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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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The IMGR SE covers 114 industries, 27 countries, 8,000 public companies and includes

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IMGR SE – JUNE 2006

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lu 4 / 71 . Banque Privée Edmond de Rothschild Europe has acquired considerable experience in servicing private equity and venture capital funds. and the daily commitment and flexible solutions they require.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.lu Copyright © 2006 Valmetrics Private Equity Desk Christoph Lanz Deputy Vice-President Tel: +352 24 88 22 56 c. thus. we take satisfaction in being more than a service provider: we are your partner. 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.feyereisen@lcf-rothschild. A dedicated Private Equity Desk The Private Equity Desk undertakes to combine close and continuous client relationships with customisation of services. the bank can provide services suitable for the needs of general partners. offering tailor-made solutions.lanz@lcf-rothschild. Sales Contact Eric Feyereisen Vice-President Tel: +352 24 88 24 28 e. A one-stop shopping solution is provided thanks to the highly competent staff.

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

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

4x 3.66x 3.2.IMGR SE – JUNE 2006 1.95x 1.7x 0.2 .6[ 38.3x 21.1.2[ 26.3x 2.2x 2. 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 0.2 .2x 9.6x 12.7x 30% [11.4[ 24.8x 2.13.0% 1.5x 3.5x 2.7x 35% [20.5 .63x 0.2x 9.3x 17.3x 15.7x 24.9x 18.4 .0x 1.4x 13.6x 3.85x 1.1x 43.43x 56% [1.0x 55% [9.2x 1.93x 5 9.0x 9 13.7% 12.6x 10.82x 3.9x 12.15.23[ 30. 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 0.4 .1x 13.6x 5 7 / 71 .98x 3. parts or products.5[ 31.25x 1.3[ 35.4% 13.4x 42.6x 45% [17.7 .9x 25.6x 8 3.9x 11.0x 11.10.93x 0.3x 12.0x 21. Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment.62 .7x 1.9x 46% [11.6[ 31.0x 10.07 . Includes defense electronics and space equipment.23[ 31.6% 0.25x 6 11.0x 32% [8.9x 11.1.8x 25.7x 9 21.24.13. marketing or public relations services.3% 10.2% 1.1x 1.4x 7 18. Advertising Companies providing advertising.3x 13.3x 22.0% 18.0x 1.5x 5.4x 18.6x 46% [1.7x 8 2.6x 1.2x 20.6x 2 2.05x 0.8x 6.5 .9[ 48.6% 2.2% 10.5 .1x 79% [1.6% 21.5[ 30.5x 5.6x 9 10.8x 13.8x 13.09x 1.85x 1.1x 0.27x 76% [0.04x 0.2x 3.9x 19.

1x 77% [14.3% 10.10. Air Freight & Logistics Companies providing air freight transportation.2x 75 5 17 53 0. 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 0.73x 1.0.23.47x 88% [0.6x 1.1x 18.7[ 46.8x 15. courier and logistics services.2x 75 7 29 39 4.0x 1.4% 12.8x 18.5x 14.IMGR SE – JUNE 2006 3.0% 15.9[ 35. Agricultural Products Producers of agricultural products.7x 2 8 / 71 .4x 9.9[ 30.9x 14.3% 1.6 . owners of plantations and companies that produce and process foods but do not package and market them.3% 0.97[ 44.5 .73x 2 11.7x 52% [1.26x 0.0x 10.49x 0. 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.6x 7 17.44x 0.0% 0.60x 1.7x 49% [9.1x 19.63[ 43.0x 4 3.7x 9.42x 42 6 5 31 3.1.4x 15.03 .23x 0.0x 8. Excludes those companies classified in the Airlines.1x 7 28.1x 12.7x 2.7x 91.7x 7 19.5x 42.08x 79% [0.6x 3.4x 20.8x 25.6x 44% [6.19 .6x 11. Includes crop growers.4[ 29.2 .4x 31.11.2 .5 .2% 1. Marine or Trucking sub-industries.60x 75 8 25 42 3.0x 1.5x 11.18[ 41.6x 33.0x 4.0x 42 5 5 32 5.5x 4 15.2[ 33. 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 0.7x 13.5x 19.0x 62% [0.3 .1x 24.1x 1.7x 1.5[ 31.0.1x 15.9x 42 6 8 28 5.5x 50% [13.0x 53% [3 . including package and mail delivery and customs agents.6x 2.43x 3.00x 2.6x 14.1x 55% [0.1.6.3 .8x 42 4 4 34 0.6x 20.2x 75 5 25 45 4.8[ 35.2x 1.15.7x 5 4.4x 5.75x 0.1x 10.8x 26.4x 46.03x 5.3% 9.0% 6.75x 1 11.6x 1.8x 7.6% 18.8x 2 1.

7% 15.3% 5.7 .6x 24.7x 8.2x 3.3% 24.14x 27 8 3 16 3.30[ 33.8x 16.0x 14.15.0x 0.4x 57% [0.5x 9 16.0.3x 4.23[ 37.1.2x 14.5x 20.14x 2.8% 0.6x 35.3x 87% [7.9x 1.0% 11.8x 8.6 .5x 27 8 5 14 5.2[ 45.31x 6.3x 8.5x 50% [1.8x 4. Airlines Companies providing primarily passenger air transportation.5.46x 10.2[ 35.0x 0.5x 20.7[ 33.39x 4.00x 0.0x 0.3x 2.5x 94. 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 0.45x 2 8.7x 2.5x 18.2x 1.6x 0.0x 3.0% 11.6[ 48.2.3x 11.7x 8.6x 4 1.5x 0.3x 27 3 4 20 0.5% 3.1 .8 .16.82x 69% [0 .9x 62.6x 26.16[ 37.45x 0.0% 1.45[ 30.3.39x 0.4x 100% [0 .6x 13.0% 1.0x 27 3 6 18 6.5x 1 1.4x 12.1x 1.4x 13.52x 5 11.7 .8 .5x 16.8x 5 9 / 71 .6x 1.3x 32.72x 1.7x 17.26x 2.5x 39% [11.3[ 40.6x 33% [13.15x 2.9x 21.5x 10.IMGR SE – JUNE 2006 5. Airport Services Operators of airports and companies providing related services.5x 4 26.6[ 35.6x 44% [20.17.1x 5 6.3x 0 19.3x 17.8 .5x 19.23x 4.8x 42% [1.0x 10.6x 9 19.4x 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 0.9x 1.3x 12.5% 12.52x 58% [0 .

3x 20.4x 16.1.22[ 29.1x 32.7[ 30.4% 1.1.7x 16.9x 80% [0 .IMGR SE – JUNE 2006 7.2[ 33.5x 6.1x 1.0x 3.2x 1.6x 2.17x 2.8x 60% [0 .10.2[ 38.53x 2.5x 27 12 11 4 nm nm nm nm nm 27 12 13 2 nm nm nm nm nm 27 12 4 11 0.57x 0.22x 0.0x 1 10 / 71 .7% 7.6x 4 8.1 .1 .10.1x 4 18. Excludes companies that primarily produce aluminium building materials classified in the Building Products sub-industry.22x 1.5x 5.1[ 41.4x 7.6x 2.1x 10.3x 34 2 12 20 3.17x 2 8.46[ 69.3[ 36. Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fibber-optic cable network.23.31x 3.9x 47.0% 10.7x 20.3x 2.2% 1.4 .8x 18.1% 8.4x 10.1x 5 nm nm nm nm nm nm na nm nm nm nm nm nm na 1.1x 13.1.5 .78x 34 3 10 21 2.70x 27 12 3 12 1.8x 1.0x 1.0x 68% [12.8x 59% [5.24x 60% [0.2x 1.9x 34 2 14 18 2.74x 1.6x 27.17x 1.4x 63% [5.3% 19.8x 2 22.5% 1.6x 7.86x 1.6x 7 2. Aluminium Producers of aluminium and related products.7[ 37.2x 10.8x 24.4x 10.2% 0.7x 76% [0.52x 66% [0.4x 34 2 8 24 0.1.10.3x 1.6x 5.24x 8 11.6x 8.1x 54. 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. 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 0.7 . including companies that mine or process bauxite and companies that recycle aluminium to produce finished or semi-finished products.68 .72x 1.6x 13.

65x 0.6x 14.8 .13.8x 2. jewellery and watches.2x 48% [6.63x 3. Apparel. Excludes shoes classified in the Footwear sub-industry.2x 58% [1.5[ 29.7x 6.19.3x 139 11 38 90 1.87x 1.73x 139 14 25 100 1.6 .06x 0.6x 2.IMGR SE – JUNE 2006 9.1x 1.3x 7.6% 0.2.9x 68.8x 42. 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 0.0.5[ 22.4x 7.7x 24.1x 8 3.9x 5 10. wallets.4x 6.9x 7 11.7x 11.7 .5x 11.9x 13.87x 3 10.6% 8.9x 26.3x 8.5x 28.3x 8.6x 5 14.4x 139 11 17 111 0. 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 0.2% 2.9x 44% [4.7x 3 2.4x 0. accessories & luxury goods.6x 16.13x 0.5[ 26.8x 13.3x 17.7x 139 12 43 84 2.39 .6[ 36.2x 5 19.4[ 26.3 .3x 9.6x 3 11 / 71 .4[ 34.1x 41.8[ 37.6x 19.0x 8.83x 1.6x 8.7x 1.60x 0.44x 0.4 .1x 2.8[ 27.9.5% 16.0% 7. Accessories & Luxury Goods Manufacturers of apparel.2x 1.2x 11.2% 9.03x 58% [0.9x 10.0x 70% [0.2 .5x 25. Includes companies primarily producing designer handbags.7x 3.6x 4 20.1x 6.5x 11.0.7% 1.1% 7.36x 3.7 .15x 84% [0.65x 3 8.9x 4.12.4 .3x 68% [7 .0x 17.2x 67% [8.0x 8.7.1x 41% [13.4x 1.1x 1.61x 0.78[ 26. luggage.5% 0.41x 2. Apparel Retail Retailers specialized mainly in apparel and accessories.7[ 28.9x 16.0x 1.1.7x 63% [4.0x 1.2% 12.7x 19.

6x 23.6x 49% [5.7x 26.8 .87x 62% [1.3x 4.9x 258 26 110 122 0.6[ 22. Excludes companies classified in the Tires & Rubber sub-industry.49x 5.24x 258 27 80 151 0.2% 20.1x 44.8x 23.8x 12.7 .0x 1.0.70x 3 7.6x 51% [10. Table 11 EV / Sales EV / EBITDA EV / EBIT PER PBR 258 27 21 210 0.9x 13.1[ 32.6x 16.3x 141 12 59 70 0.3[ 24.5% 2.7x 58% [1. Also excludes companies producing systems or database management software classified in the Systems Software sub-industry.48x 0.3x 258 24 39 195 0.4x 141 12 32 97 0. Excludes companies classified in the Home Entertainment Software Sub-Industry.0x 1.9% 14.22[ 23.42x 3.4x 54% [10.8x 6.7 .02x 0.1x 16.1x 12.4 . Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market. Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles.6x 7 13.1x 16.6x 2.7x 10.0x 48% [13 .70x 8 13.2x 1.4x 37.1x 8.1x 59% [1.2x 1.7x 33. 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 0.8% 0.7 .0x 6 28.45x 0.55 .5x 53% [10.0x 12.5% 11.16.7% 1.07[ 19.9x 18.3x 141 12 47 82 0.2x 18.2.14.70x 2.5% 1.7x 2.8[ 28.8x 12.4% 6.11x 0.1.6% 14.03x 75% [0.7x 4.83x 1.7.1x 72. Includes enterprise and technical software.3 .6x 8 18.4x 1.2x 2.3[ 24.2.6x 33.7x 5 12 / 71 .6[ 21.0x 258 25 108 125 0.IMGR SE – JUNE 2006 11.45 .17.8x 12.70x 1.1 .3x 1.4% 11.1[ 22.8x 26.3x 48.13.1x 8 19.4x 5 3.0x 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) 12.6x 5 1.9x 8.9x 52% [14.1x 7.27x 141 12 41 88 0.7x 4.3x 17.0x 9.6x 16.95x 1.87[ 28.

6.IMGR SE – JUNE 2006 13.9x 184 14 133 37 0.2% 17.0x 23.2[ 42.41x 5.7x 184 11 31 142 0.6x 70% [1.1x 66% [6.6x 53% [5.2x 131.06[ 25.1x 85% [13.8x 39.2x 1.8x 6 47.1x 11.3% 1.59x 77% [3.5x 22.0% 9.9x 9.1x 2.17x 5.6x 11.43x 0.5[ 48.7x 2.2x 1.86x 1.7x 75% [24.0x 7.11.2x 24.8x 28.69x 0.4[ 55. Biotechnology Companies primarily involved in the development.2[ 37.71x 8 9.5x 0.4x 2 1.0x 18.61x 42 3 14 25 3.2x 1 3.4x 35.6x 8.8x 24.6x 44.0x 1.4x 19.71x 48% [0.0x 17.44x 3.6x 11.62[ 34.6% 3.7 .1[ 32.0x 4 23.95x 10.7x 3.4x 5 14.95x 2 23.2x 42 1 16 25 4.7x 55% [0 .3x 30.2.0.62x 0.0% 7.8x 1 16. 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 0.2[ 36.37.35 .1x 11.3x 7.6x 4 18.8% 2. 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.0x 75% [0 .4% 28.3x 78.5% 24. manufacturing or marketing of products based on advanced biotechnology research.0x 42 0 9 33 0.03 . 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 0.18x 0.1x 15.1x 22.58x 25.6x 73.3x 67.3 .28.1 .26.4% 0.7 .9x 4 13 / 71 .6% 10.7 .9x 5. Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks.1x 10.1x 42 0 15 27 2.0x 184 12 140 32 3.8.6[ 26.4x 47% [1 .1.2x 7.4[ 33.2x 1.5x 11.0x 1.13.2x 7.81x 184 15 124 45 0.4x 15.1x 34.

77x 8 9.7x 2.0% 1.1[ 23.0x 20.8x 10.4x 8 15.7x 62% [5. Table 15 EV / Sales EV / EBITDA EV / EBIT PER PBR 48 3 10 35 0.11x 1.8x 108 12 26 70 1.5x 6 20.10.9[ 33.9x 45.4% 1.98[ 31.6x 2.0x 1.3x 12.7% 17.11.58[ 25.6x 8 2.2 .4x 3 2. including programming.6x 10.3x 18.3x 74.5x 6.7x 14.38 .9[ 25.8x 35% [9.09x 4.4x 20.6x 13.4% 1.9x 14.9x 2.3x 48 3 8 37 0.1x 48% [1 .77x 57% [1.3x 2 14 / 71 .9x 6.6x 14.9 .20x 1.7x 18.71x 3.0x 11.8x 9.6x 33.3x 1.8[ 32.6x 51% [14.3x 1.68x 7.72 .9[ 45. Brewers Producers of beer and malt liquors.6% 10.1x 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) 16.9x 5.8[ 33.2x 71% [11.0x 47.5x 7.8x 2.3% 2.5x 19.84x 8 9. 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 0.22.2x 1.12x 1.9 .5x 1.1x 1.3% 18.4x 17.78x 2.8[ 32.53x 1.6x 26.21.4% 11.5 .3% 10.5 .7% 10.1.84x 53% [1.3x 9.4x 10.5x 43% [9 .3x 108 12 39 57 0.1x 11. Broadcasting & Cable TV Owners and operators of television or radio broadcasting systems and providers of cable or satellite television services.1x 48 3 10 35 3.6x 108 10 23 75 0. Includes breweries not classified in the Restaurants subindustry.2.1.12.4x 14.4x 17.45x 2.7x 32.1x 48 3 10 35 1.9[ 31.8x 9 14.12.9x 9.4x 43% [9.8 .9x 18.77x 2.35x 48 3 9 36 1.11x 108 12 24 72 3.1x 71% [0.1.4x 4 26.IMGR SE – JUNE 2006 15.

3x 14.0x 5 18.2x 1.51x 3. Casinos & Gaming Owners and operators of casinos and gaming facilities.5% 16.3x 16.4[ 24.IMGR SE – JUNE 2006 17.8% 2. Excludes lumber and plywood classified under Forest Products and cement and other materials classified in the Construction Materials sub-industry.9x 11.0x 44 3 7 34 0.8[ 34.8 .3.72x 4.71x 44 3 9 32 0.86[ 35.20x 139 14 31 94 1.0x 52% [1.02x 62% [2.4x 8 19.5% 23.1x 8 2.4x 9 11.7x 37% [15.44[ 32.8 .1x 19.57x 0.2x 72% [2.09x 0.47 .0x 5 15 / 71 .5x 21.0x 2.1x 2.4x 40% [9.8x 37% [24 .4x 3.3x 14.0x 26.6x 5.6x 24.7x 5.8 .9x 10.11x 64% [0.8.67x 0.5[ 23.6[ 35.0.67x 3 8.1x 34% [14.23. Building Products Manufacturers of building components and home improvement products and equipment.4[ 24.86x 1.4x 16.3x 26.8x 8 4.5[ 34.7x 139 13 21 105 0.4% 2. 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 0.4x 45% [6. 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 0.2x 13.1 .0x 36% [9.5 .3x 11.5% 11.5 .6x 31.3x 44 3 13 28 6.8x 139 13 45 81 3.15x 7.5% 7.35.3x 20.0x 13.4% 3.03x 2.79x 2.0x 39.3x 31.0x 7.9x 7.6x 11.7x 30.0x 9 16.12.4x 5.14.9[ 23.7% 31.7% 0.16.2x 2.6x 13.1x 53.2x 18.7x 3.0x 3.3x 1.4% 12.4[ 32.2.24x 2.2x 2.6x 139 13 45 81 3.3x 44 3 12 29 0.5x 30.7 . Includes companies providing lottery and betting services.29 .8x 19.5x 11.79x 8 14.3x 19.7x 8.7x 4 30.

9x 7.13x 0.0x 12.2x 33 3 8 22 0.1[ 36.4% 9.0x 33 3 10 20 4.8x 5 16 / 71 .4x 7.2x 38% [5. Includes companies that provide door-to-door retail.6x 2.02x 2.9x 3.8x 85% [2.87x 51% [0.0x 17.7x 14.2x 4 27.8x 18.2x 33 3 10 20 3.7 .4x 11.7 .3% 0.8 .89x 7 9.77x 20 5 4 11 2.9x 73.35 .26[ 42.4x 1.10.47x 0.9x 9.64 .4x 20 5 4 11 1.3.7x 5 20.4x 1 1.7 .4x 1.2x 3.7x 10.19.IMGR SE – JUNE 2006 19.5 .7x 12.3x 1.4x 16.9[ 40.1x 25.3x 20 5 5 10 3.0x 2.1x 16.10[ 40.2x 8 12.4% 6.0.3x 7 2.0% 9.9x 8.5% 2.4x 44.1.7x 9 11.0x 27.9% 0.1x 2.13x 0.95x 1.31x 33 4 7 22 1.64[ 33.9x 11.0x 13.2x 24.26.0% 16.21x 1.7x 0.2[ 45.1.4% 1.87x 4 7.5[ 36.6x 13.7x 37% [1.7x 39% [7.8x 2.9[ 65.0% 19. Commercial Printing Companies providing commercial printing services.3x 10.2x 47% [5.61x 0.7x 17. 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 0.9x 0.0% 10.7.3x 32% [6.4 .4[ 30.4x 9. Catalogue retail Mail order and TV home shopping retailers. 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 0.0x 20 5 5 10 3.9x 8.9x 13.3x 8 17. Includes printers primarily serving the media industry.89x 58% [0.5x 8.6x 6.10.5x 3.7[ 36.3 .88x 1.3x 49% [10.80x 0.8x 49% [1 .9x 17.8x 5.58x 0.

6x 8.0x 3.1x 12.3x 82% [8.4x 9 13.4[ 28.69x 1.66x 1.8.1x 1 1. Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals.3x 26.9% 2. commodity-based paints & pigments.01x 4 9.3% 11.7x 5.2x 2.6x 5 22.6x 0.7x 57% [1.9x 8.13x 0.08x 0.8 .2x 13.8x 26 4 5 17 2.77x 1.6x 8.4x 41% [9.9x 1.6x 1.4% 17.0x 187 6 42 139 0.36x 0.2x 10. Including but not limited to plastics.9x 12.1x 0.9x 187 8 67 112 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 0.3[ 23. explosives and petrochemicals. or Specialty Chemicals sub-industries.0x 26 3 2 21 0.3[ 19.8x 15.IMGR SE – JUNE 2006 21.1[ 42.7x 58.4% 6.8x 18.5% 10.3.6 .0% 0.4x 19.42x 6 10.2[ 29.5x 5 22.0x 67% [4.49x 58% [0.4x 10.8x 18.7x 12.6x 46% [11.5x 17.4[ 30.27x 63% [0. video and related products retail stores.7 .8x 5. Computer & Electronics Retail Owners and operators of consumer electronics. Excludes chemical companies classified in the Diversified Chemicals.7x 5 17 / 71 .8x 29.9x 4 15.1 .7 .17.53[ 45.16x 26 5 5 16 3.6x 80.3x 18.1x 3 2.01x 1.3x 7.8x 10.6% 8.51x 187 8 51 128 0.0% 13.8x 39.7x 1.6 .4 .0.4 .1x 11.40x 0.5x 52% [0. synthetic fibbers.0% 0.4% 1. films.5x 12.6x 2.5x 26. Fertilizers & Agricultural Chemicals.32 .3x 1.0x 59% [4.4x 187 6 72 109 0.7x 57% [5. Industrial Gases.9.8[ 25. 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 0.0.1.18[ 50. computers.17.5x 8.6x 3.75x 3.13[ 37.2x 26 3 5 18 5.4x 10.42x 0.4x 13.1x 28.4x 2.9 .4x 2 22.

3x 3 12.1.6x 5.4x 9. Excludes semiconductors classified in the Semiconductors sub-industry.2x 0.9x 58 3 10 45 0.53x 0.9[ 27.4% 1.1x 0.9x 112 12 51 49 6.5% 0.2x 25.7x 9 24.2[ 36.32 .1x 75% [0.0x 10.87x 1.2x 19.3 .95x 67% [0.9[ 30.3x 1. Computer Storage & Peripherals Manufacturers of electronic computer components and peripherals.1x 3 18 / 71 .3 .2x 51.46x 0.97x 71% [0 . monitors.8x 18. 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 0.2x 3 1.3x 7.8 . motherboards.5x 58 3 24 31 0.9.4[ 31.0x 1.1 .1x 40.3x 10.9% 7. servers.65[ 23.0.5[ 24.0x 17.12.76x 112 12 32 68 0.14.21x 2.7x 11. 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 0.1[ 39.8% 9.18.7.IMGR SE – JUNE 2006 23.46[ 28.0x 8.3% 0.7x 15.5x 57% [3.9x 58 3 17 38 0.6% 10.5x 7.5[ 41.4x 12. faxes and related products classified in the Office Electronics sub-industry.7 .89x 3 13.9 .6x 112 12 46 54 0.89x 1.1% 10.87x 4 11.4x 68.1.5% 10. Excludes manufacturers of copiers.0x 5 18.1x 61% [3.8x 2.3x 29.2x 23.6x 16.1x 72% [0.8x 6.4x 11. keyboards. mainframes and workstations.6x 8.3x 5 16.8x 51% [4.6x 58% [9.23x 2.49x 0.7[ 30. Computer Hardware Manufacturers of personal computers.4x 26.1x 1 2.9% 15.0.1x 11. printers and other peripherals.1x 1.3x 54% [6.4x 10.6x 2.01x 0. audio and video cards.7 .0x 1.0% 1.3x 1.07x 0.40x 0.4x 30.8x 62% [0.0x 34.99x 58 3 19 36 0.1x 112 12 16 84 0.10. Includes data storage components.1x 10.9 .1x 1.4x 16. Includes manufacturers of Automatic Teller Machines (ATMs).8x 4 24.2x 14.2x 16.

7 .4x 0.0% 0.9x 11.3x 19.8 .5x 3 25.7x 50% [4.4% 9.3x 27. Excludes companies classified in the Homebuilding sub-industry.1x 10.11.4 .8 .0x 6.5x 52% [1.5x 20.6x 11.0.64 .7% 13.3% 10.3% 2.0x 2.0x 7 17.80x 1.20x 3.5x 76.0x 1.7x 6.75x 5 11.3x 42.32x 0.61x 2 12.5x 8.8x 14.9x 9.03x 0.2x 14.0% 13.9% 0.1x 17.75x 0.3x 20. earth-moving and construction equipment.IMGR SE – JUNE 2006 25.6x 49% [9.9x 56% [11.1x 4 2.3x 13.30x 0.7x 28.05x 0.5x 201 25 61 115 0.7[ 27.4x 14.10[ 28.0x 12.7[ 27.8x 68% [3 . Construction & Farm Machinery & Heavy Trucks Manufacturers of heavy duty trucks.7[ 28.2[ 25.9x 15.4x 43.1.7% 1.1x 1.8 .7x 10.8x 201 22 17 162 0. Includes civil engineering companies and large-scale contractors.69x 113 7 20 86 1.11x 201 27 54 120 0.6x 5 21.17.13. 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 0.0% 15.58x 0.1x 29.2.2x 56% [5.8[ 32.9x 3 26.33[ 28.96[ 31.1x 1.7x 12.5x 5 19 / 71 .4 .1x 1.82x 81% [0 .4[ 24. rolling machinery.9x 14.0. Includes non-military shipbuilding.6x 23.2 .5x 16.6x 2.3x 201 22 53 126 0.61x 1.7x 4 16.3x 113 7 24 82 4.3x 113 7 11 95 0.01x 62% [0.3x 35.2x 67% [0. heavy farm machinery and manufacturers of related parts.3x 6.3x 1 2.7x 113 7 25 81 1.1x 55.30x 2.6% 6.7[ 31.0x 49% [8. Construction & Engineering Companies engaged in primarily non-residential construction.3x 19. 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 0.1x 1.3x 3.9x 3.14.

83x 55% [1.9% 1.2% 7.2x 52% [18. hi-fi equipment.5x 41 4 16 21 6.3[ 35.4x 10.44x 4.3x 1. Other finished or semi-finished building materials are classified in the Building Products sub-industry.6 .5x 1.09x 0.8x 41 3 4 34 0.52x 1.78[ 25.8. gypsum. clay.2x 115 11 44 60 5.9x 50% [6.9[ 38.5x 37. Excludes personal home computer manufacturers classified in the Computer Hardware sub-industry.8x 6. 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 0.3x 9.12.2x 41 4 13 24 4.2x 1.1.1x 12.1x 3.5x 23.86x 4.2x 11.2x 10.20.0x 42.6x 1.9x 4 18.6% 19.83x 8 10.55x 115 11 32 72 2.7x 22.1.1x 23.16x 1.6x 9.9x 17.18x 1.3[ 35.0.2[ 39.3x 1.9% 1. 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 0.0x 24. and electric household appliances classified in the Household Appliances sub-industry.1 .7[ 33.0x 115 11 40 64 6.69x 2.3% 1.96[ 63.1x 50% [11.IMGR SE – JUNE 2006 27. Construction Materials Manufacturers of construction materials including sand.2x 18.6x 5 20 / 71 .1x 7 2.7x 11.7x 1.7x 5 28.08x 102% [0 .32x 0.1x 7 21.3x 9.3x 17.31.1x 62% [1.4x 2 1.54x 0. concrete and bricks. cement.0x 27.4x 16.1% 10.54x 2 11.12.6% 0.3x 10.5x 55% [5. aggregates.0x 23. VCRs. Consumer Electronics Manufacturers of consumer electronics products including TVs.16x 41 4 9 28 3.3% 10.2.3% 16.1[ 29.5[ 22.8x 14.4x 10.3x 1.3 .6 .0x 11.1x 28.11.0x 7.9 .5x 115 11 21 83 0.55x 1.2x 45% [5.1x 47.1[ 47.19 .1x 1. game consoles and related products.1 .3x 3 17.6x 2. lime.1x 44.3x 57% [7.7% 8.4x 10.6 .2x 5 15.2 .7x 49% [1.9x 5.8x 2.

1[ 42.4x 8.4 .4[ 34.28.5x 22.5x 2.20x 5.2x 53.6x 10.5x 30.8x 4 34.8x 41.3x 11.62x 1.2x 38% [9.3x 78 6 24 48 5.8x 43 4 4 35 5.6x 43 4 2 37 0.0.70x 0.0x 9 14.8x 45.49x 0.17x 2. 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 . 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 0.6x 16.3x 15.4x 55% [7.8x 76% [14 .1x 11.8x 26.6 .3% 21.2.9.1x 59% [12.18x 0.9x 14.7[ 34.3x 17.9x 17.0x 0.14.11.IMGR SE – JUNE 2006 29.6x 8.8x 5.84x 6 13.3% 0.21x 1.4x 14.8x 2.21[ 33.2x 1.2x 56% [0.8x 18.1% 1.9x 116.8x 1. Includes companies that provide services for back-office automation.6% 21.0x 40% [6.44[ 37. Department Stores Owners and operators of department stores.8% 1.31x 2.4x 24.8x 5 20.59x 43 4 3 36 0.0x 22.98[ 33.8 .6x 43 4 4 35 0.8x 2.6x 1.03x 3.21x 78 6 14 58 4.6x 10.8x 4.2 .5x 12.2x 78 6 25 47 2.9[ 41.5x 9.3% 13.2x 5 30.56 .7x 22.2x 51% [1.25.20x 61% [1.3 .2[ 35.0x 2.2% 9.3% 13.2x 10 24.2[ 25.22 .7 .84x 1.62x 5 10.9[ 36.7% 8.8x 9.7x 15.3x 33.4x 78 6 10 62 0.9x 2 2.93x 54% [0.6 .2x 18.7x 8 3.8% 1.9x 21.5x 2.4x 7. Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services.7x 41% [17.8x 3 EV / Sales EV / EBITDA EV / EBIT PER PBR 78 6 12 60 0.

43x 0.9x 11.1[ 36.8[ 25.8x 1.9% 21.1[ 41.23x 1.6x 43 3 2 38 0.3x 3.4x 8.21[ 33.6x 2. Distillers & Vintners Distillers.4x 1.9x 30.6x 87 10 19 58 0.25.8% 1.5x 9.10.19[ 27.9 .6 .5x 4.7 .3% 0.1x 46% [13.0.0x 21.03x 5.62x 11.2x 4 32.3% 18. Distributors Distributors and wholesalers of general merchandise not classified elsewhere.8x 39% [14.5% 10.8% 2.9% 8.66x 75% [0 .9x 87 10 11 66 0.3x 7.4[ 25.6x 4 1.4x 12.0x 75% [3.05x 0.4x 12.3x 27.76x 1.25 .4x 50% [4.4 .IMGR SE – JUNE 2006 31.3[ 31.6x 17.20x 3 15.8% 2.6[ 34.1x 15.2x 1.1x 53.2x 2.4x 61% [0.25x 0. Includes vehicle distributors.7x 4.0x 57% [8.5[ 31.4x 19.2x 19.4 .2x 65% [1.8 .52[ 36.1.9x 9 12.4x 5 15.1x 7.2x 43 4 8 31 8.6 .3% 16.1x 1.5x 22.1x 16.2.9x 128. 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 0.38x 3.12.1x 7 43.8x 10 22.55x 75% [0.8x 12.5x 49.7x 15.0x 2 3.1x 24.1x 6.6x 43 4 9 30 7.1x 28. 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 0.33x 3 8.2x 0.85x 87 11 18 58 0.58x 43 4 6 33 6.9x 20.6x 12.5x 40.3.6x 12.9% 8.20x 2.33x 0.1x 8.2x 15.1x 5 22 / 71 .4 .8.1x 31.9x 51% [7. vintners and producers of alcoholic beverages not classified in the Brewers subindustry.1x 87 10 19 58 0.2x 0.

2x 14.7x 0.02x 0.2x 15.5x 5 23 / 71 .13.16x 1.17x 0.5x 9 18.5x 2.0.8x 8.10.6x 44% [2.9x 2.IMGR SE – JUNE 2006 33.2x 34 4 7 23 6.0x 28.0x 10.4 .85x 3 9.8% 10.1.5x 19.1x 6 12.6x 8. Specialty Chemicals or Fertilizers & Agricultural Chemicals sub-industries.6x 57% [2. Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases.9x 34 4 7 23 1.98[ 31.8% 9.02x 145 21 23 101 2. 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 0.21.0x 8.8% 0. Commodity Chemicals. education services and security services.3x 22.92x 6 8.1x 5.1x 35% [4.67x 34 4 5 25 2.9x 12.2x 41% [10.8x 18.5x 52% [0.8[ 34.2 .1[ 20.12x 0.3.5x 6.0x 1.35x 67% [0.1x 145 20 33 92 2.0x 1.0x 33.4x 3. Includes commercial cleaning services.49 .7x 145 19 16 110 0.5 .12x 1.4x 18.5x 22.58x 0.7 .5x 3.5x 40% [10. 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 14.9x 8 2.6x 9.86x 4.8[ 26.9.8x 13.68x 1.2 .12.4% 1.4[ 30.7[ 26.9x 11.6x 5 34.4% 2.1.31[ 38.85x 0.1% 13.8x 6.7x 13.8x 24.6x 4 2. Diversified Commercial Services Companies providing commercial and consumer services not classified elsewhere.4x 2.92x 45% [0.8 .0x 13.3x 1.6x 34 4 12 18 2.9x 51% [16.99x 1.3x 36% [5.3% 10.2[ 33.4 .9[ 25.2x 8 13.5x 51.8x 145 19 40 86 0.5% 1.0x 12.1 .1x 6.3x 12.6% 17.1x 8.1x 9.2[ 36.92 .6x 2.3x 8.5x 17.7.3x 4 14.0% 6.

9x 12 2 2 8 10.24x 0.0% 0.1.3x 30.24x 104 13 24 67 1.8[ 38.5 .4x 13.1x 19.8x 61.12.3x 17.7x 56% [1.5x 7.8% 7.5% 0.70x 0.5x 36% [14.18.9x 13.2[ 32.59x 5 10.6x 5 24 / 71 .8% 9.8x 56% [4.4x 12 2 0 10 1.9x 18.4x 15.3x 22.5x 8 17.IMGR SE – JUNE 2006 35.8x 104 7 29 68 1.9% 22.5[ 50.99x 5.3x 4 2.5x 4 14.13[ 31.3x 62% [6.6x 4.8x 2.8.88[ 60.14x 1.0% 15.5x 14. 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 0.9 .1x 2.92x 2 10.0x 1.0% 2.3[ 42.7x 2.5% 2.1x 45.38x 0.9x 17.2 .1x 15.4x 2.1 .2x 18.3x 25.4x 10.3x 6.3x 4 2.5[ 23.2.5x 9.7[ 40.6x 9.02x 2.8x 9.3x 10.5 .6 .3x 50% [11.6x 47% [1.92x 0.7x 104 7 16 81 0.02x 64% [0.19.1x 12 2 3 7 1.82x 2.2 . Drug Retail Owners and operators of primarily drug retail stores and pharmacies.3 .3[ 62. Includes companies that are primarily involved in coal mining or production.17 .9x 12.4[ 27.8x 20% [8.8x 9 17.5x 7.5% 10.11.5x 14. 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 0.9x 26.76x 63% [0.6x 3.6x 0.5x 5 36.0x 1.7 .3.14x 0.5x 3.22.6x 2.2x 9.5x 7.59x 1.9x 14.5x 12.0.52x 12 2 2 8 8.5x 3 19.9% 15.6x 23. Diversified Metals & Mining Companies engaged in diversified production or extraction of metals and minerals not classified elsewhere.0x 104 9 28 67 1.1x 73% [13.

9x 7.0x 117 19 21 77 3.3[ 24.5% 8.9x 8 18.8x 11.9x 23.7% 12.8x 5 38.9x 5 25 / 71 .7 .1.9x 41% [5.5x 18.12x 5.7x 41% [11.07x 4.9x 2.4x 168 12 64 92 2.0x 14.2 .2x 1.24x 1.0x 31.2[ 31.39x 53% [2.6% 14.1x 13.0x 117 21 16 80 1.43x 2.2x 22.9x 168 13 30 125 0.7[ 26.1.7x 2.9x 7 14.5x 13.8x 30.8% 1.4% 1.7x 9.1x 11.0x 1.83x 117 23 11 83 0.8x 24.5% 7.6x 17.1[ 25.0x 2.7% 2.9[ 28.4x 48% [6.1 .2x 9.9x 15.3 .57 .05x 1.7x 23.2.6x 1.4x 1.9x 39% [10. Electric Utilities Companies that produce or distribute electricity.3 .16.5x 117 19 11 87 0.7 .8% 20.7x 8 2.1[ 28.17.77x 168 12 50 106 1.1x 168 12 55 101 3.0% 1.8[ 26.0x 22.9 .7.7x 7 1.51x 70% [0.6x 68.9x 39.9x 6.26x 2.2x 15.7x 52.20x 3. Electrical Components & Equipment Companies that produce electric cables and wires.0x 10.9x 14.61x 2.3x 1. Includes both nuclear and non-nuclear facilities.26.1.6x 1.7[ 28. 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 0.07x 0.20x 8 9.9x 18.3% 12.8 .73x 1.9x 4 24.73[ 26.2[ 22.3x 4.IMGR SE – JUNE 2006 37.8x 11. electrical components or equipment not classified in the Heavy Electrical Equipment sub-industry. 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 7.26x 5 11.13.9.4x 6 18.2x 57% [1.7x 55% [19.2x 11.3x 26.3x 56% [11.05 .8x 16.0x 1.8x 43% [1.

4x 8.3% 14.6x 19.0x 10.1% 1. electronic test and measurement instruments.5x 47 5 1 41 0.14.9x 47 5 10 32 1.9x 12.1.7x 13.2x 1.5% 0.1x 1.81x 4.89x 83% [0 .2 .5 .3x 249 20 26 203 0.1x 61% [1.0x 2 2.9 .0.4x 8. Excludes OEM suppliers classified in the Electronic Manufacturing Services sub-industry.25x 2.7x 4 24.72x 47 6 6 35 1.1x 61.8x 5.6x 14. Includes analytical.5x 13.3[ 25.29.1[ 22. 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 0.1% 12.8% 11.1x 62% [0.3x 7 14.7[ 21.7[ 24.8x 47 5 15 27 3.8x 2.7x 17.14.0x 59% [9.8x 3 26 / 71 .6x 8.34x 69% [0.4x 22.04x 0.63x 1.56[ 47.0x 25.1x 6.28x 0.0% 10.81[ 22.6% 1.15x 249 21 67 161 0.37x 0.1x 60% [0. electronic components.41 .0.0x 9 18.1x 40.3% 0.1.2x 16.1x 31.3 .7x 22.69x 1.9 .1x 8 2.20x 1. Electronic Equipment Manufacturers Producers of electronic equipment.7x 14.7x 2.37x 2 9.1x 1.4x 1.1 .8x 51.5% 22.8x 8 18.1x 249 20 87 142 3.9[ 34.4x 59% [22.13.3[ 34.6x 1.0x 46% [7.5x 6. 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 0.8x 51% [11 .1x 17.1 .8x 25.4x 10.6x 10.05x 0.20x 3 10. Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets. connection devices and equipment not classified elsewhere.9x 5.3x 9.8x 22.6[ 31.61x 1. instruments or components.1x 14.1x 1.1[ 37.1x 0.3x 46% [4.7x 5 40.4x 249 21 77 151 0.3x 27.6x 14.3% 7.IMGR SE – JUNE 2006 39.11.4x 1.

7x 8 17.0x 58 7 17 34 7.13.4% 0.76[ 35.29[ 44.9x 13.6[ 32.3x 12.8x 41% [8.8x 36% [15.10[ 39.04x 0.40x 0.4% 21.8x 8 3.1.91x 0.54x 2.6x 39% [21.1x 37% [10.3[ 29.6x 21.9 .7% 9.8x 58 7 6 45 0.8x 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) 42.16.7x 42% [5.28.5x 36.3x 15.44x 58 7 14 37 3.5x 3.8x 10. Table 41 EV / Sales EV / EBITDA EV / EBIT PER PBR 58 7 3 48 0.1x 14.8x 10.6x 58 7 18 33 3.52x 1.5[ 40.7% 1.1.2x 2.IMGR SE – JUNE 2006 41.4x 25.40x 2 10.7% 23.38 . Employment Services Employment agencies and related services.0x 9.1[ 33.5x 0.62x 1.8x 20.0x 2.11.2x 1.4 .0x 1.6x 10.8x 9 13.6x 26.9x 15.3% 3.5x 8.1x 41.74x 84% [0.8x 4.87x 83% [0 .9x 21.0x 14.4x 34.3x 14.0x 7.69x 2.33x 0.7[ 39.1[ 29.6x 61% [0 .7x 0.6x 6 2.02x 2.7% 0.9% 14.08x 0.0x 2.1 .7x 10.4.2 .9 .6x 2.0x 16.1x 9 21.0.4% 8.1x 60% [2.1x 21.7 .1x 19.1x 6 19.5x 1.5[ 41.3x 22. Includes waste management and pollution control services.91x 2 10.9x 27.2x 2.0x 7.79x 5.1x 1.0x 21.4% 11. Environmental Services Providers of environmental services.6x 3 27 / 71 .8x 13.4x 6.21. Excludes large-scale water treatment systems classified in the Water Utilities subindustry. 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 12.0x 44% [11 .

0x 2.7x 15.4x 8.0x 27.7x 7 21.9x 8 18.9% 11.53x 1.0x 9.2x 10.2[ 52.3% 13.4x 7.6x 29.5x 71.44x 1.0x 5 2.47x 4 11.7 .09x 1.8% 0.21.1% 12.6x 10.2.9x 59% [6.8x 2.2x 1.65x 50% [0.2x 72% [10.8x 7 14.61x 67% [0.0x 57% [0 .3x 10.9% 10.9x 44% [9.6x 65 0 24 41 3.9x 13.28x 1.1x 5 44.6 . Fertilizers & Agricultural Chemicals Producers of fertilizers.48x 2.10.14.08x 0.65x 6 9.6x 2 2.9x 35.1x 6.0x 0.24x 3.4% 1.3x 11. pesticides. Food Distributors Distributors of food products to other companies and not directly to the consumer.2[ 55.0.2x 12.0% 1.7x 65 0 23 42 4.6% 13.8x 13.2% 8.2[ 42.7x 11.33 .2x 21.4x 23.7x 4.6x 9.IMGR SE – JUNE 2006 43.8[ 36.9x 1.5 .9 .4[ 29.4x 30.92 .6x 13.1x 46% [1.13.1x 6 13. 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 0.8 .8x 65 0 14 51 0.15[ 42.2% 1.8x 14.0x 0.43x 0.0x 17.3x 0.75x 1.7 .33x 0.93x 65 1 19 45 3. potash or other agriculture-related chemicals not classified elsewhere. 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 0.6x 18.1x 8.8[ 33.6x 4.4x 2.3x 77% [0 .8x 16.47x 0.6x 18.7x 3.55[ 29.7x 2 28 / 71 .3x 2.5x 7.5x 1.3x 1.1x 30.1.9x 18.64[ 36.9x 36% [8.9x 46% [6.6[ 42.13.

9x 17.6x 10.6[ 39. 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 0.0x 13.85x 1.3x 63% [1.9 .2x 1.4x 8.5x 16.8x 14.9% 11.1x 25.0x 2.3x 52% [4.7x 10.0% 0.1% 9.31 .5x 8.7x 14.9% 11.1[ 33.6x 1.1x 57% [1.1% 18.7.8x 14. Food Retail Owners and operators of primarily food retail stores.70x 57% [0.11.0x 3.8.4 .4x 6.8x 20.3% 1.4x 6.6x 7 15.6[ 38.9x 56% [4.8x 16.9x 15.55x 0.6[ 35.87x 2.2x 12.4x 7.02x 0.7x 40% [6.55x 2 7.21.5x 8. Includes sport and leather shoes.9x 29 1 6 22 5.5[ 40.8x 1.12.8x 5 46.0.5x 29 1 9 19 2.7[ 42.4 .42x 45% [0.40x 0.29 .0x 0.0.1x 0.4[ 43.3x 7 8.7x 17.0x 6.3x 4.1x 2.2.57[ 45.8[ 28. Footwear Manufacturers of footwear.7x 5.1x 3.1% 2.12.4x 34.2x 8 2.1x 5 29 / 71 .3x 8 17.7x 9 13.2x 27.4 .6x 7.8x 2.1x 4 2.5x 0.5x 8.46x 0.IMGR SE – JUNE 2006 45.4x 2.5% 0.41x 0.4 .45x 0.28x 0.46[ 30.54x 0.2x 31% [18.3x 36% [9 .3x 10.1x 19.8x 29 1 5 23 0.6 .2 .1x 8.42x 8 8.57x 29 1 5 23 2.2.6x 42% [8.1x 17.5x 1.5% 6.13x 0.2x 7.0% 7. 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.

17 .8x 2.3x 16.9x 9.2x 38.1x 1.7% 9.62x 8 9.9.7 .3x 9.3 .2 .2.43x 1.5x 78% [7 .18.3x 4 48.4x 5.3% 15.0x 52 6 10 36 4.60x 1.0x 18.5x 1.9 .8x 24% [10.0% 1.9x 9.0x 9.5x 8.7% 1.3[ 40.33x 2 12. 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 0.3x 27% [8.4x 14. Forest Products Manufacturers of timber and related wood products.0x 16.8 .00x 1.7% 1.7x 1.8x 52 6 9 37 6.IMGR SE – JUNE 2006 47.4x 14.49x 1.35x 0.1[ 37.8x 3 1.53[ 51.0x 10.1.16.8x 9 16.5% 13.1[ 29.5% 13.7x 3.9x 1.1x 20.2x 1. Includes lumber for the building industry.6[ 23.7x 9.6[ 25.0x 0.8x 46 10 12 24 3.33x 2.22.6x 11.3x 4 17.3x 1.9x 16.31x 46 11 8 27 2.8x 39% [1. Excludes companies primarily involved in gas exploration or production classified in the Oil & Gas Exploration & Production sub-industry.3x 13. Also excludes diversified midstream natural gas companies classified in the Oil & Gas Refining.2x 16. Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas.2x 11.8x 24.4x 24.2x 3.1[ 44.4x 16.4x 74% [9.0x 34% [12.63x 1.3x 10 13.8x 5 30 / 71 .4% 8.7x 52 6 9 37 0.9x 1.5x 13.4x 14.98x 5.0x 8 1.3x 53% [0.9% 0.4x 46 8 15 23 0.4x 4 20.62x 49% [1.89x 81% [0 .1x 52.1x 16.6x 1.1.5% 12.1[ 37.6x 27.0x 40.06x 52 6 8 38 4.7x 66% [12 . Marketing & Transportation sub-industry.85x 4.14. 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 0.8x 12.1[ 33.5 .14x 1.5[ 43.8x 46 8 9 29 0.13.

1x 4 15. including companies that mine or process gold and the South African finance houses which primarily invest in.67x 31 3 2 26 0.44x 5.3% 7.7x 120.5x 77% [33 .84x 2 11.9 .1x 14.4x 6.25x 2 29.7x 31. 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 0.6[ 44.4x 13.5 .0% 3.4x 7 39.4x 34.6x 3.8 .IMGR SE – JUNE 2006 49.29x 96% [0 .3x 9.4x 29% [2.7x 40.5x 63% [1.6x 20.8[ 39.7 .20[ 45.65.4x 35.8% 12.4x 13.6x 31 3 3 25 0.4 .9x 9.0x 51% [4.73x 24.9 .1x 77 9 49 19 5.15.2[ 47.3x 3.3x 10.4x 5 50.1x 55% [24.7x 2.4x 21.25x 3.37[ 43. gold mines. but do not operate.2[ 50.4x 77 10 51 16 3.4x 5 24. Gold Producers of gold and related products.0x 3.5x 20.6x 34.23x 83% [0.5x 55.0x 84.3.37x 3.5x 0 28.0.0% 11.1x 19.6x 31.5% 16. General Merchandise Stores Owners and operators of stores offering diversified general merchandise.12x 77 13 41 23 3.7x 34.5x 31 3 4 24 0.5x 53% [7.7x 1.5x 7 4.99[ 46.9x 3 31 / 71 .4x 1.6x 7.9x 2.1x 11.4% 36.9.6x 7.9x 83% [0 .9[ 47.5% 3. 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 0.7x 24.2% 0.0x 13.1x 31.04x 9.0x 5 2.5x 41.74x 0.1x 66.55[ 45.4x 77 9 9 59 0.6 .63x 0.84x 1.19. Excludes hypermarkets and large-scale super centers classified in the “Hypermarkets & Super Centers” sub-industry.3.8% 30.0x 2.5x 21.4x 22.4x 31 3 6 22 10.0x 40% [8.4.9x 15.8x 2.12x 0.0x 12.8[ 42.0% 2.48x 2.

6 .3% 10.12.2x 2.2x 10.3x 23.27.0% 0. Includes dialysis centers and lab testing services.0x 22.9[ 40.5x 36% [22.1x 7 22.62x 1.9x 8.1x 18.7x 2.5% 1.7x 4 2.2x 11.47x 4.5x 44% [10.07[ 37.9 .5% 16.0x 42% [9.2x 58% [13 .2x 27.0x 9 16.0.8x 51 2 15 34 2.4x 1.8% 2. Table 51 EV / Sales EV / EBITDA EV / EBIT PER PBR 51 3 2 46 0.1x 43.0x 2.54x 2.5x 3.2x 37.9x 14.7x 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) 52.6x 19.15.3[ 38.0% 12.0% 0.36x 0.77x 51 2 7 42 0.6x 17. Health Care Services Providers of health care services not classified elsewhere.1x 44% [8.7x 1.3x 17.1[ 37.86x 2 12.98x 96% [0 .86x 0.8[ 33.2x 1.31x 3.1x 2.3x 13.4% 23.1x 24.7x 37% [1.62x 1 13.5x 0.7 .1.8x 12.2x 4.9x 8 27.0% 12.9x 50% [13.2x 24.7 .80x 1. Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere.0x 18.7x 36.63[ 50.1.9[ 32.5x 16.40x 0.20.6x 11.7x 0.4x 2.3 .2x 23.06x 0.2.5x 8 2.1x 51 3 9 39 0.2x 32.6x 3.9x 66% [0 .IMGR SE – JUNE 2006 51.6[ 30.7% 21.6x 51 2 9 40 1.18x 0.13 .72x 66% [0.9x 7.0x 27.6 . 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 0.13.7x 17.2x 11.7x 13.1x 3.31x 3.6x 13.1x 24.7[ 35.5x 8 18.5x 67.1[ 35.25.4x 2 32 / 71 .

2 .1x 3.11x 1.0x 5.2x 5 33 / 71 .9[ 27.05 .36x 2.2x 133 11 42 80 0.1x 38.80x 7.1x 13.9x 32.0x 15.3x 22.4% 18.54x 2.0x 9 32.1.5x 7. Includes drug delivery systems.6x 11.43[ 34.7x 37.3 .1x 7 3.0x 21.5x 29.19[ 26.5x 4 21.5x 1.2x 71.1.36x 5 11.55x 133 11 32 90 0.7x 53.0x 27. nursing homes.0x 49% [15.17x 0.1x 57% [7.8x 133 11 11 111 0.6 .4 .1x 8 18.07x 61 1 6 54 1.0x 133 11 46 76 10. 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 0.5x 61 1 12 48 0.2.3[ 30.4x 18.24.15.1x 43% [22.74 .5x 24.8 .8. animal hospitals.4x 45. Health Care Facilities Owners and operators of health care facilities.2x 4.0x 21.7x 6 18. including hospitals.5 .2[ 34.9x 2 54.5x 21. Health Care Equipment Manufacturers of health care equipment and devices.6% 8.IMGR SE – JUNE 2006 53.9x 2.9x 1.29.9x 14.58x 58% [0.4x 10.1x 52% [11.9 .7x 63% [1.1x 9.2.0% 1.6% 1.85x 1.2x 41.5x 21.0% 11.1x 2.3% 16.6x 61 1 10 50 2.13.7x 46% [4.0% 1.9[ 29.6% 25.3x 2. 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 0.71x 3.2x 59% [0.7x 56% [16.0x 13.15x 4.9[ 29.81x 2.88x 5 15.0x 1.8x 10.6% 13.01[ 24.3x 2.1x 18.5x 15.5x 61 2 13 46 0.2% 1.30x 1.0x 10.0x 3.8[ 25. cemeteries and funeral homes.2 .7x 15.0x 15.5[ 30.88x 59% [1.7x 7 2.2x 16. rehabilitation and retirement centers. Includes medical electronic precision instruments.

Table 55 EV / Sales EV / EBITDA EV / EBIT PER PBR 44 9 3 32 0.1x 9.7% 21.7x 112.55[ 38.5 .1x 71% [1.22.8% 13.6[ 68.5x 1.2x 1.5x 3.4% 2. classified in the Electrical Components & Equipment sub-industry.14[ 33.2x 4.15x 5 22.8x 18.3 .80x 3.58x 1.4x 14.9x 2.5x 52.14.5x 17.44.7x 43% [12.2.1x 23.7 .5x 15.9[ 61.11x 1.6[ 36.35.3 .7[ 66.1% 2.5% 27.8[ 40.6x 44 9 2 33 0.7x 36.5x 14.1x 8.9 .59 .26x 69% [0.78x 6.24.6x 2.84[ 43.03x 3.91x 1.8x 2.4x 52. heavy electrical machinery intended for fixed-use and large electrical systems.5x 8 14. including power turbines.9x 44 9 8 27 13.8x 15.IMGR SE – JUNE 2006 55.9% 0. Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere. 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 0.3x 65.0x 91% [0 .15x 1.4x 12.78 .9x 2.2x 26.6x 24.1.7x 7.6x 30 5 10 15 0.31x 44 9 11 24 6.6x 55% [1.6x 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. Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment.3.60x 2.7% 23.5% 12.5x 33% [11.6[ 37.8x 12.3x 89% [0 .1x 30 4 13 13 1.0x 2.18x 3.1x 30 5 6 19 0.5x 2 41. Includes eye care products.8x 14.89x 51% [2.4x 68.18x 8 12.8x 69.2x 44 9 14 21 8.9x 19.3.5x 4 34 / 71 .6x 8.1x 3.9x 22% [10.9x 24.8% 3. Excludes cables and wires.4x 18.9x 7 26.3% 13.9x 12.3x 1 3.1x 5.0x 24.9x 17.7x 6 3.3x 98% [0 .08x 0.0x 12.88x 30 5 9 16 0.6[ 42.7x 1 28.8x 32.

6x 7 18.6x 5 35 / 71 . Home Entertainment Software Manufacturers of home entertainment software and educational software used primarily in the home.6x 36% [10.9% 1.5% 10.0x 1.54x 46% [4.79[ 25.8x 10.6x 13.8x 22.8x 36.6x 2.84[ 61.7% 5.1x 3 18.8x 7 16.2x 1.65x 7.9% 6.6x 7.8 .8x 7.7x 33.0x 3.0. Highways & Railtracks Owners and operators of roads.4x 10.4x 3.1% 11.8.1x 10.5% 0.1[ 37.3 .16.4x 4.61x 0. 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 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) 58.2x 16.13.4% 16.99x 14.6x 21.0x 12.6.8x 10.9[ 30.21.7x 5.9[ 34.1x 0.7x 2.8x 39% [1. 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 0.90x 5.13.50x 1.57 .7x 29.5x 18.5x 36.6x 0.3x 4.91x 4.4x 7.1x 61% [0 .85x 65% [0.5x 1.5x 41% [9.2x 1. tunnels and railtracks.2x 23.7x 14.5 .1x 6 1.3x 13.4x 5.1 .1x 44% [9.IMGR SE – JUNE 2006 57.6x 14.1.5x 8 13.8% 15.8x 8.0x 24.9[ 71.2x 15.9 .53x 0.03x 0.5x 14.5[ 39.8 .5x 7.0% 11.01 .7x 1.13.73x 5 6.0x 4 1.7[ 41.4x 63% [4.7[ 42.54x 8 10.4[ 50.1.2x 15.73x 1.4x 1.3x 8.85x 8.9x 65% [0.7x 4.5x 18.3x 60% [7.79x 7.5% 1.8x 12.65x 0.6 .6x 0.

05x 62 14 7 41 3.04x 2. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.23x 0.3x 62 6 10 46 2.10. including upholstery.9x 1.9x 61 2 21 38 4.4x 27.0x 12.4% 1. Home Furnishings Manufacturers of soft home furnishings or furniture.1x 5.2x 6.9[ 29.8x 10.2x 5 1.8x 32% [6.3 .6x 13.5% 0.2[ 35.1x 4.73x 0.9% 0.8.0.9[ 24.2x 9.2x 7 10.6x 3.56[ 27.5x 1.0x 9.8x 42% [5.2x 6.5x 61 2 8 51 0.1 .5x 2.82x 61 2 17 42 0.8x 5.0.3x 10.67x 0.1[ 37.91x 1.09x 0.7.82[ 42. Homebuilding Residential construction companies.7[ 34.4x 36% [1.9[ 27.0x 45% [5.5% 1.7x 12.47x 0.1x 62 14 8 40 3.IMGR SE – JUNE 2006 59.2x 4.4x 1.7% 9.73x 7 6.3 .8x 8 8.0x 0.1.9x 7.4x 22.4x 5 36 / 71 .42x 0.68x 6 7. 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 0.2[ 28.5.0x 4 1.1.2 .7x 1.2x 4.1 .1x 0.4x 61 2 22 37 0.1% 5.5 . carpets and wallcoverings.4x 8 6.6x 19.1x 1.4x 35% [4.9x 6.0x 8.5x 15.3x 14.6x 59% [1. 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 0.63x 0.1x 7.6x 5.1x 18.1 .1x 10.0% 5.8x 14.6x 5 60.1x 6.61 .6.4x 7.68x 55% [0.9.90x 47% [0.6x 6.6% 8.5x 1.6% 6.0x 0.5 .1x 8.3x 62 6 11 45 0.4x 55% [5.6 .77x 1.2x 37% [4.8x 5 14.0% 6.1[ 31.

8[ 41.5x 2.2x 1. Home Improvement Retail Owners and operators of home and garden improvement retail stores.4x 106 15 29 62 1.1x 1. Excludes casino-hotels classified in the Casinos & Gaming sub-industry.8 .0x 13.8[ 27.2[ 25.2x 25.52x 3.7[ 44.42x 0.9 .9x 11.5x 8.6[ 30.1x 106 16 20 70 0.3x 7. Hotels.1x 12.9x 4. Includes stores offering building materials and supplies.8[ 46.0x 4 20.3x 106 19 29 58 3.4 .2x 4 37 / 71 .6x 9 11.2x 60% [6. 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 0.3% 9.9[ 32.5x 7 2.0x 18.52x 3 14.0x 12.5x 18.7x 56% [15.8.8x 13.8x 9 13.6 .05x 1.6x 1. tour operators and related services not classified elsewhere.0x 1.84x 106 20 24 62 2.7% 1. Resorts & Cruise Lines Owners and operators of hotels.7x 19 1 4 14 3.8% 23.6x 9.77x 2.70x 1.92x 70% [1.1x 19 1 0 18 4.59x 0.26 .5x 37.6[ 50.4% 10.IMGR SE – JUNE 2006 61.6x 27% [6.0.9x 66.28[ 27.7x 30.6 .2% 8.3x 26.6x 23. 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 0.5x 32% [13.8x 27% [8.1x 54% [0.6x 2.3x 0.1x 4 62.7x 12.53x 0.15.1x 11.5x 14.7x 8 1.6% 13.3x 4 25.2x 8.9x 11.9x 65% [0.1.05x 1.2x 19 1 3 15 0.8x 57% [8.7% 0.4x 15.0% 14.2x 18.1.68[ 46.2x 2.9x 18.6x 2.14 .16. resorts and cruise-ships.2x 8.83x 46% [0.3x 15.79x 19 1 1 17 3.1x 2.46x 2.0% 1. Includes travel agencies.11.73x 8.7x 10.83x 5 8.23.2x 12.3x 50.4 .0% 1.1x 21.5 .11.6 .2.6x 5.

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 0.8 .48x 0.4x 18.13x 3.3 .4[ 31.3x 9.1x 5.0% 19.14[ 35.4x 7.0.8x 5 64.20.1x 28.6x 23.11.3x 4.4x 28% [9.8[ 52.1 .49x 61% [0 .85x 1.56[ 43.18x 26 3 5 18 4.12[ 50. 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.5x 0. diapers and other tissue and household paper products not classified in the Paper Products sub-industry.8x 1.6x 2.3x 5.4x 1.18.6x 2.97[ 36.2x 22.5x 8 17.36x 0.6x 56% [8.6x 66 4 19 43 4.02x 0.4x 11.0.0x 11.43x 4 8.6[ 29.2. including detergents.8% 0.7[ 29.77x 66 5 14 47 0. including garden improvement tools.16x 0.83x 1.24x 3 9.8x 2.5x 19. 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 .7 .8x 26 3 8 15 11.4x 66 4 11 51 0.9x 9. Household Appliances Manufacturers of electric household appliances and related products.0x 26 3 6 17 0.4x 13.0x 56% [4.4x 9. soaps.7x 64% [1.9x 5 11.2% 13.2.5x 22% [11.7x 10.4x 77% [0.4% 1. Includes manufacturers of power and hand tools.7x 1.8x 1.1% 0.3x 0.3% 12.6.7x 10.3x 54% [11.5 .2x 66 4 18 44 0.3x 26 3 6 17 5.6x 18% [18.6x 13.43x 0.1x 8.9% 1.2x 17.9[ 40.88x 1.0% 10.5[ 37.9x 9.7x 15.0x 6.1x 6.3x 1 38 / 71 .4x 14.4x 5 1.3 . Household Products Producers of non-durable household products.0x 16.7x 11.3x 15.6x 6 17.24x 2.5% 10.1x 21.4x 8 11.62x 61% [0.28 .9x 39.6 .8% 6.9x 12.0x 7.IMGR SE – JUNE 2006 63.6x 8 3.0x 9.

6x 16.6[ 34.1x 43 5 12 26 1.1x 2 66.4.3[ 39. including cutlery. cookware.4x 43 5 15 23 0.51x 7 8. glassware.51x 0.8x 23 0 4 19 4.4x 23 0 5 18 8.8 .0x 2.3% 0.0% 3.5 .5x 2.7 .8x 19.0x 0. 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 0.5x 18.IMGR SE – JUNE 2006 65.9x 8.4x 65% [7.0x 14.2x 14.43x 0.8x 7.9x 14.8x 3 1.0x 43 5 5 33 0.15x 2.1x 45.7 .1[ 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 0.13.3x 15.6% 6.1x 35% [7.51x 43% [0.3[ 42. silverware.5x 5 39 / 71 .8x 10.1.0x 9.48x 0.2% 8.0x 7.6x 8.9% 21.43[ 33.8x 9.37x 0.0.3x 40.4 .11.3x 0.6.67x 1.9x 0.0x 8.6x 8 14.3[ 46.4% 1.4x 4.5x 5.8x 21.9% 7.9x 1.6x 43% [13.1x 8 21. Housewares & Specialities Manufacturers of durable household products.6 .2[ 28.9x 74% [0 .6x 37% [6.5x 1.8x 13.9x 5 13.2x 7.5x 48% [2.0.67x 0.1x 1.51x 43 5 10 28 1.08x 0.7x 7.4x 3.0x 14.6x 22.1 .61x 3 7.91[ 33.24.2x 28.15.8[ 57.3% 0.8.61x 0.0x 5.1% 12. crystal.8x 23 0 3 20 0.9x 45% [3.6x 15.13x 0.8x 20. Excludes Food and Drug Retailers classified in the Food Retail and Drug Retail sub-industries.2x 10.92x 65% [0.3x 2 16. kitchenware and consumer specialties not classified elsewhere.22 .98x 23 0 4 19 1. respectively.8% 10.0x 9.2x 3.5[ 38. utensils.4x 72% [6.49 .8x 40. Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products.6x 8 2.

0x 1.0% 3.0x 12.12.1[ 71.0x 105 8 9 88 0.21x 2.4x 25% [8.2 .21x 3 13.90x 1.1x 2.1x 11.1[ 42.9x 10.9x 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) 68.89x 30% [1.1x 15.5x 64% [17 .8x 20.4x 20.1x 1.7x 8 20.1x 15.3 .53x 2. Industrial Gases Manufacturers of industrial gases.2x 15.7[ 26.3x 17.7x 7.7x 4.5% 1.0% 22.6x 5.4% 10.08x 2.47 .8x 3.1.7x 21% [13.9x 57.17.5x 105 13 31 61 5.67x 5.9x 15% [20 . none of which contributes a majority of revenues.73x 1.8x 2.1x 14.68x 75% [0.12.1x 22.IMGR SE – JUNE 2006 67.2.98x 1.9% 17.5x 64% [7.1% 1.2x 13.8x 24.9x 8 2.7 .0x 9.3.6x 18.6x 8 2.89x 8 9.20x 105 14 19 72 3.1x 3.22x 2. Table 67 EV / Sales EV / EBITDA EV / EBIT PER PBR 105 14 17 74 0.2x 19.3x 7.7% 8.8x 1.9[ 34.9x 10.4x 3 15.85x 1.7[ 50.0x 1.0x 5 19.1.0x 10.1% 18.1x 11.7% 12.8 .6x 1.1x 11.4x 8.8x 47.7x 33.9x 36% [1.8x 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 0.4[ 29. Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors.3x 21.4x 8 15.3x 10.3x 1.22.4 .79 .0x 61% [0. 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 .6x 22.2 .4x 1.2[ 37.9x 17.14.7% 0.7x 53% [9.32x 0.6x 105 8 28 69 0.1[ 50.18[ 57.11x 5.45[ 29.3x 17.22. Stakes held are predominantly of a controlling nature and stake holders maintain an operational interest in the running of the subsidiaries.0x 20.

9x 34 0 4 30 1.3 .6x 9.58x 0.0. 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 0.3[ 20.5x 8.4[ 43.94x 1.3% 5. pumps.7 .7% 12.12.0x 337 37 92 208 0.1x 9.3x 66.4x 16.5x 48% [7 .4% 0.0x 59% [12.1[ 21.6x 16. escalators.5x 5.7x 46% [11.0x 337 37 83 217 0.5 .1[ 30. as well as at least one other significant activity in either refining.7x 34.7x 8 2.7% 16. elevators.6x 11.7x 7.7. machine tools. roller bearings and other metal fabrications.6x 31% [2.8 .9x 34 0 6 28 6.0x 4.5x 18.7x 40% [4.5x 41% [5.3x 5.9% 0.0% 2.7x 11.6x 5 41 / 71 .9x 24.4x 13.1x 9.5x 2.1x 3.97x 337 37 71 229 0.2x 2.0x 2.20x 53% [0.94x 4 9.14.9 .4x 62% [1.5 .2[ 19.6x 26.7x 8 22.6x 3.5x 9 10.0x 18.4x 337 37 33 267 0.2x 2. or chemicals. pollution control equipment. marketing and transportation. Includes companies that manufacture presses.09x 0. compressors.4x 6.0x 1.0x 10. 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 0.20x 0.63 .6x 12.3.9x 6.6 .17.6.8.77x 1.5x 11.7x 23% [10.0x 4.5x 8 13.8% 8.87x 5 5.4x 13.IMGR SE – JUNE 2006 69.6x 2.87x 0.08[ 48.4x 6. Industrial Machinery Manufacturers of industrial machinery and industrial components.53 .7x 1.1.0x 10.6% 11.5x 34 0 4 30 1.1% 1.9[ 50.5x 5.0% 6.84x 34 0 4 30 1.0x 7. Integrated Oil & Gas Integrated oil companies engaged in the exploration & production of oil and gas.63x 0.78[ 17.4x 9.04x 1.37x 2.6x 16. insulators.07x 61% [0.1x 5 70.2[ 28.7x 9 7.1x 1.6x 5 2.7[ 18.46x 2.

0x 56% [8.6x 4. not classified elsewhere.8x 5 42 / 71 .25x 3.7x 40% [10.21.25.6% 13.3x 92 7 16 69 0.48x 62% [1. 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 0.8x 0 26.4x 12.7x 9 13.34 .1x 16.3x 13.3x 18 3 4 11 0.1% 14.7x 9 10.1[ 32.0x 70% [0.7x 4.67[ 50.0% 1.13.40x 2.1x 18 3 8 7 6.4x 77.4x 12.87x 5 5.8x 1.8x 1.4x 81% [3.8x 32.9[ 55.1x 12.0x 14.23x 1.22x 18 4 5 9 4.56x 1.6x 10.21x 0.8x 4.6x 7.4[ 71.60x 4.72x 1.3x 20.2x 1.2x 14.2x 8.1x 10.6x 33.0x 8 2.69 .3x 6.3x 92 8 28 56 2. Internet Retail Companies providing retail services primarily on the internet.20.6x 8.1x 66. Integrated Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line telecommunications services not classified elsewhere.7x 5 72.8x 91% [0 .2.3x 7.3x 86% [0.13[ 26.6[ 26.53x 92 8 19 65 1.40x 8 23.7x 21.9 .6[ 72.2% 5.6x 2 3.7% 2.9% 1.1x 5.7x 34.4% 15.2x 5.8x 1.2.1 .7x 36% [4.39[ 23.86x 2.4x 2.1x 57.2[ 57.7 .0x 2.6 .5 . 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 55% [1.3x 1.0% 1.8% 11.5 .1x 29.8x 11.1x 21.1x 2 26.87x 54% [0.4x 20.05x 1.4x 20.1x 13.1.5 .3.7% 11.2x 18 3 8 7 7.7x 2.2[ 31.3x 1.IMGR SE – JUNE 2006 71.8x 92 7 30 55 0.15x 1.

7x 10.2.7x 8.3x 56% [16.4x 225 27 45 153 0.6x 22.2x 225 27 102 96 1.3x 201 31 91 79 0.9[ 27.5x 42.6x 11.7x 5 18.32x 0.2.9x 10.3x 52.5[ 26.3x 28.0x 22.8x 63% [26 .63x 7.35[ 22.24.3% 9.3x 5 43 / 71 .7 .5 .0x 1.1.6x 87.8x 70.17.3x 6.94x 2 18.8x 3 74.41[ 31.7x 1 31.3x 3.7x 49% [6.2% 20.9x 201 30 97 74 0. Internet Software & Services Companies developing and marketing internet software and/or providing internet services including online databases and interactive services.86x 69% [0.73x 3 11.8x 60.35x 2.2x 10. Excludes companies classified in the Internet Retail sub-industry.6[ 29.08x 0.5% 1.2x 1.1x 21.1% 13.9.4[ 26.00x 0.6x 57% [1.09x 91% [0.4 .2x 8.2x 2 23.0x 27.2% 0.3 . 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. 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. Includes information technology consulting and information management services. 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 0.11[ 34.4x 15.06 .4x 2.7x 32.3x 201 31 19 151 0.2[ 20.2x 73% [1.1x 82% [0 .6% 8.9x 16.5x 15.0x 77% [7.95x 201 32 70 99 0. database construction and internet design services.19x 2.1x 5 27.8x 0.9% 1.94x 0.65x 225 29 72 124 0.4x 2.4 .2% 8.0x 58% [13 .79x 1.38.40x 0.3x 28.6x 7.6x 15.5x 4. web address registration services.8x 1.0% 30.1% 0.0.4x 2.71 .7x 15.2x 25.3x 78.0x 15.9x 15.7x 2.5x 8 3.3[ 26.2x 9.6[ 30.15.8x 225 28 86 111 4.73x 1.9x 5 2.2x 19.9x 35.IMGR SE – JUNE 2006 73.

Leisure Facilities Owners and operators of leisure facilities.68x 2.51x 0.6x 16.1% 1.7x 8.4x 1.1% 0.06x 0. Leisure Products Manufacturers of leisure products and equipment including sports equipment.1 .2x 1.5% 17.3% 9.6x 57% [8 .8% 7.18.8x 3 18.8x 41 0 15 26 8.2x 8.7x 56.73x 0.2x 70.2x 2 2.9x 6 14.9x 11.6x 4 22.24.81x 1.66x 7.7x 12.8 .0x 20.04[ 29.1x 17.3x 59% [14.9x 9. golf courses and amusement parks not classified in the Movies & Entertainment sub-industry.2.4x 11.5[ 33.5x 8.69[ 31.12. stadiums.8x 7.1% 1.5x 14.3x 0.37x 62 1 13 48 2.5x 1.6x 62 1 16 45 3.6[ 37.3x 6.3% 8.2x 31.8[ 36.9[ 33.9x 11.1x 2.10.1.5[ 32.8x 60.3x 2.3 .0% 15.3x 30.88x 58% [2.6x 63% [13.9.18. bicycles and toys.70x 2.8x 15.2x 41 1 15 25 2.1x 65% [1.3x 38.8x 62 1 20 41 5.90x 60% [0.08x 41 1 8 32 4.8x 41 0 6 35 0.1x 8.1x 22.6x 17.9x 5 2.5[ 43.9x 18.5x 57% [8 .6x 6.IMGR SE – JUNE 2006 75.3% 16. 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 0.7x 68% [0 .7 .4 .3x 60% [7.48 .3.7x 22.1[ 41.5x 3.6x 27.4x 4.6 .5x 4 76.7x 16. 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 0.9x 17.4x 2 44 / 71 .1x 10.52x 8 13.2x 34.16x 2.4% 2.52x 3.4x 1.81x 7 10.5[ 42.7x 62 1 5 56 0. including sport and fitness centers.2x 1.5x 60% [3.1.0x 6 26.30x 1.

5x 27.2% 5.4x 2. Resorts & Cruise Lines sub-industry.23.7[ 62.4x 78% [0 .6x 5 78.4x 0. Excludes cruise-ships classified in the Hotels.9x 2 10.5x 22.4x 0.7x 14 0 2 12 5.0.2x 1.2 .5.3x 10.1.8x 60 9 7 44 0. Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.67x 5 8.60x 65% [0.4x 10.09 .52[ 34.9x 1.6x 55% [0.6[ 34.4x 12.1. 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 0.08x 0.5x 5 45 / 71 . 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 0.4x 39% [16.2.7x 8.7% 0.3[ 29.0% 19.50x 14 4 2 8 3.1x 84% [0.7x 12.19x 1.6x 5.7x 9.19x 5 8. Marine Companies providing goods or passenger maritime transportation.1x 16.0x 1.2x 14 4 2 8 3.9x 4.26x 1.3x 2.40x 60 11 8 41 0.1x 14.5x 8.4x 9.11.62x 0.6x 20.1x 2.3x 3.7x 32.15x 4.4 .5% 9.3x 4.9x 18.9x 3.1[ 50.81x 56% [0.1% 1.1x 7 9.9x 4.4x 12.88[ 66.4x 8 2.0x 74% [0 .5x 5.6x 7.1[ 41.8 .IMGR SE – JUNE 2006 77.6x 60 9 13 38 0.2x 6.8x 17.5x 1.24x 2.4x 33.5 .88x 1.4[ 54.6x 1 11.5% 1.0x 60 9 9 42 1.6x 3.7x 11.5% 2.1x 5.2x 11.5x 2 1.7x 5.67x 1.1x 38% [7.13[ 62.1x 7 17.6x 26% [1.5% 3.2% 5.43x 0.1x 38% [8 .7 .3x 3.27x 0.5% 8.8 .5[ 45.6x 14 0 3 11 1.7.

7% 20.1x 11.6x 34.4% 2.62x 0.5[ 39.2x 0.2x 8.20x 1.6[ 29.2x 2.0x 4.6x 1.7x 48% [9.0x 10.8x 19.77x 1.2[ 31.4x 14.0.9x 23.54x 35 1 5 29 2.3x 23.5x 8.4x 2 46 / 71 .IMGR SE – JUNE 2006 79. glass or plastic containers.4x 61% [0 .7x 1.3% 15.84[ 32.5.32x 11.0x 5 15.6x 10.3[ 31.0% 13. Table 79 EV / Sales EV / EBITDA EV / EBIT PER PBR 35 1 2 32 0.0x 3.52x 0.1x 35 1 6 28 2.48 . Metal & Glass Containers Manufacturers of metal.9% 6. 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 0.46x 1.5x 8.0x 0.91x 55% [0.5x 29.5x 15.77x 5 6.1x 8 2.3x 11.74 .21x 0.3x 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) 80.2x 9 18. Includes corks and caps.19x 2.8% 11.12.7x 9 14.3x 50% [6.3x 35 0 0 35 0.9x 4.6x 1.2x 1.23.2x 42% [14.8x 26.96x 4.5 .5% 0.3x 14.7.8 .1x 7.5x 11.3 .6x 13.5x 4.5x 0.0% 0.4x 35 0 7 28 6.3x 18.1x 29% [18.3.3% 10.0x 44% [12.7x 2.4[ 35.7 .3x 10.49[ 40.0x 21.23x 67% [2.2[ 31.12.3x 5 1.3x 10 10.4x 6.6% 3.18.7x 12.16.11x 6.8[ 29.3x 40% [5 .7x 6. Marine Ports & Services Owners and operators of marine ports and related services.3x 38% [2.8x 0.0.57x 3.5[ 31.7x 15.4x 17.2 .57x 8 11.4x 2.5 .7x 2.6x 14.5x 19.

3[ 35.2% 5.8x 1.4x 24.1x 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) 82.3x 96 10 43 43 0.16. including companies engaged in the production.62x 1.1x 6.7% 22.1x 0 nm nm nm nm nm nm na 94. Motorcycle Manufacturers Companies that produce motorcycles.1x 56.7% 104.7x 2 1.9% 1.13.2x 19.0x 1.8x 7.6 .7x 72% [0.28x 71% [0.4 .0x 16 3 8 5 nm nm nm nm nm 16 3 7 6 12.26x 2 23.7 .6x 5 47 / 71 .6 .9% 11.6x 46% [1.8x 213.9[ 44.2x 7.6x 162.99x 4.73x 1.08x 96 10 21 65 0.5x 9.80x 3 7.1x 1.1x 9.1x 1.4x 87% [3.5 .1x 11.8 .7x 11. Movies & Entertainment Companies that engage in producing and selling entertainment products and services.5x 5 14.0% 0.2x 3.1x 16 2 5 9 1.5x 13.4[ 66. entertainment theatres and sports teams.08 .5x 9.9x 52.IMGR SE – JUNE 2006 81.1x 65% [8. distribution and screening of movies and television shows.7x 66% [6.157. Table 81 EV / Sales EV / EBITDA EV / EBIT PER PBR 16 3 5 8 0.1x 5 18.5% 0.3[ 26.6x 13.9x 74.6x 3 2.3x 2.26x 1.8x 74.91x 3.7x 2.32[ 66.03x 0.5x 19.3x 41. Excludes bicycles classified in the Leisure Products sub-industry.31x 16 3 7 6 8.8x 20.7[ 31.8x 92% [0 .3x 1.3[ 30. producers and distributors of music.06x 1.3x 6.47x 69% [0.1.26[ 50.6x 2.1x 2.1x 13.0x 1.38x 0. scooters or three-wheelers. 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 0.1x 63% [2.3x 96 9 40 47 0.1.8x 15.80x 0.65 .87x 1.2% 11.8x 96 9 20 67 0.2x 4.5[ 29.1.5.4% 1.2.1x 35.

7[ 57.1% 0.95x 1.0x 14.7x 8.9x 1.6 .1.7x 1.1x 15.61x 58 7 7 44 5.3x 2. Gas Utilities and/or Water Utilities sub-industries not classified elsewhere.62x 1.28 .21[ 57.4x 58 4 6 48 1.1% 17.5% 8.5 .7x 17% [9.78x 37% [1.24x 3.2[ 50.0% 13.7x 9 23.7x 23.2x 62% [12 .9x 2.1x 11.13.7[ 29.0x 38% [14.5% 12.4x 58% [0.6x 15. Includes unregulated independent power producers and distributors.34x 1.1x 1.7x 21.9x 10 14.20.9x 22.7x 9.71x 2.47x 2.3x 15. 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 0.0x 15.1% 8.5x 14.6x 9.9x 2.0x 5.78x 8 8.7x 5 84.7x 26% [1.0% 1.1x 5 48 / 71 .1x 17.42 .9.1x 11.21x 5 11.7[ 57.5x 20.3x 8.8[ 42.6 .7x 4 2.6x 7.2% 15.8[ 50.1x 36.0x 1.1x 3.4 .8x 16.4x 54.3x 11 3 0 8 1.9.7x 8.9x 11 3 2 6 11.1.72x 1. Multi-Utilities & Unregulated Power Utility companies with significantly diversified activities in the Electric Utilities.3x 5 13.26x 62% [0.77x 11 3 1 7 7.4% 1.8x 13.9x 58 5 8 45 9.44x 1. Office Electronics Manufacturers of office electronic equipment including copiers and faxes.0x 8 1.0x 1.8x 58 7 9 42 8.13.0x 12.1x 9 18.6x 13.4x 1.3x 13.9x 18.8[ 27.5 .6x 1.21x 1.6x 11.IMGR SE – JUNE 2006 83.1% 1.9x 21% [8.4[ 40.2.8x 13.3 .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 0.8x 17.3x 44% [6.4 .17.78[ 35.5x 11 3 1 7 13.43x 0.1x 22% [11.

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

4x 1.78x 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 0.7[ 27.9x 1.2[ 29.2 .1x 49% [1 .6x 49.7% 11.6x 5 92.9x 7 19.7x 94 9 43 42 4.3[ 27.5x 6.1.8x 19.1x 11.1x 8.3% 7.0x 0.78[ 29.1x 1.21x 5 9.13.15x 2.7.3[ 37.30x 4.7[ 31.14x 1.3x 48% [15 . Paper Packaging Manufacturers of paper and cardboard containers and packaging.02x 0.7x 16.14[ 35.3x 2 1.4% 1.74x 3.12.9% 11. Excludes companies specializing in paper packaging classified in the Paper Packaging sub-industry.2 .1x 5 52 / 71 .9x 6.02x 7 8.9x 1 22. Paper Products Manufacturers of all grades of paper.3x 6 1.6x 51% [0.8x 6 20.66x 1.3x 30.6 .21x 57% [1.6x 22.7x 15.3x 52% [4.25.9x 22.9x 46% [6.0x 0.1x 94 9 30 55 5.0x 94 9 13 72 0.0x 20.4x 2.35x 0.3x 2.51 .8% 1.3x 15.8 .1.02x 44% [0.2x 68% [8.2.20x 94 9 23 62 3.0% 1.0x 11.8x 33% [5.0x 0.8x 64% [6.2x 9.8.1x 24.0x 44.0x 25.8x 8.IMGR SE – JUNE 2006 91.3x 3.3x 11.7% 20.7x 1.6[ 30.71x 0.0x 14.3x 11.1x 18.56 .1x 8.62x 1. 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 0.91x 1.1x 1.1x 58.5x 7.2x 1.1[ 41.7x 1.4% 0.1x 9.07[ 26.4% 8.5x 9.8 .1% 11.6 .2x 15.3x 4 18.3x 18.1x 53.8x 10.0.

9 .5% 2.9.8x 8. 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 0.8[ 32.7x 22.80x 0.91 .0x 10.3x 7 18.0x 50.14. Personal Products Manufacturers of personal and beauty care products.9x 15.83x 62% [0.3x 12.1x 11.85x 7. including cosmetics and perfumes.3x 24.2.6x 57% [9.2x 25.9 .1x 26.2x 13.6x 73% [1.5 .5 .7x 13.3x 2.0% 1.9[ 33.13x 1.0% 1.93x 1.3x 4 26. Pharmaceuticals Companies engaged in the research.64x 2.3% 9.8x 2.8x 8 22.69x 1.54x 4.2[ 25.7 .9% 13.4x 16. development or production of pharmaceuticals.4x 48% [12.8x 66.4x 10.1x 0.0x 11.2x 2.4x 2.7x 54% [1.13x 3.6x 3.7x 32.1x 22.3[ 20.6x 7.1[ 25.9x 6.63x 8 10.4x 17.7x 5 53 / 71 .1 .42x 2.2x 15.IMGR SE – JUNE 2006 93.4x 0.5x 8 3.6x 23.4x 1.12. 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 0.7x 8 13.2x 18.83[ 22. Includes veterinary drugs.3x 0.0x 9.2.28x 0.8x 29% [13.8[ 39.0% 21.6x 2.6x 12.7x 31% [7 .4% 11.3 .1x 1.52x 3.3.4x 10.23.52x 4 13.5x 15.8x 5.9x 32.56 .68x 2.8x 17.6x 1.5x 35% [18.25[ 31.4x 3 94.4[ 31.4x 43.7% 19.3x 49% [9.63x 56% [1.15.1x 9.8x 0.0x 13.6% 2.4x 5 2.9x 23.19.1.1% 14.8[ 32.

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 0.7[ 66. Includes companies primarily mining platinum.3% 1.2.5x 107.8x 9.6x 54.4% 15.98x 1.5x 19.0x 27.9x 3.0x 1.5x 9.19. Photographic Products Manufacturers of photographic equipment and related products.68x 0.1x 1.56[ 50.4x 15.0x 58.5% 6.62x 7.86x 9.1x 12.1[ 50.32x 5.3x 3 23.4[ 36.7x 3 2.0x 69% [13.0% 15.IMGR SE – JUNE 2006 95.6x 4 3.6x 2.3 .39x 8 21.1 .67x 2.9x 25.5x 5 54 / 71 .6 .7x 30.20.45.6 .7% 4.67x 4 8.48x 5.7x 36.20x 1.33[ 35.4% 11.9x 10.7x 54% [14.8x 17.3x 72% [0 .19.2[ 36.3x 15.7 .7x 9.43x 2.2[ 71.23.1x 14.2x 6 12.7% 12.2 .3x 46.65x 4.5x 11.9x 19.2x 3.5x 33% [2.6x 11.8x 4.1x 63% [4.4x 45.0% 1.2 .3.2x 1.3x 50% [1.7[ 62.4x 35.8x 8.1x 16.5.00x 4.9x 3.1[ 31.5x 36.2x 7.2x 49% [4.2x 5.67 .39x 56% [2. Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry.8[ 45.62x 0.8x 2.3x 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. 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 0.0x 4.7x 6.1x 53% [5.4x 1 44.3x 4.4x 2.8x 0.1.49 .4x 0.7x 17.8x 21.2x 9.6x 21.92x 69% [0.5% 33.8% 2.9x 2 26.3x 22.

4x 12.25[ 23.0x 123 20 29 74 1.0x 3.13.5x 123 18 18 87 0.7 .8x 39.6x 8. Railroads Companies providing primarily goods and passenger rail transportation.3x 5 98.1x 9. 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 0.7% 8.1[ 28.1.2 .1x 12.9x 7 16.3x 20.3x 123 18 29 76 4.2[ 32.77x 7.8x 38% [7.5x 8 21.92x 1.76x 59% [0.8x 21.2[ 56.1x 38.5x 16.0x 14.3% 14.3x 38% [11.8[ 41.56x 123 21 19 83 1.15.6x 56% [1 .2% 1.5x 9.4x 9.3x 17.25x 2.7[ 27.9x 16.5 .0x 0.9% 1. Publishing Publishers of newspapers.2x 51% [1.8x 9 12.4x 6.1% 1.20x 4.18.4[ 47.7[ 27.16x 1.51x 61% [1.4x 1.3x 12.8x 40% [11.3x 6 2.7% 8.5x 2.1x 2.5 .5x 44% [10.4% 11.3x 3.1x 15.0% 1.59 .02[ 40.3x 1.8x 19. 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 0.57x 5 9.2% 16.4x 1.1x 22.2.6% 14.57x 3.88x 2.9. and providers of information in print or electronic formats.2 .5 .5x 12.6x 13.8x 8 17.3x 26.6x 9.9x 15.0x 4.8x 2.1x 31.3. magazines and books.59x 5 9.2x 5 55 / 71 .5x 21.8x 39% [10.1 .5x 27.18.9[ 41.59x 2.6x 7.4x 2.8x 6 2.0x 16.6x 9.8.6x 6.6x 9.27x 1.01x 5.68 .6x 2.IMGR SE – JUNE 2006 97.1x 5.24x 0.9x 24% [7.

0x 5.5x 1.2x 8.7x 21.4x 2 23. Includes companies that provide food catering services.52x 4.69x 1.0.7% 1.4 .4x 10 13.7 .2x 14.5x 1.6x 11.7x 13.1.2x 8. fast-food or take-out facilities.5% 14.8x 26.83[ 31.02x 4.15[ 29.1x 56.3x 23.4x 2.02x 5 8.0x 10.3x 45% [1.87x 2. pubs.1x 47% [1.20.1x 66.6x 7.5x 4.1x 15.0x 78 9 11 58 4.0x 8.15.1x 19.2 . 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 .7x 51% [24.5x 8 2.5x 32.4x 22.7x 5 2.0x 2 23.3% 13.8x 2.5x 10.36.8x 61% [3.6x 23.8% 8.2x 10 21.1x 44.3x 63% [5.9[ 32. bars.0x 13.1x 1.7x 1.0x 13.8x 23.2x 15.0% 27.5x 5 Semiconductor Equipment Manufacturers of semiconductor equipment.46x 1.8[ 41.24x 1.8 .5x 44% [14.6% 17.4x 47.4x 0.46[ 26.2x 3.9[ 37.1.7x 2.IMGR SE – JUNE 2006 99.3% 0.1x 29.3x 12.1% 10.4x 1.97x 6 16.5% 1.4x 26% [7.9[ 38.2x 27% [12.11.6x 1.4x 19.23x 0. Restaurants Owners and operators of restaurants.9% 1. 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) 100.97x 46% [0.2[ 29.4 . EV / Sales EV / EBITDA EV / EBIT PER PBR 78 9 5 64 0.7 .02x 1.27x 78 9 8 61 3.75x 1.1x 78 9 12 57 5.6[ 38.5x 7.2 .7 .46 .19x 60% [0.2[ 37.7x 4.5 .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 0.43x 3.7x 78 9 8 61 0.28x 1.3x 13.4x 14.

8x 64.7[ 52.0x 53. Semiconductors Manufacturers of semiconductors and related products.8.1% 16.9 .2x 12.1x 16.1% 1.1.1.4[ 27.45x 8.15x 1.7x 16.11.2 .87x 1.47x 2.3x 25.8 .1x 14.5x 9.0% 7.8x 2 2.01x 1.22[ 40.3x 23.81[ 26.6% 12.0x 1.4x 65% [0.6x 58% [1.IMGR SE – JUNE 2006 101.3x 18.53x 3.6 .4x 1.2x 2.1x 12.75 .6 .28x 0.2x 28 0 9 19 3.3% 12.7x 16.8% 8.18x 2.28x 54% [0.7x 4 20.8x 58% [7.1x 32.3x 0.3x 9.9x 15.5x 7.1[ 50.3x 1. Excludes producers of milk classified in the Packaged Foods sub-industry.0x 1.7x 11.6x 10.1x 18.1x 3.2x 5 57 / 71 .1.14x 6 8.18.9% 19.06x 1.7 . 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 0.0x 27.08x 28 0 6 22 2.2x 7 12.9% 1.2x 37% [6.49x 72% [0.2x 7.1x 15.13. 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 0.3x 3 32.3x 106.2.3x 8.5x 6.4x 0.14x 1.0x 28 0 9 19 2.2[ 31.1x 2.2% 2.15.2x 43.1x 2.2% 1.3x 2 Soft Drink Producers of non-alcoholic beverages including mineral waters.2x 28 0 5 23 0.8x 57% [12. 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) 102.18x 4 12.9x 62% [6.7x 2.26[ 32.6[ 42.8x 19.3x 1.18x 3.4x 74% [13 .2x 7.4x 25.4 .2[ 29.4 .9x 47% [11.3x 4 2.0x 7.3x 15.6[ 30.9x 8 20.3x 10.2x 3.

8 .9.7x 97 5 31 61 3.1.7 .75x 70% [0.2x 1.1[ 28.7x 30.2x 11. adhesives. Specialty Chemicals Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products.7[ 40.4x 8 2.9% 19.07x 64 8 10 46 0.3x 9.72x 1.8x 39.88x 97 5 22 70 2.9[ 31. including but not limited to fine chemicals.1x 5 Specialty Stores Owners and operators of specialty retail stores not classified elsewhere.52 . office supply stores and automotive retail.50x 3 7.3x 19.83x 3 9.8x 9.9x 15.4x 50% [12.1x 64 8 12 44 2.7x 3.3x 97 5 25 67 3.IMGR SE – JUNE 2006 103.1[ 38.8[ 25. advanced polymers.6x 1.35 .18. 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 0.7x 13.2[ 23.7x 43.2 .36x 0.2x 9 14.5x 16.2x 12.0x 8.4x 49% [5.4% 0.4x 64 8 7 49 0.2x 9 20.1x 49% [1.2x 5.9x 29.2 .2x 8 2.02[ 32.7x 15.3x 22.7% 8.3x 20.8x 2.5x 11.1% 1.0x 7.2x 40% [18.0.8% 1.2x 10.3x 14.6% 15.1x 17. pigments and coatings.9x 7.2x 61% [1 .01x 0.6 .4x 6 17.8 .50x 0.6x 0.77x 3.4x 1.4x 1.2.7x 97 5 22 70 0.1x 5.0x 64 8 14 42 2. 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) 104.8x 2.83x 0.4x 17. sealants and specialty paints.22[ 27.6x 9 12.0x 10. Includes toy stores. EV / Sales EV / EBITDA EV / EBIT PER PBR 97 6 16 75 0.7x 19.5x 1.0x 20.15.5x 4 58 / 71 .2.1[ 27.53x 1.8% 9.5 .3x 1.9% 13.2x 36% [8.09x 1.7x 4.6x 51% [5.16x 0.7[ 30.2x 39% [12.1x 11.31x 64% [0. additives.0x 7.4x 17.9.8.4% 6.02x 2.0% 0.

84x 62% [0.18x 8.7x 26.6x 0.4x 59% [1.3x 4.43x 0.2.17x 1.7[ 42.1x 49% [4.0% 6.9% 0.50x 0. 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 0.56x 80% [1.0x 7.5% 13.17x 2.55x 3 14.9x 2.1.4% 6.4x 7.9[ 39.0x 6.8x 8.4x 24.29.08 .5.94x 3.8[ 29.3x 1.3% 1.2 .3% 2.2x 23.6x 2.1x 0.0x 40.1x 7 9.08x 1.13.7x 51% [7 .7x 59% [1.7x 0.25x 0.5[ 22.75x 1.1x 7.5% 11.5[ 28.2.9x 19.8x 2. Systems Software Companies engaged in developing and producing systems and database management software.1% 1.2x 32.7.0x 51% [5.0x 1.7[ 27.6[ 50.IMGR SE – JUNE 2006 105.7.0x 7.0x 1.0x 6.6 .5x 7.2x 20.9[ 38.1x 5.01x 0.55x 1.8x 4 1.2 .16[ 35.4x 11.0x 5.8x 12.05x 5.8x 1.29 .4x 4 10.4x 24.6x 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) 106.2x 8.15.0x 58% [5 .4x 27.7x 21.5x 9.75x 4 6.2x 2.4x 14.1x 51.4x 4.0x 76.6 .1 .8x 11.58[ 28.8% 5.2x 8.8x 5 21.4x 12.9x 18.6x 11.1x 0.2x 4 59 / 71 . 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 0.0x 0.7x 4 31.0% 23.0.2x 4 3.7x 4.3 .2x 53% [17.6x 47% [8.

0x 9.93x 63% [0.8x 15.6x 9.4x 6.8 .03x 0.4x 8.1x 53% [3.0x 99.3x 52% [12.16x 2 9.3x 6.4x 1 1.0x 138 7 65 66 2. Accessories & Luxury Goods.9[ 42. Footwear or Home Furnishings sub-industries.1[ 29.5x 9.5 .50x 0.61x 0.78x 5 11.12. 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 0.78x 1.2x 2 25.2x 14.7.1x 9.5x 17.9x 138 7 62 69 5.0x 73 7 21 45 4.8x 35.0x 8 15.5x 29.33x 0.12.0x 54% [8.5x 1. Technology Distributors Distributors of technology hardware and equipment.0x 13.31 .4% 7.8x 12.1x 6 11.2[ 33.7x 138 7 25 106 0.16x 0.5% 0.2x 0.62[ 27.3% 14.3 .9[ 24.2[ 32.7.6x 35.0x 0.0x 6.3x 60% [4.7x 13.7x 3 23.9% 0.9x 11.0.9[ 30.4x 3.2x 14.21.17.9x 1.IMGR SE – JUNE 2006 107.6x 31.9x 73 7 7 59 0.0x 1.2x 76% [12. Includes distributors of communications equipment.6x 1.23x 2.6x 14. semiconductors.5 . computers & peripherals.3x 9.41x 79% [0 .31x 73 7 15 51 0.6x 3.5[ 35.0x 2 Textiles Manufacturers of textile and related products not classified in the Apparel.0% 9.0.4x 0.6 .2x 22. EV / Sales EV / EBITDA EV / EBIT PER PBR 73 7 11 55 0.3x 10.1.8% 1.4% 8.6x 8 2.7% 0.8% 6.4[ 50.0x 1.3x 27.0x 3 60 / 71 . 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) 108.0.4x 5. and electronic equipment and components.7x 0.2x 13.54x 1.1x 77% [0.2x 73 7 16 50 0.1x 67% [0.0x 10.3x 90% [0 .7x 8.1 .5 .6[ 27.07x 0.6% 14.6x 83.71x 138 9 39 90 2.16x 0.

83x 22 2 10 10 7.8x 9.0.8x 8 4.10.8x 22 1 10 11 9.9 . Tires & Rubber Manufacturers of tires and rubber.3.60x 2.4x 6.9x 13.6x 12.0x 7.66x 1.6.54x 49% [2.6x 35% [3 .5x 4.3[ 35.8x 10.7x 13.59x 2.IMGR SE – JUNE 2006 109.21[ 38.61x 0.6[ 36.3x 4.7x 8 9.16.4x 14.85x 2.5x 38% [7.4% 14.5[ 50.1.5x 9.2 .5x 1.5% 2.5 .0x 8.1x 1.4x 12.2x 12.4[ 36.29 .1% 8.63x 4 6.6x 6 10.7x 14.7x 12% [7.3x 1.9[ 38.74x 3.5[ 28.4x 16.7x 72% [3.5.7x 2.50x 0. 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 0.1x 20.1x 22 1 8 13 3. 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 0.8[ 44.9.2x 4.0x 6.7x 10.2x 8.8x 23% [14.4% 4.7x 3.4x 1.4 .2x 6.5% 11.6% 1.8x 8.5x 7 1.11.5 .93x 4.9x 5.63x 0.4 .3x 10.9x 22 1 12 9 0.8x 23.5x 0.11.7x 9.1x 40% [6.9x 5 14.1x 12.4x 12.0x 13.5x 2.0x 11.0% 9.5x 9.9% 0.6x 55% [1.1 .76x 54% [0.2x 5 61 / 71 .7x 0.3% 10. 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) 110.5x 5.8% 5.4x 5 Tobacco Manufacturers of cigarettes and other tobacco products.5[ 61.7 .83[ 42.24x 0.8x 16.95x 1.9x 35% [8.1x 6 12.9x 9.8x 11.54x 8 9.

9x 10.9x 64% [6 .8 .6x 9.4x 9.3x 8 14.02x 0.2x 16.0x 5 62 / 71 . Trading Companies & Distributors Trading companies and other distributors of industrial equipment and products.3x 7.14x 6 7.0x 54% [0.0x 2.7% 8.1x 6.6 .63x 7 9.42 .8x 46% [7.17.73x 69% [0.4x 0.3x 13.6x 5.8x 52% [1.1x 11.5x 1.9x 29.6x 6.88x 2.3x 13.8x 14.4x 3.3x 34.2x 14.3% 0.80x 1.7 .9.1.7[ 30.0% 6.13.7[ 24.5x 12.3[ 27.3x 12.1x 23.6% 11.1x 0.2x 16.6% 2.3x 41% [5 .12[ 25.8x 8 13.5[ 35.3 .8x 2.5% 16.05x 3.19x 0.59x 0.42x 60% [0.4x 7 18.8x 5 Trucking Companies providing primarily goods and passenger land transportation.3x 1.2x 0.41x 0.8x 36% [12.4x 36% [10 .8x 2.2x 8 18.7x 5.2x 30.8x 8 2.3x 1.2x 17.8x 23. 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) 112.1% 11.41[ 35.4 .2x 6.39x 0. 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 0.24x 2.14x 1.5x 16.7x 5.2. 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 0.9[ 35.5x 1.9% 11.1.79x 1.1x 9.5x 57.9x 22.4[ 27. Includes vehicle rental and taxi companies.64[ 25.6x 17.IMGR SE – JUNE 2006 111.63x 0.6x 7.6[ 29.6% 1.9x 1.5x 18.2x 48% [9.2% 1.3x 1.8x 3 2.5 .0.5x 8.12.6x 16.4x 0.

0x 16.2. EV / Sales EV / EBITDA EV / EBIT PER PBR 33 3 1 29 0.4% 14.3x 9.24[ 34.6x 7.75x 55 6 15 34 0.3x 46% [9.IMGR SE – JUNE 2006 113.4x 55 6 9 40 0.4x 48% [13.28x 1.2[ 38.2x 8.61x 9.2 .9x 34.38x 59% [2.5 .3x 44% [13.7x 13.4x 8 2.74x 3.9 .0x 40% [5.8[ 36.6[ 39.3x 3.4x 18.7x 34% [9.3 .4x 72% [1.3x 1.9x 15.0x 21.0x 15.9x 34.91x 5 9.0x 38.5 .0x 1.8x 1.8% 1.3x 8 16.8x 12.37 .2x 16. Includes large-scale water treatment systems.7x 9.4x 5.9x 2.4.8% 9.0x 11.2x 1.6x 14.0x 9 14.7x 8 15.6x 4 63 / 71 .22x 3.8x 16.4x 28.3x 2.91x 2.6x 8.05x 8 7. 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) 114.8x 10.1x 1.10.3x 33 3 8 22 1.3% 12.6x 49% [10.8x 3.21[ 31.9[ 32.02x 3.31x 2.2x 22.2[ 47.1x 33 3 8 22 2.1 .87x 2.14[ 33. including paging services.6x 1.4x 13.2.18.4x 15.16.7x 55 6 21 28 0.9 .7x 33 3 4 26 0.3% 15.7[ 31.8x 9.8x 4.01 .2.44x 3.44x 33 3 8 22 2.4x 55 6 19 30 0.4% 6.7.5% 1. 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 0.91x 5.05x 49% [1.2 .3x 8 21.8% 21.1x 7. Water Utilities Companies that purchase and redistribute water to the end-consumer.6x 16.5x 13.9x 5 Wireless Telecommunication Services Providers of primarily cellular or wireless telecommunication services.5% 1.5% 3.9x 30.6x 8 1.3x 6.01[ 30.9x 52% [1.

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

Indonesia. consistent and reliable... December 05* (*) Closing of the fiscal year is most likely to be December.are covered (see “List of Industries” page: 5)./.according to the Global Industry Classification Standard . Singapore./. Italy.. United Kingdom./. DATE SCHEDULE All multiple calculations are based on historical data. Germany. DATA COVERAGE Valmetrics IMGR Standard Edition supports: • 114 Industries: all main sub-industries . Valmetrics does not provide IMGR users with any access to Compustat content or services and only publishes its own proprietary industry valuation analysis. Industries related to Finance. Ireland. • 27 countries: Argentina. To comply with the authorized licence granted by Standard & Poor’s. Insurance and Real Estate are excluded in this edition. Switzerland.com.IMGR SE – JUNE 2006 DATA SOURCE Valmetrics uses the Compustat database (provided by Standard & Poor’s) as the source for most individual company data. If you wish to access Compustat data or learn about the line of Compustat products and services. 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 . New Zealand. March 05 or later th March 15 06 th June 15 06 th February 29 06 May 31 st 06 December 04* . France. Mexico. June 05 or later March 05 . please visit www../. Taiwan./.. Denmark. Canada. Spain. Norway. 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 . Thailand.. Israel. Sweden.. Australia. June 05 . Austria. Netherlands.compustat.. USA./. December 04* .. Missing data are either excluded or substituted by Valmetrics’ own data.. India.. Banking. Belgium. China (including Hong-Kong). Brazil. The table below shows the IMGR release dates and related market and financial data schedule. March 05 .

There are five main multiples used in finance – EV/Sales. With Price Multiples you acquire direct equity value. Assuming that industry peers all have the same valuation multiples. Price/Number of tables for restaurants. you must deduct minority interests and the net financial debt to derive equity value. etc…. 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 . PER. EBITDA. With EV Multiples. Price/Number of clients. PBR – and many more in the industrial world (Price/Number of beds for hotels.Cash & cash equivalents = Enterprise Value = Price Once you have the right multiple. EV/EBITDA. Earnings or Shareholders’ Equity.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. i. Multiples cannot be applied to companies that do not have significant revenues (start-ups). Therefore. Copyright © 2006 Valmetrics 66 / 71 . business appraisers can then apply the appropriate industry multiple to the company’s revenues in order to ascertain its value. EV/EBIT. EBIT. you can apply it to the related company financial data requiring valuation.e. Valmetrics advises the use of those multiples with companies that have already recorded significant sales (for at least three years).). Sales.

Minimum & maximum: respectively the lowest and highest multiple of the set. The quartiles are determined by sorting the data from the lowest to the highest values and taking the data point at ¼ (1st quartile). Each quartile contains 25% of the total observations. Mean: simply the sum of the values divided by the total number of items in the set. Modal interval & Mode: The modal interval is the histogram interval with the greatest density. See the “Multiple Selection” section below for more details.g. For the median. The mean is the most commonly-used measure of central tendency and is the preferred tool to calculate multiples. it lacks robustness of validity. Unlike the mean.IMGR SE – JUNE 2006 GLOSSARY Number of observations: number of companies that constitute the sample on which all the calculations are based. Copyright © 2006 Valmetrics 67 / 71 . Rating: Valmetrics rates (on a scale from 0 to 10. with 10 the highest) the “Valmetrics multiple” to help you select the most relevant multiple. the mode is estimated through an interpolation calculation based on modal interval boundaries. However. If the standard deviation is too high. the confidence intervals based on the mean tend not to be precise if the underlying distribution is indeed not normal. multiples calculations are considered arbitrary and are substituted by “nm” (= non meaningful). the higher the deviation. If the number of observations is insufficient. That is. See the “Multiple Rating” section below for more details. Standard Deviation as a % of mean: a measure of the dispersion of a set of data from its mean. The mode is the most frequently occurring value in the data set. the mean and the mode according to dispersion and significance tests. the mean multiple is not a relevant multiple. The more spread-out the data. The mean is an example of an estimator that is the best we can do if the underlying distribution is normal. Non meaningful (“nm”) multiples: negative multiples or excluded set outliers. the middle (median) or the ¾ of the sequence. 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. the median is not influenced by outliers at the extremes of the data set. there is an equal number of points above and below the median. Modal interval frequency: The number of multiples recorded within the modal interval divided by the total number of multiples. As data are continuous. Valmetrics multiple: Valmetrics selects the best indicator among the median. E. 1st. Non available (“na”) multiples: data non available in the databases.

Lognormal) it is not obvious whether the mean. whereas the mean is useless. but to compare each multiples series (i.or a sell-side position and therefore choose the multiple according to their target price (backward valuation). PBR) make sure that you compare them on the basis of the same estimator. For heavy tails distributions (e. Valmetrics does not make any distribution assumption in the IMGR Standard Edition but calculates all the main estimators – quartiles. The mean multiple remains the favourite estimator when the dispersion of the set (standard deviation as % of the mean) is low. the median. PER. mean and mode are actually equivalent and the mean is a good location estimator. While most appraisers defend either a buy. the median or the mode is the most meaningful measure. EV/EBIT. EV/EBITDA.g. Copyright © 2006 Valmetrics 68 / 71 . For example. Valmetrics is dedicated to finding the multiple that best represents the industry. EV/Sales.e. Valmetrics also considers the mode and the median estimators as shown in the diagram below. For skewed distributions (e. For a Normal Distribution. mean and mode – that feature the shape of the distribution. 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. If this is not the case.g. you cannot compare an EV/sales mean multiple with an EV/EBITDA median multiple. The selection of a multiple estimator is closely linked to the assumption of the data distribution. Gauchy). the median provides a useful measure of the typical value.IMGR SE – JUNE 2006 MULTIPLES SELECTION A major issue in using multiples concerns the choice of a fair and robust multiple.

mean and mode estimators. A highly rated multiple does not necessarily require further analysis and can be used directly with a high level of confidence. 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.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. The rating system set up by Valmetrics does not indicate whether a multiple is right or wrong. Some multiples series culminate at a maximum of 8 or 5 because of intrinsic drawbacks. An average rated multiple can be a good and fair multiple but further analysis is required to confirm its robustness. but rather if it is robust or not. 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. Rating points The rating system is based on a proximity analysis between the median. Rating’s range Valmetrics proposes a rating scale of 10. 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 . especially when evaluating cash flow Robust The PER is subject to accounting window dressing. 0 being the worst rating and 10 the best. some multiples can not be considered robust measures because of a lack of information or analysis. If those three estimators are numerically close. That is why Valmetrics has added a multiple rating line in all tables to enable users to check the validity of the selected multiples. Non-operating items (extraordinary and financial items) can impact the PER.

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

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

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