1[ 29.2x 2.8x 41% [8.0x 16.4.29[ 44.0x 14.4% 8.9% 14.1x 41.8x 36% [15.28.0x 1.5[ 41.1. Table 42 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 48 7 3 38 48 7 8 33 48 7 10 31 48 7 14 27 48 7 4 37 0.1x 6 19.3% 3.91x 0.1x 12.33x 0.3[ 29.21.11.7x 0.3x 14. Environmental Services Providers of environmental services.69x 2.0x 21.2 .1x 1.7x 8 17.5x 1.8x 10.7 .5[ 40. Excludes large-scale water treatment systems classified in the Water Utilities subindustry.9x 13.7% 1.0.8x 20.54x 2.5x 36.87x 83% [0 .9 .10[ 39.4% 11.08x 0.1 .1x 37% [10.8x 10.6x 26.9x 15.6x 2.1.0x 2.0x 7.76[ 35.4 .91x 2 10.9x 27.7[ 39.8x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 42.1[ 33.3x 12.7% 9.0x 44% [11 .38 .40x 2 10.7x 42% [5.5x 3.8x 58 7 6 45 0.13.02x 2.1x 14.40x 0. Employment Services Employment agencies and related services.7% 23.1x 60% [2. Table 41 EV / Sales EV / EBITDA EV / EBIT PER PBR 58 7 3 48 0.8x 9 13.5x 8.6x 6 2.6x 58 7 18 33 3.9x 21.79x 5.5x 0.0x 2. Includes waste management and pollution control services.2x 2.8x 13.6x 3 27 / 71 .4x 25.1x 19.6x 21.4% 21.2x 1.1x 9 21.8x 4.4x 6.8x 8 3.4% 0.6x 39% [21.62x 1.1x 21.6x 10.04x 0.52x 1.0x 9.4x 34.IMGR SE – JUNE 2006 41.3x 22.0x 7.6x 61% [0 .74x 84% [0.7x 10.6[ 32.9 .0x 58 7 17 34 7.3x 15.7% 0.44x 58 7 14 37 3.

7 .24x 3.2x 1.9x 44% [9.1.IMGR SE – JUNE 2006 43.0x 0.47x 4 11.92 .9x 35.2[ 52.3x 0.7x 7 21.53x 1.0.1x 30.2.33 .3% 13.1% 12.1x 6.6x 18.9x 1.8[ 36.6x 29.08x 0.6x 4.3x 2. potash or other agriculture-related chemicals not classified elsewhere.6% 13.28x 1.75x 1.21.2% 8.9x 59% [6.15[ 42.8 .0x 2.1x 6 13.3x 77% [0 .7x 4. Food Distributors Distributors of food products to other companies and not directly to the consumer.5x 7.0x 9.4x 2.1x 5 44.0x 0.2x 12.2x 72% [10.2[ 55.43x 0.13.3x 11.8x 14. Table 44 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 27 4 4 19 27 4 6 17 27 4 8 15 27 4 4 19 27 4 3 20 0.0x 5 2.7x 2 28 / 71 .1x 8.47x 0.6x 10.6x 18.6[ 42.9x 8 18.5x 1.09x 1.0x 17.6x 13.48x 2.5 .13.7x 15.9% 11. Fertilizers & Agricultural Chemicals Producers of fertilizers. Table 43 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 65 1 16 48 0.14.2[ 42.9x 18.8x 16.4x 8.8x 65 0 14 51 0.9% 10.3x 1.4x 30.33x 0.9x 46% [6.2% 1.4[ 29.6x 9.8x 2.0x 57% [0 .6 .8% 0.65x 50% [0.4x 7.3x 10.7x 11.8[ 33.7x 3.65x 6 9.2x 10.61x 67% [0.9x 13.6x 2 2.93x 65 1 19 45 3.44x 1.1x 46% [1.4% 1.8x 7 14.9 .8x 13.10.7x 65 0 23 42 4.0x 27.6x 65 0 24 41 3.9x 36% [8.55[ 29.4x 23.2x 21.0% 1.5x 71.64[ 36.7 . pesticides.

7x 5.5[ 40.2x 7.2x 12.8x 16.9% 11.8x 29 1 5 23 0.2 .21.40x 0.9 . Food Retail Owners and operators of primarily food retail stores.2x 31% [18.7[ 42.5x 8.4x 34.6[ 38.29 .4 .6x 1.31 .7.42x 8 8. Includes sport and leather shoes.9x 29 1 6 22 5.9% 11.70x 57% [0.85x 1.45x 0.4 .57x 29 1 5 23 2.4 .4[ 43.3x 8 17.6x 7 15.1% 2.5x 8.2x 27.0.28x 0.57[ 45.0x 0.12.2.IMGR SE – JUNE 2006 45. Table 45 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 55 8 7 40 55 8 7 40 55 8 11 36 55 8 15 32 55 8 5 42 0.3x 4.7x 40% [6.6[ 35.1x 0.3x 36% [9 .4x 6.5% 6.6[ 39.7x 9 13.1x 4 2.0x 3.6x 42% [8.0x 6.5x 8.54x 0.4x 7.8x 14.8x 20.3x 7 8.55x 0.5x 0.7x 10.1x 2.9x 15.8x 5 46.13x 0.3% 1.0.2x 1.87x 2.0% 0.1% 9.0% 7.1x 8.2.1x 19.8x 1.3x 63% [1.6x 7.41x 0.46x 0.02x 0.4x 2.9x 17.5x 1.1x 3.6 .7x 17. Table 46 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 29 1 6 22 0.1% 18.0x 2.1x 57% [1.8[ 28. Footwear Manufacturers of footwear.7x 14.5x 29 1 9 19 2.0x 13.8x 14.4x 6.4 .4x 8.42x 45% [0.6x 10.12.1[ 33.3x 10.1x 25.8x 2.55x 2 7.1x 5 29 / 71 .1x 17.5% 0.9x 56% [4.2x 8 2.8.11.5x 16.3x 52% [4.46[ 30.

2x 11.0x 10. Table 48 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 52 6 10 36 0.7% 1.5x 13.2x 16.IMGR SE – JUNE 2006 47.5x 78% [7 .22.1[ 29.7x 3.7x 66% [12 .4x 74% [9.53[ 51.1[ 33. Excludes companies primarily involved in gas exploration or production classified in the Oil & Gas Exploration & Production sub-industry.89x 81% [0 .1.5x 1.60x 1.0x 34% [12.0x 52 6 10 36 4.0x 16.18.16.4x 16.4x 24.3x 1.1x 52.0x 18.49x 1.2x 38.9x 9.3x 9.4x 4 20. Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas.1[ 37.8x 9 16.6[ 25.2 .1x 1. Table 47 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 46 10 7 29 0.6[ 23.9x 1.7% 9.7x 1.43x 1.6x 1.8x 12.0x 0.3x 10 13.3x 53% [0.8x 24.7 .4x 14.5% 12.5x 8.9x 9.1[ 44.1.3 .7% 1.2.9x 1.17 .0x 9.0x 40.33x 2 12.33x 2.00x 1.5% 13. Also excludes diversified midstream natural gas companies classified in the Oil & Gas Refining.62x 49% [1.3x 4 17.4x 5.13.8x 24% [10. Includes lumber for the building industry.62x 8 9.14x 1.5[ 43.85x 4.2x 1.3x 4 48.14.3x 27% [8.4x 14.0x 8 1.06x 52 6 8 38 4.9 .8x 2.8x 39% [1.5% 13.6x 27.8x 3 1.98x 5.9x 16.3% 15.3x 16.8 .4% 8.3x 13.0% 1.8x 5 30 / 71 .1x 16.2x 3.8x 46 8 9 29 0.9% 0.5 .31x 46 11 8 27 2.6x 11.35x 0.4x 14. Marketing & Transportation sub-industry.1[ 37. Forest Products Manufacturers of timber and related wood products.8x 46 10 12 24 3.9.4x 46 8 15 23 0.3[ 40.63x 1.7x 9.8x 52 6 9 37 6.7x 52 6 9 37 0.1x 20.

3.63x 0.4x 22.4x 29% [2.8% 12.99[ 46.8x 2.25x 3.4x 77 9 9 59 0.0x 12.5x 7 4.29x 96% [0 .1x 66.9x 15.4 .1x 11.0x 84.9.1x 19.5% 16.6 .25x 2 29.12x 0.0x 5 2.5x 20.8% 30.9x 9.6x 31.55[ 45.4x 13.7 .8[ 42.74x 0.3x 3.3x 9.7x 40.5x 31 3 4 24 0.84x 2 11.9[ 47.4x 6.6x 20.37x 3.0x 13.2[ 50.0% 11.5x 41.1x 4 15.73x 24.4x 7 39.IMGR SE – JUNE 2006 49.6x 3.7x 1.6x 31 3 3 25 0.9x 2.4x 31 3 6 22 10.8 .6x 34.8[ 39.0x 2.4x 5 24.1x 77 9 49 19 5.5x 63% [1.5x 0 28.6[ 44.0. 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.20[ 45.23x 83% [0.5x 77% [33 .6x 7.4x 1.3% 7.7x 2.5x 53% [7.0x 40% [8.9x 3 31 / 71 .3x 10. including companies that mine or process gold and the South African finance houses which primarily invest in.67x 31 3 2 26 0.04x 9.2% 0.2[ 47.4x 77 10 51 16 3. Table 49 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 31 3 2 26 0.0% 2. Gold Producers of gold and related products.84x 1.9 .5% 3.0x 3.19.37[ 43.5x 55.4.1x 14.5 .6x 7. gold mines.44x 5.7x 24.4x 13. Table 50 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 77 31 13 33 0.1x 55% [24. but do not operate.0% 3.7x 120.12x 77 13 41 23 3.7x 31.4x 35.0x 51% [4.4% 36.4x 34.7x 34.9x 83% [0 .1x 31.4x 5 50.9 .48x 2.4x 21.5x 21.65.3.15.

IMGR SE – JUNE 2006 51.9x 50% [13.6x 3.1.2x 10.31x 3.4% 23.8[ 33.6[ 30.15.77x 51 2 7 42 0.86x 2 12.86x 0.7[ 35.1x 3.0.5x 67.07[ 37.63[ 50.36x 0.5% 1. Health Care Services Providers of health care services not classified elsewhere.4x 2.2x 11.3% 10.54x 2.31x 3.1x 24. Table 52 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 38 5 5 28 38 5 6 27 38 5 7 26 38 3 8 27 38 3 4 31 0.2x 37. Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere.3x 13.6 .9[ 32.9x 7.4x 2 32 / 71 .7x 4 2.2x 27.9x 8.6x 13.1.8x 12.7% 21.5x 8 2.25. Includes dialysis centers and lab testing services.7x 1.18x 0.0x 18.9x 66% [0 .2x 1.13 .40x 0.20.9[ 40.47x 4.5x 16.9x 8 27.6x 51 2 9 40 1.2x 11.6x 19.2x 4.12.7 .0% 12.9x 14.62x 1.3 .7x 2.5x 0.7x 17.7x 37% [1.1x 44% [8.6x 11.5% 16.4x 1.1x 18.1x 7 22.1x 24.2x 58% [13 .5x 44% [10.0% 0.7x 0.13.2x 23.98x 96% [0 .0x 22.0x 27.2x 32.1x 43.0% 12.6 .7x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 52.27.2.5x 8 18.8x 51 2 15 34 2.1[ 35.1[ 37.0x 9 16.6x 17.7 .7x 36.3x 23.80x 1.2x 24.9 .06x 0.0x 42% [9.5x 36% [22.3[ 38. Table 51 EV / Sales EV / EBITDA EV / EBIT PER PBR 51 3 2 46 0.72x 66% [0.0% 0.0x 2.7x 13.5x 3.1x 51 3 9 39 0.1x 2.3x 17.62x 1 13.2x 2.8% 2.

1x 57% [7. animal hospitals.05 .6x 61 1 10 50 2.71x 3.8x 133 11 11 111 0.0x 21.0x 15.9[ 29.85x 1.5 .2x 4.5x 24. Health Care Facilities Owners and operators of health care facilities.88x 59% [1.3 .2 .9[ 29.7x 53.2[ 34.3% 16.3[ 30.80x 7.1x 7 3.6% 13.5x 15.6x 11. rehabilitation and retirement centers.7x 63% [1.2x 16.54x 2.3x 22.0x 10.5x 61 2 13 46 0.0% 1.4% 18.4x 18.6% 8.58x 58% [0.0x 5.2.IMGR SE – JUNE 2006 53.0x 133 11 46 76 10. Health Care Equipment Manufacturers of health care equipment and devices.5x 4 21.5x 7.0x 3. Table 54 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 61 1 7 53 0.15.7x 7 2.2x 59% [0.30x 1.11x 1.8x 10.15x 4.2x 41.1x 3.9x 14.88x 5 15. Includes medical electronic precision instruments. including hospitals. nursing homes.5[ 30.0x 49% [15.1.7x 46% [4.9x 1.6 .8 .9[ 27.8.6% 1.9 .1x 8 18.0% 11.1x 2.7x 15.0x 1.1x 18.3x 2.55x 133 11 32 90 0.9x 2.1x 9.0% 1.0x 27.1x 43% [22.6% 25.0x 21.1x 13.7x 6 18. cemeteries and funeral homes.13.43[ 34.9x 2 54.0x 9 32.5x 21.1.2% 1.29.4x 45.5x 21.5x 1.7x 37.5x 61 1 12 48 0.74 .3x 2.9x 32.01[ 24.4x 10.24.2x 133 11 42 80 0.4 .5x 29.0x 15.07x 61 1 6 54 1.81x 2.2x 5 33 / 71 . Includes drug delivery systems.2x 71.2 .1x 38.8[ 25.7x 56% [16.17x 0.19[ 26. Table 53 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 133 14 15 104 0.36x 5 11.36x 2.2.1x 52% [11.0x 13.

18x 3.1x 8.6x 2.5x 14.6x 30 5 10 15 0.8x 2.11x 1.9% 0.6x 44 9 2 33 0.9x 2.84[ 43.8x 15.5 .1% 2.5x 8 14.8% 13.3x 98% [0 .78 .1x 23.5x 1.7x 36.1x 30 4 13 13 1.3x 65.14.14[ 33.1x 3.5% 12.7x 43% [12.5x 3.9x 24.9 .9x 7 26.4x 14.8x 14.2x 4. Includes eye care products.3.3x 1 3. Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment.1.7% 23.4x 18.26x 69% [0.6x 8.1x 5.6x 24.5x 52.8x 32.0x 91% [0 .9x 12.4x 12.5x 17.6x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 56.89x 51% [2.8x 69.7x 7.2x 44 9 14 21 8.7% 21.18x 8 12.8x 12.7x 1 28.59 .0x 24.4x 52.1x 9.7x 6 3.58x 1.91x 1.3 .1x 30 5 6 19 0.88x 30 5 9 16 0.7x 112.8x 18.55[ 38.0x 12.4% 2.9x 19. Table 55 EV / Sales EV / EBITDA EV / EBIT PER PBR 44 9 3 32 0.9x 44 9 8 27 13.03x 3.6x 55% [1.8[ 40.9[ 61.6[ 36.IMGR SE – JUNE 2006 55.7[ 66.1x 71% [1.7 . Table 56 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 30 6 6 18 0. Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere.60x 2.24.9x 17.6[ 68. Excludes cables and wires.15x 5 22.78x 6.6[ 42.15x 1.9x 22% [10.08x 0.6[ 37.9x 2. heavy electrical machinery intended for fixed-use and large electrical systems.5x 33% [11.2.22.4x 68.8% 3.31x 44 9 11 24 6. including power turbines.35.5x 4 34 / 71 .2x 26.5% 27.3x 89% [0 .0x 2.80x 3. classified in the Electrical Components & Equipment sub-industry.44.3.2x 1.3% 13.3 .5x 15.5x 2 41.

65x 7.9 .0x 4 1.3x 8.2x 1.2x 23.4x 10.8 .5% 1.6 .9% 1.13.5x 36.9x 65% [0.0x 3.7x 14.0.4x 63% [4.16. tunnels and railtracks.6x 21.1x 0.1x 44% [9. Highways & Railtracks Owners and operators of roads.8x 36.7[ 42.7x 2. Table 58 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 22 5 4 13 22 6 4 12 22 5 7 10 22 5 10 7 22 5 3 14 0.8x 39% [1.21.1[ 37.6.0x 12.73x 1. Home Entertainment Software Manufacturers of home entertainment software and educational software used primarily in the home.8x 22.6x 36% [10.8 .7x 1.79[ 25. Table 57 EV / Sales EV / EBITDA EV / EBIT PER PBR 38 6 5 27 38 6 8 24 38 6 9 23 38 4 8 26 38 4 5 29 0.1x 61% [0 .3x 4.6x 14.5% 10.8x 12.6x 2.1.1x 3 18.50x 1.90x 5.IMGR SE – JUNE 2006 57.3x 13.5[ 39.9[ 30.5x 1.57 .2x 15.7[ 41.9[ 34.2x 15.85x 65% [0.9[ 71.8x 7.6x 7 18.7x 5.5x 8 13.13.5x 14.4% 16.0% 11.4x 3.5x 18.4x 7.8x 8.6x 0.7% 5.7x 4.5 .8x 10.8x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 58.91x 4.03x 0.99x 14.8x 7 16.4[ 50.9% 6.3 .73x 5 6.3x 60% [7.5% 0.79x 7.84[ 61.8% 15.8x 10.6x 13.7x 29.1x 10.85x 8.54x 8 10.5x 18.6x 5 35 / 71 .1 .5x 7.61x 0.6x 7.01 .1.13.65x 0.4x 4.1x 6 1.6x 0.54x 46% [4.2x 1.2x 16.4x 1.1% 11.0x 1.7x 33.8.5x 41% [9.4x 5.0x 24.53x 0.

5% 1.6x 59% [1.1[ 37.2x 37% [4.1x 0.2x 6.7[ 34.4x 61 2 22 37 0. Homebuilding Residential construction companies.8x 5.0.47x 0.1.63x 0.1 .4% 1.3 .7% 9.0% 6.2x 9.5.5 .7.0.8x 32% [6.4x 8 6.0x 4 1.1 .9x 7.09x 0.0x 9.1x 18.77x 1.3x 14.5x 15. Table 59 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 61 2 8 51 0.9x 1.68x 55% [0.56[ 27.9[ 24.6% 6.2[ 35. Home Furnishings Manufacturers of soft home furnishings or furniture.6x 6.6 .0% 5.2x 4.90x 47% [0.1x 1.6.0x 0.0x 0.4x 35% [4.6x 19.61 .1x 62 14 8 40 3.73x 7 6.0x 45% [5.5% 0.4x 55% [5.23x 0. carpets and wallcoverings.0x 8.9x 61 2 21 38 4.3x 10.9[ 27.5x 61 2 8 51 0.2x 4.4x 1.9% 0.2x 7 10.5x 1.1x 6.9[ 29.5x 2.9x 6.3 .68x 6 7.3x 62 6 10 46 2.5x 1.8x 5 14.4x 27.04x 2.1.2x 5 1.8x 14.2[ 28.42x 0.4x 7.4x 5 36 / 71 .3x 62 6 11 45 0.8x 10.1x 7.82x 61 2 17 42 0.2 .IMGR SE – JUNE 2006 59.7x 12.1 .9.2x 6.1x 4.8. Table 60 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 62 14 6 42 0.8x 42% [5.6% 8.0x 12.1x 10. including upholstery.6x 5.82[ 42.10.6x 5 60.6x 13.4x 22.8x 8 8. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.91x 1.1% 5.1x 5.6x 3.73x 0.4x 36% [1.05x 62 14 7 41 3.1[ 31.1x 8.67x 0.7x 1.5 .

6[ 30.84x 106 20 24 62 2.4% 10.6x 9.73x 8.8x 13.1x 54% [0.5x 37.52x 3 14.6x 9 11.7% 1.0x 12.11.2x 18. Includes travel agencies.0x 4 20. resorts and cruise-ships.4 .28[ 27.53x 0.8% 23.6 .7x 19 1 4 14 3.3x 15.83x 46% [0. Table 62 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 106 19 24 63 0.79x 19 1 1 17 3.3% 9.2[ 25.2x 12.1.15.05x 1.5 .16.52x 3.6% 13.3x 4 25.2x 2.6x 2.7[ 44.70x 1.2x 25.8x 9 13.68[ 46.5x 14.8x 57% [8.83x 5 8.0% 1.14 .92x 70% [1.26 . Excludes casino-hotels classified in the Casinos & Gaming sub-industry.5x 2.2x 8.0x 18. Table 61 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 19 1 3 15 0.3x 106 19 29 58 3.1x 106 16 20 70 0.9x 11. Home Improvement Retail Owners and operators of home and garden improvement retail stores. Resorts & Cruise Lines Owners and operators of hotels.6x 27% [6.9x 65% [0.2x 19 1 3 15 0.1x 2.2x 60% [6.1x 4 62. Hotels.05x 1.77x 2.1x 21.0% 14.8x 27% [8.3x 7.9x 18.6x 23.6 .7x 10.0% 1.7x 12.2x 4 37 / 71 .5x 32% [13.1. Includes stores offering building materials and supplies.46x 2.6 .8 .8[ 46.9x 4.0x 1.59x 0.7x 30.4x 15.3x 0.1x 19 1 0 18 4. tour operators and related services not classified elsewhere.3x 50.9[ 32.2x 1.4 .7x 56% [15.2% 8.6x 1.3x 26.23.42x 0.6[ 50.7x 8 1.IMGR SE – JUNE 2006 61.2.6x 5.5x 8.1x 11.0x 13.6x 2.0.9 .8.9x 11.5x 18.1x 12.5x 7 2.8[ 41.11.1x 1.2x 8.7% 0.8[ 27.4x 106 15 29 62 1.9x 66.

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.6x 2.8x 1.9x 5 11.4x 11.8% 0.0x 56% [4.9% 1.0x 11.3 .2.0x 6.4[ 31.4x 18.0% 19.18x 26 3 5 18 4.13x 3.14[ 35.8[ 52.4x 5 1.36x 0.4x 77% [0.5x 19.1x 28.8x 26 3 8 15 11.0x 7. Includes manufacturers of power and hand tools.20.5x 22% [11.6[ 29.4x 14.4x 7.43x 0.6x 18% [18.6.5 .24x 2.2.4x 28% [9.8x 1. Household Products Producers of non-durable household products.9x 9.6x 56% [8.8% 6.0x 16.9[ 40. including detergents.85x 1.8x 5 64.4% 1.0% 10. Table 64 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 26 3 4 19 0. Table 63 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 66 4 11 51 0.3% 12. including garden improvement tools.7x 11.5x 0.1x 8.6x 8 3.18.3x 54% [11.3x 5.2% 13.3x 1 38 / 71 .7[ 29. diapers and other tissue and household paper products not classified in the Paper Products sub-industry.9x 12.4x 1.0x 26 3 6 17 0.1x 21.3x 26 3 6 17 5.3 .77x 66 5 14 47 0.62x 61% [0.7x 15.0.4x 66 4 11 51 0.6x 66 4 19 43 4.4x 8 11. Household Appliances Manufacturers of electric household appliances and related products.7x 10.6x 13.6x 23.1% 0.IMGR SE – JUNE 2006 63.1x 5.6x 2.7 .9x 9.28 .1x 6.2x 22.48x 0.0x 9.8x 2.7x 10.49x 61% [0 .8 .1 .3x 0.5x 8 17.4x 13.6x 6 17.12[ 50.2x 66 4 18 44 0.83x 1.16x 0.56[ 43.2x 17.11.97[ 36.5% 10.0.9x 39.7x 64% [1.6 .3x 4. soaps.3 .3x 9.4x 9.43x 4 8.88x 1.3x 15.24x 3 9.5[ 37.7x 1.02x 0.

6.0x 7.8x 23 0 4 19 4.6x 43% [13.5x 1.1x 45.3x 15.5 .5x 5.3% 0.24. cookware.0x 2.2[ 28.4x 4.4x 65% [7.91[ 33.2x 14.15x 2.9x 14.61x 0.9x 74% [0 .3[ 39.8[ 57.8x 13.8 .IMGR SE – JUNE 2006 65.5x 48% [2.48x 0.7x 7.51x 0.5x 18.5x 5 39 / 71 .4% 1.51x 43 5 10 28 1.2x 7.3[ 46.4. respectively.08x 0.6x 16.0x 8.6[ 34.1[ 40.9x 8.0x 0.1.5x 2.6x 8.9x 45% [3.4x 72% [6.43x 0.8x 7.1 .9% 21.2% 8.6x 15. Excludes Food and Drug Retailers classified in the Food Retail and Drug Retail sub-industries.4x 3.8x 19.0x 9.1% 12.15.61x 3 7. silverware.0.8x 23 0 3 20 0.4x 43 5 15 23 0.7 . Housewares & Specialities Manufacturers of durable household products.4x 23 0 5 18 8.0x 9.6x 8 14.9% 7.8x 9.8x 20.8x 21.6x 37% [6.13.0x 43 5 5 33 0.13x 0.0.67x 1.51x 43% [0.9x 5 13.0x 5.22 .98x 23 0 4 19 1.92x 65% [0.9x 1.6x 8 2.8x 40. Table 65 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 43 5 5 33 0.6 .2x 10.3x 40.2x 28. kitchenware and consumer specialties not classified elsewhere.0x 14.8x 10.0% 3. Table 66 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 23 0 2 21 0. including cutlery.0x 14.51x 7 8.3% 0.6% 6.37x 0.3[ 42.11.2x 3.3x 0.1x 2 66.8% 10.1x 8 21.7 .8.3x 2 16.43[ 33.1x 1.4 . Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. crystal.5[ 38.6x 22.67x 0. glassware.9x 0.8x 3 1.1x 43 5 12 26 1. utensils.1x 35% [7.49 .

1x 15.9x 8 2.79 .8x 5 EV / Sales EV / EBITDA EV / EBIT PER PBR 9 1 1 7 9 0 2 7 9 0 2 7 9 0 3 6 9 0 1 8 0.9x 10.1x 14.0x 61% [0.17.22.9x 17.1.0x 1.47 .3x 17.5% 1.3x 1.1x 11.32x 0.7% 12.18[ 57.4x 25% [8.4x 3 15.7[ 50.12.9x 57.8x 3.89x 30% [1. Table 68 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics 40 / 71 .2x 13.6x 1.2.3x 21.7% 8.4x 8.2 .8 .73x 1.0x 12.1x 2.8x 20.1x 11.0x 20. Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors.08x 2.0x 1.6x 5.7x 7.9x 10.7x 8 20.45[ 29.1[ 42.1x 11.12.1x 15.1[ 71.3 .1% 18.2[ 37.6x 18.4x 1.0% 3.85x 1.0x 5 19.9x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 68.53x 2.7x 21% [13.21x 2.2x 15.5x 64% [17 .7% 0.67x 5.3x 10.3x 17.6x 105 8 28 69 0.9[ 34.20x 105 14 19 72 3.7[ 26.0% 22.3x 7.22x 2.9x 36% [1.0x 105 8 9 88 0.21x 3 13.2 .7x 4.9x 15% [20 . Table 67 EV / Sales EV / EBITDA EV / EBIT PER PBR 105 14 17 74 0.2x 19.IMGR SE – JUNE 2006 67.0x 9.1x 3.90x 1.1x 22.1[ 50.7 .1x 1.8x 24.68x 75% [0.8x 2.1% 1.4x 8 15.4 .4x 20.14.6x 8 2.5x 64% [7.8x 1.98x 1.89x 8 9.4[ 29.9% 17.3.4% 10.7x 33.22. 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.0x 10.5x 105 13 31 61 5.8x 47.7x 53% [9.11x 5.1.6x 22. Industrial Gases Manufacturers of industrial gases.

6x 9.6x 16.7[ 18.8 .0x 4.5x 8. marketing and transportation. Industrial Machinery Manufacturers of industrial machinery and industrial components.6x 5 2. escalators.3.9x 34 0 6 28 6.2[ 19.7x 1.5x 34 0 4 30 1.5x 11.6x 16.5x 18.0x 2.94x 1.5 .0x 10.87x 0.0x 18.7x 46% [11.37x 2.7 . pollution control equipment. roller bearings and other metal fabrications.6x 2.84x 34 0 4 30 1.08[ 48.9 .1x 1.5x 5.97x 337 37 71 229 0. Integrated Oil & Gas Integrated oil companies engaged in the exploration & production of oil and gas.0% 2.0x 1.8% 8. or chemicals.0x 337 37 92 208 0.9% 0.6x 3.0x 337 37 83 217 0.46x 2.7% 16.7x 40% [4.63 .6% 11.53 .3% 5.1[ 21.2x 2.4x 337 37 33 267 0.4x 62% [1.4[ 43.0.4x 16.20x 53% [0. Table 69 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 337 37 43 257 0.5x 41% [5. pumps.20x 0.2[ 28.78[ 17.1x 3.7x 9 7.1x 5 70.77x 1.4x 13. elevators.58x 0.1% 1.6 .12.6x 12.0x 10.1x 9. compressors. Table 70 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 34 0 3 31 0.6x 5 41 / 71 .5x 9 10.7x 34.5x 8 13.3 .3[ 20.0% 6.7x 7.4x 6.3x 5.7x 11.9x 34 0 4 30 1.6x 11. as well as at least one other significant activity in either refining.0x 7.1[ 30. machine tools.8.17.0x 4.87x 5 5.7x 8 22.94x 4 9.4x 9. insulators.5x 5.4x 13.1.3x 66.07x 61% [0.4% 0.2x 2.9[ 50.7.04x 1.63x 0.6x 26.5x 48% [7 .9x 6.5 .IMGR SE – JUNE 2006 69.5x 2.9x 24.09x 0.4x 6.6.0x 59% [12.14.6x 31% [2.7x 8 2.7x 23% [10.7% 12. Includes companies that manufacture presses.1x 9.

39[ 23.4x 2.6% 13.1 .22x 18 4 5 9 4.3.13[ 26.1x 16.4x 12.5 .7x 9 10.4[ 71.2x 5.0x 56% [8.34 .1x 10.7x 9 13.87x 5 5.20. Table 72 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 18 3 3 12 0.0x 2.8x 92 7 30 55 0.3x 20.8x 1.8x 1.8x 1. Internet Retail Companies providing retail services primarily on the internet.2x 1.6x 8.7x 34.7x 2.1x 5.40x 8 23.3x 6.4x 12.6x 2 3.2[ 57.9[ 55.4% 15.7 .8x 5 42 / 71 .25.3x 92 7 16 69 0.67[ 50.8x 32.21.1.1x 21.6x 7.2% 5.8x 91% [0 .8x 11.7% 2.2x 18 3 8 7 7.05x 1.2[ 31.8x 0 26.9 .8x 4.86x 2.3x 1.7x 36% [4.72x 1.69 .87x 54% [0.5 .1x 57.8% 11.3x 7.1[ 32.0x 14.5 .0x 55% [1.6x 33.56x 1.3x 18 3 4 11 0.7x 4.0x 70% [0.6x 10.25x 3.1x 29.IMGR SE – JUNE 2006 71.6[ 26.13.4x 20.7x 21.3x 92 8 28 56 2.4x 20.2.7x 5 72.1x 13.3x 86% [0.2.9% 1. Integrated Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line telecommunications services not classified elsewhere.6 .6[ 72.1% 14.60x 4.2x 8.3x 1.6x 4.48x 62% [1.4x 81% [3.2x 14. Table 71 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 92 11 7 74 0.1x 12.1x 18 3 8 7 6.1x 66.23x 1.4x 77.15x 1.1x 2 26. not classified elsewhere.7% 11.0% 1.7x 40% [10.21x 0.53x 92 8 19 65 1.0x 8 2.3x 13.0% 1.40x 2.

7x 5 18.0x 77% [7.8x 3 74. web address registration services.09x 91% [0.73x 1.0x 22.7x 8.1x 82% [0 .6[ 30. Table 74 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 225 29 33 163 0.08x 0.1x 21.2x 8.2% 0.65x 225 29 72 124 0.3x 3.71 .3% 9.2.35[ 22.2[ 20.4x 2.2x 73% [1.0% 30.9x 10.5[ 26.11[ 34.3x 28.6x 11.0x 15.41[ 31.2x 2 23.4x 225 27 45 153 0.94x 2 18.5x 8 3.6% 8.4x 2.4 .7x 49% [6.7x 1 31.63x 7. Internet Software & Services Companies developing and marketing internet software and/or providing internet services including online databases and interactive services.4x 2.8x 70.17.3 .3x 28.6x 15.8x 63% [26 .95x 201 32 70 99 0.2x 9.0x 27.8x 225 28 86 111 4.2% 8.IMGR SE – JUNE 2006 73.2x 19.86x 69% [0. Includes information technology consulting and information management services.1.9x 16.9x 35.2x 25.5x 4.0x 58% [13 .35x 2.0x 1.2x 1.73x 3 11.6[ 29.9x 5 2.3[ 26.4x 15.19x 2.1% 13.2x 10.06 .00x 0.5 .79x 1.6x 87.3x 201 31 91 79 0.8x 0.3x 52.8x 60.9x 15. Table 73 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 201 35 25 141 0.3x 56% [16.5% 1. 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.3x 5 43 / 71 .32x 0.4 .9x 201 30 97 74 0.3x 201 31 19 151 0.6x 22.9.2x 225 27 102 96 1.1% 0.6x 7.94x 0.7x 2.1x 5 27.9[ 27.15.5x 42. Excludes companies classified in the Internet Retail sub-industry.2% 20.9% 1.40x 0.0.2.5x 15.7x 32.3x 6.38.24.7x 10. database construction and internet design services.3x 78.4[ 26.7 .8x 1.7x 15.6x 57% [1.

9x 17.06x 0.7x 62 1 5 56 0.6 .66x 7.6x 62 1 16 45 3.4 .73x 0.9x 11.5x 8.0x 20.2x 31.3% 9.9[ 33.IMGR SE – JUNE 2006 75.1x 22.5x 57% [8 .2x 8.7x 16.9x 18.7x 56.04[ 29.8[ 36.16x 2.2x 1.8x 60.3x 2.18.8 .1.12.6x 63% [13. bicycles and toys.9x 6 14.1 .4% 2.30x 1.4x 4.24.1x 17.3 .4x 1.7x 8. including sport and fitness centers.9x 5 2.88x 58% [2.4x 11.5x 4 76.08x 41 1 8 32 4.18.8x 3 18.51x 0.5x 3.1[ 41.1x 2.2x 70.1% 1.0% 15.8% 7.70x 2. Leisure Facilities Owners and operators of leisure facilities.37x 62 1 13 48 2.1x 10.7x 22.8x 7.8x 41 0 15 26 8.6x 27.9x 11.4x 2 44 / 71 .4x 1.5x 1.8x 15.52x 8 13.52x 3.3x 38.5% 17.3.1% 1.1x 65% [1.8x 41 0 6 35 0.5[ 43.5x 14.2.6x 6.2x 41 1 15 25 2.5[ 42.6x 4 22.3x 30.7x 68% [0 .1% 0.0x 6 26.81x 7 10. Leisure Products Manufacturers of leisure products and equipment including sports equipment.6x 16.2x 34.1x 8.5[ 33.90x 60% [0.6[ 37. Table 76 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 62 1 6 55 0.3x 0.1.48 .8x 62 1 20 41 5.3x 6.3% 16.10.7x 12.2x 2 2. stadiums.5x 60% [3. golf courses and amusement parks not classified in the Movies & Entertainment sub-industry.6x 17.68x 2.9x 9. Table 75 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 41 1 5 35 0.3x 60% [7.7 .5[ 32.6x 57% [8 .3% 8.69[ 31.2x 1.9.81x 1.3x 59% [14.

5x 27.52[ 34.08x 0.4x 2.3x 3.4[ 54.1x 16. Table 78 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 60 9 7 44 0.1x 38% [8 . Resorts & Cruise Lines sub-industry.88[ 66.1x 2.9x 1.7x 5.8 .7 .1% 1.43x 0. Marine Companies providing goods or passenger maritime transportation.4x 12.7.2x 14 4 2 8 3.6x 14 0 3 11 1.19x 5 8.2x 6.4x 39% [16.50x 14 4 2 8 3.9x 3.11.2% 5. Excludes cruise-ships classified in the Hotels.7x 14 0 2 12 5.0x 1.6x 7. Table 77 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 14 4 1 9 0.5x 8.6x 1 11.0x 74% [0 .67x 5 8.5x 22.2.3x 2.24x 2.67x 1.5% 2.9x 4.1.1.26x 1.IMGR SE – JUNE 2006 77.62x 0.15x 4.8x 17.0% 19.4x 8 2.7x 32.81x 56% [0.6[ 34.5.3[ 29.2% 5.7% 0.60x 65% [0.7x 11.9x 4.88x 1.4x 0.3x 4.1x 7 9.1x 5.5x 5 45 / 71 .4x 78% [0 .5% 8.1[ 41.3x 3.0.1[ 50.5% 3.5[ 45.5x 5.5% 9.4x 9.0x 60 9 9 42 1.2x 1.4x 0.40x 60 11 8 41 0.4x 10.09 .6x 5.1x 38% [7.7x 9.5% 1.1x 7 17.5 .6x 5 78.3x 10. Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.2 .6x 60 9 13 38 0.2x 11.7x 8.8x 60 9 7 44 0.5x 2 1.6x 26% [1.9x 2 10.6x 55% [0.7[ 62.23.19x 1.7x 12.9x 18.27x 0.6x 3.4x 12.4 .6x 20.4x 33.1x 14.13[ 62.8 .5x 1.1x 84% [0.

21x 0.54x 35 1 5 29 2.6x 13.1x 8 2.2x 1.7x 1.5.5[ 31. glass or plastic containers.16.5x 11.3% 10.3x 11.20x 1.3x 35 0 0 35 0.3[ 31.57x 8 11.4[ 35.6x 10.3x 23.19x 2.2x 9 18.2[ 31.8 .4x 14.7x 2.3% 15.0% 13.3 .4x 35 0 7 28 6.5[ 39.1x 35 1 6 28 2.18.1x 11.2[ 31.8[ 29.5% 0.7x 15.2x 2.0x 3.9x 23.96x 4.3x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 80.49[ 40.4x 17.46x 1.0% 0.32x 11.3x 38% [2.2x 0.6[ 29.6x 34.7x 48% [9.23x 67% [2.0x 44% [12.8x 26.4x 2 46 / 71 .5x 4.23.5 .7x 2.77x 5 6.3x 40% [5 .5x 8.4x 2.3x 18.12.5x 0.6x 1.0.5 .2 .74 .IMGR SE – JUNE 2006 79.0x 5 15.7x 6.1x 7.0x 0.6x 14.2x 42% [14.52x 0.0x 21.12. Marine Ports & Services Owners and operators of marine ports and related services.3x 14.62x 0.84[ 32.7x 9 14.9% 6. Table 79 EV / Sales EV / EBITDA EV / EBIT PER PBR 35 1 2 32 0.48 .0x 10.0x 4.3x 10.7.5x 8.91x 55% [0.57x 3.2x 8.3. Metal & Glass Containers Manufacturers of metal.4% 2.8x 0.5x 15.1x 29% [18.3x 50% [6.0.7% 20.8% 11.6% 3.3x 10 10.9x 4.7x 12.5x 19.3x 5 1.7 .8x 19.6x 1.5x 29. Includes corks and caps. Table 80 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 61 2 9 50 61 2 12 47 61 2 15 44 61 2 18 41 61 2 15 44 0.4x 6.4x 61% [0 .77x 1.11x 6.

2x 3.1.2.8x 92% [0 .1x 56.5.1.4 .7 .5x 9.1x 9.6 .03x 0. including companies engaged in the production. scooters or three-wheelers.4x 87% [3.3x 2.8 .7x 66% [6.13.16.91x 3.31x 16 3 7 6 8.1x 0 nm nm nm nm nm nm na 94.3x 41.7x 72% [0. Motorcycle Manufacturers Companies that produce motorcycles.4[ 66.3x 1.2% 5.47x 69% [0.80x 0.7[ 31.1x 13.1x 1. producers and distributors of music.08 .0x 1.157.4% 1.7% 22.9x 74.2x 4.5x 5 14.99x 4.62x 1.8x 213.28x 71% [0.8x 74.3[ 30.9[ 44.8x 1.7x 2 1.8x 7.3[ 35.5[ 29.5x 13.5 .2% 11.38x 0.7% 104.26x 2 23.3x 96 10 43 43 0.6x 5 47 / 71 .IMGR SE – JUNE 2006 81.6x 3 2.7x 2. Excludes bicycles classified in the Leisure Products sub-industry.8x 20.6x 162.3x 96 9 40 47 0.6x 2.4x 24.9% 1.7x 11.1x 2 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 82.80x 3 7.32[ 66.87x 1.26x 1.1x 65% [8.2x 7.6x 46% [1.0% 0.9% 11.1x 1.1x 16 2 5 9 1. Table 81 EV / Sales EV / EBITDA EV / EBIT PER PBR 16 3 5 8 0.8x 15.08x 96 10 21 65 0.06x 1.3[ 26. Movies & Entertainment Companies that engage in producing and selling entertainment products and services.1x 35.1x 2.9x 52.1x 6.1.1x 11.1x 63% [2.6 .65 .0x 16 3 8 5 nm nm nm nm nm 16 3 7 6 12.5x 19.0x 1.1x 5 18.5% 0.8x 96 9 20 67 0.6x 13.2x 19.73x 1. entertainment theatres and sports teams.5x 9. Table 82 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 96 11 9 76 0.3x 6. distribution and screening of movies and television shows.26[ 50.

6x 9.3x 8.7x 17% [9.9.9x 21% [8.5 .7[ 29.1% 0.17.7x 9 23.4 .42 .0x 12.6 .6x 13.8x 13.6x 1.78x 37% [1.7[ 57.2.3x 15.0x 8 1.4% 1.0% 1.9x 11 3 2 6 11.0x 5.7x 9. Office Electronics Manufacturers of office electronic equipment including copiers and faxes.6x 15.71x 2.1x 15.1x 11.13.IMGR SE – JUNE 2006 83.7x 8.1x 17.4 .62x 1.1% 1.8x 13.7x 21.1.1x 36.13.24x 3.5 .21[ 57.5% 8.6x 7.20.43x 0.9x 18.5% 12.9x 2.5x 20.9x 10 14.2x 62% [12 .6 .4x 54.7x 8.1x 1.9x 2.34x 1.1% 17.1x 3.1% 8.0x 1.6x 11.8[ 27. Table 84 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 11 3 1 7 0. Includes unregulated independent power producers and distributors.4x 1.47x 2.3x 11 3 0 8 1.5x 11 3 1 7 13.2% 15.0x 1.3x 5 13.0% 13.0x 38% [14.4x 58 4 6 48 1.77x 11 3 1 7 7.1.95x 1.1.9x 22.7x 4 2.7x 1.1x 22% [11.1x 5 48 / 71 .8x 16.3 .7[ 57.4[ 40.78x 8 8.28 .1x 11.3x 13.7x 23.9x 1.26x 62% [0.2[ 50.61x 58 7 7 44 5.7x 26% [1.8[ 42.8[ 50.8x 58 7 9 42 8.3x 44% [6.0x 15. Gas Utilities and/or Water Utilities sub-industries not classified elsewhere.3x 2. Multi-Utilities & Unregulated Power Utility companies with significantly diversified activities in the Electric Utilities.9.4x 58% [0.72x 1.21x 1. Table 83 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 58 7 3 48 0.7x 5 84.78[ 35.44x 1.0x 14.8x 17.9x 58 5 8 45 9.21x 5 11.5x 14.1x 9 18.

IMGR SE – JUNE 2006

**85. Office Services & Supplies
**

Providers of office services and manufacturers of office supplies and equipment not classified

elsewhere.

Table 85

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

56

6

9

41

0.16x

0.39x

0.56x

0.88x

1.84x

56

6

12

38

1.7x

7.2x

9.3x

10.5x

16.0x

56

6

15

35

1.9x

11.0x

13.8x

17.6x

28.2x

56

6

26

24

7.2x

14.9x

18.0x

22.6x

38.0x

56

6

11

39

0.0x

1.0x

1.6x

2.5x

4.6x

0.68x

62%

[0.43 - 0.71[

36.6%

0.51x

0.51x

5

8.8x

36%

[8.9 - 10.8[

31.6%

9.4x

8.8x

9

14.0x

44%

[13.1 - 17.1[

25.7%

13.9x

14.0x

9

19.3x

37%

[17.2 - 22.6[

33.3%

18.1x

19.3x

8

1.8x

60%

[0.8 - 1.7[

35.9%

1.3x

1.3x

5

**86. Oil & Gas Drilling
**

Drilling contractors or owners of drilling rigs that contract their services for drilling wells

Table 86

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

25

4

4

17

25

4

3

18

25

3

4

18

25

3

6

16

25

3

3

19

1.11x

2.63x

3.81x

5.35x

9.34x

3.3x

6.5x

12.1x

18.0x

30.5x

6.3x

9.1x

17.1x

29.5x

59.2x

7.3x

12.9x

22.1x

32.4x

57.5x

0.8x

2.7x

3.3x

4.4x

6.5x

4.55x

59%

[0.99 - 3.11[

35.3%

3.11x

3.81x

4

13.3x

57%

[8.8 - 17.5[

38.9%

10.9x

12.1x

7

21.3x

70%

[1.6 - 17.2[

50.0%

13.3x

17.1x

3

24.7x

58%

[1.5 - 16.9[

37.5%

16.9x

22.1x

3

3.6x

38%

[1.7 - 3[

36.8%

2.7x

3.6x

5

49 / 71

**IMGR SE – JUNE 2006
**

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.

Table 87

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

88

18

2

68

0.03x

1.70x

2.62x

3.86x

6.86x

88

18

2

68

0.2x

9.6x

12.7x

16.2x

26.2x

88

17

5

66

0.2x

13.5x

17.4x

23.6x

38.8x

88

17

11

60

2.7x

18.0x

25.0x

31.8x

52.7x

88

17

4

67

0.6x

2.4x

3.6x

4.9x

8.5x

2.79x

51%

[1.05 - 2.11[

27.9%

2.03x

2.79x

6

13.1x

41%

[9.9 - 13.2[

25.0%

12.6x

13.1x

10

18.8x

42%

[14.9 - 19.9[

30.3%

16.9x

18.8x

9

25.8x

42%

[21 - 28.1[

28.3%

22.6x

25.8x

8

4.0x

48%

[2.7 - 3.9[

26.9%

3.3x

4.0x

5

**88. Oil & Gas Exploration & Production
**

Companies engaged in the exploration and production of oil and gas not classified

elsewhere.

Table 88

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

177

48

19

110

0.05x

3.39x

4.50x

5.82x

10.41x

177

44

32

101

2.2x

5.5x

6.9x

8.5x

15.9x

177

42

37

98

3.2x

8.8x

11.3x

15.4x

29.4x

177

42

34

101

3.6x

12.6x

15.5x

23.4x

48.4x

177

42

10

125

0.6x

2.0x

2.9x

3.9x

7.0x

4.63x

44%

[3.04 - 4.05[

25.5%

3.62x

4.63x

7

7.3x

40%

[5.8 - 7.1[

30.7%

6.5x

7.3x

9

12.4x

42%

[7.7 - 10.6[

29.6%

9.7x

12.4x

6

18.9x

51%

[12.1 - 16.8[

36.6%

14.1x

18.9x

6

3.1x

48%

[1.8 - 2.6[

22.4%

2.1x

3.1x

5

50 / 71

IMGR SE – JUNE 2006

**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.

Table 89

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

42

2

11

29

0.11x

0.32x

0.49x

0.74x

1.68x

42

2

18

22

0.9x

4.6x

5.7x

7.1x

16.7x

42

2

19

21

1.0x

5.6x

6.7x

9.9x

17.5x

42

2

17

23

1.2x

7.8x

9.3x

13.5x

29.1x

42

2

12

28

0.4x

1.9x

2.5x

3.0x

5.2x

0.62x

73%

[0.08 - 0.35[

37.9%

0.31x

0.49x

1

6.5x

50%

[4.2 - 6.1[

45.5%

5.5x

6.5x

6

7.6x

46%

[3.1 - 6.2[

33.3%

6.2x

7.6x

6

11.0x

54%

[5 - 9[

34.8%

8.5x

9.3x

4

2.5x

46%

[2.4 - 3.2[

32.1%

2.7x

2.5x

5

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

**90. Packaged Foods & Meats
**

Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and

pet foods.

Table 90

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

263

24

40

199

0.07x

0.50x

0.93x

1.51x

3.89x

263

25

67

171

0.2x

6.5x

8.7x

12.0x

24.0x

263

23

85

155

0.2x

9.4x

12.9x

16.3x

36.2x

263

23

79

161

0.1x

10.2x

17.6x

24.9x

54.0x

263

19

51

193

0.0x

0.9x

1.6x

2.5x

5.7x

1.18x

74%

[0.35 - 0.69[

24.6%

0.57x

0.93x

3

9.7x

49%

[5.9 - 7.9[

21.1%

7.7x

9.7x

6

13.5x

46%

[10.5 - 13[

21.3%

12.4x

13.5x

9

18.6x

59%

[16.1 - 21.5[

20.5%

16.5x

18.6x

8

1.8x

58%

[0.5 - 1.1[

24.4%

1.0x

1.6x

4

51 / 71

6x 22.3x 15.0x 94 9 13 72 0.1.25.3x 6 1.7[ 31.7x 16.35x 0.66x 1.9x 1 22.21x 5 9.8x 64% [6.3x 4 18.4% 8.8 .71x 0.9x 6.1x 8. Paper Products Manufacturers of all grades of paper.0x 44.4x 1.15x 2.21x 57% [1.IMGR SE – JUNE 2006 91.3x 3.3x 52% [4.1x 49% [1 .51 .1x 11.1x 8.9x 46% [6.0x 20.07[ 26.0x 14.3x 2 1.7x 15.2x 15.5x 7.0% 1.14[ 35.3x 11.3[ 37. Paper Packaging Manufacturers of paper and cardboard containers and packaging.8 .3x 30.8.20x 94 9 23 62 3.1x 5 52 / 71 .91x 1. Table 91 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 45 2 9 34 45 1 11 33 45 1 15 29 45 1 20 24 45 1 9 35 0.14x 1.62x 1.3% 7.9% 11.9x 1.2 .13.8x 8.8x 10.12.74x 3.7[ 27.1x 53.8% 1.5x 6.2.1.6 .4x 2.9x 22.7.7% 20.6 .3[ 27. Table 92 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 94 9 12 73 0.2x 1.0.4% 0.7x 1.78[ 29.3x 48% [15 .78x 1.56 .2x 9.2 .1x 94 9 30 55 5.1x 58.7% 11.1x 1. Excludes companies specializing in paper packaging classified in the Paper Packaging sub-industry.1x 9.02x 7 8.0x 0.7x 94 9 43 42 4.0x 0.6x 51% [0.02x 0.8x 19.1x 18.6[ 30.6x 49.9x 7 19.0x 11.0x 25.3x 11.3x 2.5x 9.6x 5 92.2[ 29.0x 0.02x 44% [0.8x 33% [5.1x 1.2x 68% [8.7x 1.1x 24.1% 11.30x 4.3x 18.4% 1.8x 6 20.1[ 41.

28x 0.8x 29% [13.91 .1x 11.6x 23.8x 66.3x 24.3x 0.1 .13x 3.7x 32.4% 11.6x 73% [1.6% 2.52x 4 13.4x 43.0x 10.7 .6x 2.6x 7.93x 1.85x 7. Table 94 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 200 11 39 150 200 9 65 126 200 8 74 118 200 8 87 105 200 9 50 141 0.2[ 25. Includes veterinary drugs.69x 1.3.68x 2.42x 2.3x 12.9x 23.5x 15.4x 16.9% 13.4x 5 2.4x 1.0x 50.5x 35% [18.63x 8 10.4x 2.3 .5 .9.3% 9.83[ 22.1x 26.9x 15.14.9x 6.63x 56% [1.8[ 32.4[ 31.6x 57% [9.8x 5.3x 49% [9.8x 0.52x 3.8x 17. Pharmaceuticals Companies engaged in the research.1.8x 2.7x 8 13.9 .54x 4.3x 4 26.2x 15.7x 5 53 / 71 .3x 2. Personal Products Manufacturers of personal and beauty care products.7x 31% [7 .15.1[ 25.4x 10.4x 17.1% 14.64x 2.1x 0.2.12.1x 1.4x 10.9x 32.0% 1.2.2x 13.7% 19. including cosmetics and perfumes.5 .0% 1. development or production of pharmaceuticals.8x 8 22.4x 3 94.25[ 31.80x 0.2x 25.IMGR SE – JUNE 2006 93.0% 21.8[ 39.8[ 32.7x 54% [1.56 .4x 48% [12.13x 1.7x 13.0x 9.9 .6x 1.1x 22.6x 12.4x 0.5x 8 3.7x 22.6x 3.5% 2.3x 7 18.9[ 33.19.2x 18.83x 62% [0.1x 9.0x 11.8x 8.23.0x 13.3[ 20. Table 93 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 53 3 8 42 53 3 18 32 53 3 22 28 53 3 25 25 53 3 12 38 0.2x 2.

1x 1.2x 7.6x 4 3.1 .4x 1 44. Table 96 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 27 9 4 14 27 6 12 9 27 5 15 7 27 5 14 8 27 5 3 19 0.IMGR SE – JUNE 2006 95.4% 15.6x 11.65x 4.5x 19.2 . Table 95 EV / Sales EV / EBITDA EV / EBIT PER PBR 20 0 4 16 20 0 9 11 20 0 9 11 20 0 10 10 20 0 4 16 0.0x 58.7x 6.5x 9.2x 3.67x 4 8.5x 33% [2.3x 15.4x 0. Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry.7[ 66.1x 53% [5.45.8x 2.5x 107.3% 1.68x 0.0% 15.8x 4.2x 9.62x 0.20.98x 1.4x 45.56[ 50.3.8x 8.7% 12.3 .67x 2.19.3x 22.2x 5.0x 27.8x 21.7[ 62.3x 3 23.2.2x 6 12.9x 25.5x 36.1.39x 8 21.8x 17.3x 50% [1.2x 1.7% 4.1[ 31.32x 5.67 .1x 16.8x 0.6x 54.5% 33.92x 69% [0.3x 4.20x 1.62x 7.1x 63% [4.5x 11.6x 2.5.7x 54% [14.1[ 50.8% 2.2[ 71.86x 9.5% 6.3x 46.0x 1.0x 4.3x 72% [0 .19.2x 49% [4.0x 69% [13.0% 1. Photographic Products Manufacturers of photographic equipment and related products.9x 2 26.4x 15.23.8[ 45.7x 30.4% 11.2 .49 .5x 5 54 / 71 .6x 21.8x 9.6 .7x 9.7 .4[ 36.9x 19.4x 2.9x 10.7x 36.43x 2.9x 3.7x 17.4x 35.9x 3.48x 5.2[ 36.1x 12. Includes companies primarily mining platinum.6 .00x 4.7x 3 2.1x 14.39x 56% [2.33[ 35.3x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 96.

7% 8.5 .6x 6.3x 17.0x 16.8x 2.5x 8 21.1x 2.4x 1.59 .2 .59x 2.02[ 40.5x 9.57x 5 9.3x 38% [11.1x 31.7[ 27.0% 1.4x 6.5 .7% 8.15.6x 9.6x 2.2x 5 55 / 71 .9x 16.27x 1.2 .0x 0.4[ 47.4% 11.8.6% 14.5x 16.8x 38% [7.8x 21.8x 40% [11.01x 5.3x 123 18 29 76 4.0x 3.4x 1.IMGR SE – JUNE 2006 97.4x 2.1x 15.8x 8 17.1x 38.5x 44% [10.59x 5 9. and providers of information in print or electronic formats.5x 21.6x 56% [1 .4x 9.18.25[ 23.6x 9.9x 24% [7.3x 6 2.6x 8.1x 5.1 .2[ 56.7[ 27.3% 14.2% 1.2x 51% [1.9[ 41.0x 4.9.8x 9 12.9% 1.6x 7.3x 20.1% 1.3x 1.13.92x 1.1. Table 97 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 123 21 14 88 0.20x 4.18.5 . Table 98 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 22 3 4 15 22 3 7 12 22 3 3 16 22 3 2 17 22 3 2 17 0.4x 12.0x 123 20 29 74 1.1x 12.3.8x 39% [10.5x 2.76x 59% [0. magazines and books.24x 0.2% 16.8x 39.3x 3.51x 61% [1.8[ 41.0x 14.3x 12. Publishing Publishers of newspapers.56x 123 21 19 83 1.9x 7 16.68 .57x 3.16x 1.8x 6 2.1[ 28. Railroads Companies providing primarily goods and passenger rail transportation.77x 7.88x 2.2[ 32.5x 27.5x 123 18 18 87 0.7 .9x 15.5x 12.6x 9.1x 22.3x 26.1x 9.6x 13.2.3x 5 98.8x 19.25x 2.

8 .0x 2 23.4x 22. Restaurants Owners and operators of restaurants.3% 0.5% 1.46x 1.0.0x 13.2[ 37.5x 5 Semiconductor Equipment Manufacturers of semiconductor equipment.2x 8.46 .8[ 41.2x 15.1x 78 9 12 57 5.28x 1.1x 1.87x 2.9[ 37. pubs. Includes companies that provide food catering services.6[ 38.97x 6 16.7 .3x 5 EV / Sales EV / EBITDA EV / EBIT PER PBR 64 8 4 52 64 8 14 42 64 8 24 32 64 8 29 27 64 8 8 48 0.5x 1.2x 8.7 . Table 100 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics 56 / 71 .0x 10.3% 13.8% 8.7x 5 2.8x 61% [3. fast-food or take-out facilities.5 .2x 14.3x 45% [1.97x 46% [0.43x 3.19x 60% [0.3x 23.1x 15.2x 10 21.1x 44.5x 10.4x 2 23.7x 78 9 8 61 0.IMGR SE – JUNE 2006 99.24x 1.7x 2.7x 1.02x 5 8.6% 17.1x 66.02x 1.2[ 29.02x 4.0% 27.52x 4.5% 14.8x 2.11.2x 27% [12.6x 11.7% 1.83[ 31.6x 23.7x 21.4x 47.36.4 . Table 99 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 100.4x 2.20.5x 7.0x 8.5x 8 2.7x 4.0x 78 9 11 58 4.1.46[ 26.8x 23.1x 19.8x 26.7x 51% [24.2 .4 .5x 1.15.4x 14.1x 47% [1.4x 26% [7.9[ 32.1x 56.7 .3x 13.9[ 38.3x 63% [5.27x 78 9 8 61 3.4x 19.1x 29.4x 1.0x 5.5x 4.0x 13.6x 1.7x 13.1% 10. EV / Sales EV / EBITDA EV / EBIT PER PBR 78 9 5 64 0.75x 1.23x 0.4x 10 13.5x 44% [14.2x 3.3x 12. bars.1.9% 1.5x 32.6x 7.69x 1.2 .4x 0.15[ 29.

6x 10.3x 4 2.22[ 40.9% 1. Excludes producers of milk classified in the Packaged Foods sub-industry.1x 2.6[ 30.5x 7.11.1x 3.3x 25.18x 2.18x 3.0% 7.4[ 27.3x 9.9x 8 20.8x 19.28x 54% [0.6x 58% [1.1x 15.2x 5 57 / 71 .2x 3.3x 8.4x 0.15x 1.2x 7 12.28x 0.6 .0x 7.87x 1.3x 18.1.4x 74% [13 .2[ 29.01x 1.IMGR SE – JUNE 2006 101.3x 15.2x 7.1x 12.4 .2x 2.7x 11.15.2x 28 0 5 23 0.2% 1.2x 28 0 9 19 3. EV / Sales EV / EBITDA EV / EBIT PER PBR 143 10 7 126 143 12 34 97 143 10 58 75 143 10 54 79 143 10 10 123 0.0x 27.9x 15.26[ 32.7x 16.2x 43.18x 4 12.8 .9x 47% [11.2[ 31.3x 23.1x 2.6 .1% 16.1[ 50.1.53x 3.7 .4x 1.18.13.0x 1.9x 62% [6.45x 8.2x 12.3x 10.3% 12.0x 53.47x 2.1% 1.3x 106.0x 28 0 9 19 2.5x 6.8x 57% [12.6% 12.1x 32.2.14x 1.0x 1.1x 18.4x 25.1x 16.8x 2 2.9 .3x 1.5x 9.08x 28 0 6 22 2.1.4 .6[ 42.3x 3 32.49x 72% [0.4x 65% [0.2x 7.8% 8.2 . Table 101 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 102.7x 4 20.8x 64.7[ 52.3x 2 Soft Drink Producers of non-alcoholic beverages including mineral waters.75 . Table 102 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 28 0 6 22 0.06x 1.7x 2.81[ 26. Semiconductors Manufacturers of semiconductors and related products.14x 6 8.2x 37% [6.2% 2.3x 0.8x 58% [7.9% 19.8.1x 14.7x 16.3x 1.

7x 13.9x 29. Specialty Chemicals Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products.4% 0.07x 64 8 10 46 0.7x 15.1.2x 12. including but not limited to fine chemicals. adhesives.8.2[ 23.7[ 40.2x 8 2.2x 40% [18.77x 3.8 . EV / Sales EV / EBITDA EV / EBIT PER PBR 97 6 16 75 0. advanced polymers.2x 61% [1 . pigments and coatings.0x 20.7x 43.2x 9 20.7[ 30.3x 20.5x 4 58 / 71 .7x 4.0x 10.2 .15.4x 8 2.1[ 38.83x 3 9.0. Table 104 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 64 8 4 52 0.6x 1.2x 9 14.5x 16.4x 1.8x 39.83x 0.8[ 25.4x 1.7 .0x 8.53x 1.0x 64 8 14 42 2.1x 64 8 12 44 2.5x 1.4% 6.35 .1[ 27.22[ 27.09x 1. Table 103 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 104.4x 17.6 .3x 22.1[ 28.4x 49% [5.3x 19.2.3x 14. office supply stores and automotive retail.1x 5.6x 0.18.16x 0.02[ 32.9% 13.1x 49% [1.7x 19.4x 6 17.0x 7.52 .2x 39% [12.01x 0.1x 17.7x 3.1x 11.8x 9.2x 1.4x 50% [12.5x 11.4x 64 8 7 49 0.50x 0.3x 1.2.7x 97 5 22 70 0.9x 7.3x 97 5 25 67 3.6x 51% [5.2x 5.9[ 31.50x 3 7.9.0x 7.1% 1.8% 9.02x 2.7x 97 5 31 61 3.8x 2.31x 64% [0.8 .3x 9.2 .2x 11.IMGR SE – JUNE 2006 103.2x 10.88x 97 5 22 70 2.1x 5 Specialty Stores Owners and operators of specialty retail stores not classified elsewhere.2x 36% [8.6% 15.5 .8% 1.0% 0.72x 1.9x 15.9% 19.8x 2.36x 0. Includes toy stores.75x 70% [0.4x 17.7x 30. sealants and specialty paints. additives.9.6x 9 12.7% 8.

7x 26.1x 0.4x 24.2.25x 0.1x 7.0x 0.4x 7.2x 20.0x 40.2x 53% [17.16[ 35.0x 6.3% 1.2x 8.5[ 28.3x 1.7.5.8% 5.3% 2.9x 18.94x 3.1.4x 12.18x 8.6x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 106.17x 1.6[ 50.6 .9[ 38.8x 4 1.9x 19.43x 0.8x 5 21.3 .7[ 27.13. Systems Software Companies engaged in developing and producing systems and database management software.7x 0.8x 8.1x 0.29.9[ 39.0% 23.0x 76.7x 59% [1.7x 21.1x 51.2x 2.08 .9% 0.1x 7 9.IMGR SE – JUNE 2006 105.7x 4.0x 58% [5 .8x 11.0x 7.6x 47% [8.4% 6.4x 11.8x 2.0x 1.7x 51% [7 .15.0x 51% [5.4x 14.0% 6.2.1% 1. Table 106 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 68 11 6 51 68 11 17 40 68 11 19 38 68 11 21 36 68 11 10 47 0.17x 2.5% 13.0x 1.1x 49% [4.2x 4 59 / 71 .7.6x 2.0x 6.4x 27.5% 11.2x 23.0x 5.2x 4 3.8x 1.4x 4.2 .1x 5.1 .8x 12.2 .0x 7. Steel Producers of iron and steel and related products Table 105 EV / Sales EV / EBITDA EV / EBIT PER PBR 168 19 21 128 168 19 35 114 168 18 34 116 168 17 44 107 168 17 22 129 0.58[ 28.01x 0.7[ 42.7x 4 31.75x 1.9x 2.4x 59% [1.5x 9.6x 0.29 .50x 0.2x 32.4x 24.08x 1.55x 1.8[ 29.84x 62% [0.0.6x 11.4x 4 10.6 .75x 4 6.55x 3 14.56x 80% [1.3x 4.5[ 22.2x 8.5x 7.05x 5.

16x 2 9.16x 0.4x 1 1.0x 0. semiconductors.9x 73 7 7 59 0. and electronic equipment and components.50x 0.0x 3 60 / 71 .4x 0.2[ 32.1x 77% [0.4x 3.4[ 50. EV / Sales EV / EBITDA EV / EBIT PER PBR 73 7 11 55 0.8% 6.0x 1.8x 35.0x 73 7 21 45 4. Footwear or Home Furnishings sub-industries.33x 0.0x 138 7 65 66 2.12.4x 5.2x 14.2x 2 25.16x 0.71x 138 9 39 90 2.5% 0.2x 14.9x 138 7 62 69 5. Includes distributors of communications equipment.2x 76% [12.62[ 27.17.3x 6.7.6x 83.9[ 30.3 .7.6% 14.0x 10.9[ 24.6x 8 2.7x 138 7 25 106 0.5x 17.2x 22.8x 15.8 .6x 9.1x 67% [0.6x 14.1x 53% [3.1x 6 11.78x 1.0x 13.2x 13.8% 1.5 .5x 1.6x 3.0x 8 15.3x 27.31x 73 7 15 51 0.54x 1.5x 9.4% 7.12.7x 8.4% 8.6x 1.1.9x 11.5x 29.7x 13.3x 60% [4.3x 10.9x 1.0.7% 0.6 .0x 2 Textiles Manufacturers of textile and related products not classified in the Apparel.0x 99. Table 108 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 138 9 25 104 0.23x 2.07x 0.3x 52% [12.0x 54% [8.3x 90% [0 .2[ 33.9[ 42.0x 9.1[ 29.3% 14.0.1 .5 .4x 6. Accessories & Luxury Goods.1x 9.6[ 27.4x 8.78x 5 11.2x 0.2x 73 7 16 50 0. computers & peripherals.0% 9.5[ 35.61x 0. Technology Distributors Distributors of technology hardware and equipment.5 .6x 35.8x 12.0x 6. Table 107 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 108.21.6x 31.IMGR SE – JUNE 2006 107.41x 79% [0 .0x 1.7x 3 23.9% 0.03x 0.31 .93x 63% [0.7x 0.0.3x 9.

9x 5 14.5 .9 .3. Table 109 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 110.4 .59x 2.3[ 35.85x 2.2 .4x 14.54x 49% [2.7x 8 9.11.6.5% 2.7x 13.50x 0.5 .54x 8 9.11.8x 8.1 .9x 13.2x 8.2x 5 61 / 71 .29 .4x 5 Tobacco Manufacturers of cigarettes and other tobacco products.1% 8.61x 0.8% 5.4[ 36.4% 14.93x 4.21[ 38.2x 12.8x 9.60x 2.7x 10.4x 6.9x 5.4% 4.9% 0.10.7x 2.IMGR SE – JUNE 2006 109.6x 35% [3 .24x 0.1x 1.7x 9.4x 1.76x 54% [0.5x 1.6x 6 10.1x 22 1 8 13 3.5x 9.0x 13. Tires & Rubber Manufacturers of tires and rubber.83x 22 2 10 10 7.8x 23.4x 16.2x 4.7x 3.1x 20.66x 1.9[ 38. Table 110 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 22 1 8 13 0.8x 23% [14.7 .8x 22 1 10 11 9.6[ 36.3% 10.2x 6.3x 10.6x 55% [1.8x 10.63x 0.9x 22 1 12 9 0.83[ 42.5.5[ 28.5x 0.4 .5% 11.7x 12% [7.1x 40% [6.5x 9.0x 7.9.8x 11.0x 8.0x 6.6x 12.5x 2.63x 4 6.9x 9.7x 0.5[ 50.6% 1.5x 7 1.1.1x 12.1x 6 12.9x 35% [8.4x 12.4x 12.5x 38% [7.0.5x 4.8[ 44.0% 9.7x 14.16.3x 4.8x 8 4.3x 1.5[ 61.5x 5.8x 16. EV / Sales EV / EBITDA EV / EBIT PER PBR 31 0 10 21 31 0 12 19 31 0 13 18 31 0 14 17 31 0 10 21 0.74x 3.0x 11.7x 72% [3.95x 1.

2x 17.8x 8 2.4 .1x 11.8x 5 Trucking Companies providing primarily goods and passenger land transportation.2x 6.7[ 30.14x 1.6 .1.41x 0.2x 30.9% 11.3x 1.4x 9.8x 2.2% 1.7 .8x 46% [7.14x 6 7.5x 16.5 .59x 0.0x 54% [0.8x 8 13.6% 1.3x 12.9x 22.64[ 25.9x 10.6x 16.5x 12.88x 2.2x 16.3x 13.0x 5 62 / 71 .4[ 27.8 .6x 9.6% 2.9.12[ 25.19x 0.5x 57.6x 5.4x 36% [10 .80x 1.8x 3 2.5x 1.8x 52% [1.0% 6.9x 1.8x 23.3% 0.8x 14.7% 8.3x 34.2x 48% [9.2x 8 18.9x 64% [6 .3x 7.3x 1.6x 7.4x 0.13.6x 6.6% 11.12.1.63x 0. Includes vehicle rental and taxi companies.39x 0.5[ 35.2x 0. Table 112 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 59 8 6 45 59 7 12 40 59 7 13 39 59 8 11 40 59 7 7 45 0.2x 16. Trading Companies & Distributors Trading companies and other distributors of industrial equipment and products.7x 5.8x 2.3 .5% 16.IMGR SE – JUNE 2006 111.3x 13.42x 60% [0.24x 2.73x 69% [0.1% 11.63x 7 9.7x 5.3[ 27.17.05x 3.0x 2.79x 1.4x 7 18.1x 9.42 .1x 6.4x 0.0.3x 1.9[ 35.5x 1. EV / Sales EV / EBITDA EV / EBIT PER PBR 119 14 18 87 119 14 24 81 119 13 27 79 119 13 28 78 119 13 14 92 0.02x 0.41[ 35.3x 8 14.2x 14.5x 8.7[ 24.1x 23.8x 36% [12.1x 0. Table 111 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 112.2.6[ 29.9x 29.5x 18.4x 3.3x 41% [5 .6x 17.

6x 7.7x 9.4.8% 9.3x 33 3 8 22 1.44x 3.4x 5.5x 13.14[ 33.4x 8 2.05x 8 7.8x 3.6x 49% [10.0x 16.2.16.2x 16.2x 22.4x 13.4x 15.3 .6x 8.0x 1.3x 3.9x 15.87x 2.3x 9.8x 16.3x 44% [13.2[ 38. Table 113 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 114.21[ 31. Includes large-scale water treatment systems.3x 8 16.3x 6.0x 9 14.01[ 30.02x 3.4x 48% [13.5% 3.01 .8% 1.1 .9x 34.22x 3.4x 28.8% 21.5 .9x 30.4% 6.2x 1.18.37 .9x 52% [1.91x 5.9 .6x 4 63 / 71 .5% 1.3x 2.2[ 47.7x 8 15. Water Utilities Companies that purchase and redistribute water to the end-consumer.1x 1. including paging services.05x 49% [1.3x 8 21.7x 34% [9.91x 2.7x 55 6 21 28 0.3x 46% [9.4x 55 6 9 40 0.9[ 32.61x 9.2.5% 1.7[ 31.8x 10.6x 8 1.2 .28x 1.1x 7.0x 15.7x 13.0x 11.91x 5 9.8x 4.3% 12.4x 18.44x 33 3 8 22 2.4x 55 6 19 30 0.4% 14. Table 114 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 55 7 9 39 0.6x 14.74x 3.8x 12.75x 55 6 15 34 0.IMGR SE – JUNE 2006 113.4x 72% [1.38x 59% [2.0x 40% [5.3x 1.2 .1x 33 3 8 22 2.2x 8.24[ 34.9x 34.9x 5 Wireless Telecommunication Services Providers of primarily cellular or wireless telecommunication services.2.8x 1.9x 2. EV / Sales EV / EBITDA EV / EBIT PER PBR 33 3 1 29 0.10.3% 15.5 .7.8[ 36.6[ 39.8x 9.9 .31x 2.7x 33 3 4 26 0.0x 38.0x 21.6x 1.6x 16.

IMGR SE – JUNE 2006 APPENDICES Copyright © 2006 Valmetrics 64 / 71 .

• 27 countries: Argentina./.. Sweden. China (including Hong-Kong).. Spain.. Thailand. France. DATA COVERAGE Valmetrics IMGR Standard Edition supports: • 114 Industries: all main sub-industries . Insurance and Real Estate are excluded in this edition. Austria. June 05 or later March 05 .. Valmetrics makes no statement regarding the quality of information received from Compustat but assumes that the data are accurate. IMGR SE Release Market data Financial data (last fiscal year available) December 15th 05 November 30th 05 June 04 . Italy. December 05* (*) Closing of the fiscal year is most likely to be December.. Taiwan./.. If you wish to access Compustat data or learn about the line of Compustat products and services. Australia. India. New Zealand. Norway. Ireland./. March 05 . To comply with the authorized licence granted by Standard & Poor’s. Canada. please visit www.according to the Global Industry Classification Standard . Netherlands.. Example: IMGR Release Market capitalisation (P) Earnings (E) P/E Ratio => Copyright © 2006 Valmetrics June 15th 06 May 31st 06 March 05 or June 05 or December 05 st May 31 06 / most likely December 05 65 / 71 . December 04* . Singapore.compustat./. Valmetrics does not provide IMGR users with any access to Compustat content or services and only publishes its own proprietary industry valuation analysis. Mexico. Industries related to Finance. USA..... Indonesia. June 05 . Israel. Germany. Banking. Denmark. Switzerland. DATE SCHEDULE All multiple calculations are based on historical data. consistent and reliable./.com.are covered (see “List of Industries” page: 5).. Brazil. Belgium./. March 05 or later th March 15 06 th June 15 06 th February 29 06 May 31 st 06 December 04* . United Kingdom.IMGR SE – JUNE 2006 DATA SOURCE Valmetrics uses the Compustat database (provided by Standard & Poor’s) as the source for most individual company data. Missing data are either excluded or substituted by Valmetrics’ own data. The table below shows the IMGR release dates and related market and financial data schedule.

With EV Multiples. The following table shows the two types of market multiples available in the IMGR: EV Multiples Price Multiples EV / Sales EV / EBITDA EV / EBIT P/E (Price / Earnings Ratio) P/B (Price / Book Ratio) EV = Enterprise Value P = Price Market capitalization Market capitalization + Minority interests + Financial debt .e. you can apply it to the related company financial data requiring valuation. Sales.IMGR SE – JUNE 2006 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. Valmetrics advises the use of those multiples with companies that have already recorded significant sales (for at least three years). PER. EBITDA. Price/Number of tables for restaurants.). you must deduct minority interests and the net financial debt to derive equity value. 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. Copyright © 2006 Valmetrics 66 / 71 . i. EBIT. Earnings or Shareholders’ Equity.Cash & cash equivalents = Enterprise Value = Price Once you have the right multiple. Price/Number of clients. There are five main multiples used in finance – EV/Sales. EV/EBIT. Multiples cannot be applied to companies that do not have significant revenues (start-ups). With Price Multiples you acquire direct equity value. EV/EBITDA. Therefore. etc…. PBR – and many more in the industrial world (Price/Number of beds for hotels.

As data are continuous. 1st. If the number of observations is insufficient. See the “Multiple Rating” section below for more details. 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. Valmetrics multiple: Valmetrics selects the best indicator among the median. multiples calculations are considered arbitrary and are substituted by “nm” (= non meaningful). the mean multiple is not a relevant multiple. Unlike the mean. Non meaningful (“nm”) multiples: negative multiples or excluded set outliers. Rating: Valmetrics rates (on a scale from 0 to 10. That is. However. See the “Multiple Selection” section below for more details. The more spread-out the data. the mean and the mode according to dispersion and significance tests. E. If the standard deviation is too high. the median is not influenced by outliers at the extremes of the data set. the confidence intervals based on the mean tend not to be precise if the underlying distribution is indeed not normal. For the median. it lacks robustness of validity. the mode is estimated through an interpolation calculation based on modal interval boundaries. Each quartile contains 25% of the total observations. Copyright © 2006 Valmetrics 67 / 71 . Modal interval & Mode: The modal interval is the histogram interval with the greatest density. Standard Deviation as a % of mean: a measure of the dispersion of a set of data from its mean. the higher the deviation. with 10 the highest) the “Valmetrics multiple” to help you select the most relevant multiple. the middle (median) or the ¾ of the sequence. Non available (“na”) multiples: data non available in the databases. there is an equal number of points above and below the median. Minimum & maximum: respectively the lowest and highest multiple of the set. Modal interval frequency: The number of multiples recorded within the modal interval divided by the total number of multiples. The mean is an example of an estimator that is the best we can do if the underlying distribution is normal. Mean: simply the sum of the values divided by the total number of items in the set.g.IMGR SE – JUNE 2006 GLOSSARY Number of observations: number of companies that constitute the sample on which all the calculations are based. 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 mean is the most commonly-used measure of central tendency and is the preferred tool to calculate multiples. The mode is the most frequently occurring value in the data set.

yes Size of the set <= 5 "nm" (1) SD: Standard Deviation in % of mean (2) MF: Modal Frequency no (3) MM: (Mean-Median) / Median yes SD (1) < 41% Mean multiple no 41% <= SD (1) yes yes < 51% 40% <= MF (2) Mode multiple no no Mean mutliple yes 51% <= SD (1) < 61% 35% <= MF (2) yes Mode multiple no MM no (3) yes <= 8% Mean multiple no Median multiple yes 61% <= SD (1) 30% <= MF (2) yes Mode multiple no Median mutliple CAUTION! Valmetrics selects the best estimator for each market multiple series. For heavy tails distributions (e. For skewed distributions (e. the median provides a useful measure of the typical value. The mean multiple remains the favourite estimator when the dispersion of the set (standard deviation as % of the mean) is low. but to compare each multiples series (i. Gauchy).IMGR SE – JUNE 2006 MULTIPLES SELECTION A major issue in using multiples concerns the choice of a fair and robust multiple. EV/EBITDA. While most appraisers defend either a buy. whereas the mean is useless. Valmetrics also considers the mode and the median estimators as shown in the diagram below. If this is not the case. The selection of a multiple estimator is closely linked to the assumption of the data distribution. PBR) make sure that you compare them on the basis of the same estimator. the median or the mode is the most meaningful measure. Copyright © 2006 Valmetrics 68 / 71 . EV/EBIT. PER. For a Normal Distribution. mean and mode are actually equivalent and the mean is a good location estimator.e. EV/Sales.g. Lognormal) it is not obvious whether the mean.g. mean and mode – that feature the shape of the distribution. you cannot compare an EV/sales mean multiple with an EV/EBITDA median multiple.or a sell-side position and therefore choose the multiple according to their target price (backward valuation). For example. Valmetrics does not make any distribution assumption in the IMGR Standard Edition but calculates all the main estimators – quartiles. Valmetrics is dedicated to finding the multiple that best represents the industry. the median.

A highly rated multiple does not necessarily require further analysis and can be used directly with a high level of confidence. Non-operating items (extraordinary and financial items) can impact the PER. That is why Valmetrics has added a multiple rating line in all tables to enable users to check the validity of the selected multiples. Multiples Highest rate EV/Sales 8 EV/EBITDA 10 EV/EBIT 10 PER 8 PBR 5 Explanations Doesn’t take into account sales growth and operating margins Robust. 0 being the worst rating and 10 the best. Some multiples series culminate at a maximum of 8 or 5 because of intrinsic drawbacks. The rating system set up by Valmetrics does not indicate whether a multiple is right or wrong. mean and mode estimators. The PBR is more often used to monitor whether the company creates (PBR>1) or erodes (PBR<1) value than to compare valuation between peers. then the “Valmetrics multiple” gathers a maximum of points as presented below: • • • • • • • • • • 8 points if 7 points if 6 points if 5 points if 4 points if 3 points if 2 points if 1 point if 1 point if 1 point if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 5% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 8% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 10% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 12% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 17% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 22% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 27% Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 40% Number of “Short-listed multiples” >= 30 Number of “nm multiples” / “Number of observations” <= 20% Copyright © 2006 Valmetrics 69 / 71 . If those three estimators are numerically close. especially when evaluating cash flow Robust The PER is subject to accounting window dressing.IMGR SE – JUNE 2006 MULTIPLES RATING How reliable is the multiple estimator selected by Valmetrics? Is it a robust measure of the typical value? Even if calculated correctly. but rather if it is robust or not. Rating’s range Valmetrics proposes a rating scale of 10. some multiples can not be considered robust measures because of a lack of information or analysis. Rating points The rating system is based on a proximity analysis between the median. An average rated multiple can be a good and fair multiple but further analysis is required to confirm its robustness.

which is considered by some research papers as the best representative of each sector. if not they are debt. EBITDA) used to calculate the multiples. To improve calculation accuracy. March ‘04. and therefore should be characterized by higher multiples. etc. synergies with another business.or productivity-thresholds. including both a fundamental value and a speculative value. If options are in the money. Even so.g. Valmetrics gives market multiples which do not take into account the risk premium related to the illiquidity of a private business. Valmetrics does not take stock options into consideration and includes convertible bonds in the financial debt. convertible bonds and other quasi-equity securities are financial options and should be considered in the calculation of the enterprise value. Company size effect: within the same sector. If the company you wish to value does not use such an accounting standard. December ‘04) and financial data communication dates differ among companies and among countries. innovation dynamic. • Accountancy adjustment: all the market multiples are based on international accounting standards (US GAAP / IFRS). Big companies are also generally less risky than small ones. Illiquidity risk premium usually ranges from a discount of 10% to 30% as compared to the public peer companies. business culture. Other possible biases Date schedule: fiscal year closing dates (e. appraisers may have to adjust the valuation results depending of the company and the context. Using another industrial classification (SIC for instance) may have an impact on industry 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. IMGR does not take into account this size effect. the illiquidity risk premium of the company must be taken into consideration. Copyright © 2006 Valmetrics 70 / 71 . In the IMGR Standard Edition. but excludes the strategic value of the business (control premium. domestic market potential. The only way to overcome this bias is to select companies that have the same date schedule and then calculate their multiples. Industry classification: Valmetrics uses the Global Industrial Classification Standards. standardized and comparable data from company to company and from industry to industry.). tax policy. etc …. • Illiquidity risk premium: to approximate the value of a privately held company. a regional analysis is required. some accountancy adjustments may be necessary to match the financial data (especially EBIT. Valmetrics uses the last data available and mixes multiples with different date schedules. Quasi-Equity: stock options.). there may be large companies and mid-sized companies with different fixed cost.IMGR SE – JUNE 2006 ADJUSTMENTS AND POSSIBLE BIASES Valmetrics calculations are based on consistent. June ‘04. • Strategic value: the market multiple reflects the “average” market price of the industry. they are equity.

Cornell Copyright © 2006 Valmetrics 71 / 71 ... university of Houston. Another look at P/E ratios. J. M. Fernandez P. 2002. 2005 Humboldt-Universitat zu Berlin. International Private Equity And Venture Capital Valuation Guidelines. How Do Analysts Reach Their Conclusions?.google. University of Hong-Kong. 2003... 2002. Other research papers Alford. 1999. Weiner C. Johnson Graduate School of Management Bonadurer W. Gallen Dittmann I. Ng D. S. Journal of Accounting Research 30. International Valuation Using Smart Multiples. Cheng. 2003. Lee C... S... 2005 (www. Financial Analysts Journal. EVCA. Thomas. 2000. Valuation Using Multiples. TX 1996. UCLA and Columbia University. Valuation by Multiples. Zhang H. University of St.. Doron Nissim and Jacob Thomas (2002b): International equity valuation using multiples.. McNamara. Journal of Accounting Research. Estimating Industry Multiples. 2004. Vol. and Krogelman. 407-439. Houston. Lie H. IESE.. Leibowitz.com Baker M...privateequityvaluation. Industry preferred multiples in acquisition valuation. 94-108 Bhojraj S. 1992. Nissim. Working paper. C. Multiples Used to Estimate Corporate Value. J. working paper.. The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Free research papers available on scholar. Inside the P/E ratio: the franchise factor. Equity valuation using multiples. Harvard University Bhojraj S. S. D. working paper. and J. C. Yale School of Management. A. College of William & Mary Liu.S. Selecting Comparables for the Valuation of European Firms. Working paper. M..A. K. 40.. “The valuation Accuracy of the price-earnings and price-book benchmark valuation methods. C. Thomas J. 2002. 1990 Liu. Who is my Peer? A Valuation-Based Approach to the Selection of Comparable Firms. BVCA. University of California at Los Angeles. C. Lie E. and R. 43 -53.IMGR SE – JUNE 2006 REFERENCES AFIC. n°2. Ruback R. Jing. L. Lee C.com). pp. Tasker. M. T.

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