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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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delivering valuation multiples for main industries to help both investors and entrepreneurs

approximate the value of a company.

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

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

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

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

04x 0.3x 15.7 .6x 46% [1.3x 12.6[ 38.7x 35% [20.23[ 30.7x 8 2.0x 10.IMGR SE – JUNE 2006 1.6% 2.6% 0.2x 9.9x 18.05x 0.9x 12.4 .10.2[ 26.4% 13.6x 3.9x 11.15.7x 1.0x 55% [9.4x 7 18.98x 3.6x 8 3.6x 5 7 / 71 .3[ 35.7x 9 21.1.8x 2.1x 79% [1.0x 11.9[ 48.7x 30% [11.6x 45% [17.0% 18.3x 17.6x 2 2.2x 1.9x 19.93x 5 9.5 .5[ 30.7% 12.3x 22.2x 20.4[ 24.2% 1.5x 5.8x 13.5[ 31.9x 25. Advertising Companies providing advertising.2x 2. marketing or public relations services.95x 1.4x 42.6x 10.2.1x 13.2x 3.8x 13.4x 13.5 .2x 9.3x 2.6x 12.3x 21.9x 11. Includes defense electronics and space equipment.66x 3. 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. Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment.9x 46% [11.1x 43.27x 76% [0.23[ 31.62 .0% 1.24.25x 1.1x 0.63x 0.4 .6[ 31.85x 1.6% 21.4x 3.6x 1.93x 0.8x 6.09x 1.0x 32% [8.82x 3.5x 2.0x 21.7x 24.5 .3x 13.8x 25.07 .1.6x 9 10. 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 0.43x 56% [1. parts or products.1x 1.2% 10.0x 1.13.25x 6 11.4x 18.5x 5.5x 3.7x 0.85x 1.0x 1.0x 9 13.2 .3% 10.2 .13.

6.6x 1.8x 15.1x 15.2x 75 5 25 45 4.1x 18.1x 10.6x 33.63[ 43.2 . Air Freight & Logistics Companies providing air freight transportation.6x 44% [6.11.97[ 44.0x 62% [0.0x 42 5 5 32 5.4x 20. Includes crop growers.5x 42.3% 10.7x 2 8 / 71 .0x 4 3.1x 12.23x 0.0x 1.6% 18. Agricultural Products Producers of agricultural products.1x 7 28.7x 9.6x 14.7x 5 4.3% 9.15.0x 4.5x 19.7[ 46.5 .6x 1.7x 91.0% 6. courier and logistics services.0.42x 42 6 5 31 3.26x 0.3% 1.00x 2.73x 2 11.60x 1.6x 11.5[ 31.1x 77% [14. 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 20.1x 24.7x 1.2% 1.73x 1.3 .0% 0.8x 7.4x 9.8x 18.23.9[ 35.IMGR SE – JUNE 2006 3.7x 7 19.03 .75x 1 11.4x 5.60x 75 8 25 42 3.08x 79% [0.8x 42 4 4 34 0.6x 7 17.0.4% 12. 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 0.8[ 35.7x 49% [9.4x 15.2[ 33.18[ 41.49x 0.4[ 29. owners of plantations and companies that produce and process foods but do not package and market them.8x 26.5 .10.4x 46.2 .4x 31.5x 4 15.9x 42 6 8 28 5. 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 0.5x 11.1x 55% [0.47x 88% [0.9x 14.0% 15.1x 1.0x 10.5x 14.0x 1.9[ 30.6x 2. Marine or Trucking sub-industries.8x 25.1.3% 0.0x 8.3 .2x 75 7 29 39 4.5x 50% [13.6 .2x 1.19 .2x 75 5 17 53 0.6x 3.1x 19.03x 5. including package and mail delivery and customs agents.7x 13.75x 0.1.7x 2. Excludes those companies classified in the Airlines.43x 3.7x 52% [1.8x 2 1.44x 0.0x 53% [3 .

6x 4 1.5x 39% [11.52x 58% [0 .5x 4 26.3x 17.1x 1.8x 5 9 / 71 .7% 15.5x 20.2x 1.39x 4.5x 10.0% 11.0x 3.8 .9x 21.2[ 45.6x 35.6x 0. 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 0.2[ 35.2x 14.5x 16.1 .4x 100% [0 .6x 44% [20. 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 0.3% 5.5x 9 16.00x 0.5x 18.7 .2x 3.3x 2.17.8% 0.3.3% 24.8 .8x 42% [1.15.6[ 48.7x 2.6x 9 19.1x 5 6.5x 27 8 5 14 5.4x 12.0% 11.23x 4.3x 32.5x 20.0.5x 19.5x 50% [1.72x 1.5% 3.8x 16.0x 0.4x 57% [0.3x 8.1.39x 0.4x 18.3[ 40.0x 27 3 6 18 6.7x 8.15x 2.7x 17.3x 87% [7.2.6 .14x 2.6[ 35.3x 12.7x 8.0x 14.52x 5 11.3x 4.7[ 33. Airport Services Operators of airports and companies providing related services.0% 1.0x 10.16[ 37.16.8x 4.26x 2.6x 1.5x 1 1.IMGR SE – JUNE 2006 5.23[ 37.45x 2 8.3x 27 3 4 20 0.4x 13.6x 33% [13.31x 6.0% 1.9x 1.0x 0.5% 12.82x 69% [0 .5x 94.14x 27 8 3 16 3.6x 24.8x 8.7 .9x 1.45x 0.0x 0.3x 11.5x 0.8 .45[ 30.9x 62.3x 0 19.6x 13.6x 26.30[ 33. Airlines Companies providing primarily passenger air transportation.46x 10.5.

9x 34 2 14 18 2.3x 34 2 12 20 3.4x 10.10.22[ 29.4 .0x 3.6x 27.17x 1.70x 27 12 3 12 1.9x 47.22x 1.2% 0.6x 4 8. 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 0.8x 18.0x 1.4x 10.31x 3.46[ 69.4% 1.24x 8 11.10.53x 2. Excludes companies that primarily produce aluminium building materials classified in the Building Products sub-industry.7x 16.3% 19.1% 8.5 .0x 68% [12.7% 7.9x 80% [0 .4x 7.2x 10.8x 60% [0 .4x 16.5x 27 12 11 4 nm nm nm nm nm 27 12 13 2 nm nm nm nm nm 27 12 4 11 0.1 .0x 1 10 / 71 .86x 1.1.2[ 33.10.1x 5 nm nm nm nm nm nm na nm nm nm nm nm nm na 1.52x 66% [0.78x 34 3 10 21 2.8x 2 22.17x 2.1.7 .2% 1.1x 4 18.72x 1. including companies that mine or process bauxite and companies that recycle aluminium to produce finished or semi-finished products. Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fibber-optic cable network.8x 59% [5.1x 1.6x 5.1x 13.24x 60% [0. Aluminium Producers of aluminium and related products.1 .5x 5.23.8x 1.3x 1.7x 20.2x 1.7[ 30.2[ 38.8x 24.6x 7 2.1.3[ 36.17x 2 8.6x 2.1x 10.3x 2.6x 2.2x 1.68 .22x 0.74x 1.5% 1.7x 76% [0.1[ 41.1.3x 20.IMGR SE – JUNE 2006 7.6x 8. 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 0.57x 0.6x 7.1x 54.1x 32.6x 13.4x 63% [5.4x 34 2 8 24 0.7[ 37.0% 10.5x 6.

4x 139 11 17 111 0.2x 5 19. wallets.3x 139 11 38 90 1.61x 0.3x 8.3 .78[ 26.2x 11.7x 6.1x 6.IMGR SE – JUNE 2006 9.9x 4.0x 8.9.4x 0.9x 10.1x 41% [13.9x 68.5x 25.2.4x 6.9x 16.0x 1. jewellery and watches.2% 2.2% 12.9x 7 11. 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 0.3x 17.9x 5 10.7x 139 12 43 84 2.5[ 22.6x 8.1x 41. accessories & luxury goods.7.13.6% 8.19.2x 67% [8.7 .2% 9. luggage. Apparel.63x 3.44x 0.8x 42.87x 1.8x 2.7x 24.0x 1.4x 7.7x 11.5% 0.8[ 37.8 .2x 48% [6.41x 2.12.8x 13.7x 63% [4.5[ 29.7[ 28.5[ 26.0% 7.3x 8.2 .65x 3 8.15x 84% [0.4[ 34.9x 26.87x 3 10.2x 1.4 .5x 11.5x 11.73x 139 14 25 100 1.6x 14. Includes companies primarily producing designer handbags.1x 2.4[ 26. Apparel Retail Retailers specialized mainly in apparel and accessories.0x 17.1x 8 3.6 .9x 13.6x 4 20.1.3x 7.6x 3 11 / 71 .7x 3.60x 0.13x 0.7x 19.6x 2. Excludes shoes classified in the Footwear sub-industry.6[ 36.4x 1.2x 58% [1. 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 0.8[ 27.3x 9.0x 8.7% 1.5% 16.6x 19.65x 0.5x 28.83x 1.9x 44% [4.1x 1.7 .6% 0.06x 0.1% 7.6x 16.03x 58% [0.36x 3.0. Accessories & Luxury Goods Manufacturers of apparel.4 .0.7x 1.1x 1.6x 5 14.0x 70% [0.3x 68% [7 .7x 3 2.39 .

3 .9% 14.87x 62% [1.8x 12.7x 10.1 .8x 23.3[ 24.07[ 19.70x 3 7.6x 8 18.7x 2.2x 1.1x 44.1x 8 19.4x 141 12 32 97 0.4x 5 3.6[ 21.8x 6.0.0x 9. Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market.45x 0.7x 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) 12.5x 53% [10.0x 48% [13 .03x 75% [0.0x 1.42x 3.8% 0.7x 4.4% 11.6x 16.49x 5.7x 33.22[ 23.02x 0.2x 2.1x 59% [1.1.8x 12.9x 13.3x 141 12 59 70 0.11x 0.6% 14.7x 5 12 / 71 . Excludes companies classified in the Home Entertainment Software Sub-Industry.8x 12.13.1x 7.0x 12.5% 2.4 .3x 258 24 39 195 0.2.95x 1.7% 1.3x 4.9x 18.55 .70x 2.8 .3x 141 12 47 82 0.7 .1x 16.2x 1. Includes enterprise and technical software.83x 1.2x 18.7x 26.3[ 24.87[ 28.4% 6. Excludes companies classified in the Tires & Rubber sub-industry.7x 4.1[ 22.16.5% 1.3x 1.0x 16.6x 2.17.6x 5 1.27x 141 12 41 88 0.6[ 22.9x 52% [14.4x 37.3x 48.9x 8.5% 11.2% 20.1x 8.0x 6 28.6x 7 13.45 .8[ 28.6x 16.3x 17.1x 72. Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles.7 .1x 16.9x 258 26 110 122 0.70x 1.1x 12.7.14.1[ 32.6x 33.7x 58% [1.0x 258 25 108 125 0.70x 8 13.48x 0. 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.IMGR SE – JUNE 2006 11.6x 49% [5.24x 258 27 80 151 0.6x 51% [10.7 .4x 54% [10. Also excludes companies producing systems or database management software classified in the Systems Software sub-industry.6x 23. Table 11 EV / Sales EV / EBITDA EV / EBIT PER PBR 258 27 21 210 0.2.8x 26.4x 1.0x 1.

6% 10.IMGR SE – JUNE 2006 13.1 .6x 44.44x 3.2% 17.13.1x 11.4% 28.1x 66% [6.18x 0.4[ 33.0x 4 23.4[ 55.11.4% 0.8.2x 1 3.2.7x 55% [0 .59x 77% [3. Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks.6.3% 1.9x 5.1x 2.2[ 42.0x 23.03 .3x 30.7 .0x 184 12 140 32 3.69x 0.35 .43x 0.9x 184 14 133 37 0.7 .5x 22.2x 1.0.62x 0.3x 67.3x 78.3 .0x 18.2x 7. Table 13 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 42 1 9 32 0.5x 11.86x 1.41x 5.95x 2 23.61x 42 3 14 25 3.7x 184 11 31 142 0.95x 10.0x 7.71x 8 9. 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 0.8x 6 47.8x 1 16.71x 48% [0.4x 35.5x 0.4x 5 14.0% 7.2x 1.28.1x 10.7x 2.6x 11.6x 73.6x 8.6x 4 18.6x 70% [1.2x 7.4x 19.1x 15.0x 1.0x 75% [0 .0x 17.8x 28.2x 24.4x 2 1.6x 11. 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.7x 3.62[ 34.6% 3.7 . Biotechnology Companies primarily involved in the development.1x 42 0 15 27 2.0x 42 0 9 33 0.9x 9.1[ 32.4x 15.7x 75% [24.8x 24.2[ 36.37.0% 9.3x 7.5% 24.1x 85% [13. manufacturing or marketing of products based on advanced biotechnology research.2x 42 1 16 25 4.1x 34.81x 184 15 124 45 0.06[ 25.2[ 37.8% 2.26.0x 1.1x 11.1.5[ 48.9x 4 13 / 71 .58x 25.6[ 26.1x 22.8x 39.6x 53% [5.2x 1.4x 47% [1 .2x 131.17x 5.

1.8x 108 12 26 70 1.4x 20.6x 2.77x 2. including programming.6x 8 2.71x 3.45x 2.2x 1.6x 13.0x 47.0% 1.4x 17.78x 2.1.6x 14.3% 2.6x 26.1x 48 3 10 35 3.4x 3 2.9x 6.4% 1.1x 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) 16.1x 1.7x 62% [5.9x 5.8x 35% [9.8x 9.3x 74.4x 14.4x 10.1[ 23.8 .0x 11.2.8x 10.11.5 .3% 18.1.4x 4 26.3x 48 3 8 37 0.6% 10.5x 6 20.0x 1.21.77x 8 9.IMGR SE – JUNE 2006 15.20x 1.9x 14.7x 14.9 .6x 108 10 23 75 0.10.2 .6x 51% [14.4% 11.3x 1.7% 17.3x 2 14 / 71 .6x 33.77x 57% [1.84x 53% [1.3x 1.3x 12.3x 108 12 39 57 0.38 .0x 20.7% 10.7x 2.35x 48 3 9 36 1.9x 45.1x 71% [0.8x 9 14.7x 18.9[ 45.5 .6x 10.4x 43% [9.9 .98[ 31.1x 48 3 10 35 1.9[ 25.5x 7.3x 9.1x 11.53x 1.2x 71% [11.9x 2.3x 18.5x 19.9x 9.7x 32.12.12.72 . Table 15 EV / Sales EV / EBITDA EV / EBIT PER PBR 48 3 10 35 0.8x 2. Includes breweries not classified in the Restaurants subindustry.12x 1.9[ 31.58[ 25.22.9[ 33.68x 7.4x 8 15.09x 4.84x 8 9.4x 17.11x 108 12 24 72 3.9x 18.5x 43% [9 .11x 1.8[ 33.4% 1.8[ 32.1x 48% [1 . Table 16 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 108 12 9 87 0.3% 10.8[ 32.5x 6.5x 1. Broadcasting & Cable TV Owners and operators of television or radio broadcasting systems and providers of cable or satellite television services. Brewers Producers of beer and malt liquors.

IMGR SE – JUNE 2006 17.16.8[ 34. Excludes lumber and plywood classified under Forest Products and cement and other materials classified in the Construction Materials sub-industry.7x 37% [15.9[ 23.3x 14.8% 2.4x 8 19. Includes companies providing lottery and betting services.11x 64% [0.1x 53.8 .7x 139 13 21 105 0.47 .8x 37% [24 .09x 0.2x 13.8.4x 5.4% 3.0x 36% [9.12.0x 2.5[ 34.5% 23.7x 5.0x 13.0x 5 15 / 71 .6[ 35.0x 44 3 7 34 0.57x 0.3x 44 3 12 29 0.8x 8 4.4x 3.3x 31.4% 12.4[ 24.0x 26.1x 19.0x 52% [1.86x 1.8 .3x 44 3 13 28 6.5% 16.72x 4.6x 24.1 .5[ 23.5 .2.5x 11.4[ 32.0x 7.8x 19.6x 5.29 .0x 3.6x 13.0.5x 21.0x 9 16.4x 9 11. Casinos & Gaming Owners and operators of casinos and gaming facilities.79x 2.79x 8 14.7 .44[ 32.3x 20.2x 72% [2.8x 139 13 45 81 3.03x 2.1x 34% [14.5% 7.7x 30.5 .2x 2.7% 0.3x 14.3x 26.4x 16.51x 3.9x 10.9x 11.7x 3.0x 5 18.0x 39.3.4[ 24.67x 3 8.6x 11.3x 16.15x 7.67x 0.3x 19.6x 31.5x 30.14.3x 1.1x 8 2.4x 45% [6.23.20x 139 14 31 94 1. Building Products Manufacturers of building components and home improvement products and equipment.7% 31.8 . 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 0.02x 62% [2.35.71x 44 3 9 32 0.4% 2.5% 11.24x 2.9x 7.7x 4 30.1x 2.3x 11. 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 0.7x 8.2x 18.6x 139 13 45 81 3.4x 40% [9.2x 1.86[ 35.2x 2.

Catalogue retail Mail order and TV home shopping retailers.3% 0.3x 49% [10.87x 51% [0.6x 13.26. Commercial Printing Companies providing commercial printing services.2x 8 12.4x 7.8x 5 16 / 71 .7x 39% [7. 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. 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 0.26[ 42.4x 1 1.47x 0.4x 44.4% 1.0x 33 3 10 20 4.89x 58% [0.0% 10.10.7x 17.31x 33 4 7 22 1.4% 9.1.95x 1.80x 0.6x 6.9x 9.7x 14.3.4x 11.2x 33 3 8 22 0.8x 85% [2.3x 10.1x 16.87x 4 7.0x 13.5% 2.0x 12.9x 11.7 .9[ 40.7x 9 11.4[ 30.7x 37% [1.4% 6.0x 2.3x 1.9x 8.3x 32% [6.9[ 65.4 .10[ 40.13x 0.9x 0.1.8x 18.8x 49% [1 .4x 9.8x 5.0% 19.4x 1.5x 8. Includes printers primarily serving the media industry.7x 10.7x 12.5x 3.13x 0.9x 73.0% 9.0x 27.0.2x 4 27.7x 5 20.9x 13.4x 20 5 4 11 1.19.5[ 36.0x 17.1x 2.9x 7.7 .3x 7 2.5 .64 .0x 20 5 5 10 3.2x 38% [5.35 .2[ 45.64[ 33.61x 0.2x 47% [5.8x 2.3x 8 17.2x 3.9x 8.89x 7 9.2x 24.IMGR SE – JUNE 2006 19.4x 16.2x 33 3 10 20 3.7.9x 3.8 .21x 1.1[ 36.58x 0.3x 20 5 5 10 3.4x 1.7 .7[ 36.77x 20 5 4 11 2.3 .10.1x 25.9% 0.0% 16.7x 0.02x 2.88x 1.9x 17.6x 2. Includes companies that provide door-to-door retail.

01x 4 9.4x 2.6 .0% 0.8.17.13[ 37.4% 6.4x 2 22.1x 28.27x 63% [0.7x 57% [1.5x 8.1x 11.3[ 23.4% 1.0x 3.9x 8.3x 7.8x 18.2x 26 3 5 18 5.2x 2.6x 5 22.7x 57% [5.8x 18.3. Industrial Gases.08x 0.3x 1.36x 0.6x 0.4x 19.0x 59% [4.1x 12.7x 5 17 / 71 .0x 67% [4.42x 6 10.IMGR SE – JUNE 2006 21.8x 29.42x 0.5x 12.5x 52% [0. synthetic fibbers.01x 1.7 . or Specialty Chemicals sub-industries.0.5x 26.7 .3x 18.1.7x 58.8 .1[ 42.8x 10.3% 11.4x 10.6 . explosives and petrochemicals.3x 82% [8.3x 26.6x 8.8[ 25.0% 13.9.9% 2.1 .4[ 30.5x 5 22.9x 12. 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 0.49x 58% [0. films.9 .53[ 45.7x 1.1x 3 2.9x 187 8 67 112 0.4[ 28. 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 0.8x 26 4 5 17 2.17.69x 1.2x 10.9x 1.6x 3.4x 10.8x 15.2x 13.0% 0.51x 187 8 51 128 0.6% 8.6x 80.1x 1 1.7x 12.5x 17.2[ 29.66x 1. Computer & Electronics Retail Owners and operators of consumer electronics.6x 8.4x 13.16x 26 5 5 16 3. commodity-based paints & pigments.13x 0.6x 1.4 . Excludes chemical companies classified in the Diversified Chemicals.0.8x 39.6x 2. Fertilizers & Agricultural Chemicals.4% 17. computers.4x 187 6 72 109 0.77x 1.0x 187 6 42 139 0.0x 26 3 2 21 0. Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals.75x 3.40x 0.1x 0.4 .8x 5.32 .18[ 50.9x 4 15. video and related products retail stores. Including but not limited to plastics.7x 5.5% 10.3[ 19.4x 41% [9.6x 46% [11.4x 9 13.

9 .0x 1.18.9x 112 12 51 49 6.14. mainframes and workstations.1 .1.5x 7. servers.23x 2.1x 1 2.7x 15.0.6x 2.1x 1.46x 0.8x 2. printers and other peripherals.10.1% 10.9[ 27.46[ 28.7.87x 1.1x 10.99x 58 3 19 36 0.7 .2[ 36.0x 8.8% 9. monitors.5[ 41.12.4x 10.53x 0.9% 15.3 .95x 67% [0. Table 24 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 112 12 15 85 0.5[ 24.76x 112 12 32 68 0.5x 57% [3.1x 1.7[ 30.1[ 39.3x 10.8x 4 24. faxes and related products classified in the Office Electronics sub-industry.9 .6x 5.1x 11. Computer Hardware Manufacturers of personal computers.9% 7.1x 75% [0.8 .4[ 31. 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 0.40x 0.01x 0.49x 0.3 .87x 4 11.3x 7.1x 0.4x 16.3x 1.3x 1.1x 72% [0.65[ 23.2x 19.3% 0.0x 1.8x 62% [0.3x 5 16.5% 0.4x 30.6% 10.IMGR SE – JUNE 2006 23.2x 25.2x 16. Excludes semiconductors classified in the Semiconductors sub-industry.3x 54% [6.07x 0.32 . Includes manufacturers of Automatic Teller Machines (ATMs).4x 12.21x 2.7x 11.8x 51% [4.9[ 30.5x 58 3 24 31 0.2x 23.6x 16.9.2x 51.4x 68.5% 10.0x 34. motherboards.4x 9.2x 0.89x 3 13.4x 26.7 .97x 71% [0 .6x 112 12 46 54 0. keyboards.1x 61% [3.89x 1.2x 14.1x 112 12 16 84 0.4% 1.6x 58% [9.9x 58 3 10 45 0.3x 29.0.0x 5 18.3x 3 12.1x 3 18 / 71 .4x 11.0x 17.0x 10. Includes data storage components. Computer Storage & Peripherals Manufacturers of electronic computer components and peripherals.8x 6.8x 18.1. Excludes manufacturers of copiers.7x 9 24.6x 8.2x 3 1.0% 1.1x 40. audio and video cards.9x 58 3 17 38 0.

7[ 28.3x 42.8[ 32.14.3x 3.2[ 25.3x 1 2.0.03x 0.3x 113 7 24 82 4.32x 0.3x 19.8 .1x 17.5x 20.7[ 27.0x 49% [8.3x 201 22 53 126 0.3% 2.0x 7 17.0x 2.8x 68% [3 .80x 1.11.9x 15.9% 0.2 .1x 1.96[ 31. Construction & Engineering Companies engaged in primarily non-residential construction.3x 13. 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 0.58x 0.75x 0.4% 9. Includes civil engineering companies and large-scale contractors.1x 10.9x 9.4 .3x 19.10[ 28. rolling machinery.0% 13.2x 67% [0.5x 3 25.05x 0.5x 5 19 / 71 .33[ 28.5x 8.7x 50% [4. heavy farm machinery and manufacturers of related parts. Excludes companies classified in the Homebuilding sub-industry.9x 11.1x 55.5x 76.13.7 . earth-moving and construction equipment.82x 81% [0 .1x 1.1x 1.5x 201 25 61 115 0.8 .4 .0x 12.6x 2.7[ 31.75x 5 11.2.01x 62% [0.69x 113 7 20 86 1.3% 10.1x 1.6x 11.4x 14.61x 2 12.7x 12.7x 6.17.4x 43.8 .2x 14.1x 29.9x 14.6x 49% [9.3x 35.9x 3 26.0x 1.6% 6.7x 28.7[ 27.6x 5 21.30x 0.7% 1.3x 20.0.0% 0.2x 56% [5.20x 3.9x 56% [11.3x 6.0% 15.7x 10.5x 52% [1.IMGR SE – JUNE 2006 25.8x 14.7x 113 7 25 81 1.61x 1.11x 201 27 54 120 0.1. Construction & Farm Machinery & Heavy Trucks Manufacturers of heavy duty trucks.1x 4 2.9x 3.8x 201 22 17 162 0. Includes non-military shipbuilding.3x 113 7 11 95 0.30x 2.4x 0.7% 13.5x 16.6x 23.64 .7x 4 16.0x 6. 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 0.4[ 24.3x 27.

6x 5 20 / 71 .1x 7 2.0x 24.1x 7 21.55x 1.12.3x 10.78[ 25.86x 4.1x 1.1 . lime.2x 5 15. Other finished or semi-finished building materials are classified in the Building Products sub-industry.0x 27.9[ 38.7x 49% [1.2 .5x 41 4 16 21 6.9% 1.0x 11.2.4x 10.5x 23. VCRs. aggregates.6 .19 .11.16x 41 4 9 28 3.9% 1.9x 5.08x 102% [0 .3% 1. clay.1x 47.2x 52% [18. 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 0.1x 12. Consumer Electronics Manufacturers of consumer electronics products including TVs.2x 45% [5.83x 8 10.09x 0.20.96[ 63.18x 1.9x 17.3x 17.3% 10.3x 9.8x 14.4x 2 1.8x 6.6x 9.6 .3x 9.1 .1.3x 3 17. cement.1x 3.6% 0.6x 1.44x 4.0x 42.2x 18.0.7x 5 28.3x 57% [7.9 .5x 115 11 21 83 0.4x 16.7[ 33.2x 1.2% 7.0x 7.1x 50% [11.1x 23.3% 16.69x 2.83x 55% [1.1x 62% [1.8x 41 3 4 34 0.2[ 39.31.3[ 35.7% 8.3[ 35.1x 44. game consoles and related products.1x 28.8x 2.4x 10.9x 4 18.1[ 29.54x 2 11.0x 115 11 40 64 6. gypsum. concrete and bricks.9x 50% [6.1% 10.12.2x 11.5x 55% [5.7x 22.2x 10.8.16x 1.5x 1.52x 1.6% 19.1.7x 11.7x 1.32x 0.2x 41 4 13 24 4.2x 115 11 44 60 5.5x 37.6x 2.0x 23.54x 0. hi-fi equipment.55x 115 11 32 72 2.3x 1.3x 1.5[ 22.4x 10.6 .1[ 47. and electric household appliances classified in the Household Appliances sub-industry. Construction Materials Manufacturers of construction materials including sand.3x 1.3 . 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.IMGR SE – JUNE 2006 27. Excludes personal home computer manufacturers classified in the Computer Hardware sub-industry.

9x 116.2x 1.0x 40% [6.1x 11.11. Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services.3% 21.2x 53. Department Stores Owners and operators of department stores.8x 9.8 .2[ 35.9x 2 2.5x 2.14.6x 10.5x 30.4x 24.5x 12.2x 38% [9.0x 9 14.8x 26.8x 5 20.0x 22.7x 15.49x 0.2.3x 33.84x 6 13.21[ 33.2[ 25.25.03x 3.70x 0.4[ 34.7% 8.6x 8.2x 51% [1.9.IMGR SE – JUNE 2006 29.4x 14.17x 2.7 .2 .2x 10 24.1[ 42.8x 3 EV / Sales EV / EBITDA EV / EBIT PER PBR 78 6 12 60 0.8x 43 4 4 35 5.21x 78 6 14 58 4.8x 45.6 .6x 1.0x 2.9x 17.62x 5 10.7x 41% [17.3% 13.4 .8x 2.4x 55% [7.9x 14.84x 1.8x 1.8x 4.59x 43 4 3 36 0.8% 1. Includes companies that provide services for back-office automation.6x 10.4x 7.21x 1.8x 18.9x 21.6x 43 4 2 37 0.2x 5 30.31x 2.8x 76% [14 .2x 18.3% 13.98[ 33.4x 78 6 10 62 0.18x 0.7x 22.28.8x 5.1x 59% [12.9[ 41.7[ 34.4x 8.2x 78 6 25 47 2.9[ 36.5x 22.6 .62x 1.3x 78 6 24 48 5.6x 43 4 4 35 0.8x 2.56 .5x 9.3 .8x 41.3x 11.20x 5.2% 9.1% 1.0. 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. 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 .2x 56% [0.8x 4 34.7x 8 3.93x 54% [0.6x 16.3x 15.3% 0.6% 21.3x 17.5x 2.20x 61% [1.22 .44[ 37.8% 1.0x 0.

7x 15.3x 3. Distributors Distributors and wholesalers of general merchandise not classified elsewhere.IMGR SE – JUNE 2006 31.1x 46% [13.4x 1.4x 19.3% 18.9x 20.8x 10 22.25.9 .62x 11.4x 50% [4.0x 2 3.4x 61% [0.6x 12.4x 12.9x 9 12.9% 8.76x 1.4 .8x 1.9% 21.25x 0.4x 5 15.1x 53.6x 4 1.4x 12.05x 0.7x 4.9x 128.1x 87 10 19 58 0. 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 0.12.8.1.9x 30.1x 28.2x 19.1x 1.1x 7.9x 87 10 11 66 0.8x 39% [14.1x 31.2x 43 4 8 31 8.6[ 34.5[ 31.6x 43 3 2 38 0.03x 5.1x 15.8[ 25.9% 8.3% 0.4x 8.3x 7.9x 11.3.2x 0.1[ 41.1x 16.1[ 36.1x 5 22 / 71 .8x 12.0x 21.6x 87 10 19 58 0. Includes vehicle distributors.8% 2.23x 1.5x 4.43x 0. Distillers & Vintners Distillers.38x 3.0x 75% [3.19[ 27.20x 3 15.20x 2.6x 43 4 9 30 7.2.8% 2.3x 27. vintners and producers of alcoholic beverages not classified in the Brewers subindustry.5x 22.2x 15.55x 75% [0.1x 7 43.0x 57% [8.6 .10.2x 0.3% 16.5x 40.6 .2x 1.8 .33x 0.58x 43 4 6 33 6.3[ 31.8% 1.85x 87 11 18 58 0.5x 49. 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 0.25 .33x 3 8.5x 9.6x 2.4 .2x 4 32.4[ 25.52[ 36.1x 6.21[ 33.0.66x 75% [0 .9x 51% [7.1x 24.6x 12.4 .2x 2.1x 8.2x 65% [1.5% 10.6x 17.7 .

12.6x 34 4 12 18 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 0.0x 1.1x 145 20 33 92 2.5x 5 23 / 71 .12x 0.6x 57% [2.68x 1.1% 13.9x 8 2.6x 8.8x 6.1x 9.0% 6.1.6x 9. 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 0.3x 22.8x 145 19 40 86 0.85x 3 9. Specialty Chemicals or Fertilizers & Agricultural Chemicals sub-industries.9x 2.1x 6 12.7.6x 4 2.9[ 25.0x 8.85x 0.5x 40% [10.92x 45% [0.7[ 26.5x 6.0x 33.02x 0.86x 4.IMGR SE – JUNE 2006 33.35x 67% [0.5x 22.9x 51% [16.1x 8.2[ 33.31[ 38. Diversified Commercial Services Companies providing commercial and consumer services not classified elsewhere.0x 10.3x 1.5x 52% [0. Commodity Chemicals.8% 0.13.67x 34 4 5 25 2.3x 4 14.5x 9 18.4% 1.8x 18.0x 1.1[ 20.2x 15.6x 44% [2.2x 8 13.1.6x 2.4% 2.10.4x 2.21.5x 2.5x 17.7x 0.2x 14.98[ 31.2x 34 4 7 23 6.0x 28.2[ 36.4[ 30.5x 19.6% 17.3% 10.3x 8.9x 12.8 . Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases.2x 41% [10.7x 145 19 16 110 0. Includes commercial cleaning services.5% 1.4 .02x 145 21 23 101 2.92 .7 .2 .4x 18.49 .1 .17x 0.7x 13.4x 3.12x 1.16x 1.3.9x 11.5x 51.8x 13.6x 5 34.92x 6 8.5 .4 .58x 0.8x 24.99x 1.3x 36% [5.0.8% 10.9x 34 4 7 23 1.2 .9.1x 5.0x 12.8% 9.5x 3.1x 6.8x 8.8[ 26.0x 14.0x 13. education services and security services.8[ 34.3x 12.1x 35% [4.

1x 15.5x 7.6x 2.2[ 32.3x 62% [6.6x 4.4x 2.92x 2 10.2x 18.11.3x 4 2.6x 23.02x 64% [0.88[ 60.02x 2.7[ 40.5x 7.0% 2.19.9x 13.8x 104 7 29 68 1.3 .0% 0.6 .1x 45.3x 10.38x 0.8x 9.8% 7.5x 5 36.8x 56% [4.1.1x 2.3x 4 2.7 .5x 8 17.0x 1.8x 2.24x 104 13 24 67 1.5% 2.4[ 27.6x 5 24 / 71 .76x 63% [0.5x 4 14.5x 3 19.2 .3.3x 25. Drug Retail Owners and operators of primarily drug retail stores and pharmacies.IMGR SE – JUNE 2006 35.5% 0.14x 0.13[ 31.8x 20% [8.7x 56% [1.9x 26.3x 30.12.5% 10.8% 9.5 .4x 13.5x 36% [14.1x 19.8[ 38.17 .5x 12.70x 0.7x 2.2 .3[ 42.6x 3.9% 22.82x 2. 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 0.4x 15.9 .0x 104 9 28 67 1.6x 47% [1.4x 10.59x 1.4x 12 2 0 10 1.14x 1.3x 50% [11.3x 6.2.22.6x 0.92x 0.8.5[ 50.9x 12 2 2 8 10. Includes companies that are primarily involved in coal mining or production.9x 12.59x 5 10.5x 3.52x 12 2 2 8 8.9x 14.24x 0.2x 9.99x 5.3x 17.3x 22.5x 7.8x 61. 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 0.18.5x 14.6x 9.0x 1.0% 15.9% 15.8x 9 17.7x 104 7 16 81 0.1x 12 2 3 7 1.5[ 23.3[ 62.5x 9.0.1 .5x 14. Diversified Metals & Mining Companies engaged in diversified production or extraction of metals and minerals not classified elsewhere.5 .9x 17.9x 18.1x 73% [13.

6x 1.26x 2.5x 117 19 11 87 0.9x 5 25 / 71 .7x 55% [19.12x 5.2x 15.9 .8x 24.13.1x 11.7x 52.6% 14.6x 1.7.2[ 22.9x 6.0x 10.0x 117 19 21 77 3.9x 14.5x 18.17.43x 2.2x 22.2x 1.07x 4.9x 7.9x 8 18.9x 7 14.73[ 26.9x 4 24.83x 117 23 11 83 0.7x 41% [11.3x 4.07x 0.0x 1.7% 12.4x 168 12 64 92 2.4x 7.9x 15.51x 70% [0. Includes both nuclear and non-nuclear facilities.1[ 28.4% 1.8x 11.7x 7 1.3 .8% 20.9x 18.4x 6 18.2x 11.7x 9.7[ 28.0x 1.1x 168 12 55 101 3.9x 23.1[ 25.05 .9x 168 13 30 125 0.0x 22.2. electrical components or equipment not classified in the Heavy Electrical Equipment sub-industry.7x 23.3x 1.8% 1.3[ 24.8x 5 38.73x 1.2 .0x 31.1x 13.57 .4x 1.8x 11.3 .0x 2.1 .20x 3.1.3x 26.7 . Electric Utilities Companies that produce or distribute electricity.6x 17.7x 8 2.3% 12. Electrical Components & Equipment Companies that produce electric cables and wires.9x 39% [10.1.2x 57% [1.0x 117 21 16 80 1.8 .24x 1.0x 14.2[ 31.8x 30.61x 2.5x 13. 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 0.5% 7.7x 2. 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 0.26x 5 11.26.3x 56% [11.7 .9[ 28.IMGR SE – JUNE 2006 37.9x 39.6x 68.16.8x 43% [1.05x 1.0% 1.20x 8 9.8x 16.77x 168 12 50 106 1.2x 9.7[ 26.8[ 26.9.1.9x 2.5% 8.9x 41% [5.7% 2.4x 48% [6.39x 53% [2.

28x 0.5x 47 5 1 41 0. electronic components.9[ 34.6x 19.61x 1. Electronic Equipment Manufacturers Producers of electronic equipment.8x 2.14.8x 22.20x 3 10.4x 8.11.3x 46% [4.0x 10.1x 8 2.6[ 31.69x 1.1x 6.37x 0.6x 1.9x 12.3 .4x 249 21 77 151 0.5% 22.4x 22.1[ 22.25x 2.8x 51% [11 .3% 0.9 .7x 4 24. Excludes OEM suppliers classified in the Electronic Manufacturing Services sub-industry.0x 46% [7.3x 7 14.5 .7x 17.13.0% 10.6x 8.0x 25.4x 8.8x 51.1x 17. electronic test and measurement instruments.63x 1.0x 59% [9. connection devices and equipment not classified elsewhere.2 .7x 14.81[ 22.1x 31.1x 249 20 87 142 3.1x 1.1x 0.5x 6.7x 2.8% 11.6x 14.0.1x 1.41 .7[ 21.89x 83% [0 .1x 1.3[ 34. 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 .6% 1.4x 10.4x 1.14.7x 22.9x 5.1x 14.0x 9 18.9x 47 5 10 32 1.2x 1.IMGR SE – JUNE 2006 39.15x 249 21 67 161 0.8x 8 18.4x 1.37x 2 9.34x 69% [0. Includes analytical.0x 2 2.1% 1.7x 5 40.3x 9.3x 27.6x 10.4x 59% [22.04x 0.9 .3% 14.7[ 24. Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.1% 12.56[ 47. 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 3 26 / 71 .1x 40.0.5% 0.1.3x 249 20 26 203 0.8x 5.3% 7.1x 60% [0.20x 1.1x 61% [1.5x 13.2x 16.1.05x 0.1 .8x 47 5 15 27 3.6x 14.72x 47 6 6 35 1.8x 25.81x 4.1[ 37.7x 13.3[ 25.29. instruments or components.1x 61.1x 62% [0.

Excludes large-scale water treatment systems classified in the Water Utilities subindustry.8x 4.13.8x 36% [15.2x 1.74x 84% [0.10[ 39.5x 0.1x 1.7% 23.8x 9 13.1x 12.4% 11.21.9x 15.4x 6.8x 10.52x 1.2x 2.6[ 32.1x 9 21.44x 58 7 14 37 3.4x 25.5[ 41.5x 8.6x 26.91x 2 10.7x 42% [5.6x 10.3x 22.9% 14.0x 21.87x 83% [0 .1x 19.28. Environmental Services Providers of environmental services.3[ 29.8x 8 3.1[ 29.04x 0.9 .4% 8.5x 1.6x 61% [0 .02x 2.7 .7% 1.62x 1.0x 58 7 17 34 7.8x 20.5x 36.0x 16.8x 41% [8.38 .7x 0.40x 2 10.1. Table 42 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 48 7 3 38 48 7 8 33 48 7 10 31 48 7 14 27 48 7 4 37 0.3x 12.6x 58 7 18 33 3.29[ 44.16.0x 9.4x 34.7% 0.0x 2.IMGR SE – JUNE 2006 41.1x 21.91x 0.76[ 35. Table 41 EV / Sales EV / EBITDA EV / EBIT PER PBR 58 7 3 48 0.54x 2.4% 0.9x 13.6x 39% [21.1x 37% [10.1.3% 3.2 .69x 2.9x 21.8x 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) 42.5[ 40.3x 14.4 .7x 10.1 .1x 41.9 .08x 0.40x 0.33x 0.5x 3.1[ 33.3x 15.0x 7. Employment Services Employment agencies and related services.11.79x 5.4.0x 14. Includes waste management and pollution control services.2x 2.4% 21.0x 1.6x 3 27 / 71 .1x 6 19.0.6x 2.9x 27.1x 60% [2.6x 21.8x 13.8x 10.7% 9.0x 7.7x 8 17.7[ 39.8x 58 7 6 45 0.0x 2.6x 6 2.0x 44% [11 .1x 14.

7 .2[ 52.6x 65 0 24 41 3.7x 2 28 / 71 .9% 10.61x 67% [0.9x 1.0x 57% [0 .2[ 55.2.IMGR SE – JUNE 2006 43. 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 0.3x 1.08x 0.10.9x 13.0x 0.5 .92 .15[ 42.3x 77% [0 .2% 8.33x 0.2x 10.8[ 36.8x 16.4x 7.3x 0.3x 10.6x 9.7x 7 21.6[ 42.9x 44% [9.2x 21.4x 30.0.4x 23.9% 11.1x 46% [1. Food Distributors Distributors of food products to other companies and not directly to the consumer.0x 5 2.9 .8x 65 0 14 51 0. Fertilizers & Agricultural Chemicals Producers of fertilizers. pesticides.6% 13.13.8% 0.09x 1.9x 18.4x 8.5x 1.7x 65 0 23 42 4.3x 2.2% 1.53x 1.1x 30.0x 2.6 .1% 12.3x 11.9x 8 18.93x 65 1 19 45 3.65x 6 9.3% 13.6x 18.8x 2.75x 1.8x 7 14.0% 1.1x 8.6x 13.55[ 29.8 .33 .43x 0.8x 13.4x 2.7x 11.6x 4.48x 2.4% 1.24x 3.8x 14.9x 36% [8.5x 7.64[ 36.2[ 42.6x 2 2.2x 12.1.1x 6 13.4[ 29.1x 6.5x 71.6x 18. potash or other agriculture-related chemicals not classified elsewhere.9x 35.47x 4 11.13.44x 1.21.0x 9.0x 17.2x 1. 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 0.7x 4.14.47x 0.8[ 33.28x 1.2x 72% [10.0x 0.7 .9x 46% [6.6x 10.9x 59% [6.65x 50% [0.1x 5 44.0x 27.7x 3.6x 29.7x 15.

8x 16.54x 0.1x 5 29 / 71 .3x 36% [9 .4x 6.0.8x 5 46.5x 8.1x 25.IMGR SE – JUNE 2006 45.7.0% 7.5x 0. Includes sport and leather shoes.5% 0.4x 7.2x 7.4x 8.0x 2.87x 2.4 .2 .70x 57% [0.5x 29 1 9 19 2.7x 10.1x 0.6 .9% 11.6[ 38.12.02x 0.0x 3.55x 0.1% 2.5[ 40.42x 45% [0.5x 1.2x 8 2.0.2x 27.8x 29 1 5 23 0.4x 2.4 .0% 0.3x 63% [1.6x 7 15.1x 57% [1.40x 0.9x 15.0x 13.4x 6.8x 14.41x 0.6x 10.5x 8.46x 0.7x 5.7x 14. Footwear Manufacturers of footwear.2x 31% [18.1x 4 2.46[ 30.13x 0.6x 42% [8.7x 9 13.8x 20.8x 2.55x 2 7.1x 8.3x 8 17. Table 46 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 29 1 6 22 0.29 .9x 56% [4.11.9% 11.45x 0.9 .0x 0.1% 18.7[ 42. Food Retail Owners and operators of primarily food retail stores.42x 8 8.21.28x 0.1[ 33.2x 1.57x 29 1 5 23 2.1x 3.3x 7 8.1x 2.57[ 45.6x 7.9x 29 1 6 22 5.2.4 .5x 8.8x 1.3x 4.1x 19.1x 17.8[ 28.1% 9.5x 16.8.3% 1.4[ 43.31 .6x 1.5% 6.85x 1.4x 34. 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 0.6[ 39.3x 10.2.7x 17.8x 14.4 .7x 40% [6.12.6[ 35.0x 6.3x 52% [4.2x 12.9x 17.

9 .62x 49% [1.49x 1.2x 38.60x 1.1.0x 0.1[ 44.9. Forest Products Manufacturers of timber and related wood products.3x 27% [8.8x 39% [1.06x 52 6 8 38 4.1[ 33.9x 1.2 . Includes lumber for the building industry.2x 16.9x 16.0x 52 6 10 36 4.5[ 43.7x 3.3% 15.0x 34% [12.85x 4.8x 5 30 / 71 .0x 9.0% 1.1.7% 1.4% 8.7 .5x 8.0x 18.6[ 23.43x 1.53[ 51.7x 52 6 9 37 0.63x 1.3x 13.4x 16.6[ 25.4x 14.3x 1.1x 1.5x 13.8x 46 8 9 29 0.00x 1.1[ 37.4x 14.0x 16.17 . Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas.33x 2 12.6x 27.0x 8 1. Also excludes diversified midstream natural gas companies classified in the Oil & Gas Refining.31x 46 11 8 27 2.1[ 29.8x 9 16.9% 0. 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 0.5% 12.8 .9x 9.62x 8 9.3 .8x 3 1.7x 66% [12 .3x 4 17.2.4x 24.4x 5.3[ 40.7% 9.3x 16.5% 13. Excludes companies primarily involved in gas exploration or production classified in the Oil & Gas Exploration & Production sub-industry.1[ 37.22.16.0x 40.4x 74% [9.6x 1.7x 9.14x 1.0x 10.8x 12.5 .5x 78% [7 .9x 1.7x 1.4x 46 8 15 23 0.8x 46 10 12 24 3.8x 52 6 9 37 6.35x 0.8x 2.3x 4 48.14.2x 11.1x 16.2x 1.3x 10 13.33x 2.5x 1.98x 5.8x 24% [10.3x 9.89x 81% [0 .1x 52.1x 20.18.6x 11. 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 0.5% 13.3x 53% [0.8x 24.9x 9.7% 1. Marketing & Transportation sub-industry.4x 14.IMGR SE – JUNE 2006 47.13.4x 4 20.2x 3.

6x 34.9x 3 31 / 71 .19. Excludes hypermarkets and large-scale super centers classified in the “Hypermarkets & Super Centers” sub-industry.67x 31 3 2 26 0.0% 3.4x 22.7x 1.1x 77 9 49 19 5.8 .5x 77% [33 .84x 2 11.9 .20[ 45.6x 3.4x 13.2[ 50.5% 16. but do not operate.8[ 39.7x 34.5x 53% [7. gold mines.0x 3.2% 0.IMGR SE – JUNE 2006 49.9x 9.4% 36.4x 5 24.9 .12x 0.8% 12.5x 21.15.63x 0.4x 1.4x 6.3.7x 24.4x 77 9 9 59 0.1x 66.0x 12.0x 40% [8.55[ 45.5x 41.37[ 43.9x 15.25x 3.4x 31 3 6 22 10.3x 10.48x 2.0.5 . 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 0.6x 7.1x 19.5x 0 28.0x 13.99[ 46.4x 21.6x 31 3 3 25 0.6 .04x 9.73x 24.6x 7.7x 2. General Merchandise Stores Owners and operators of stores offering diversified general merchandise.9[ 47.12x 77 13 41 23 3.9x 83% [0 .9.5x 55.9x 2.4x 34. 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 0.3x 3.7x 120.23x 83% [0.3% 7.0x 84.74x 0.7 .37x 3.0x 51% [4.5x 31 3 4 24 0.6x 31.3x 9.25x 2 29.4x 29% [2.1x 55% [24.4x 35.84x 1.2[ 47.4 .44x 5.1x 31.8x 2.4.5x 63% [1.0% 2.8% 30.0% 11. including companies that mine or process gold and the South African finance houses which primarily invest in.0x 2.4x 77 10 51 16 3.29x 96% [0 .5x 7 4.8[ 42.7x 31.65.7x 40.0x 5 2.6[ 44.4x 5 50.5x 20.4x 7 39.1x 11.3.4x 13.6x 20.5% 3.1x 14.1x 4 15. Gold Producers of gold and related products.

0x 18.6[ 30.8% 2.2x 1.27.4% 23.2x 27.1x 24.6 .13.31x 3.7 .2x 11.31x 3.1[ 35.2.86x 0.0x 9 16.12.5x 16.6x 3.63[ 50.36x 0.9x 7.2x 58% [13 .25.1x 43.9 .1x 44% [8.1x 51 3 9 39 0.9x 14.7x 1.0x 2.9x 8.15.4x 2 32 / 71 .40x 0.0% 0.77x 51 2 7 42 0.6x 17.9x 66% [0 .7x 37% [1.7x 2.2x 32.9[ 40.72x 66% [0.1x 3.6x 51 2 9 40 1.2x 10.7x 4 2.5x 36% [22.9x 8 27.0x 22.7x 13.2x 23.8[ 33. Health Care Services Providers of health care services not classified elsewhere.54x 2.2x 37.4x 2.3x 17.7x 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) 52.5x 8 2.1.7x 36.2x 2.IMGR SE – JUNE 2006 51.9x 50% [13.6x 19.0% 12.5% 16. Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere.47x 4.2x 11.06x 0.5x 44% [10.62x 1 13.8x 12.2x 4.7x 0.7x 17. Includes dialysis centers and lab testing services.3[ 38.9[ 32.0x 27.3x 13.5% 1.2x 24.13 .1[ 37.4x 1.3 .1x 24.80x 1.0x 42% [9.62x 1.1x 7 22.5x 0. Table 51 EV / Sales EV / EBITDA EV / EBIT PER PBR 51 3 2 46 0.1.6 .98x 96% [0 .1x 2.7% 21.3% 10.8x 51 2 15 34 2. 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 0.7[ 35.20.5x 67.86x 2 12.0% 12.18x 0.6x 13.0% 0.0.07[ 37.5x 8 18.7 .5x 3.6x 11.1x 18.3x 23.

0x 3.11x 1.3x 22.2x 5 33 / 71 .36x 2.5x 24.IMGR SE – JUNE 2006 53.4% 18.7x 6 18.3 .5x 61 1 12 48 0.4x 45.1x 8 18.8x 133 11 11 111 0. Includes medical electronic precision instruments.58x 58% [0.07x 61 1 6 54 1.9[ 29.15.5x 29.5x 21.6% 8.0x 10.6 .9x 2. Health Care Facilities Owners and operators of health care facilities.0x 9 32.5x 61 2 13 46 0.3% 16.13.36x 5 11.2x 71.1x 52% [11.8.0x 15.7x 46% [4.4x 18.0% 1.6% 13. including hospitals.0x 49% [15.1x 43% [22. rehabilitation and retirement centers.0x 21.1x 13.15x 4.0% 11.71x 3.29.5 .43[ 34.5x 7. Includes drug delivery systems.1.9[ 27.0x 1.54x 2.1x 57% [7.01[ 24.3[ 30.2x 133 11 42 80 0.85x 1.2[ 34.0% 1.9[ 29.9 .7x 63% [1.7x 7 2.2x 16.1.17x 0.5x 1.0x 5.4 . 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. animal hospitals.9x 32.55x 133 11 32 90 0.8[ 25.24.6x 61 1 10 50 2.1x 7 3.88x 59% [1.5x 4 21.4x 10.7x 56% [16.80x 7.2 .1x 3.0x 13. cemeteries and funeral homes.2% 1.1x 2.2x 41.5[ 30.9x 14.7x 37. nursing homes.74 .9x 2 54.5x 15.0x 27.2x 4.6% 25. Health Care Equipment Manufacturers of health care equipment and devices.8 .3x 2.1x 38.0x 21.2.0x 15.5x 21.3x 2.1x 18.1x 9.2 .8x 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 0.2x 59% [0.05 .81x 2.6x 11.7x 53.19[ 26.2.7x 15.0x 133 11 46 76 10.88x 5 15.9x 1.30x 1.6% 1.

88x 30 5 9 16 0. including power turbines.24.5x 17.2x 4.3 .5x 1.4x 14.3x 89% [0 .7x 6 3.6x 8.3% 13.9x 24.5x 2 41.0x 12.1x 3.2x 1.6x 44 9 2 33 0.4x 68.6x 2. Table 55 EV / Sales EV / EBITDA EV / EBIT PER PBR 44 9 3 32 0.IMGR SE – JUNE 2006 55.6x 55% [1.7x 112.6[ 68.1x 23.8x 32.8x 69.9[ 61.8% 13.7% 21.0x 91% [0 .3.44.7% 23.14[ 33.1x 71% [1.6x 30 5 10 15 0.9% 0.5x 4 34 / 71 .60x 2.3x 98% [0 .5x 8 14.11x 1. Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment.4x 18.8x 18.5x 33% [11.9x 12.0x 2.9x 2. Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere.1x 30 4 13 13 1.6[ 37.2x 44 9 14 21 8.2x 26.3x 65.4% 2.3 .4x 52.03x 3.1x 9.9x 7 26.89x 51% [2.1.7 .91x 1.22.15x 1.18x 3.7x 43% [12.6x 24.5x 3.9 .1% 2.7[ 66.3.5% 12.8% 3. Includes eye care products.9x 44 9 8 27 13.7x 36.58x 1.4x 12.5% 27. classified in the Electrical Components & Equipment sub-industry.5x 52.14.5x 15.26x 69% [0.6[ 42.6[ 36.8x 12. Excludes cables and wires.3x 1 3. heavy electrical machinery intended for fixed-use and large electrical systems.5 .9x 19.15x 5 22.1x 8.0x 24.35.6x 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) 56.8x 15.9x 17.31x 44 9 11 24 6.7x 7.1x 30 5 6 19 0.7x 1 28.84[ 43.9x 2.55[ 38.08x 0.18x 8 12.9x 22% [10.78 .2.8[ 40.8x 2.8x 14.5x 14. 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 0.59 .1x 5.80x 3.78x 6.

Highways & Railtracks Owners and operators of roads.6.8x 39% [1.91x 4.03x 0.5x 8 13.1.1% 11. Home Entertainment Software Manufacturers of home entertainment software and educational software used primarily in the home.9[ 30.6 .4x 4.4x 3.7x 5.53x 0.73x 5 6.6x 14.3 .6x 0.5% 1.2x 16.4x 5.1 .8x 12.5x 41% [9.1x 0.5% 10.8 .8 .1. tunnels and railtracks.2x 15.4% 16.1x 3 18.1[ 37.IMGR SE – JUNE 2006 57.7[ 42.1x 44% [9.6x 0.5% 0.0.5x 36.7x 14.6x 7.8x 36.6x 21.0x 12.6x 13.9 .54x 8 10.65x 7.3x 13.2x 23.2x 15.4x 63% [4.8% 15.7x 29.6x 2.9% 1.4x 7.9[ 34.0x 24.0% 11.7x 33.3x 8.9x 65% [0.5x 14.65x 0.7x 4.5x 7.1x 6 1.54x 46% [4.6x 36% [10.13.01 .5x 1.1x 10.79[ 25.90x 5.5x 18.21. 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 0.7x 1.85x 8.4x 1.50x 1.9% 6.2x 1.0x 3.8.8x 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) 58.85x 65% [0. 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 0.73x 1.8x 7.0x 4 1.13.8x 7 16.3x 4.4[ 50.2x 1.16.4x 10.5 .5[ 39.0x 1.13.8x 10.8x 10.1x 61% [0 .57 .6x 5 35 / 71 .8x 8.7% 5.8x 22.79x 7.7x 2.99x 14.5x 18.84[ 61.9[ 71.61x 0.3x 60% [7.6x 7 18.7[ 41.

61 .73x 0.3 .1.8x 42% [5.5.56[ 27.8x 14.3x 62 6 10 46 2.1x 18.0.9% 0.6x 6.1[ 37.2x 7 10. 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 0.7% 9.3x 14.4x 7.6 .1 .2[ 35.2 .2x 5 1.6x 3.5x 61 2 8 51 0.1x 1.5 .6x 19.0% 5.2x 37% [4.82[ 42.68x 55% [0.63x 0.6x 13.4% 1.6x 5.23x 0.5% 0.4x 35% [4.3x 62 6 11 45 0.1 .10.9.82x 61 2 17 42 0.2x 4.68x 6 7. Homebuilding Residential construction companies.42x 0.9x 6.6x 5 60.2x 4.2[ 28.8x 10.9[ 27.4x 36% [1.8x 8 8.7x 12.4x 5 36 / 71 .6x 59% [1.05x 62 14 7 41 3.8x 5.47x 0.1[ 31.4x 55% [5.9x 7. 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.IMGR SE – JUNE 2006 59.2x 6.5% 1.73x 7 6.3x 10.1x 7. including upholstery.8.6.8x 5 14.1x 62 14 8 40 3.6% 8.04x 2.1x 0.7x 1.1x 4.5x 1.4x 22.91x 1.9[ 29.77x 1.1x 5.2x 6.0x 9.1x 10.9[ 24.5 .0.9x 1.0x 0.1.7.7[ 34.2x 9.0% 6.90x 47% [0. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.8x 32% [6.1% 5. carpets and wallcoverings.9x 61 2 21 38 4.0x 8.09x 0.1x 8.4x 61 2 22 37 0. Home Furnishings Manufacturers of soft home furnishings or furniture.5x 2.1 .3 .0x 45% [5.4x 1.5x 15.0x 0.4x 8 6.0x 4 1.0x 12.5x 1.1x 6.6% 6.4x 27.67x 0.

77x 2. Includes travel agencies.7x 56% [15.6 .0% 1.8x 13. 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. Includes stores offering building materials and supplies.6x 27% [6.05x 1.6x 2.1.2x 8.0x 1. Home Improvement Retail Owners and operators of home and garden improvement retail stores.52x 3.7x 10.5x 37.5x 7 2.8.83x 5 8.4x 15.15.9 .6x 9 11.7x 19 1 4 14 3.6x 2.7x 8 1.1x 54% [0.1x 1.2x 19 1 3 15 0.14 .11.68[ 46.53x 0.3x 0.6 .2x 18.16.6x 23.59x 0.3x 106 19 29 58 3.9x 11.26 . tour operators and related services not classified elsewhere. Hotels.0% 1.6x 5.6x 9.0x 13.4x 106 15 29 62 1.3x 7.6[ 50.6% 13.2x 8.2x 2.6 .8x 27% [8.2x 4 37 / 71 .84x 106 20 24 62 2.6x 1.73x 8.23.05x 1.0x 12.3x 4 25.6[ 30.0x 18.9x 11.5x 18.1x 2.3x 26.9x 65% [0.9x 4. 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 0.0% 14.52x 3 14.7x 12.3x 15.7% 1.1x 11.1x 12. resorts and cruise-ships.83x 46% [0.2.8[ 46.79x 19 1 1 17 3.2x 12.46x 2.5x 14.5x 2.2x 1.2[ 25.8x 9 13.8% 23.7[ 44.7x 30.28[ 27.8[ 27.7% 0.4 .1x 106 16 20 70 0.0x 4 20.70x 1.8 .1.5x 32% [13.11.4% 10.9[ 32.8x 57% [8.2x 60% [6. Excludes casino-hotels classified in the Casinos & Gaming sub-industry.2x 25.2% 8.1x 4 62.3% 9.1x 21.0.5 . Resorts & Cruise Lines Owners and operators of hotels.4 .92x 70% [1.IMGR SE – JUNE 2006 61.8[ 41.5x 8.42x 0.1x 19 1 0 18 4.3x 50.9x 18.9x 66.

4% 1. Household Products Producers of non-durable household products.11.4x 18.43x 4 8.7x 11.4x 8 11.6x 2.18.9x 9. soaps.3x 1 38 / 71 .6x 13.36x 0.83x 1.13x 3.2.8% 6.4x 77% [0.1x 21.43x 0.8% 0.3% 12.7x 64% [1.3 .1x 8.1% 0.5x 19.49x 61% [0 .2.16x 0.6x 8 3.77x 66 5 14 47 0.6[ 29.3x 0.28 .4x 1.0.4x 28% [9. including garden improvement tools. 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 0.7x 1.02x 0.6x 66 4 19 43 4.8x 1.6x 23.5x 8 17. diapers and other tissue and household paper products not classified in the Paper Products sub-industry.2x 22.6x 2.6x 18% [18.24x 2.5% 10.7[ 29.12[ 50.5[ 37.3 .9x 5 11.4x 14.56[ 43.6 .3x 26 3 6 17 5. 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 0.2x 17.6x 6 17.1x 6.9x 39. 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.20.4x 9.0% 19.3x 4.0x 56% [4.4[ 31.4x 7.4x 11.8x 2.1x 5.3x 15.8x 26 3 8 15 11.5x 22% [11.97[ 36.6.14[ 35.1 .4x 5 1.0x 9.3x 5.4x 66 4 11 51 0.0x 16.5x 0.1x 28.8x 1.9x 12.0.8[ 52.4x 13.7x 10.8x 5 64.9% 1. including detergents.18x 26 3 5 18 4.9x 9.85x 1.88x 1.9[ 40.7x 10.0% 10.3 .0x 6.0x 26 3 6 17 0.62x 61% [0.7 .24x 3 9. Includes manufacturers of power and hand tools.7x 15.2% 13.5 .0x 7.3x 9.IMGR SE – JUNE 2006 63.48x 0.3x 54% [11.6x 56% [8. Household Appliances Manufacturers of electric household appliances and related products.0x 11.2x 66 4 18 44 0.8 .

8x 10.9x 74% [0 .1% 12.5x 5.3% 0.48x 0.0x 9.2x 28.4x 65% [7.IMGR SE – JUNE 2006 65.0x 5.22 . utensils.6x 16. glassware.3x 15.13x 0.1x 1.0x 14.2% 8.5[ 38.4% 1.1x 35% [7.9x 1.8 .5 . silverware.9x 14.9x 0.6x 22.1.8x 9.0x 9.0x 7. 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 0.0x 2.3[ 42.3[ 46.8x 23 0 4 19 4.6[ 34.11. Housewares & Specialities Manufacturers of durable household products.3% 0.4 .3x 40.4x 3.2[ 28.6x 8 14.5x 18.43x 0.9% 21.0.0x 0.3x 0.5x 5 39 / 71 .8x 3 1.92x 65% [0.8x 40.0x 43 5 5 33 0.1x 45.7x 7. including cutlery. respectively.6x 37% [6.67x 1.9% 7.51x 43% [0.5x 48% [2.9x 45% [3.8[ 57.8x 20.4.15.98x 23 0 4 19 1.91[ 33.4x 43 5 15 23 0.7 .6x 15. Excludes Food and Drug Retailers classified in the Food Retail and Drug Retail sub-industries.61x 3 7.6.5x 1.4x 23 0 5 18 8. kitchenware and consumer specialties not classified elsewhere.1x 8 21.0x 14.13.8% 10.6% 6.37x 0.9x 8.6x 43% [13.6x 8 2.08x 0.51x 43 5 10 28 1.43[ 33.9x 5 13.7 .2x 3.1[ 40. cookware.15x 2.8x 21.61x 0.3x 2 16. Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products.67x 0.1 . crystal.8.51x 7 8.2x 7.8x 19.8x 23 0 3 20 0.2x 10.0. 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 0.8x 13.1x 2 66.49 .3[ 39.4x 72% [6.0% 3.6x 8.51x 0.8x 7.1x 43 5 12 26 1.2x 14.5x 2.0x 8.24.4x 4.6 .

12.1[ 50.1x 14.6x 22.1x 2.0x 61% [0.68x 75% [0.1[ 71.45[ 29.47 .3x 7.7x 21% [13.7% 12.6x 8 2.9x 10.08x 2.1% 18.7x 8 20.20x 105 14 19 72 3.7x 53% [9.8x 2.9x 57.1x 22.14.3x 1.4x 20.21x 3 13.0x 9.2 .73x 1.0x 1.3x 10.7% 8. Table 67 EV / Sales EV / EBITDA EV / EBIT PER PBR 105 14 17 74 0.2 .8 .1x 3.9x 10.7 .0x 1.89x 30% [1.3x 17.4 .2.2[ 37.4x 8.5% 1. none of which contributes a majority of revenues.7x 4.9x 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) 68.4% 10.1.22.22x 2.12.7% 0.8x 20.4x 1. Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors.85x 1.7[ 26.IMGR SE – JUNE 2006 67.8x 3.98x 1.4x 3 15.2x 15.4x 8 15.53x 2.1.11x 5.0x 12.8x 1.1x 15.6x 105 8 28 69 0.5x 64% [7.4x 25% [8.2x 19.1x 1.1[ 42.9x 17.89x 8 9.2x 13.9x 36% [1.9[ 34. Stakes held are predominantly of a controlling nature and stake holders maintain an operational interest in the running of the subsidiaries.1x 11.32x 0.17.18[ 57.5x 105 13 31 61 5.1% 1.9x 15% [20 .3 .67x 5.8x 47.6x 5.8x 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 0.3.90x 1.7x 33.7x 7.0x 20.9% 17. 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 .1x 11.8x 24.6x 1.0% 3.21x 2.6x 18.5x 64% [17 .7[ 50.22.3x 17.1x 11.79 .3x 21.1x 15.0% 22.0x 5 19.0x 10.0x 105 8 9 88 0.4[ 29.9x 8 2. Industrial Gases Manufacturers of industrial gases.

0x 1.0x 4. insulators.63x 0.09x 0.7x 23% [10.5x 8 13.5x 2.3x 5.5x 18.1x 1.7 . machine tools. pumps.9x 34 0 4 30 1.7x 8 22.7x 34.3 .87x 0. marketing and transportation.4x 13.1x 9.37x 2.08[ 48.7x 7.4[ 43.77x 1.0x 7.0x 10.6x 12.0x 337 37 92 208 0. Table 69 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 337 37 43 257 0.IMGR SE – JUNE 2006 69.7.2[ 28. compressors.6x 16.6x 5 2.9x 34 0 6 28 6.5x 8.6x 31% [2.0x 2. 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 0.3x 66.07x 61% [0.5x 9 10.53 .5x 48% [7 .9[ 50.4x 6.20x 53% [0.7x 40% [4.46x 2.78[ 17.6x 11.84x 34 0 4 30 1.5x 41% [5.1% 1.4x 13.1x 9.4x 337 37 33 267 0.1x 3.7x 46% [11.5x 5.0x 59% [12.2x 2.0x 337 37 83 217 0. escalators.5x 11. or chemicals.6x 3. pollution control equipment.7% 16.2x 2.9% 0.3.5x 34 0 4 30 1.9x 24.7x 8 2.8% 8.1[ 30.94x 4 9.94x 1.12.7[ 18.58x 0.7x 11.9x 6.0% 2. elevators.4x 6.7% 12.0% 6.4% 0.3[ 20.1x 5 70.17.5 . Industrial Machinery Manufacturers of industrial machinery and industrial components.6x 26. roller bearings and other metal fabrications.20x 0.4x 16.6x 2.5 .5x 5.6x 5 41 / 71 .0x 18.7x 9 7.7x 1.6.14.8.8 .6x 16.1[ 21.97x 337 37 71 229 0.87x 5 5. as well as at least one other significant activity in either refining.6% 11.0. Integrated Oil & Gas Integrated oil companies engaged in the exploration & production of oil and gas.1. Includes companies that manufacture presses.4x 62% [1.63 .9 .2[ 19.6 .04x 1.4x 9.0x 10.6x 9.3% 5.0x 4.

15x 1.5 .2[ 57.0x 55% [1.7x 34.20.87x 5 5.56x 1.05x 1.4x 20.13[ 26.7% 11.40x 8 23.60x 4.7x 21.3x 1.21x 0.3x 86% [0.1% 14.1x 12.3x 92 8 28 56 2.1x 18 3 8 7 6.0x 2.7% 2.4x 77.0% 1.3x 13.4x 20.7x 36% [4.6x 7.2x 18 3 8 7 7.IMGR SE – JUNE 2006 71.9 .6% 13.6x 8.48x 62% [1.1x 66.4[ 71.0x 8 2.9[ 55.0x 70% [0.8x 1.6[ 26.1x 5.6 .8x 5 42 / 71 .8x 11.72x 1.6x 10.1x 29.3x 1.7x 9 10.2x 8.1.1x 21.6x 2 3.69 .86x 2. 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 0.4x 81% [3.2[ 31.7x 40% [10.6x 33.2x 1.9% 1.6x 4.4% 15.1x 10.1[ 32.1x 57.5 .3x 92 7 16 69 0.13.2% 5.3. Integrated Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line telecommunications services not classified elsewhere.7 .1x 2 26.8% 11.25.1 .5 .2.4x 12.3x 6.8x 1.23x 1. 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 0.8x 1.87x 54% [0.0x 56% [8.8x 0 26.2x 5. not classified elsewhere.67[ 50.7x 4.21.8x 4.0x 14.22x 18 4 5 9 4.4x 12.4x 2.40x 2.2x 14.1x 13.8x 92 7 30 55 0.3x 7.25x 3.0% 1. Internet Retail Companies providing retail services primarily on the internet.39[ 23.7x 9 13.8x 91% [0 .2.3x 18 3 4 11 0.6[ 72.53x 92 8 19 65 1.1x 16.8x 32.34 .7x 2.3x 20.7x 5 72.

0x 15.9x 201 30 97 74 0.3x 6.9x 10.32x 0.8x 3 74.2% 0.8x 1.38.9.1x 82% [0 .1% 0.63x 7.1% 13.3 .0x 27.4x 2.3[ 26.3x 28.5x 15.0x 1.2x 2 23. Excludes companies classified in the Internet Retail sub-industry.6x 57% [1.3x 78.5x 8 3.19x 2.4x 225 27 45 153 0.IMGR SE – JUNE 2006 73. 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 0.86x 69% [0.5x 42.7x 49% [6.2x 19.3x 56% [16.0% 30.8x 225 28 86 111 4.9x 15.7x 5 18.0.3% 9.9x 16.17.9[ 27.06 .1x 21.35[ 22.09x 91% [0.7x 10.1x 5 27.1.8x 63% [26 .8x 70.35x 2.2[ 20.2x 225 27 102 96 1. Includes information technology consulting and information management services. 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.71 .4x 2.41[ 31.8x 60.3x 5 43 / 71 .79x 1.4 .94x 2 18.7x 2.3x 201 31 19 151 0.95x 201 32 70 99 0.7x 15.40x 0.7x 32.7x 1 31.2x 8.73x 1.6% 8.5x 4.6x 22.2x 73% [1.6x 15.4x 2.24.08x 0.9% 1. 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. web address registration services.73x 3 11.6[ 30.7x 8.5 .2.3x 28.7 .4x 15.0x 22.15. database construction and internet design services.9x 5 2.2x 10.2% 20.3x 52.6x 11.4 .4[ 26.2% 8.3x 3.00x 0.65x 225 29 72 124 0.94x 0.8x 0.5% 1.2. Internet Software & Services Companies developing and marketing internet software and/or providing internet services including online databases and interactive services.6x 7.11[ 34.5[ 26.6x 87.2x 1.3x 201 31 91 79 0.0x 77% [7.2x 9.0x 58% [13 .9x 35.2x 25.6[ 29.

7x 62 1 5 56 0.3x 2.68x 2.4x 1.3x 59% [14.8x 60.8x 62 1 20 41 5.08x 41 1 8 32 4.6x 63% [13.9[ 33.4x 2 44 / 71 .6x 6.7x 8.6 .3x 60% [7.7 .IMGR SE – JUNE 2006 75.6x 4 22.6x 16.5x 60% [3.5x 3.3x 0. Leisure Facilities Owners and operators of leisure facilities.5x 1.1.7x 16.5[ 43.5x 57% [8 .2x 41 1 15 25 2.8[ 36.1x 10.3x 6.8 .1x 17.5[ 42.1x 22.37x 62 1 13 48 2.81x 1.5x 8.04[ 29.8x 41 0 6 35 0.16x 2.7x 12.8x 15.6x 57% [8 .2x 1.5x 4 76.2.7x 56.0x 20.8x 3 18.06x 0.9x 5 2.81x 7 10.3x 38.7x 22.2x 34.1x 2.9x 6 14. 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 0.4x 4.1% 0.9x 18.90x 60% [0.5[ 33.70x 2.5[ 32.51x 0.6x 17.0% 15.2x 31. bicycles and toys.5% 17.52x 8 13.2x 8.9x 11.1% 1.10.2x 1. stadiums.9x 17.88x 58% [2.3% 9.24.48 .5x 14.1 . golf courses and amusement parks not classified in the Movies & Entertainment sub-industry.3% 16.6[ 37.30x 1.1% 1. including sport and fitness centers.4% 2. Leisure Products Manufacturers of leisure products and equipment including sports equipment.1x 65% [1.18. 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 0.4x 11.8% 7.6x 27.69[ 31.0x 6 26.7x 68% [0 .4 .66x 7.73x 0.3x 30.8x 7.9x 9.2x 2 2.18.12.1[ 41.2x 70.3% 8.1x 8.8x 41 0 15 26 8.52x 3.3 .9.9x 11.3.1.4x 1.6x 62 1 16 45 3.

2x 11.7% 0.4x 12.3x 3.7x 8. Resorts & Cruise Lines sub-industry.1x 14.6x 5.3[ 29.5x 22.9x 18.5x 5 45 / 71 .5.6x 26% [1.6x 3.6x 60 9 13 38 0.60x 65% [0.7x 32.IMGR SE – JUNE 2006 77.6x 5 78.1x 7 9.2x 1.6[ 34.1.1[ 41.4x 39% [16.88[ 66.7 .4x 2. Marine Companies providing goods or passenger maritime transportation.0x 74% [0 .1x 84% [0.9x 2 10.2.4x 10.7[ 62.2% 5.1x 38% [7.67x 1.24x 2. 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 0.15x 4.5x 2 1.9x 4.5x 8.4x 78% [0 .1x 16.5% 3.8x 60 9 7 44 0.3x 10.5% 1.8 .40x 60 11 8 41 0.3x 2.4x 0.52[ 34.43x 0.4x 9.2x 6.5x 5.0x 60 9 9 42 1.19x 1. Excludes cruise-ships classified in the Hotels.11.7x 12.5 .0x 1.4x 0.6x 55% [0.5% 2.88x 1.5x 27.27x 0.1x 7 17.67x 5 8.08x 0.1.2 .6x 14 0 3 11 1.9x 3.7x 9.1% 1.6x 7.7x 11.4x 12.0.3x 3.2% 5.5% 9.50x 14 4 2 8 3.4x 33.23.19x 5 8.1x 5.0% 19.6x 1 11.81x 56% [0.62x 0.5[ 45.9x 4.09 .8x 17.7x 5.26x 1.2x 14 4 2 8 3.8 .7.1x 2.1[ 50.13[ 62.1x 38% [8 .4 .9x 1.4x 8 2.5x 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. Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.4[ 54.7x 14 0 2 12 5.6x 20.5% 8.3x 4.

5x 8.19x 2. glass or plastic containers.IMGR SE – JUNE 2006 79.6x 13.1x 11.2x 2.5x 4.57x 8 11.0.2[ 31.0x 10.3x 18.1x 7.8[ 29.7x 1.6% 3.84[ 32.9x 23.2 .12.9x 4.1x 35 1 6 28 2.4x 35 0 7 28 6.3.9% 6.91x 55% [0.3x 11.3x 38% [2.6x 1.6[ 29.3% 15.3x 50% [6.3x 10 10.3 .4x 14.3x 23.5[ 31.2x 1.3x 35 0 0 35 0.48 .5% 0.7x 2.7x 2.21x 0.1x 8 2. 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 0.5x 11.7% 20.7x 12.3x 14.57x 3.3x 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) 80.5[ 39.62x 0.8x 0. Metal & Glass Containers Manufacturers of metal.5 .6x 34. Includes corks and caps.8x 26.7x 48% [9.46x 1.5x 8.4% 2.5x 15.4x 6.49[ 40.0.77x 5 6.0x 0.18.4x 2 46 / 71 .5x 29.0x 5 15.3x 5 1.6x 1.2x 9 18.5x 19.5.2x 8.2x 42% [14.7x 6.0x 21.0x 3.74 .54x 35 1 5 29 2.7x 15. Marine Ports & Services Owners and operators of marine ports and related services.2[ 31.7.7 .23.3x 40% [5 .5 .16.96x 4.6x 10.0% 13.4x 61% [0 .0x 44% [12.77x 1.6x 14.3x 10.8% 11.5x 0.32x 11.12.4x 17.0% 0.8x 19.8 . Table 79 EV / Sales EV / EBITDA EV / EBIT PER PBR 35 1 2 32 0.20x 1.3% 10.1x 29% [18.4x 2.3[ 31.2x 0.4[ 35.11x 6.0x 4.7x 9 14.52x 0.23x 67% [2.

73x 1.0x 1.3x 1.5x 5 14.4[ 66. entertainment theatres and sports teams. producers and distributors of music.3[ 30.1x 5 18.6x 5 47 / 71 .3[ 26.8x 1.8x 7.6x 13.8x 92% [0 .32[ 66.7x 11.0x 16 3 8 5 nm nm nm nm nm 16 3 7 6 12.03x 0.1x 2.1x 56.7x 66% [6.0% 0.2x 19. Excludes bicycles classified in the Leisure Products sub-industry.38x 0.8x 213.06x 1.47x 69% [0. including companies engaged in the production.5x 19.5x 9.31x 16 3 7 6 8.4x 24.7% 22.1x 1.9x 74.2x 3.7x 72% [0.5x 9.3x 41. Movies & Entertainment Companies that engage in producing and selling entertainment products and services.3x 6. Motorcycle Manufacturers Companies that produce motorcycles.1.3[ 35.6 .3x 96 9 40 47 0.1.3x 96 10 43 43 0.8x 20.26x 1.3x 2.6x 46% [1.4 .80x 3 7.9x 52.4% 1.8x 96 9 20 67 0. scooters or three-wheelers.5.08x 96 10 21 65 0.8x 74.5[ 29.1x 6.2.157.99x 4.2% 11.7 .6 .9[ 44.7[ 31.1.26[ 50.08 .8 .5x 13.13. Table 81 EV / Sales EV / EBITDA EV / EBIT PER PBR 16 3 5 8 0.7x 2.1x 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) 82.1x 63% [2.91x 3.1x 9.16.2% 5.1x 16 2 5 9 1.26x 2 23.5% 0.80x 0. 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 0.9% 1.1x 35.65 .6x 2.2x 4.7% 104.87x 1.0x 1.IMGR SE – JUNE 2006 81.28x 71% [0.6x 162.1x 13.2x 7.4x 87% [3.8x 15.1x 11.5 .62x 1.6x 3 2.1x 0 nm nm nm nm nm nm na 94.1x 1.9% 11.7x 2 1. distribution and screening of movies and television shows.1x 65% [8.

4x 54.3x 11 3 0 8 1.9x 58 5 8 45 9.0% 13.7[ 29.8x 13.4[ 40. Gas Utilities and/or Water Utilities sub-industries not classified elsewhere.26x 62% [0.7x 5 84.9x 11 3 2 6 11.1x 17.13.61x 58 7 7 44 5.6 .9x 18.78x 37% [1.8x 13.1% 1.77x 11 3 1 7 7.5x 20.6x 13.7x 9.5% 8.9x 21% [8.9x 1.7[ 57.7x 26% [1.71x 2.95x 1.0x 14.0x 15.4x 58 4 6 48 1.0x 5. Multi-Utilities & Unregulated Power Utility companies with significantly diversified activities in the Electric Utilities.3x 2.9x 22.43x 0.1x 11.1.5 .47x 2.6 .4 .7x 4 2.5 .5x 11 3 1 7 13.5% 12.4x 58% [0.1x 5 48 / 71 .21[ 57.8x 17. Office Electronics Manufacturers of office electronic equipment including copiers and faxes.1x 9 18.6x 11.44x 1.1% 0.1% 17.24x 3.9.3x 5 13.13.34x 1.1x 22% [11.9x 10 14.9.3x 8.0% 1.7[ 57.28 .2[ 50.1x 3.7x 9 23.8x 16.4% 1.8[ 27.78x 8 8.9x 2.0x 12.0x 38% [14.17.3x 13.20.2x 62% [12 .1x 11.1x 1.0x 8 1.1% 8.3x 15.3x 44% [6. 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 0.6x 1.9x 2.78[ 35.8[ 50.6x 15.0x 1.1x 36.7x 21.7x 8.7x 8.4 .6x 9.72x 1.7x 1.21x 1.5x 14.1.3 .42 .2% 15.2. 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. Includes unregulated independent power producers and distributors.4x 1.6x 7.IMGR SE – JUNE 2006 83.7x 17% [9.8x 58 7 9 42 8.62x 1.8[ 42.1.1x 15.21x 5 11.7x 23.0x 1.

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

3x 18.1x 1.0x 94 9 13 72 0. Paper Packaging Manufacturers of paper and cardboard containers and packaging.1.74x 3.0x 14.9% 11.8. 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 0.3x 6 1.5x 7.15x 2.1x 9.7x 1.6x 5 92.3x 2 1.1[ 41.12.0x 0.1x 5 52 / 71 .25.3[ 37.5x 6.4% 8.9x 6.71x 0.02x 0.3x 48% [15 .1% 11.2x 15.2.7.3x 3.02x 44% [0.8x 10.1x 94 9 30 55 5.8x 64% [6.3x 11.91x 1.0.20x 94 9 23 62 3.4x 1.1x 11.35x 0.78[ 29.0% 1.7x 1. Excludes companies specializing in paper packaging classified in the Paper Packaging sub-industry.1x 53.0x 0.2 .1.6x 49.1x 58.8x 19.6 .7x 94 9 43 42 4.8% 1.51 .0x 44.13.3[ 27.7% 11.0x 20.IMGR SE – JUNE 2006 91.21x 5 9.1x 49% [1 .0x 0.6 .07[ 26.14x 1.2x 1.1x 24.21x 57% [1.7x 15.8 .1x 8.0x 25. 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 0.9x 1 22.7x 16.6[ 30.2 .62x 1.3x 30.4% 1. Paper Products Manufacturers of all grades of paper.9x 46% [6.1x 8.8x 8.5x 9.9x 1.7[ 27.56 .2[ 29.30x 4.78x 1.8x 33% [5.6x 22.6x 51% [0.3x 15.4% 0.4x 2.0x 11.1x 18.2x 9.66x 1.2x 68% [8.9x 7 19.14[ 35.3x 4 18.8x 6 20.9x 22.1x 1.02x 7 8.3x 2.7[ 31.3x 11.3% 7.7% 20.8 .3x 52% [4.

64x 2.0x 10.3x 12.2x 25.7x 8 13.5x 15.56 .5 .4x 2.8x 5.4x 16. 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 0.0% 1.7x 54% [1.25[ 31. 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 0.7x 13.6x 73% [1.4x 5 2.6x 2.6% 2.2x 18.7x 31% [7 .3x 24.8x 8.5x 8 3.IMGR SE – JUNE 2006 93.2.4% 11.1x 1.9 .4x 10.63x 8 10.1x 11.3x 7 18.6x 7.8x 0.19.12.68x 2.2.4[ 31.5 .6x 12.9% 13.3% 9.2x 2.13x 1.8[ 32.9.1x 9.4x 43.8x 17.15. including cosmetics and perfumes.0x 13.3x 0.2[ 25.9x 32.80x 0.6x 57% [9.14.4x 48% [12.0% 21.4x 10.6x 1.9 . Pharmaceuticals Companies engaged in the research.9[ 33.9x 23.52x 3.7x 22.1 .3x 4 26.23.54x 4.4x 1.63x 56% [1.42x 2.9x 15.3 .3x 49% [9.85x 7.8x 8 22.7 .2x 13.1[ 25.1x 22.4x 3 94.0x 9.6x 23.0x 11. Includes veterinary drugs.83x 62% [0.8x 29% [13.4x 0.8x 2.3[ 20.0% 1.8x 66.83[ 22.69x 1.1x 26.91 .2x 15.1x 0.9x 6.1.6x 3.93x 1. development or production of pharmaceuticals.8[ 39.5x 35% [18. Personal Products Manufacturers of personal and beauty care products.7% 19.52x 4 13.5% 2.7x 5 53 / 71 .0x 50.3.7x 32.8[ 32.4x 17.13x 3.28x 0.3x 2.1% 14.

6x 11.0x 58.4x 15. 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 0.2.1[ 31.7x 54% [14.62x 0. Includes companies primarily mining platinum.8[ 45.4x 1 44.5x 19.39x 8 21.7% 12.19.67x 2.33[ 35.4x 45.56[ 50.7x 36.7x 3 2.9x 2 26.48x 5.4x 2.20x 1.1 .0x 27.4% 11.98x 1.5x 5 54 / 71 .2x 3.2x 9.92x 69% [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) 96.4x 0.2x 6 12.20.1x 12.2[ 71. Photographic Products Manufacturers of photographic equipment and related products.1x 16.2[ 36.3x 72% [0 .49 .4[ 36.1x 14.8% 2.8x 2.2x 49% [4.23.6x 4 3.67 .7[ 62.2 .3x 15.39x 56% [2.6 .1[ 50. Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry.5x 11.6x 21.86x 9.3% 1.9x 3.67x 4 8.6x 2.9x 25.8x 0.1x 53% [5.32x 5.3x 4.5x 36.7[ 66.0% 15.3x 46.1.0x 4.IMGR SE – JUNE 2006 95.7% 4.45.5x 107.3.9x 10.4% 15.2 .3x 50% [1.65x 4.7x 30.5.68x 0.6 .5% 33.2x 5.5x 9.3 .9x 3.62x 7.0x 1.8x 9.7x 9.1x 1.00x 4.0x 69% [13.3x 22.19.8x 4.0% 1.8x 8.5x 33% [2.2x 1.6x 54. 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 0.4x 35.8x 21.8x 17.9x 19.43x 2.7x 6.7 .5% 6.7x 17.3x 3 23.2x 7.1x 63% [4.

2.02[ 40. magazines and books.57x 5 9.3x 6 2. Publishing Publishers of newspapers.76x 59% [0.1x 12.9[ 41.4x 6. and providers of information in print or electronic formats.0x 3.8x 40% [11.0x 14.6x 9.2 .18.3x 26.8x 39% [10.5x 16.59 .3x 20.59x 5 9.8x 19.7% 8.5x 21.6x 7.3x 3.3x 12.4[ 47.3x 1.0x 123 20 29 74 1. Table 97 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 123 21 14 88 0.20x 4.9x 16.5x 27.56x 123 21 19 83 1.8x 39.9x 24% [7.1x 22.8.57x 3.0x 4.5x 44% [10.0x 16.6x 2.6x 6.9x 15.2x 5 55 / 71 .1x 5.6% 14.0x 0.3x 38% [11.1x 38.2% 1.1% 1.IMGR SE – JUNE 2006 97.3x 123 18 29 76 4.25x 2.5 .5 .6x 8. Table 98 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 22 3 4 15 22 3 7 12 22 3 3 16 22 3 2 17 22 3 2 17 0.4x 12.1 .1x 9.1x 15.4% 11.15.7[ 27.4x 1.3.8x 2.8x 6 2.13.0% 1.59x 2.92x 1.77x 7.1x 31.1.8[ 41.01x 5.7[ 27.88x 2.18.5x 2.5x 123 18 18 87 0.9x 7 16.2[ 56.3x 5 98.4x 2.1x 2.6x 56% [1 .16x 1.25[ 23.5x 9. Railroads Companies providing primarily goods and passenger rail transportation.24x 0.7% 8.6x 9.5 .7 .8x 9 12.2x 51% [1.27x 1.51x 61% [1.5x 8 21.6x 13.2 .8x 38% [7.6x 9.1[ 28.9% 1.8x 8 17.4x 1.4x 9.3x 17.3% 14.5x 12.2% 16.9.2[ 32.8x 21.68 .

9[ 38.3% 13.7 .1x 19.7x 21.4x 2.2 .2x 8.5x 4.11.6x 7.5x 44% [14.7 .1x 56.2x 10 21.46x 1.7x 1.1x 1.4x 14.4 .02x 5 8.7x 78 9 8 61 0.4 .02x 1.1. fast-food or take-out facilities. EV / Sales EV / EBITDA EV / EBIT PER PBR 78 9 5 64 0.3x 63% [5.0x 8.8% 8.4x 26% [7.43x 3.5x 10.4x 1.8[ 41.46 .83[ 31.3x 45% [1.2 .1x 15.7% 1.7 .4x 47.6x 1.8x 2.5x 8 2.2[ 29.2x 15.87x 2.3x 23.1.4x 10 13.2x 8. Includes companies that provide food catering services.8x 23.7x 5 2.4x 0.8x 26.8 .5% 14.7x 13.75x 1.20.6x 11.7x 4.0x 10.28x 1.3x 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 0.5% 1.4x 19.97x 46% [0.1x 29.1% 10.0.5x 7.3% 0.0x 5.0x 2 23.6% 17.1x 44.4x 22.6x 23.5 . 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 .19x 60% [0.1x 47% [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) 100.23x 0.2[ 37. pubs.0% 27.02x 4.46[ 26.5x 32.24x 1.3x 12. Restaurants Owners and operators of restaurants.15[ 29.9[ 37.27x 78 9 8 61 3.0x 13. bars.5x 1.7x 2.15.2x 27% [12.97x 6 16.5x 1.2x 3.9% 1.1x 66.69x 1.1x 78 9 12 57 5.2x 14.9[ 32.5x 5 Semiconductor Equipment Manufacturers of semiconductor equipment.8x 61% [3.IMGR SE – JUNE 2006 99.6[ 38.7x 51% [24.0x 13.52x 4.36.4x 2 23.3x 13.0x 78 9 11 58 4.

3% 12.28x 0.1.2x 7.87x 1.3x 9. Semiconductors Manufacturers of semiconductors and related products.2[ 31.2 .18x 3.7x 11.3x 106.7x 16.3x 3 32.3x 4 2.8x 2 2. 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 0.2.1x 3.9x 47% [11.2x 28 0 9 19 3.9 .4x 65% [0.9% 1.2x 28 0 5 23 0.0x 1.75 .7x 16.1x 15.9% 19.1[ 50.8.7 .26[ 32.08x 28 0 6 22 2.01x 1.81[ 26.2% 1.14x 1.18.0x 27.18x 2.8% 8.6[ 30.3x 10.8x 57% [12.1x 2.3x 18.7x 2.4[ 27.49x 72% [0.9x 8 20.6x 10.2x 7.6 .0% 7.28x 54% [0.3x 0.1x 12.5x 6.15.06x 1.3x 1.5x 9.2x 2.7x 4 20.2x 7 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) 102.7[ 52.0x 7.3x 25.4 .3x 23.5x 7.3x 15.47x 2.22[ 40.4x 0.0x 28 0 9 19 2.14x 6 8.1x 18.0x 1.1x 16.6% 12.6[ 42.1% 16.8 .1x 32.2x 3. Excludes producers of milk classified in the Packaged Foods sub-industry.IMGR SE – JUNE 2006 101.8x 58% [7.3x 8.13.8x 64.2x 5 57 / 71 .1.8x 19.9x 15.3x 2 Soft Drink Producers of non-alcoholic beverages including mineral waters.2x 37% [6.1.1% 1.9x 62% [6.4x 74% [13 .2% 2.3x 1.11.2[ 29.15x 1.6x 58% [1.45x 8.2x 43.4 . 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 0.1x 14.18x 4 12.6 .53x 3.4x 1.4x 25.0x 53.2x 12.1x 2.

36x 0.9% 19.8% 9.8x 2.88x 97 5 22 70 2.02x 2.3x 14.50x 3 7.9[ 31.83x 3 9.8x 39.2x 1.1x 5 Specialty Stores Owners and operators of specialty retail stores not classified elsewhere.2.1% 1.07x 64 8 10 46 0.4% 6.0x 64 8 14 42 2.1[ 38.9x 29.4x 50% [12.35 .2 .7x 3.5x 1.1[ 27.3x 9.6x 9 12.0x 7.7% 8.1x 17.7x 97 5 31 61 3. Specialty Chemicals Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products.9x 7.2 .2x 9 14. additives.9.0x 8. office supply stores and automotive retail.0x 20.4x 8 2.02[ 32.1x 64 8 12 44 2.1x 49% [1.53x 1.1x 5. EV / Sales EV / EBITDA EV / EBIT PER PBR 97 6 16 75 0.3x 1.5x 4 58 / 71 .72x 1.01x 0.7x 97 5 22 70 0.50x 0.31x 64% [0.7x 4.4x 49% [5.1.7 . adhesives.7x 13. sealants and specialty paints.4% 0. including but not limited to fine chemicals. Includes toy stores.15.6x 51% [5.1[ 28.4x 17. 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 0.8x 9.2x 36% [8.3x 19.52 .8 .09x 1.18.77x 3.5 .2x 8 2.IMGR SE – JUNE 2006 103.9x 15.8[ 25.83x 0.6x 1.1x 11.5x 11.8 .6 .4x 1.75x 70% [0.5x 16.2x 12.8.2x 39% [12. 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) 104.7x 43.7[ 30.7x 19.0x 10. advanced polymers.8% 1.16x 0.7x 30.6% 15.2x 9 20.3x 97 5 25 67 3.7x 15.2x 11.0% 0.2x 10.3x 22.4x 6 17.3x 20.4x 1.4x 64 8 7 49 0.2x 40% [18.0x 7.0.2x 5.22[ 27.9.7[ 40.2.8x 2.9% 13.2[ 23.6x 0. pigments and coatings.4x 17.2x 61% [1 .

6x 11.2x 8.9x 19.15.6[ 50.2x 8.4x 12.8x 12.1.25x 0.5% 11.7x 26.5% 13.1% 1.0x 5.50x 0.IMGR SE – JUNE 2006 105.0x 1.1x 49% [4.9% 0.8x 8.01x 0.4x 11.3% 2. 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 0.0x 40.2x 53% [17.29.3x 1.3 .16[ 35.7x 59% [1.8x 2.56x 80% [1.08x 1.0x 6.1x 0.9x 18.8[ 29.0% 6.4x 24.2x 2.8x 11.1x 7 9.5.7x 0.4x 27.3% 1.55x 1.13.4x 59% [1.0% 23.4x 4.2x 20.7[ 27.5[ 28.0x 1.6 .94x 3.2x 23.2 .1x 0.2.7x 21.0x 7.0x 51% [5.75x 4 6.2x 4 3.55x 3 14.5[ 22.7.7. Steel Producers of iron and steel and related products Table 105 EV / Sales EV / EBITDA EV / EBIT PER PBR 168 19 21 128 168 19 35 114 168 18 34 116 168 17 44 107 168 17 22 129 0.6x 0.0x 58% [5 .9[ 39.8% 5.1x 51.7[ 42.4x 24.08 .4x 14.4x 7.2 .75x 1.0x 76.1x 5.6x 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 32.3x 4.1 .5x 9.9[ 38.17x 2.0.17x 1.4% 6.0x 7.2.9x 2.2x 4 59 / 71 .18x 8.6 .7x 51% [7 .84x 62% [0.1x 7.43x 0.6x 2.7x 4. Systems Software Companies engaged in developing and producing systems and database management software.5x 7.4x 4 10.8x 4 1.58[ 28.8x 1.7x 4 31.8x 5 21.0x 6.05x 5.6x 47% [8.29 .0x 0.

5 .6[ 27.6x 83. EV / Sales EV / EBITDA EV / EBIT PER PBR 73 7 11 55 0.2x 0.7.0x 2 Textiles Manufacturers of textile and related products not classified in the Apparel.2x 14.7x 13.2[ 32.9x 138 7 62 69 5.0% 9.4x 3.4x 0.6x 1.0x 73 7 21 45 4.5x 9. 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) 108.1[ 29.9x 73 7 7 59 0.23x 2.2x 13. semiconductors. Accessories & Luxury Goods.0x 99.5x 29.6 .50x 0.9[ 24.0x 54% [8.0x 6.8x 35.9% 0.4x 8.5 .31x 73 7 15 51 0.07x 0.3x 10.41x 79% [0 .9x 11.61x 0.3x 60% [4.0.0.3 .7.4% 7.6x 8 2.4x 5.5x 1.IMGR SE – JUNE 2006 107.1x 6 11.16x 2 9.2x 14.5% 0.3x 6.0x 1.8x 15.1x 67% [0.93x 63% [0.5x 17. Footwear or Home Furnishings sub-industries. 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 0.4% 8.6x 31.6x 35.2x 73 7 16 50 0.62[ 27.0x 138 7 65 66 2.12.0. and electronic equipment and components.7x 8.6x 9.12.7x 138 7 25 106 0. Includes distributors of communications equipment.0x 3 60 / 71 .9[ 42.78x 5 11.31 .3x 90% [0 .5[ 35.4x 6.3x 52% [12.3x 27.33x 0.7x 0.7% 0.4x 1 1.0x 8 15.2[ 33.16x 0.1x 9.6% 14.78x 1.0x 1. Technology Distributors Distributors of technology hardware and equipment.1 .1x 53% [3.0x 0.9x 1.7x 3 23.03x 0.4[ 50.6x 14.54x 1.6x 3.17.2x 2 25.0x 10.2x 76% [12.2x 22.0x 9.71x 138 9 39 90 2.16x 0.1. computers & peripherals.8x 12.1x 77% [0.21.3% 14.3x 9.9[ 30.8% 1.5 .8 .0x 13.8% 6.

4x 6.8[ 44.5[ 61.11.9x 35% [8.1x 12.9 .54x 49% [2.2x 6.7x 0.24x 0.29 .6x 12.0x 7.93x 4.61x 0.9.7x 8 9.8x 8 4.8x 11.5x 7 1.0x 13.7x 2.5x 9.9[ 38.8x 8.7x 12% [7.3.1.5% 11.7x 9.9x 5 14.83x 22 2 10 10 7.5.83[ 42.5x 4.4x 12.6x 6 10.1x 1.4% 14.8x 23.8x 22 1 10 11 9.7x 14.2 .5x 9.66x 1.0x 8.11.5x 5. 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) 110.2x 8.59x 2.0.9x 13.1x 40% [6.5[ 50.9x 9.85x 2.4[ 36.7 .4x 14.4 .5 .4x 12.0x 11.5x 0.2x 5 61 / 71 .5 .1 .5% 2.9% 0.3x 10.3% 10.6[ 36.IMGR SE – JUNE 2006 109.6% 1.1x 6 12.4% 4.5x 1.7x 13.0x 6.54x 8 9.4x 5 Tobacco Manufacturers of cigarettes and other tobacco products.0% 9.74x 3.6.63x 4 6.5x 38% [7.5x 2.7x 10.76x 54% [0.6x 55% [1.8x 23% [14.1% 8.4 .4x 16.5[ 28.8x 16.9x 5.2x 4.7x 3.4x 1.9x 22 1 12 9 0.21[ 38.8x 10.1x 22 1 8 13 3.95x 1.16.3[ 35.6x 35% [3 .10. 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 0.7x 72% [3.63x 0. 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 0.3x 1.50x 0.3x 4.2x 12. Tires & Rubber Manufacturers of tires and rubber.8% 5.1x 20.60x 2.8x 9.

13.0% 6.7[ 24.02x 0.7x 5.7x 5.3x 12.4 .6x 17.2x 0.19x 0.63x 0.9x 10.3% 0.9x 22.7% 8.1x 11.9x 64% [6 .8x 23.4x 3.7 .8x 2.4x 0.8x 36% [12.3x 1.5x 1.1x 6.6x 7.2x 17.8 .3x 13.2x 48% [9.42 .1x 9.4x 0.8x 14.6x 5.6% 2.73x 69% [0.5x 16.5% 16. 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) 112.24x 2.3x 1.3x 8 14.6% 1.9x 1.41x 0.8x 52% [1.6% 11.2x 30.39x 0.9x 29. Includes vehicle rental and taxi companies.2x 8 18.5[ 35.2.6x 6.2% 1.5x 57.0x 2.5x 8.2x 16.3x 13. 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 0.8x 5 Trucking Companies providing primarily goods and passenger land transportation.8x 2.5x 1.80x 1.7[ 30.3x 1.12[ 25.4x 9.9% 11.0.1. Trading Companies & Distributors Trading companies and other distributors of industrial equipment and products.0x 5 62 / 71 .5x 12. 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 0.1.6x 16.2x 16.3x 7.59x 0.88x 2.0x 54% [0.3[ 27.3x 34.6x 9.5 .14x 6 7.64[ 25.4x 7 18.17.9.9[ 35.6[ 29.5x 18.IMGR SE – JUNE 2006 111.1x 0.2x 6.2x 14.4[ 27.79x 1.05x 3.8x 46% [7.1x 23.14x 1.8x 3 2.8x 8 13.3 .63x 7 9.12.41[ 35.3x 41% [5 .6 .42x 60% [0.1% 11.4x 36% [10 .8x 8 2.

4x 55 6 9 40 0.8[ 36.74x 3.4x 48% [13.2[ 38.6x 7.05x 49% [1.7x 13.0x 11.3x 9.7[ 31.31x 2.1x 33 3 8 22 2.2x 8.3 .6[ 39.7x 8 15.3% 12. 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 0.24[ 34.37 .2[ 47.0x 15.3x 3.7x 55 6 21 28 0. Includes large-scale water treatment systems.5% 1.2x 16.22x 3.5% 1.8x 3.01[ 30.4x 18.1 .38x 59% [2.21[ 31.0x 40% [5.91x 2.75x 55 6 15 34 0.01 .4.2 .16.4% 6.9x 30.44x 3.4x 13.10.4x 28.3x 33 3 8 22 1.4x 8 2.2 .8% 9.7.9x 2.1x 1.4x 55 6 19 30 0.3x 8 16. EV / Sales EV / EBITDA EV / EBIT PER PBR 33 3 1 29 0.6x 14.8x 4.0x 21. Water Utilities Companies that purchase and redistribute water to the end-consumer.0x 16.91x 5.5x 13.87x 2.0x 38.6x 1.2.8x 16.3x 44% [13.9x 52% [1.5 .44x 33 3 8 22 2.9x 5 Wireless Telecommunication Services Providers of primarily cellular or wireless telecommunication services.3x 6.7x 34% [9.9x 34.0x 9 14.91x 5 9.3x 46% [9.5% 3.2.3x 2.4x 72% [1.6x 8.5 .8% 1.1x 7.4x 15.8x 10.05x 8 7.28x 1.02x 3.61x 9.6x 16.0x 1.9[ 32.9x 34.8x 9.4% 14.6x 8 1.9 . 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) 114.2.4x 5.14[ 33. including paging services.8x 12.8% 21.3x 8 21.6x 49% [10.2x 22.7x 9.9 .6x 4 63 / 71 .3% 15.3x 1.2x 1.18.7x 33 3 4 26 0.9x 15.IMGR SE – JUNE 2006 113.8x 1.

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

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

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

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

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

especially when evaluating cash flow Robust The PER is subject to accounting window dressing. 0 being the worst rating and 10 the best. but rather if it is robust or not. Rating’s range Valmetrics proposes a rating scale of 10. some multiples can not be considered robust measures because of a lack of information or analysis. A highly rated multiple does not necessarily require further analysis and can be used directly with a high level of confidence. Rating points The rating system is based on a proximity analysis between the median. An average rated multiple can be a good and fair multiple but further analysis is required to confirm its robustness. 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. 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 . The rating system set up by Valmetrics does not indicate whether a multiple is right or wrong. Non-operating items (extraordinary and financial items) can impact the PER. If those three estimators are numerically close. mean and mode estimators. The PBR is more often used to monitor whether the company creates (PBR>1) or erodes (PBR<1) value than to compare valuation between peers. That is why Valmetrics has added a multiple rating line in all tables to enable users to check the validity of the selected multiples. Some multiples series culminate at a maximum of 8 or 5 because of intrinsic drawbacks.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.

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

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

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