Industry Multiples Global Report

Standard Edition

June 2006

IMGR SE – JUNE 2006

The Industry Multiples Global Report (IMGR) Standard Edition is a quarterly publication
delivering valuation multiples for main industries to help both investors and entrepreneurs
approximate the value of a company.
The IMGR SE covers 114 industries, 27 countries, 8,000 public companies and includes
calculations of 5 different market multiples (EV/sales, EV/EBITDA, EV/EBIT, PER, PBR),
descriptive statistics at the industry level, best multiples selection, multiple rating and a text
description of each industry.
In the appendices section, Valmetrics also provides the information you need to understand and
interpret data displayed in this document, including: data source and coverage, date schedule,
multiples selection, multiples rating, glossary, adjustments / possible biases, and references. Any
comments or suggestions to improve the IMGR are very welcome.
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Copyright © 2006 Valmetrics

2 / 71

IMGR SE – JUNE 2006

LAUNCH OF IMGR v1

From September 2006, the IMGR Standard and Professional Editions will merge to
form a new improved service, IMGR v1.

IMGR v1 will be delivered both as a web-based application and as a printed report.

The web-based application will be available continuously on Internet and
updated on a monthly basis. This online database will include individual
multiples, estimators of central tendency, numerous industry multiple analytics
and graphs. Additional marketing materials will be emailed end of July.

The printed report will be delivered by post mail on a quarterly basis. It will
include all the main contents from the web-based application with one page of
statistical and graph analysis for each industry (130 pages). The printed report
is very convenient to use and to read even if you do not have access to
Internet.

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operational metrics or start-up metrics for each industry. Please feel free to share
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Copyright © 2006 Valmetrics

3 / 71

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

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

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

5 .43x 56% [1.7x 0.3[ 35.6% 0.9x 11.3x 13.3x 21.0x 10.6x 45% [17.13.8x 2.2 .6[ 31.09x 1.8x 6.82x 3.25x 6 11.2x 9.1.10.4% 13.7x 8 2. 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 0.0% 18.9x 25.0x 55% [9.1x 43.63x 0.2[ 26.2x 9.5x 5.85x 1.0x 11.2 .4x 42.9x 12.5x 3.3x 22.5[ 31.9x 18.1x 13.7 .4 .1x 1.0% 1.6x 10.3x 12. Advertising Companies providing advertising.13.2x 20.3x 17.7x 9 21.9x 19.4 .6x 3.24.2.5x 2.8x 13.0x 1.4x 3.2% 10.93x 0. Includes defense electronics and space equipment.93x 5 9.7% 12.25x 1.23[ 30.6x 12.0x 32% [8.27x 76% [0.4x 18.6x 46% [1.3x 2.8x 13.5x 5.05x 0.7x 1.2% 1.2x 1.8x 25.4x 7 18.62 .7x 30% [11.23[ 31.9[ 48.7x 24.6x 5 7 / 71 .5[ 30.1x 0.0x 9 13.9x 46% [11.4[ 24.0x 1.IMGR SE – JUNE 2006 1.66x 3. parts or products.3x 15.2x 2.6[ 38.6x 8 3. 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 0.1.7x 35% [20.6% 21.6x 1.98x 3.07 .6x 9 10.1x 79% [1.5 .4x 13.9x 11. marketing or public relations services. Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment.04x 0.95x 1.3% 10.0x 21.6% 2.15.2x 3.6x 2 2.5 .85x 1.

Includes crop growers.1x 1.4[ 29.11.7x 7 19.9x 14.1x 12.4x 5.8x 25.9[ 35.08x 79% [0.2x 75 7 29 39 4.03x 5.03 .00x 2.6x 7 17. 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.8x 42 4 4 34 0. Air Freight & Logistics Companies providing air freight transportation.2x 75 5 17 53 0.1.3% 9.8[ 35.7x 5 4.5 .47x 88% [0.60x 75 8 25 42 3.2% 1.IMGR SE – JUNE 2006 3.15.10.42x 42 6 5 31 3.26x 0.6x 1.1x 15.0x 1.7x 2.75x 1 11. Agricultural Products Producers of agricultural products.5x 4 15.18[ 41.5x 19.75x 0.0x 1.4x 20.1.1x 18.1x 19.6x 3.63[ 43.8x 7.5x 11. 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 0.0x 4 3.1x 7 28.0x 4.5[ 31.3% 0.6x 14.1x 55% [0.4x 9.0% 6.9[ 30. owners of plantations and companies that produce and process foods but do not package and market them.0x 42 5 5 32 5.7x 49% [9.49x 0.6 .6x 33.6x 20.44x 0.2x 1. including package and mail delivery and customs agents.8x 2 1.4x 15.4% 12.4x 46.1x 77% [14.0% 0.8x 15.8x 18.7x 1.7x 9.3% 1.1x 24. courier and logistics services.1x 10.7[ 46.3 .6x 11.7x 13.4x 31.0x 8. Marine or Trucking sub-industries.7x 2 8 / 71 .23x 0.5x 42.6x 1.43x 3.0.60x 1.0x 62% [0.9x 42 6 8 28 5. Table 3 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 75 7 18 50 0.7x 91.2 .0x 10.73x 1.0.6x 2.8x 26.2 .3% 10.0% 15.6x 44% [6.23.5 .7x 52% [1.0x 53% [3 . Excludes those companies classified in the Airlines.6% 18.2x 75 5 25 45 4.2[ 33.73x 2 11.3 .19 .5x 50% [13.97[ 44.6.5x 14.

5x 16.5x 39% [11.2x 3.23[ 37.5% 3.3x 4.15.46x 10.00x 0.0x 3.8 .2x 1.23x 4.6x 4 1.45x 2 8.72x 1.39x 4.3% 24.31x 6.6[ 35.26x 2.5x 27 8 5 14 5.9x 21.4x 57% [0.0x 27 3 6 18 6. 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 0.1 .16.45[ 30.0x 14.5x 94.3x 27 3 4 20 0.15x 2.5x 0.0% 1.5x 18.9x 62.3[ 40.7x 8.6x 44% [20.3x 32.9x 1.0x 0.1.4x 100% [0 .6x 33% [13.2.0x 0.5% 12.8 .3.7x 8.3% 5.2[ 45.3x 0 19.7 .14x 27 8 3 16 3.7 .4x 12.0% 11.3x 87% [7.6x 35.5x 20.6x 26.16[ 37.IMGR SE – JUNE 2006 5.0x 10.8x 4.0x 0.6[ 48.5x 10.8x 5 9 / 71 .4x 13.6x 13.39x 0.6x 9 19.0% 11.0% 1.17.5x 4 26. 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 0.8 .3x 8.0.5.3x 17.6x 24.52x 58% [0 .7% 15.5x 19.5x 9 16.5x 1 1.7x 17. Airport Services Operators of airports and companies providing related services.82x 69% [0 .2x 14.6x 1.6x 0.8x 42% [1.2[ 35.30[ 33.1x 1.14x 2.8% 0.52x 5 11.3x 12.3x 11.6 .5x 50% [1.9x 1.7[ 33.45x 0.3x 2.1x 5 6.8x 8. Airlines Companies providing primarily passenger air transportation.4x 18.5x 20.7x 2.8x 16.

7% 7.4x 34 2 8 24 0.1.1 .3x 34 2 12 20 3.8x 59% [5.2% 0.2x 1. Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fibber-optic cable network.7x 20.5x 27 12 11 4 nm nm nm nm nm 27 12 13 2 nm nm nm nm nm 27 12 4 11 0.7 .31x 3.8x 18.5 .57x 0.1x 5 nm nm nm nm nm nm na nm nm nm nm nm nm na 1.3x 20.52x 66% [0.78x 34 3 10 21 2.70x 27 12 3 12 1.1x 10.7x 16.6x 27. Table 7 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 27 12 2 13 0.9x 47.17x 1.3x 2.1.6x 2.0x 3.3x 1.0x 1.9x 80% [0 .10.0x 1 10 / 71 .22x 0.68 .6x 13.3% 19.2% 1.9x 34 2 14 18 2.6x 4 8.6x 8.1x 54.4% 1.1x 32.8x 1.6x 7 2.6x 7.4x 16.24x 8 11.2[ 33.2[ 38.72x 1.5x 6.17x 2.8x 60% [0 .6x 2.5% 1.4 .24x 60% [0.2x 10.74x 1.22x 1.1% 8.53x 2. including companies that mine or process bauxite and companies that recycle aluminium to produce finished or semi-finished products.1[ 41.10.7x 76% [0.8x 24.4x 10.IMGR SE – JUNE 2006 7.5x 5.1x 13. Aluminium Producers of aluminium and related products.4x 63% [5.86x 1.2x 1.1.22[ 29.0x 68% [12.7[ 37.1 .10.46[ 69.1x 1.17x 2 8.7[ 30.1. Excludes companies that primarily produce aluminium building materials classified in the Building Products sub-industry.0% 10.6x 5.8x 2 22.23.4x 10.4x 7. 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 0.1x 4 18.3[ 36.

6x 16. 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 0.6 .1x 1.9x 7 11. Accessories & Luxury Goods Manufacturers of apparel.36x 3.0.6% 0.61x 0.12.8x 42.0x 17.1x 1.7x 1.9x 5 10. accessories & luxury goods.0x 1.8[ 27.2.1% 7. Apparel.5[ 22.4 .7x 24.1x 8 3.65x 3 8.83x 1.6x 3 11 / 71 .2x 58% [1.65x 0.8x 2.5x 11.7% 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 0.0x 8.5% 0.13.0% 7.87x 1.06x 0.3x 8.41x 2.3x 7.9x 4.5x 28.19.5[ 26.4[ 34.6x 2.2% 2.4x 139 11 17 111 0.3x 8.8 .1x 2.0x 70% [0. luggage.0x 1.44x 0.3x 68% [7 .2x 11.8x 13.6[ 36.2% 12.7x 139 12 43 84 2.6x 14.6x 8.2 .4[ 26.8[ 37.6x 4 20.13x 0.4x 7.15x 84% [0.7x 19. wallets.39 .4x 6.6x 5 14.6x 19.9x 26.9x 16.IMGR SE – JUNE 2006 9.9x 68.3x 17.1x 41% [13.5x 25.2x 67% [8.7x 63% [4.4 .2% 9.63x 3.7[ 28.5% 16.6% 8.7x 3 2.4x 0.5x 11.0.60x 0.9.7 .2x 48% [6.9x 10. Excludes shoes classified in the Footwear sub-industry.7 .87x 3 10. jewellery and watches.03x 58% [0.1.9x 44% [4.3x 9.9x 13.3x 139 11 38 90 1.5[ 29.3 . Apparel Retail Retailers specialized mainly in apparel and accessories.4x 1.1x 41.0x 8.73x 139 14 25 100 1.1x 6. Includes companies primarily producing designer handbags.7x 11.7x 3.2x 1.2x 5 19.7x 6.7.78[ 26.

5% 11.6x 5 1.6x 49% [5.7x 4.4x 141 12 32 97 0.2.42x 3.9x 18.0.0x 6 28.4x 1.0x 12.2.6x 8 18.7x 10.4 .6x 33.70x 2.7x 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) 12.70x 1.55 .8x 12. 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 0.83x 1.11x 0.7x 58% [1.8x 12.14.2% 20.3 .22[ 23.7% 1.45x 0.07[ 19.2x 2.8[ 28.95x 1.7.0x 16.0x 48% [13 .3x 48.7x 26.8x 6.9x 8.7x 33.IMGR SE – JUNE 2006 11.8% 0.1x 16.8x 26.9x 52% [14.3[ 24.6x 51% [10.3x 141 12 47 82 0.4% 11.2x 18.70x 8 13.7 .9x 13.7 .5% 1.6x 23.4x 5 3.7x 2.8x 12.1x 7.8x 23.27x 141 12 41 88 0. Table 11 EV / Sales EV / EBITDA EV / EBIT PER PBR 258 27 21 210 0.6x 16.6% 14.7x 4.4x 37. Includes enterprise and technical software.1[ 32.9% 14.1x 59% [1.0x 9.70x 3 7.9x 258 26 110 122 0.5x 53% [10.4x 54% [10.8 .48x 0.1x 8 19.1x 44.17.1x 16.7 .6[ 21.6x 7 13.2x 1. Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market.6[ 22.0x 258 25 108 125 0.3x 258 24 39 195 0.13.1 . Excludes companies classified in the Tires & Rubber sub-industry.3x 17. Excludes companies classified in the Home Entertainment Software Sub-Industry.3x 141 12 59 70 0.16.49x 5.1[ 22. Also excludes companies producing systems or database management software classified in the Systems Software sub-industry.1x 12.6x 16.1.87x 62% [1.0x 1.3x 1.24x 258 27 80 151 0.3x 4. Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles.7x 5 12 / 71 .0x 1.5% 2.02x 0.45 .3[ 24.03x 75% [0.2x 1.87[ 28.6x 2.1x 8.1x 72.4% 6.

59x 77% [3.37.3x 30.1x 11.43x 0.6x 53% [5.6% 10.6x 44.4[ 33.35 .4% 28.0x 42 0 9 33 0.7x 3.0x 7.4x 2 1. 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 39.1x 11.0% 9.6x 4 18.3 .2x 1.8x 28.9x 4 13 / 71 .3x 78.0x 75% [0 .0x 23.1x 22.86x 1.18x 0.8x 24.0x 17.1x 85% [13.9x 184 14 133 37 0.1x 34.0x 1.2x 7.41x 5.7x 184 11 31 142 0.2.5x 22. 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 0.7x 75% [24.9x 5.5x 11.26.6x 70% [1.4[ 55.71x 8 9.4x 5 14.62x 0.0x 4 23.8x 6 47.1x 15.0% 7.71x 48% [0.5x 0.6x 73.1.7 .0x 1.17x 5.6x 11.69x 0.11.4% 0.0x 184 12 140 32 3.62[ 34. Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks.7x 2.6x 8.1x 66% [6.0x 18.61x 42 3 14 25 3.2x 7.95x 10.6x 11.2x 24.6% 3.8x 1 16.1x 2.1 .2[ 36.28. 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.2x 1.7 .2[ 37.4x 35.IMGR SE – JUNE 2006 13.13.8% 2.2[ 42.4x 15.6.1x 10.5[ 48. Biotechnology Companies primarily involved in the development.7x 55% [0 .5% 24.06[ 25.2x 1.2x 131.58x 25.3x 7.2% 17.2x 42 1 16 25 4.95x 2 23.1x 42 0 15 27 2.0.9x 9.81x 184 15 124 45 0.3x 67.2x 1 3.4x 19.8.3% 1.44x 3.03 .6[ 26. manufacturing or marketing of products based on advanced biotechnology research.7 .4x 47% [1 .1[ 32.

9x 18.11x 1.3x 2 14 / 71 .7x 32. including programming.20x 1.9[ 31. Broadcasting & Cable TV Owners and operators of television or radio broadcasting systems and providers of cable or satellite television services.3x 12.35x 48 3 9 36 1.8[ 32.9x 6.3x 1.1.5x 6 20.7x 14.6x 8 2.2x 1.6x 33.4x 43% [9.3x 18. Includes breweries not classified in the Restaurants subindustry.8x 35% [9.3x 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) 16.6x 14.3% 18.9x 2.9 .8 .8x 2.5 .1.11.5x 19.4% 11.0x 20.09x 4.84x 8 9.7% 10.9x 5.1x 48 3 10 35 1.1x 1.4% 1.8x 108 12 26 70 1.98[ 31.4x 14.6x 26.8x 10.1x 48% [1 .1[ 23.2.6% 10.12.3x 74.5 .77x 8 9.68x 7.1x 48 3 10 35 3.9x 14.7x 18.71x 3.9[ 45.7x 62% [5.0x 1.IMGR SE – JUNE 2006 15.3% 10.8[ 32.72 .3% 2.6x 13.5x 7.9 .21.8x 9.53x 1.4% 1.8x 9 14.4x 20.58[ 25.22.6x 51% [14.4x 4 26. Brewers Producers of beer and malt liquors.4x 3 2.6x 108 10 23 75 0.77x 57% [1.12.3x 48 3 8 37 0.6x 2.7x 2.5x 43% [9 .9x 45.0x 11.78x 2.77x 2.4x 17.1.84x 53% [1.4x 8 15.1x 71% [0. Table 15 EV / Sales EV / EBITDA EV / EBIT PER PBR 48 3 10 35 0.2 . 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 0.4x 17.5x 6.9[ 33.3x 108 12 39 57 0.3x 9.9x 9.1x 11.9[ 25.38 .0x 47.7% 17.11x 108 12 24 72 3.6x 10.2x 71% [11.4x 10.0% 1.8[ 33.5x 1.12x 1.45x 2.10.

2x 2.6x 13.5% 23.8.3x 14.3x 16.2.3x 1.4[ 24.7% 0.14.8x 8 4.8% 2.15x 7.8[ 34.7x 3.7x 5. 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 0.5% 16.IMGR SE – JUNE 2006 17.2x 18.6x 24.8x 37% [24 .7% 31.9x 10.1x 2.71x 44 3 9 32 0.20x 139 14 31 94 1.7x 4 30.9[ 23.4x 5.0x 44 3 7 34 0.6x 11.3.6x 139 13 45 81 3.4x 3.5x 11.6[ 35.5 .03x 2.1x 8 2.8 .2x 72% [2.0x 3.4x 16.3x 20.0x 5 15 / 71 .4x 40% [9.0x 26.51x 3.2x 13.7x 8.5 . Excludes lumber and plywood classified under Forest Products and cement and other materials classified in the Construction Materials sub-industry.2x 2. Includes companies providing lottery and betting services.3x 44 3 12 29 0.11x 64% [0.9x 11.4[ 24.0.29 .5x 30.6x 31.7x 30.86x 1.09x 0.5% 11.8 .79x 8 14.44[ 32.5[ 34.67x 0.16.3x 31.0x 9 16.57x 0.1x 19.0x 39.1x 53.9x 7.3x 19.3x 14. Casinos & Gaming Owners and operators of casinos and gaming facilities.0x 7.67x 3 8.5[ 23.1x 34% [14.8x 139 13 45 81 3.7x 37% [15.4x 9 11.02x 62% [2.0x 5 18.1 .79x 2.4% 3.0x 2.4[ 32.4x 45% [6.47 .0x 52% [1.3x 11.5% 7. Table 18 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 44 4 3 37 0.6x 5.0x 36% [9.2x 1.3x 26.4x 8 19.12.7x 139 13 21 105 0.86[ 35.4% 12.72x 4.8x 19.23.0x 13.3x 44 3 13 28 6.5x 21.35.7 . Building Products Manufacturers of building components and home improvement products and equipment.8 .24x 2.4% 2.

4% 6.2x 24.0x 12.7x 39% [7.64[ 33.77x 20 5 4 11 2.7x 10.0x 27.0.1x 25.7[ 36.4x 11.9[ 40.3x 20 5 5 10 3. 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 0.8x 85% [2.4x 16.4x 44.7x 9 11.87x 51% [0.0% 19.3x 1.5 .2[ 45. 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 0.1.89x 7 9.13x 0.IMGR SE – JUNE 2006 19.88x 1.0x 17.64 .4 .2x 47% [5.4x 20 5 4 11 1.8x 49% [1 .4% 9.9% 0.1[ 36.8x 5.87x 4 7. Commercial Printing Companies providing commercial printing services.4% 1.5[ 36.61x 0.2x 33 3 8 22 0.0x 13.21x 1.9x 8.8x 5 16 / 71 .89x 58% [0.13x 0.2x 4 27.95x 1.7 .6x 2.0% 16.10[ 40.26[ 42.0x 20 5 5 10 3.80x 0.7x 0.8 .7x 12.6x 13.7x 37% [1.7 .7x 14.2x 3.1x 16.3x 49% [10.2x 33 3 10 20 3.02x 2.4[ 30.58x 0.0x 2.4x 1 1.8x 2.5x 8.9[ 65.3x 7 2.4x 1.3.3x 32% [6.35 .0% 10.9x 17.0x 33 3 10 20 4.9x 7.5x 3.4x 1. Includes printers primarily serving the media industry.19.9x 3.4x 9.10.9x 8.2x 8 12.5% 2.7.0% 9.9x 9.1x 2.10.7x 5 20.3% 0.3x 8 17.9x 13.4x 7.1.7 .2x 38% [5.7x 17.3 .9x 73.9x 11.31x 33 4 7 22 1.47x 0.3x 10. Includes companies that provide door-to-door retail. Catalogue retail Mail order and TV home shopping retailers.8x 18.9x 0.26.6x 6.

9.1x 12.17.5x 26.9% 2.8x 10.7x 58.4% 1.49x 58% [0.6x 8.1x 1 1. 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 0.6x 8.0x 67% [4.7x 5.0x 26 3 2 21 0. Fertilizers & Agricultural Chemicals.51x 187 8 51 128 0.18[ 50.5% 10.4x 13.3[ 19.7x 5 17 / 71 .4x 10.53[ 45.5x 5 22.75x 3.3[ 23. synthetic fibbers. Excludes chemical companies classified in the Diversified Chemicals.1x 11.6 . films.1. or Specialty Chemicals sub-industries.5x 8.7 .9x 4 15.32 .01x 4 9.6x 80.0x 3.77x 1.8x 5.0% 0.3.3x 1.6 .42x 0.4x 2 22.3x 18.66x 1.0.27x 63% [0.6% 8.42x 6 10.0.13[ 37.7x 12. Computer & Electronics Retail Owners and operators of consumer electronics.69x 1.3% 11.6x 3.4% 6.0% 13.9x 1.1x 28.4x 41% [9. Industrial Gases.9x 8.2[ 29.2x 2.0% 0.6x 0.4[ 28.36x 0.4x 19.5x 12. Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals. computers. 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 0.0x 187 6 42 139 0.4x 9 13.7x 1.6x 1.2x 26 3 5 18 5.9 . video and related products retail stores.17.6x 46% [11.1 .8x 26 4 5 17 2.8.8x 18.8x 29.7x 57% [1.1x 0.01x 1.4x 10. Including but not limited to plastics.4x 187 6 72 109 0.IMGR SE – JUNE 2006 21.7 . commodity-based paints & pigments.8 .1[ 42.4[ 30.8x 39.4 .8x 18.3x 26.9x 187 8 67 112 0.1x 3 2.7x 57% [5.40x 0.16x 26 5 5 16 3.2x 13.0x 59% [4.4% 17.3x 7.3x 82% [8.8[ 25.08x 0.4 .13x 0.5x 52% [0.2x 10.4x 2. explosives and petrochemicals.5x 17.8x 15.6x 2.9x 12.6x 5 22.

8x 6.32 . 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 0.3x 10.1 . Excludes manufacturers of copiers.5% 0.6% 10. Excludes semiconductors classified in the Semiconductors sub-industry.9[ 30.1x 0. servers.1x 75% [0.0% 1.87x 4 11.9x 58 3 10 45 0.5% 10.14.4x 9. faxes and related products classified in the Office Electronics sub-industry.1.3% 0.7x 11.53x 0.2x 16.1x 1.2x 14.0x 34.8x 51% [4. mainframes and workstations.9.8x 2.9 .3x 54% [6.6x 2.89x 3 13. Computer Hardware Manufacturers of personal computers.9% 7.4% 1.5[ 24.1x 1.1[ 39. Includes manufacturers of Automatic Teller Machines (ATMs).76x 112 12 32 68 0.1x 112 12 16 84 0.4[ 31. keyboards.7x 9 24.0x 1.8x 18.5x 57% [3.7.4x 12.65[ 23.46[ 28.10.1x 61% [3.1% 10.8 .99x 58 3 19 36 0. Includes data storage components.4x 11.0.3 .07x 0.4x 30.40x 0.3x 5 16.3x 1.7 .21x 2.6x 58% [9.9x 58 3 17 38 0.1x 3 18 / 71 .1x 1 2.7x 15.4x 68.9[ 27.9% 15.0x 10.6x 8.6x 5.2x 51.95x 67% [0.8x 4 24.1x 10.0.3x 3 12.49x 0.5x 7.0x 1.12.7[ 30.3x 29.46x 0.23x 2. motherboards.0x 17.89x 1.5[ 41.1x 40.87x 1.0x 8.3x 1.4x 26.18.6x 112 12 46 54 0. printers and other peripherals.5x 58 3 24 31 0. monitors.1x 72% [0.4x 10.1. Computer Storage & Peripherals Manufacturers of electronic computer components and peripherals.0x 5 18.1x 11.3 .2x 0.4x 16.2x 23. 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 0.2[ 36.01x 0.2x 3 1.2x 19.IMGR SE – JUNE 2006 23.97x 71% [0 .2x 25.8x 62% [0.9x 112 12 51 49 6.9 .8% 9.3x 7.7 .6x 16. audio and video cards.

58x 0.0.11x 201 27 54 120 0.1x 29.30x 0.2 .4 .9x 14.1x 1.96[ 31.3x 6.5x 76.2[ 25.8x 68% [3 .3x 113 7 11 95 0.9x 9.05x 0.3x 35. rolling machinery.9x 15.1x 1.6x 23.5x 52% [1.0x 49% [8. Excludes companies classified in the Homebuilding sub-industry.2.0x 2.1.7[ 28.03x 0.1x 10.7[ 31.3x 19.1x 17.4x 43. 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 0.61x 2 12.0x 12.4% 9. earth-moving and construction equipment.3% 10.80x 1.3x 13.9x 56% [11.0% 13.3% 2. Construction & Engineering Companies engaged in primarily non-residential construction.4[ 24.8 .3x 27.0.7x 6.7x 12.14.6x 5 21.3x 1 2.3x 20.4 .9x 11.5x 16.10[ 28.7x 4 16.5x 20.11.9x 3 26.69x 113 7 20 86 1.3x 201 22 53 126 0.0x 1.4x 14.3x 42. Table 26 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 113 7 15 91 0.3x 19.32x 0.2x 67% [0.8 .7% 13.5x 3 25.30x 2.3x 3. Includes non-military shipbuilding.IMGR SE – JUNE 2006 25.9% 0.7% 1.6x 49% [9.13.6% 6.7[ 27.1x 1.1x 55.2x 56% [5.7x 28.82x 81% [0 .0% 0.61x 1.8x 201 22 17 162 0.8x 14.20x 3.4x 0.1x 4 2.7[ 27.7x 50% [4.8 .7x 10.9x 3.0x 6.1x 1.01x 62% [0.6x 11.7x 113 7 25 81 1.5x 201 25 61 115 0.6x 2. Construction & Farm Machinery & Heavy Trucks Manufacturers of heavy duty trucks.2x 14.33[ 28. Includes civil engineering companies and large-scale contractors.75x 5 11.0% 15.17.75x 0.5x 5 19 / 71 .8[ 32.64 .3x 113 7 24 82 4.5x 8.7 . heavy farm machinery and manufacturers of related parts.0x 7 17.

08x 102% [0 . cement.3% 1.2x 45% [5.3x 1.1x 12.32x 0.9[ 38.3x 17.7x 22.7x 1.1x 7 2.4x 10.1x 62% [1.78[ 25.2x 41 4 13 24 4.54x 0.6% 19.2x 1.16x 41 4 9 28 3.83x 8 10.3 .12.86x 4.6x 5 20 / 71 .16x 1.9x 5.7% 8.1x 28.6 .3x 10.1x 1.1x 23.3x 57% [7.3x 1.6x 1.5x 55% [5.12. lime.5x 41 4 16 21 6. Table 28 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 41 4 4 33 0.3x 9.44x 4.0.83x 55% [1.2x 5 15.5x 37.1 .0x 115 11 40 64 6. Other finished or semi-finished building materials are classified in the Building Products sub-industry.8.1x 47.20.52x 1.3x 1. Table 27 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 115 11 19 85 0.19 .1x 7 21. aggregates.1 .18x 1.7[ 33.8x 41 3 4 34 0.1.2.2x 18.6x 9.2x 10.1x 3.5x 23. clay.1.69x 2.2x 115 11 44 60 5.55x 115 11 32 72 2. Construction Materials Manufacturers of construction materials including sand.7x 49% [1.0x 23. Consumer Electronics Manufacturers of consumer electronics products including TVs.9x 4 18.96[ 63. gypsum.1% 10.IMGR SE – JUNE 2006 27.6x 2.55x 1.2x 52% [18.3% 10.5[ 22.3x 3 17.9x 50% [6.1x 50% [11.1[ 47.6% 0.0x 11.11.8x 2.4x 2 1.4x 16.6 .2% 7.0x 42.4x 10.54x 2 11.5x 1.1[ 29.4x 10.2x 11.6 .7x 11.9 . concrete and bricks. VCRs.3[ 35.9% 1.3x 9. hi-fi equipment. game consoles and related products.8x 14.5x 115 11 21 83 0.3% 16.0x 24.2[ 39.1x 44.3[ 35.8x 6.9x 17.31.9% 1. Excludes personal home computer manufacturers classified in the Computer Hardware sub-industry.09x 0.0x 27.2 .0x 7.7x 5 28. and electric household appliances classified in the Household Appliances sub-industry.

8x 4 34.6x 43 4 4 35 0.7% 8.3x 15.8x 43 4 4 35 5.2% 9.3% 13.98[ 33.1% 1.21[ 33.6% 21.11.0x 0.7x 22.62x 5 10.7 .0x 2.7x 41% [17.2x 10 24.4 .6x 8.7[ 34.2.2[ 25.9[ 36.3% 13.9x 14.5x 2.8x 9.31x 2.62x 1.8x 5.9.70x 0.4x 7.6 .4x 78 6 10 62 0.8 .9[ 41.03x 3.2x 1.84x 1.8% 1.4x 14.25. Department Stores Owners and operators of department stores. 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 0.8x 3 EV / Sales EV / EBITDA EV / EBIT PER PBR 78 6 12 60 0.2x 38% [9.2x 56% [0.4x 8.8% 1.4x 55% [7.0x 22.9x 17.28.2x 78 6 25 47 2.5x 30.6x 43 4 2 37 0.2x 18.8x 4.44[ 37.21x 1.5x 22. Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services.5x 9.9x 2 2.1x 11.8x 5 20.3% 0.93x 54% [0.0x 9 14.22 .6x 16.20x 61% [1.5x 2.8x 2.3x 11.3x 17.49x 0.8x 45.7x 15.1[ 42.4x 24.6 .6x 1.1x 59% [12.8x 2.3x 33.2x 5 30.4[ 34.IMGR SE – JUNE 2006 29.21x 78 6 14 58 4.3% 21.3 .2x 53.20x 5.9x 21.56 . 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 .6x 10.59x 43 4 3 36 0.8x 26.18x 0.2[ 35. Includes companies that provide services for back-office automation.8x 1.84x 6 13.3x 78 6 24 48 5.6x 10.8x 18.8x 76% [14 .8x 41.17x 2.9x 116.14.2 .2x 51% [1.7x 8 3.0x 40% [6.5x 12.0.

3x 3.0x 21.9x 128.1x 1.3x 7. 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 0.5x 49.5x 4.66x 75% [0 .43x 0.58x 43 4 6 33 6.9x 51% [7.6x 4 1.9x 20.2x 65% [1.6x 17.4 .33x 3 8.8x 10 22.20x 3 15.7x 4.1x 46% [13.0x 57% [8.6x 12.9 .8[ 25.1x 24.2x 0.55x 75% [0.8% 2.25.2x 1.2x 15.1x 53.0x 2 3.1x 31.8 .3% 0.62x 11.6x 43 3 2 38 0.2x 4 32.4x 8. Distributors Distributors and wholesalers of general merchandise not classified elsewhere.23x 1.5x 9.4x 1.8% 2.1[ 41.1x 7 43.25 .4x 61% [0.7 .4 .6 . 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 0.8x 12.3[ 31.4[ 25.12.2.9x 30.9x 9 12.8.0.3x 27.9x 11.4 .1x 16.05x 0.1[ 36.2x 2.4x 5 15.7x 15.0x 75% [3.9% 8.9% 21.2x 0.52[ 36.8% 1.8x 39% [14.6 .21[ 33.1.6x 43 4 9 30 7.3% 16.85x 87 11 18 58 0.6x 87 10 19 58 0.1x 15.IMGR SE – JUNE 2006 31.10.33x 0.19[ 27.5[ 31.5x 22.1x 28.76x 1.1x 7.6[ 34.3.25x 0.1x 87 10 19 58 0.03x 5.4x 50% [4. vintners and producers of alcoholic beverages not classified in the Brewers subindustry.20x 2.38x 3.6x 2.9% 8.4x 19.4x 12.3% 18.1x 5 22 / 71 .5% 10.6x 12.2x 43 4 8 31 8.4x 12.5x 40.2x 19.1x 8.8x 1. Includes vehicle distributors. Distillers & Vintners Distillers.9x 87 10 11 66 0.1x 6.

1.99x 1.67x 34 4 5 25 2.8x 24.2x 34 4 7 23 6.5x 51. Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases.8x 13.4 .3% 10.0x 13.1x 6 12.7[ 26.12.5x 52% [0.7x 13.1 .8x 145 19 40 86 0.2x 8 13.5% 1.9x 51% [16.1x 6.5x 9 18.0.2[ 36.7.6x 5 34.10.2x 15.02x 0.3x 22.2x 41% [10.7 .49 .98[ 31.0x 28.1[ 20.4x 18.6x 2.3x 8. Diversified Commercial Services Companies providing commercial and consumer services not classified elsewhere.35x 67% [0.31[ 38.5x 5 23 / 71 .8% 10.17x 0.5x 22.8% 0.58x 0.8[ 26.2 .3.3x 1.3x 12.5x 19.02x 145 21 23 101 2.12x 1.6x 57% [2.9[ 25.IMGR SE – JUNE 2006 33.5x 3.1.9x 12.21.92x 45% [0.0x 12. Includes commercial cleaning services. Specialty Chemicals or Fertilizers & Agricultural Chemicals sub-industries.1x 8.5 .5x 6.4 .4[ 30.8[ 34.8% 9.4x 3.9x 8 2.86x 4.2x 14.6x 44% [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 0.8x 6.0x 1.5x 17.8x 18. 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 0.1x 9.5x 40% [10.1x 145 20 33 92 2.1x 5.2 .7x 0.1x 35% [4.3x 4 14.0x 14.0x 8.8 .4% 2.68x 1.9x 2. education services and security services.3x 36% [5.9x 11.12x 0.5x 2.0x 33.4% 1.2[ 33.0% 6.0x 1.6% 17.9.6x 34 4 12 18 2.6x 4 2. Commodity Chemicals.0x 10.16x 1.85x 3 9.1% 13.4x 2.7x 145 19 16 110 0.8x 8.13.6x 9.92 .6x 8.9x 34 4 7 23 1.92x 6 8.85x 0.

Includes companies that are primarily involved in coal mining or production.5% 0.7x 104 7 16 81 0. 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 0.2[ 32.6x 9.3x 6. Drug Retail Owners and operators of primarily drug retail stores and pharmacies.5x 9.8.1 .1x 73% [13.9x 12 2 2 8 10.92x 2 10.92x 0.4x 13.6x 23.9x 26.2.8x 2.9x 17.5 .8x 61.9x 13.9x 12.59x 1.12.3.3x 62% [6.0% 2.8x 104 7 29 68 1.8% 7.5x 5 36.0x 1.8x 56% [4.02x 64% [0.5x 7.7 .24x 0.5 .1x 2.9 .9% 15.9x 14.6 .5x 3 19.5x 36% [14.3x 50% [11.0% 15.3[ 62.3 .7x 56% [1.17 .59x 5 10.18.7[ 40.8x 9 17.99x 5.19.6x 2.11.3x 30.8x 20% [8.70x 0.8% 9.6x 4.8x 9.2 .2x 9.1.6x 5 24 / 71 .4[ 27.5x 8 17.IMGR SE – JUNE 2006 35.5x 12. Table 36 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 12 2 0 10 0.1x 19.4x 10.2 .5x 7.5% 10.24x 104 13 24 67 1.14x 1.3x 17.3x 4 2.4x 2.6x 3.5[ 50.8[ 38.52x 12 2 2 8 8.02x 2.76x 63% [0.3x 4 2.5x 3.9% 22.1x 45. Diversified Metals & Mining Companies engaged in diversified production or extraction of metals and minerals not classified elsewhere.0x 104 9 28 67 1.5% 2.4x 15.5[ 23.5x 14.22.1x 12 2 3 7 1.3x 25.5x 14.82x 2.3x 22.7x 2.3x 10.0% 0.6x 0.6x 47% [1.0x 1.9x 18.5x 4 14.5x 7.4x 12 2 0 10 1.2x 18.38x 0.0.1x 15.13[ 31.88[ 60.3[ 42.14x 0.

1 .1.73x 1.7x 55% [19.6x 17.3x 4.57 .7x 23.0% 1.51x 70% [0.9x 5 25 / 71 .77x 168 12 50 106 1.0x 2.4x 6 18.6% 14.9 .43x 2.3 .9x 6.3% 12.7x 8 2.6x 68.0x 22.16.1. 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 0.9x 2.7x 52.7[ 28.9x 39% [10.39x 53% [2.1[ 25.8x 11.8% 20.20x 3.8x 30.2[ 22.7[ 26.2 .1.8 .9x 39.9x 7 14.5x 18.2x 57% [1.1x 168 12 55 101 3.2x 15.9[ 28.4x 7.61x 2.7x 41% [11.20x 8 9.0x 10.9x 41% [5.7 .7% 2. Electrical Components & Equipment Companies that produce electric cables and wires.2.7x 2.5x 13.26x 2.9x 8 18.2[ 31.8x 11.0x 31.1[ 28.07x 4.4% 1.8x 24.7x 9.4x 1.6x 1.0x 117 21 16 80 1.3x 1.2x 1.9x 4 24.13.9x 15.7x 7 1.7 .26.0x 1.8x 16.24x 1.3[ 24.5x 117 19 11 87 0.9. electrical components or equipment not classified in the Heavy Electrical Equipment sub-industry. Table 37 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 117 22 9 86 0.05 .8[ 26.8x 5 38.4x 48% [6.9x 168 13 30 125 0.9x 7.05x 1. Electric Utilities Companies that produce or distribute electricity.7% 12.8% 1.2x 22.17.5% 8.4x 168 12 64 92 2.0x 14.5% 7.1x 13.2x 9.9x 23.3x 26.IMGR SE – JUNE 2006 37.83x 117 23 11 83 0.73[ 26.7.0x 1.9x 14.3 .0x 117 19 21 77 3.26x 5 11. Includes both nuclear and non-nuclear facilities.6x 1.9x 18.1x 11.07x 0.12x 5.8x 43% [1.3x 56% [11.2x 11.

3x 46% [4.11.0x 25.7[ 24.8x 25.0% 10.34x 69% [0.0x 9 18.9 .5x 47 5 1 41 0.37x 2 9. Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.1% 1.3% 14. Electronic Equipment Manufacturers Producers of electronic equipment.3x 27.2x 16. electronic components.6% 1.7x 13.4x 249 21 77 151 0.7x 17.1x 40.3[ 25.37x 0.0x 2 2.6x 10. instruments or components.6x 14.7x 14.28x 0.1x 61.1x 60% [0.05x 0.9 .4x 8.1x 1.5% 22. Excludes OEM suppliers classified in the Electronic Manufacturing Services sub-industry.7x 2.0x 46% [7.81[ 22.1[ 37.1x 31.13.20x 1.25x 2.1x 61% [1.6x 14.3% 0.1x 1.9x 47 5 10 32 1.4x 59% [22.8x 8 18.5% 0.4x 1.20x 3 10.1[ 22.1x 1.1 .0x 59% [9.1.4x 1.1.15x 249 21 67 161 0.4x 10.5x 13.6x 1.8x 2.8% 11.7x 22.1x 249 20 87 142 3.8x 51. 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 0.7x 5 40.6x 19.9x 12.69x 1.8x 5.3x 9.56[ 47.63x 1.IMGR SE – JUNE 2006 39.14.72x 47 6 6 35 1.89x 83% [0 .1x 0.3% 7.2x 1. electronic test and measurement instruments.8x 22.9[ 34.04x 0.61x 1.8x 47 5 15 27 3.2 .1x 17.5 . 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 0.3x 249 20 26 203 0.81x 4.3 .0.1x 62% [0. connection devices and equipment not classified elsewhere.4x 8.3[ 34.6x 8.1x 6.1% 12.3x 7 14.7x 4 24.0x 10.8x 51% [11 .5x 6.1 .6[ 31.29.14.9x 5.7[ 21.1x 14.1x 8 2.0.41 . Includes analytical.4x 22.8x 3 26 / 71 .

54x 2.10[ 39.91x 2 10.5x 8.79x 5.21.08x 0.4x 6.3% 3.16.02x 2.8x 10.1.6x 39% [21.6x 26.5x 3.7% 1.0x 9.3x 14.4x 25.8x 41% [8.1[ 29.87x 83% [0 .7% 0.7x 10.1x 9 21.9% 14.3x 15.5[ 40.40x 2 10.0x 14.7[ 39.4.1 .0x 7. Environmental Services Providers of environmental services.0x 1.4% 21.9x 27.4% 11.9 .40x 0.9x 21.6x 2.0x 2.7 .8x 13.6x 3 27 / 71 .1x 19.5x 36. Excludes large-scale water treatment systems classified in the Water Utilities subindustry.4% 8. Employment Services Employment agencies and related services.13.91x 0.52x 1.29[ 44.8x 10. Table 41 EV / Sales EV / EBITDA EV / EBIT PER PBR 58 7 3 48 0.5x 1.8x 8 3.6x 21.7x 8 17.5[ 41.1x 1.8x 36% [15.0x 21.33x 0.6[ 32.4x 34.9 .6x 61% [0 .3[ 29.3x 12.4% 0.0x 16.69x 2.44x 58 7 14 37 3.8x 4.7% 9.2 .9x 13.0x 58 7 17 34 7.1.8x 9 13.0.0x 7.04x 0.2x 2. Includes waste management and pollution control services.1x 12.7x 42% [5.8x 58 7 6 45 0.3x 22.1[ 33.7x 0.1x 41.1x 14.11.8x 20.0x 2.76[ 35.IMGR SE – JUNE 2006 41.2x 2.1x 6 19.0x 44% [11 .9x 15.1x 21.6x 6 2.6x 10.1x 37% [10.28.4 .38 .2x 1.5x 0.6x 58 7 18 33 3.1x 60% [2.7% 23.74x 84% [0. 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 0.62x 1.8x 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.

1x 46% [1.3x 0.9x 1.44x 1.5x 1.61x 67% [0.48x 2.9x 36% [8.3% 13.8x 13.3x 1.0x 9.2.7x 65 0 23 42 4.9x 46% [6.4x 8.9x 35.4[ 29.4x 7.09x 1.6x 18.5x 7.8x 65 0 14 51 0.2% 1.5 .3x 10.7x 4.5x 71.6% 13.0x 17.6x 13.1x 6.21.33x 0.1% 12.9x 13.10.1x 5 44.2[ 52.8x 14.8[ 36.6[ 42.9% 10.4x 2.47x 0.6x 29.7x 3.8% 0.4x 23.8x 2.8x 7 14.9 .2x 72% [10.65x 6 9.2[ 55.0x 5 2.3x 11.2[ 42.2% 8.6x 10.28x 1.7x 7 21.IMGR SE – JUNE 2006 43.75x 1.14.9x 18.0x 57% [0 .0. 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 77% [0 .65x 50% [0.7 . potash or other agriculture-related chemicals not classified elsewhere.0% 1.24x 3.9x 44% [9.13.7 .7x 2 28 / 71 .33 .7x 15.15[ 42.8x 16.0x 0.4x 30.9x 8 18. Food Distributors Distributors of food products to other companies and not directly to the consumer.2x 21.43x 0.8[ 33.1x 30.9% 11.1x 8.6x 18.6 .6x 2 2.6x 9.0x 2.55[ 29.0x 27. Fertilizers & Agricultural Chemicals Producers of fertilizers.8 .08x 0. pesticides. 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 0.92 .13.9x 59% [6.2x 1.6x 4.64[ 36.47x 4 11.7x 11.1.2x 12.6x 65 0 24 41 3.0x 0.3x 2.53x 1.4% 1.2x 10.93x 65 1 19 45 3.1x 6 13.

1x 25.2x 27.4x 34.55x 0.3% 1.8x 20.3x 52% [4. Includes sport and leather shoes.2x 31% [18.70x 57% [0.0.5x 8. Footwear Manufacturers of footwear.7x 17.5% 6.9% 11.02x 0.7.7x 14.9 .4x 2.11.5x 16.4 .3x 7 8.0x 13.6 .4[ 43.0% 0.42x 45% [0.5x 29 1 9 19 2.40x 0.9x 15.6[ 38.8.5x 1.0x 0.8x 1.0x 3.8x 14.6[ 39.4x 7.12. Food Retail Owners and operators of primarily food retail stores.0x 2.1x 0.1x 57% [1.6[ 35.1x 19.7x 9 13.1x 2.21.2.0x 6.7[ 42.1% 9.4 .8x 5 46.5x 0.2x 1.5[ 40.4 .3x 8 17.0% 7.9x 56% [4.8x 2.8x 16.1x 3.46[ 30.1% 18.28x 0.1% 2.7x 10.4x 8. 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 0.9% 11.IMGR SE – JUNE 2006 45.85x 1.1x 17.13x 0.1x 4 2.2x 12.5% 0.8[ 28.57[ 45.3x 10.42x 8 8.6x 1.6x 42% [8.0.7x 5.29 .87x 2.46x 0.5x 8.55x 2 7.2x 7.4x 6.3x 63% [1.9x 29 1 6 22 5.2x 8 2.1x 8.5x 8.1x 5 29 / 71 .54x 0.6x 7 15.57x 29 1 5 23 2.9x 17.41x 0.2 .3x 36% [9 .8x 14.45x 0.4 .7x 40% [6.1[ 33. 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 0.6x 10.8x 29 1 5 23 0.2.31 .12.3x 4.6x 7.4x 6.

53[ 51.7% 1.8x 46 10 12 24 3.1[ 37.8x 3 1.5 .5x 8.00x 1.4x 16.0x 18.98x 5.3x 13. 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 0.5x 13.1[ 44.2 .06x 52 6 8 38 4.31x 46 11 8 27 2.4x 14.1x 20.1x 1.5[ 43.7x 1.3x 27% [8.7x 52 6 9 37 0.14.3x 1.0x 8 1. Excludes companies primarily involved in gas exploration or production classified in the Oil & Gas Exploration & Production sub-industry.62x 49% [1.17 .0x 40.49x 1.2x 3.0x 9.3x 4 48. Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas.13.8x 5 30 / 71 .8x 46 8 9 29 0.6x 1.0x 34% [12.3x 16.5x 78% [7 .8x 12.7% 9.33x 2 12.3[ 40.5x 1.2x 11.62x 8 9.0x 10.8x 2.6[ 25.9x 1.3x 53% [0.1.89x 81% [0 .4x 46 8 15 23 0.8x 52 6 9 37 6.8x 39% [1.8x 24% [10.1[ 29.7 .0x 16.9x 9.35x 0.2x 38.2x 16.IMGR SE – JUNE 2006 47.9 . Forest Products Manufacturers of timber and related wood products.60x 1.5% 13.63x 1.5% 12.7x 3. Also excludes diversified midstream natural gas companies classified in the Oil & Gas Refining.9x 9. Includes lumber for the building industry.0x 0.6[ 23.3x 4 17.9x 16.43x 1.6x 27.3 .8x 9 16.9.33x 2.3% 15. 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 0.0% 1.4x 24.7x 9.22.4x 14.6x 11.9% 0.4x 5.1[ 37.14x 1. Marketing & Transportation sub-industry.85x 4.2.8x 24.9x 1.1x 16.0x 52 6 10 36 4.4x 74% [9.3x 10 13.5% 13.8 .16.1.1[ 33.4x 4 20.1x 52.7x 66% [12 .3x 9.18.7% 1.2x 1.4x 14.4% 8.

8[ 42.9 .7x 31.1x 19.19.6[ 44.0x 40% [8.4x 22.1x 31.9x 2.84x 2 11.4x 6.5% 3.4x 13.8% 12.1x 55% [24.6x 7.1x 77 9 49 19 5.7x 120.5x 20.0% 3.0x 2.12x 77 13 41 23 3.15.4.5x 41.4x 21.2% 0.6x 31.4x 13.6x 3.6 .4x 1.4x 5 50.7x 24.7x 34. Gold Producers of gold and related products.7x 1.48x 2.4x 77 9 9 59 0.8% 30.9.25x 3.6x 34.2[ 50.99[ 46.8x 2.4x 7 39.4x 34.4x 29% [2.65.3x 9.4x 5 24.9x 15.5x 21.5x 0 28.0.7x 2.9x 3 31 / 71 .5x 63% [1.9 .0x 5 2.3x 3.37x 3.5 .0x 84.3.44x 5.0% 2.04x 9. General Merchandise Stores Owners and operators of stores offering diversified general merchandise.37[ 43.4% 36.9x 9.9[ 47.IMGR SE – JUNE 2006 49.4x 31 3 6 22 10.6x 31 3 3 25 0.9x 83% [0 .23x 83% [0.74x 0.25x 2 29.3.63x 0.73x 24.6x 20.5x 77% [33 .5x 55.55[ 45.6x 7.5x 53% [7.0x 51% [4.4 .7x 40. 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. including companies that mine or process gold and the South African finance houses which primarily invest in.3x 10.1x 4 15.4x 77 10 51 16 3. Excludes hypermarkets and large-scale super centers classified in the “Hypermarkets & Super Centers” sub-industry.5x 31 3 4 24 0. gold mines.20[ 45.7 .5x 7 4.2[ 47.12x 0.5% 16.4x 35.8 .3% 7. 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 0.0x 13.0x 12. but do not operate.0x 3.8[ 39.1x 11.0% 11.67x 31 3 2 26 0.1x 14.29x 96% [0 .1x 66.84x 1.

36x 0.3x 13.0.5x 3.13.9x 7.9[ 40.1x 24.2x 27.1x 24.07[ 37.86x 2 12.8[ 33.9x 66% [0 .7x 2.72x 66% [0.5% 16.6x 13.7x 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. Includes dialysis centers and lab testing services.20.8x 51 2 15 34 2.6x 3.13 .4x 1.1x 43.1.1x 7 22.06x 0.2x 23.6x 11.0x 22.9[ 32.6x 19.3 .IMGR SE – JUNE 2006 51.0x 9 16.25.2x 32.6[ 30.5x 8 18.2x 11.5x 0.2.9x 14.4% 23.4x 2.9 .86x 0.31x 3.2x 11.98x 96% [0 .0x 18.18x 0.7x 13.5x 67.7% 21.0x 2.54x 2.62x 1 13.5x 36% [22.0% 12.8x 12.5x 44% [10.5x 8 2.2x 58% [13 .5% 1.9x 8.62x 1.7x 0.7x 37% [1.6 .2x 24.1.80x 1.63[ 50.6x 17.3x 23.2x 1.2x 4.5x 16.1x 2.4x 2 32 / 71 .77x 51 2 7 42 0.7x 36.3x 17.0% 12.1x 3.2x 2.6x 51 2 9 40 1.7x 1.8% 2. Table 51 EV / Sales EV / EBITDA EV / EBIT PER PBR 51 3 2 46 0.2x 37.9x 50% [13.7 .47x 4.40x 0.7 . 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 0.7x 17.0% 0.3[ 38. Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere.1x 18.1x 44% [8.9x 8 27.6 .7x 4 2.12.31x 3.0% 0.1[ 35.27.3% 10.7[ 35.1x 51 3 9 39 0.15.0x 42% [9. Health Care Services Providers of health care services not classified elsewhere.1[ 37.2x 10.0x 27.

5x 29.8[ 25.8.5x 15.58x 58% [0.2x 5 33 / 71 .01[ 24.6 .8x 133 11 11 111 0.7x 63% [1.17x 0. animal hospitals.1x 43% [22.0x 21. cemeteries and funeral homes.4x 18.5x 21.0x 15.9x 2. rehabilitation and retirement centers.0x 9 32.9x 2 54.9[ 29.1x 52% [11.4x 10.1x 2.2x 16.1.0x 49% [15.5 .85x 1.2x 4.43[ 34.3[ 30.1x 13.07x 61 1 6 54 1.5[ 30.3 .7x 46% [4.5x 21.2 .IMGR SE – JUNE 2006 53.0x 27.0% 1.3x 2.0x 10.74 .2x 59% [0.36x 2.2.71x 3.80x 7.13.1x 3.8x 10.6% 25.36x 5 11.1x 9.9x 1.0x 21.55x 133 11 32 90 0.3% 16.5x 4 21.6% 13.9x 32.15.0x 3. Includes medical electronic precision instruments.0x 13.11x 1.7x 6 18.0% 11.4x 45.6x 61 1 10 50 2.9 .5x 1.0x 15.7x 56% [16.0x 5.1x 18.7x 53.6x 11. Includes drug delivery systems.88x 5 15. Health Care Equipment Manufacturers of health care equipment and devices.5x 24.3x 2.19[ 26.0x 133 11 46 76 10. Table 54 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 61 1 7 53 0. including hospitals.2x 71.6% 8.30x 1. nursing homes.1x 7 3.1x 8 18.5x 7.9[ 29.3x 22.9x 14.2x 41.2% 1.29.1x 57% [7.2.4% 18.9[ 27.5x 61 1 12 48 0.2x 133 11 42 80 0.0x 1. Health Care Facilities Owners and operators of health care facilities.7x 7 2.0% 1.7x 15.05 .24.2 .1.5x 61 2 13 46 0.88x 59% [1.4 .2[ 34.6% 1.8 .54x 2.1x 38.7x 37.81x 2.15x 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.

55[ 38.8x 32.03x 3.5x 17.6x 8.6[ 37.44.7x 36.35.0x 24.2x 44 9 14 21 8.7[ 66.5x 52.80x 3.3x 89% [0 .IMGR SE – JUNE 2006 55.7 .14[ 33.5x 1.3% 13.8x 15.88x 30 5 9 16 0.7% 21. Excludes cables and wires.91x 1.5x 2 41. classified in the Electrical Components & Equipment sub-industry.7x 7.3x 1 3.89x 51% [2.6x 2.9 .5% 27.8x 2.5x 15.9x 24.18x 8 12.31x 44 9 11 24 6.60x 2. Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment. Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere.0x 2.5% 12.8[ 40.7% 23.5x 14.59 .1x 30 4 13 13 1.15x 5 22.9x 19.1% 2.2.8x 14.3.3 .9x 2. Table 55 EV / Sales EV / EBITDA EV / EBIT PER PBR 44 9 3 32 0.6x 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) 56.2x 26.9x 17.11x 1.78x 6.3x 98% [0 .1x 71% [1.3 .8% 3.5x 33% [11.9x 7 26.9[ 61.7x 6 3.4x 18.5 .5x 8 14.9x 44 9 8 27 13. heavy electrical machinery intended for fixed-use and large electrical systems.18x 3.2x 1.6[ 36.9x 12.8x 18.15x 1.5x 4 34 / 71 .26x 69% [0.2x 4.6x 30 5 10 15 0.08x 0.1x 23.4x 68.58x 1.4x 14.6x 44 9 2 33 0.7x 112.4x 52.1x 9.9% 0.4% 2.8x 12.1x 5.14.1x 30 5 6 19 0.8x 69.6[ 42. Includes eye care products.3x 65.1.1x 3.7x 43% [12. 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 0.3.6x 24.7x 1 28.0x 91% [0 .4x 12.9x 22% [10.1x 8.6x 55% [1.84[ 43.22.8% 13.78 .6[ 68. including power turbines.5x 3.9x 2.24.0x 12.

0x 4 1.9[ 34.5x 36.84[ 61.85x 65% [0.3x 13.79x 7.79[ 25.7x 29.5x 1.1.99x 14.03x 0.0.85x 8.9% 6.7x 4.0x 3.0x 1.5x 14.8x 10.8x 39% [1.2x 1.01 .3x 8.6x 0.9 .8 .7[ 41.5x 41% [9.4x 1.4[ 50.8. Highways & Railtracks Owners and operators of roads.8x 7 16.1x 10.6x 13.65x 7.13.4x 63% [4.9x 65% [0.5% 1.8x 12.7x 33.0% 11.8x 8.2x 23.4x 3.13.73x 5 6.8x 10.1.73x 1.8x 7.1[ 37.7x 2. 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 0.6x 7 18.16.91x 4.5x 8 13.2x 16.7% 5.6x 7.6x 2.3x 60% [7.53x 0. Table 58 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 22 5 4 13 22 6 4 12 22 5 7 10 22 5 10 7 22 5 3 14 0.9[ 71.57 .8x 36.7[ 42.1x 61% [0 .2x 1.9% 1.3 .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) 58.3x 4.2x 15.1x 6 1.4x 10.5x 18.4x 4.1x 0.8x 22.7x 1.1 .9[ 30.50x 1.8 .4x 5.4x 7.6x 0.2x 15.6x 14.90x 5.8% 15.1% 11.13.6.61x 0.5x 7.5% 0.IMGR SE – JUNE 2006 57.54x 46% [4.5x 18.65x 0. tunnels and railtracks. Home Entertainment Software Manufacturers of home entertainment software and educational software used primarily in the home.6x 21.5[ 39.21.5 .7x 14.6x 36% [10.7x 5.0x 24.1x 44% [9.1x 3 18.0x 12.6x 5 35 / 71 .6 .5% 10.4% 16.54x 8 10.

2x 5 1.4x 35% [4.6.8x 5 14.7.5x 1.1x 8.0x 8.4x 61 2 22 37 0.4% 1.0x 0.3x 62 6 11 45 0.82[ 42.6x 5.4x 5 36 / 71 .6x 6.4x 8 6.6x 59% [1.1 .2x 37% [4. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.73x 0.1x 6.5% 1.90x 47% [0.4x 55% [5.47x 0.1 .2x 7 10.5x 1.9x 7.5x 61 2 8 51 0.1x 18.3 .1x 10.1.73x 7 6.3x 10.8x 5.3x 62 6 10 46 2.4x 36% [1.4x 1.7[ 34.0x 45% [5.2x 4.1[ 37. Home Furnishings Manufacturers of soft home furnishings or furniture.4x 27.67x 0.63x 0.9.1[ 31.2x 9.6x 5 60.6x 3.68x 55% [0.2[ 35.42x 0.6% 8.3x 14.77x 1. Homebuilding Residential construction companies.2x 6.5x 15.0x 4 1.7x 12.0x 12.1 .5% 0.1x 62 14 8 40 3.5.1% 5.05x 62 14 7 41 3.8.0x 9.9[ 29.6% 6.8x 10.09x 0.4x 22. 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 0.1.8x 8 8.82x 61 2 17 42 0.68x 6 7.0x 0.2[ 28.1x 1.1x 5.5x 2.0.9[ 27.9x 1.6x 13.9% 0.IMGR SE – JUNE 2006 59.23x 0.56[ 27. including upholstery.1x 4.7x 1. 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 0.5 .0% 6.7% 9. carpets and wallcoverings.91x 1.8x 32% [6.61 .9x 61 2 21 38 4.8x 14.1x 7.0% 5.5 .2x 6.2x 4.9x 6.3 .9[ 24.6 .6x 19.0.10.1x 0.04x 2.4x 7.2 .8x 42% [5.

26 .2. Excludes casino-hotels classified in the Casinos & Gaming sub-industry.7x 56% [15.0.4% 10.2x 25.2x 12.2x 1.8[ 27.1x 1.9x 11.5x 18.5x 14.6x 9.14 .68[ 46.6% 13.8x 27% [8.4x 106 15 29 62 1.8x 9 13.1.0x 18.52x 3 14.1x 19 1 0 18 4.5x 7 2.73x 8.0% 1.6[ 30.1x 12.6x 2.2[ 25.9x 66.6x 9 11.1x 54% [0.5x 37.05x 1.7x 12.8[ 41.1x 106 16 20 70 0.6[ 50.2x 8.15.5x 8.9x 18.5 . Includes travel agencies. Resorts & Cruise Lines Owners and operators of hotels.46x 2.2x 18.79x 19 1 1 17 3.05x 1.6 .0x 12.7x 30.3x 0.3x 26.28[ 27.7x 8 1.5x 32% [13.4x 15.2x 19 1 3 15 0.6x 5.70x 1.8x 13.1x 11.1.83x 46% [0.IMGR SE – JUNE 2006 61. Home Improvement Retail Owners and operators of home and garden improvement retail stores.5x 2.7x 10.0% 14.9 .9x 65% [0. Table 62 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 106 19 24 63 0.0x 13.42x 0.16.84x 106 20 24 62 2.2x 8.0x 4 20.4 .6x 23.6x 1.1x 4 62.3% 9.9x 11.8[ 46. tour operators and related services not classified elsewhere. 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 0.11.7x 19 1 4 14 3.53x 0.3x 106 19 29 58 3.3x 15.3x 4 25.11.23.8% 23.0% 1.4 . Hotels.2x 2.7% 0.2x 4 37 / 71 .9[ 32. resorts and cruise-ships.6x 2.52x 3.1x 2.9x 4.92x 70% [1.7% 1. Includes stores offering building materials and supplies.6x 27% [6.83x 5 8.1x 21.0x 1.8 .3x 7.6 .59x 0.6 .8.2x 60% [6.7[ 44.8x 57% [8.3x 50.2% 8.77x 2.

0% 19.0x 56% [4.4x 1.9x 12.9x 9.4x 77% [0.3x 15. soaps.48x 0.0x 26 3 6 17 0.11. Table 64 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 26 3 4 19 0. Table 63 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 66 4 11 51 0.2% 13.5% 10.9% 1.24x 2.28 . including garden improvement tools.8% 0.3 .7x 64% [1.12[ 50.6x 23.9[ 40.16x 0.4x 14.1x 21.6x 6 17.8x 26 3 8 15 11.20.3x 0.0x 6. diapers and other tissue and household paper products not classified in the Paper Products sub-industry.14[ 35.1x 6.4x 66 4 11 51 0.3 .4[ 31.83x 1.4x 18.7x 10.3% 12.6x 2.6x 18% [18.6[ 29. Household Products Producers of non-durable household products.8x 5 64.1 .3x 26 3 6 17 5.5x 8 17.49x 61% [0 . including detergents.8x 1.02x 0.4x 8 11.18.56[ 43.5[ 37.0x 16.4x 9.6x 8 3.IMGR SE – JUNE 2006 63.1x 8.0.8x 2.0% 10.2x 17.8% 6.5 .6x 66 4 19 43 4.6.24x 3 9.8 .3 .77x 66 5 14 47 0.7 .7x 15.36x 0.4x 13.43x 0.2.9x 39.3x 54% [11.4% 1. 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.7[ 29.5x 22% [11.13x 3.8[ 52.6x 56% [8.0x 7.7x 10.2x 66 4 18 44 0.18x 26 3 5 18 4. Household Appliances Manufacturers of electric household appliances and related products.43x 4 8.62x 61% [0.7x 1.0x 9. Includes manufacturers of power and hand tools.7x 11.4x 5 1.4x 11.1x 5.4x 7.8x 1.3x 1 38 / 71 .6 .4x 28% [9.5x 19.1x 28.9x 9.1% 0.97[ 36.6x 2.3x 9.88x 1.3x 5.9x 5 11.2x 22.5x 0.3x 4.2.0x 11.85x 1.0.6x 13.

8x 19. Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products.6x 43% [13.5x 5. utensils.1x 43 5 12 26 1.37x 0.67x 1.6x 15.6x 8 2.6x 8.3[ 42.9% 7.7x 7.8 .1x 45.3% 0.2% 8.9x 74% [0 .0x 9.3x 40.0x 14.15.98x 23 0 4 19 1.0x 43 5 5 33 0.5x 5 39 / 71 .3x 2 16.8x 40.4 .51x 7 8.4x 72% [6. respectively.51x 43% [0.0x 14.4x 65% [7.6 .0x 0.9x 45% [3.0x 8.0x 7.8x 23 0 4 19 4.8x 21.7 .4% 1.48x 0.5x 48% [2.3[ 46.3x 0.9x 8.0.4x 4.24.8x 10.8x 3 1.3% 0.13.51x 0.11.9x 14.51x 43 5 10 28 1.0x 5.4x 23 0 5 18 8.61x 0.0x 9.61x 3 7.1x 35% [7.5 .6x 16.0x 2.2x 14.2x 10.6x 22.1x 2 66.3x 15.9x 0.7 .8x 9.4. 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. glassware.6.08x 0.8[ 57.92x 65% [0.5x 1. including cutlery.1[ 40.43x 0.IMGR SE – JUNE 2006 65.13x 0.6x 8 14.43[ 33.9% 21.6% 6.1% 12.2[ 28.8x 20.4x 3.22 .6x 37% [6.0.67x 0.0% 3.1x 8 21.1 .5x 18.6[ 34.8.2x 3.8% 10.8x 7.3[ 39.1x 1. 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. crystal. Housewares & Specialities Manufacturers of durable household products.9x 5 13.1.5[ 38. cookware.91[ 33. silverware.4x 43 5 15 23 0.9x 1.5x 2.49 .8x 23 0 3 20 0. Excludes Food and Drug Retailers classified in the Food Retail and Drug Retail sub-industries.2x 7.15x 2. kitchenware and consumer specialties not classified elsewhere.2x 28.

79 .7x 8 20.8 .22.3x 17.9[ 34.1x 11.21x 3 13.4x 20.5x 105 13 31 61 5.9% 17. none of which contributes a majority of revenues.1x 14.6x 22.3x 1.7x 53% [9.1x 15.45[ 29.0x 61% [0.12.5% 1.2x 15. Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors.3x 7.85x 1.11x 5.7% 12.1[ 50.4x 25% [8.08x 2.12.8x 2.2x 13.2 .67x 5.8x 47.1x 1.98x 1. Stakes held are predominantly of a controlling nature and stake holders maintain an operational interest in the running of the subsidiaries.9x 10.0x 9.IMGR SE – JUNE 2006 67.1.14.1% 18.6x 5.18[ 57.7 .1[ 42.89x 8 9.3x 17.2.0% 3.6x 8 2.9x 36% [1.32x 0.68x 75% [0.4[ 29.7[ 26.21x 2.20x 105 14 19 72 3.0x 1.90x 1.8x 20.6x 18.7x 4.0x 1.6x 105 8 28 69 0. Table 68 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics 40 / 71 .2[ 37.8x 24.1x 11.8x 1.7[ 50.4x 1.2x 19.5x 64% [17 .4x 8.4% 10.3.8x 3.1x 3.0% 22.7% 0. Table 67 EV / Sales EV / EBITDA EV / EBIT PER PBR 105 14 17 74 0.0x 20.1x 22.73x 1.0x 12.9x 8 2.9x 10.1.0x 5 19.1[ 71.5x 64% [7.7% 8.8x 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 0.89x 30% [1.4x 3 15.53x 2.7x 21% [13.6x 1.7x 7.9x 15% [20 . Industrial Gases Manufacturers of industrial gases.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) 68.7x 33.3x 10.0x 10.1x 2.9x 57.1x 11.4 .3 .1% 1.2 .1x 15.17.0x 105 8 9 88 0.47 .9x 17.3x 21.4x 8 15.22x 2.22.

6x 11.63x 0.08[ 48.07x 61% [0.78[ 17.7% 16.1[ 30.8% 8.IMGR SE – JUNE 2006 69.2x 2.94x 1.12. insulators. elevators.4x 6. machine tools.0x 4.0x 10.4x 62% [1.5x 5.7x 8 2.0% 2.9 .9[ 50.0x 337 37 83 217 0.0x 10.9x 6.5x 5.6x 2.37x 2.3.4x 13.87x 5 5.0x 1.3x 5.0% 6.5x 11.3% 5.6x 5 2.1x 3.6x 3.1x 1.20x 53% [0.6x 26.1x 9. 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 0.87x 0.4x 6.6x 9.1x 9.5x 41% [5. pumps.4x 13.3 .0x 4.6x 16.46x 2.6x 31% [2.9x 34 0 6 28 6.4x 337 37 33 267 0.6.5 . or chemicals.6 .97x 337 37 71 229 0. Industrial Machinery Manufacturers of industrial machinery and industrial components.3x 66.9x 34 0 4 30 1.94x 4 9. Integrated Oil & Gas Integrated oil companies engaged in the exploration & production of oil and gas. 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 0.3[ 20.5x 8. Includes companies that manufacture presses.0x 2.5x 9 10.7% 12.9x 24.5x 18.0x 7. marketing and transportation.7x 7.77x 1. roller bearings and other metal fabrications. escalators.17.7x 1.4[ 43. as well as at least one other significant activity in either refining.1% 1.63 .7x 11.5x 48% [7 .0x 337 37 92 208 0.7x 23% [10.5 .0.2[ 28.1x 5 70.8.7x 9 7.0x 18.7x 40% [4.8 .14.0x 59% [12.7.09x 0. compressors.53 .7x 46% [11.5x 2.4x 9.4x 16. pollution control equipment.20x 0.2[ 19.2x 2.04x 1.1.5x 8 13.9% 0.7x 34.7x 8 22.7 .1[ 21.6x 12.58x 0.4% 0.6x 5 41 / 71 .84x 34 0 4 30 1.7[ 18.6% 11.6x 16.5x 34 0 4 30 1.

60x 4.6x 33.7x 5 72.7x 9 10.1x 10.87x 54% [0.3x 1.8x 1.67[ 50.21. 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 0.3x 86% [0.6x 4.2x 18 3 8 7 7.8x 92 7 30 55 0.86x 2.69 .7x 34.8x 5 42 / 71 .7 .4x 2.13[ 26.87x 5 5.0x 2.20.0x 56% [8.4[ 71.1x 66.6 .8x 1.25x 3.7% 2.3x 92 7 16 69 0.25.5 .8x 32.0x 70% [0.7x 4.2.1 .39[ 23.4x 81% [3.1x 12.3x 13.7x 21.22x 18 4 5 9 4.40x 8 23.6% 13.7x 40% [10.6x 2 3.8x 1.4x 20.2x 14.6x 8.2[ 31.6x 10.0x 8 2.4x 12. Integrated Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line telecommunications services not classified elsewhere.3x 1.3x 20.2.1x 18 3 8 7 6.8% 11.40x 2.4x 12.1x 16.0% 1.05x 1.7x 36% [4.0x 55% [1.13.2% 5.2x 5.8x 91% [0 .72x 1.4% 15. not classified elsewhere.4x 20.2[ 57.2x 1.6[ 72.1.7x 9 13. 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 0.56x 1.3x 92 8 28 56 2.34 .7% 11.1x 21.5 .5 .53x 92 8 19 65 1.1x 5.3x 7.6[ 26.9 .1x 57.0x 14.2x 8.9% 1.23x 1.3x 6.48x 62% [1.6x 7.1[ 32.8x 11.3.0% 1.3x 18 3 4 11 0.15x 1.9[ 55.1% 14.1x 29.IMGR SE – JUNE 2006 71. Internet Retail Companies providing retail services primarily on the internet.21x 0.8x 0 26.8x 4.1x 2 26.4x 77.7x 2.1x 13.

4x 15.7x 32.8x 63% [26 .32x 0.8x 1.1x 5 27.0x 58% [13 . Internet Software & Services Companies developing and marketing internet software and/or providing internet services including online databases and interactive services.3x 6.6x 11.6% 8.86x 69% [0.08x 0.94x 0.0x 22.41[ 31.3x 201 31 91 79 0.7 .3x 52.9x 16.0.3x 3.6x 87. 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. 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 0.2. database construction and internet design services.7x 1 31.9.9x 35.9[ 27.15.0x 15.9x 15.2x 73% [1.8x 3 74.2x 1.2% 20.9x 5 2.1.4[ 26.40x 0.73x 3 11.3 .7x 49% [6.7x 2.2x 9.1% 0.35[ 22.35x 2.3x 201 31 19 151 0.7x 10.2[ 20.4x 2.5x 42.9% 1.65x 225 29 72 124 0.95x 201 32 70 99 0.4 .6[ 30.2x 8.5x 8 3.IMGR SE – JUNE 2006 73.6x 7.5x 4.24.5 .0x 1.8x 0.6x 57% [1.2% 8.3x 28.5% 1.06 .00x 0.63x 7. IT Consulting & Other Services Providers of information technology and systems integration services not classified in the Data Processing & Outsourced Services or Internet Software & Services sub-industries.3x 78.2% 0.71 .5x 15.5[ 26.0x 27.1% 13.4x 2.2.94x 2 18. Includes information technology consulting and information management services.3% 9.79x 1.6x 15.9x 10.7x 15.6x 22.2x 2 23.73x 1.2x 25.11[ 34.6[ 29.19x 2.4x 225 27 45 153 0.3x 5 43 / 71 .0x 77% [7.7x 5 18.4 .9x 201 30 97 74 0.2x 225 27 102 96 1.0% 30. web address registration services.2x 19.1x 21.3x 28.3[ 26.17.8x 225 28 86 111 4.7x 8.8x 70.1x 82% [0 . Excludes companies classified in the Internet Retail sub-industry.4x 2.8x 60.38.2x 10.09x 91% [0.3x 56% [16.

90x 60% [0.7x 16.9.5x 60% [3.1% 1.52x 3.4% 2.24.30x 1.3x 30.5x 1.7x 12.8[ 36.2x 31.18. stadiums.2x 1. 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 0.5% 17.8x 62 1 20 41 5.73x 0.1% 0. Leisure Facilities Owners and operators of leisure facilities.88x 58% [2.3x 6.81x 1.9x 6 14.0x 20.2.1x 65% [1.6x 16.IMGR SE – JUNE 2006 75.6 .5x 4 76.1x 8.3.4x 4.52x 8 13.1[ 41. Leisure Products Manufacturers of leisure products and equipment including sports equipment.4x 1.8x 41 0 15 26 8.18.69[ 31.2x 41 1 15 25 2.3x 2. 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 11.1.51x 0.5[ 43.3x 38.08x 41 1 8 32 4.5x 8.81x 7 10.7x 62 1 5 56 0.3x 60% [7.6x 6.7 .9x 5 2. bicycles and toys.3% 16.5x 57% [8 .68x 2.16x 2.2x 2 2.1% 1.8% 7.1x 22.48 .06x 0.9x 11.3x 59% [14.1.3% 9.5[ 42.10.3% 8.9[ 33.6x 57% [8 .6x 17.12.8 .7x 8. including sport and fitness centers.6x 4 22.6x 62 1 16 45 3.37x 62 1 13 48 2.7x 68% [0 .6x 63% [13.9x 11.2x 8.2x 1.0x 6 26.5x 14.5[ 33.9x 18.9x 17.6x 27.3x 0.3 .04[ 29.7x 22. golf courses and amusement parks not classified in the Movies & Entertainment sub-industry.4 .2x 34.1 .0% 15.5x 3.2x 70.8x 41 0 6 35 0.8x 7.4x 2 44 / 71 .66x 7.70x 2.5[ 32.1x 2.9x 9.4x 1.6[ 37.7x 56.8x 15.8x 3 18.8x 60.1x 10.1x 17.

09 .7x 12.4x 39% [16.8 .81x 56% [0.1x 38% [8 .4x 0.3x 10.9x 2 10.5% 8.4x 33.5x 2 1.1x 7 17.5x 8.6x 5 78.6x 5.1[ 41.7% 0.5x 1.7x 11.1.1.8x 60 9 7 44 0.9x 18.62x 0.6x 7.1x 16.23. 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 0.13[ 62.88x 1.5 .1x 7 9.1x 84% [0.5x 22.11.1x 2.40x 60 11 8 41 0.15x 4.3x 2.1[ 50.43x 0.0x 60 9 9 42 1.4x 8 2.2x 14 4 2 8 3.8 . Excludes cruise-ships classified in the Hotels.50x 14 4 2 8 3.7x 8.0.5% 1.5x 5.9x 3.6x 20.0x 74% [0 .9x 4.6[ 34.1x 38% [7.6x 1 11.2.4x 12. Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.26x 1.8x 17.7 . Marine Companies providing goods or passenger maritime transportation.9x 1.4x 12.4x 10.5% 2.24x 2.88[ 66.67x 1.IMGR SE – JUNE 2006 77.7x 5.3[ 29.2% 5.3x 4.1% 1.52[ 34.5x 27.0% 19.4x 78% [0 .19x 1.6x 3.5.9x 4.2x 1.4 .6x 26% [1.67x 5 8.5% 3.3x 3.3x 3. Resorts & Cruise Lines sub-industry.5[ 45.5% 9.1x 5.7x 9.2x 11.08x 0.7[ 62.4[ 54.1x 14.2x 6.6x 14 0 3 11 1.5x 5 45 / 71 .27x 0.7x 14 0 2 12 5.4x 0.7x 32.2 . 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 0.7.19x 5 8.6x 60 9 13 38 0.6x 55% [0.60x 65% [0.4x 2.0x 1.2% 5.4x 9.

77x 5 6.0x 21.IMGR SE – JUNE 2006 79.4x 2.3x 14.0% 0.8 . glass or plastic containers.6x 1.5x 4.20x 1.2x 42% [14.0.3[ 31.5% 0.1x 29% [18.6x 34.4x 2 46 / 71 .4% 2.7 .3% 10.5.12.0x 0.8x 26.54x 35 1 5 29 2.9x 4.46x 1.3.8[ 29.57x 3.4x 17. Marine Ports & Services Owners and operators of marine ports and related services.6x 10. Table 79 EV / Sales EV / EBITDA EV / EBIT PER PBR 35 1 2 32 0.3x 10.62x 0.5[ 31.19x 2.23.9% 6.4[ 35. Includes corks and caps.5x 8.7x 1.23x 67% [2.6x 1.1x 7.18.2x 0. 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 0.2x 9 18.3x 10 10.5 .3x 18.2[ 31.96x 4.4x 14.0x 5 15.16.0x 10.3x 50% [6.3x 23.48 .7x 48% [9.2x 8.77x 1.5x 0. Metal & Glass Containers Manufacturers of metal.11x 6.32x 11.3x 38% [2.57x 8 11.8x 0.1x 8 2.8x 19.3x 40% [5 .0% 13.5x 19.7.6% 3.6x 13.0x 4.0x 44% [12.2[ 31.1x 35 1 6 28 2.12.7x 9 14.52x 0.7% 20.3x 5 1.0x 3.6x 14.4x 61% [0 .4x 35 0 7 28 6.2 .5x 11.2x 2.8% 11.5 .74 .21x 0.49[ 40.3% 15.5x 8.5x 29.5x 15.7x 15.3x 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) 80.7x 2.0.2x 1.5[ 39.84[ 32.7x 2.3x 35 0 0 35 0.91x 55% [0.9x 23.7x 6.3x 11.6[ 29.4x 6.1x 11.3 .7x 12.

99x 4.8x 96 9 20 67 0.08x 96 10 21 65 0.7x 2.5x 9. Motorcycle Manufacturers Companies that produce motorcycles. distribution and screening of movies and television shows.1. scooters or three-wheelers. including companies engaged in the production.5[ 29.8x 15.1x 56.1x 13.8x 92% [0 .5 .31x 16 3 7 6 8.3x 6.3x 41.3[ 26.32[ 66.8 .8x 74.4[ 66.8x 213.08 .0x 1.3x 96 9 40 47 0.2x 19.1x 16 2 5 9 1.0% 0.6x 46% [1.16.5.6x 2. producers and distributors of music.4x 24.7 .1x 1.3[ 30.26x 1.9% 11.8x 7.IMGR SE – JUNE 2006 81.1x 11.1x 1.6 .1x 35. entertainment theatres and sports teams.7x 11.3x 2.0x 1.6x 5 47 / 71 .8x 1.26x 2 23.7[ 31.1x 0 nm nm nm nm nm nm na 94.3[ 35.13.1x 63% [2.47x 69% [0.6x 3 2.0x 16 3 8 5 nm nm nm nm nm 16 3 7 6 12.5% 0.1x 65% [8. Movies & Entertainment Companies that engage in producing and selling entertainment products and services.2% 11.1x 6.9x 52.4 .2x 4.2x 7.7% 104.06x 1.80x 3 7.5x 9.8x 20.4% 1.1x 2.5x 13.6x 162.9x 74.2% 5.9[ 44.26[ 50.6x 13.7x 2 1.03x 0.7% 22.3x 96 10 43 43 0.1.38x 0.3x 1.6 .91x 3. Table 81 EV / Sales EV / EBITDA EV / EBIT PER PBR 16 3 5 8 0.1x 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) 82.4x 87% [3.2.157. Excludes bicycles classified in the Leisure Products sub-industry.9% 1.80x 0.5x 5 14.7x 66% [6.73x 1.1x 9.65 . Table 82 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) Copyright © 2006 Valmetrics EV / Sales EV / EBITDA EV / EBIT PER PBR 96 11 9 76 0.1x 5 18.28x 71% [0.5x 19.87x 1.62x 1.1.7x 72% [0.2x 3.

9x 10 14.8x 58 7 9 42 8.1% 0.6x 13.61x 58 7 7 44 5.7x 8.9x 11 3 2 6 11.0% 1.8x 13.1x 3.4x 58 4 6 48 1.4% 1.6 .2x 62% [12 . 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 0.8[ 50.7x 4 2.0x 38% [14.7x 5 84.1x 1.1x 15.8x 17. 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 0.71x 2.78x 8 8.4[ 40.7x 1.6x 1.8x 16.1x 17. Office Electronics Manufacturers of office electronic equipment including copiers and faxes.20.3 .8x 13.72x 1.6x 7.3x 5 13.5x 11 3 1 7 13.5x 14.5x 20.5% 12.1.1x 11.1x 5 48 / 71 .62x 1.24x 3.7x 23.8[ 42.0x 1.78[ 35.1% 1.5 .17.9x 22.7x 8.3x 8.7[ 29.28 .1x 9 18. Multi-Utilities & Unregulated Power Utility companies with significantly diversified activities in the Electric Utilities.21x 5 11.4 .0x 12.44x 1.1x 11.1x 22% [11.7x 26% [1. Gas Utilities and/or Water Utilities sub-industries not classified elsewhere.13.4 .4x 1.7x 9 23.4x 54.1% 8. Includes unregulated independent power producers and distributors.1x 36.5 .1.2.7[ 57.3x 11 3 0 8 1.42 .7x 21.78x 37% [1.4x 58% [0.0% 13.9x 2.3x 13.1% 17.0x 8 1.9x 21% [8.9.21[ 57.95x 1.43x 0.77x 11 3 1 7 7.3x 2.3x 44% [6.7x 17% [9.5% 8.2% 15.6x 11.9x 18.IMGR SE – JUNE 2006 83.0x 5.7[ 57.26x 62% [0.9x 1.2[ 50.6x 15.8[ 27.7x 9.47x 2.3x 15.9x 58 5 8 45 9.9.0x 14.1.21x 1.0x 15.34x 1.13.0x 1.6x 9.6 .9x 2.

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

5x 7.6x 22.9x 22.6x 51% [0.3x 3.2x 9.0x 0.3x 18.4x 1.0x 0.2x 1.8x 6 20.8x 33% [5.35x 0.07[ 26.74x 3.1x 49% [1 .9x 7 19.9x 1 22.56 .30x 4.8x 8.5x 6. Paper Products Manufacturers of all grades of paper.9x 1.3x 48% [15 .12.71x 0.4% 1.15x 2.91x 1.1x 53. Paper Packaging Manufacturers of paper and cardboard containers and packaging.4% 0.1% 11.3x 2 1.3x 52% [4.0x 94 9 13 72 0.4x 2.2 .3x 15.1.3x 2. Excludes companies specializing in paper packaging classified in the Paper Packaging sub-industry.14x 1.9x 46% [6.1x 11.0x 0.1x 9.2[ 29.1x 94 9 30 55 5.3x 6 1.1x 1.02x 0.0.8x 19.0x 44.1x 5 52 / 71 .0x 25.7x 94 9 43 42 4.3% 7.8 .6 .6[ 30.9x 6.25.2 .66x 1.62x 1.21x 57% [1.7x 1.5x 9.21x 5 9.3[ 37. 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 0.1x 24.8.9% 11.0x 20.20x 94 9 23 62 3.13.78x 1.3x 4 18.7x 15.7[ 27.51 .IMGR SE – JUNE 2006 91.8x 64% [6. 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 0.14[ 35.0x 11.8% 1.1.4% 8.3[ 27.1x 58.2x 15.0x 14.1[ 41.8x 10.8 .7.3x 11.78[ 29.7x 1.1x 1.7% 11.02x 44% [0.6 .6x 49.3x 11.7x 16.7[ 31.7% 20.6x 5 92.1x 18.1x 8.2x 68% [8.2.3x 30.0% 1.02x 7 8.1x 8.

4x 10.0x 10.2x 13.4x 10.0% 21.7% 19.9x 6.0x 11.3x 0.93x 1.9x 23.3.8x 8.5 .4x 0.7x 5 53 / 71 .8x 0.8[ 32.23.0x 9.5x 8 3.1.1[ 25.15.4% 11.7x 31% [7 .3x 4 26.6x 1.0% 1.4x 48% [12.5% 2.4[ 31.4x 2.52x 3.3[ 20.3x 2.1x 9.0x 13.IMGR SE – JUNE 2006 93.91 .52x 4 13.6x 7.54x 4.1x 22.7x 8 13.6x 3.6x 23.3% 9.6% 2. Personal Products Manufacturers of personal and beauty care products.2x 15.6x 57% [9.12.7x 54% [1.8x 2. including cosmetics and perfumes.7 .68x 2.64x 2.9.4x 43.9 .8x 17.2[ 25.8x 66.7x 13.63x 8 10.13x 3.69x 1.2. Includes veterinary drugs.9x 15.6x 73% [1.63x 56% [1.2x 2.4x 16.0% 1.28x 0. 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 0.3x 12.7x 22.2.4x 1.4x 17.1x 1.85x 7.19.1% 14.0x 50.56 . Pharmaceuticals Companies engaged in the research.8x 8 22.4x 5 2.9 .83[ 22.5x 35% [18.13x 1.1 .83x 62% [0.4x 3 94.5x 15.42x 2.14.2x 25. 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 0.8x 5.9[ 33.9% 13.1x 11.5 .9x 32.3x 24.8[ 32.80x 0.7x 32.3 .6x 12.1x 26.3x 7 18.2x 18.8x 29% [13.6x 2.3x 49% [9.25[ 31. development or production of pharmaceuticals.8[ 39.1x 0.

1.9x 25.2x 1.2[ 36.3x 50% [1.8[ 45. Includes companies primarily mining platinum.2x 7. Photographic Products Manufacturers of photographic equipment and related products.8x 17.1x 1.8x 21.6x 2.6 .7x 17.3x 72% [0 .7x 9.19.65x 4.3x 46.43x 2.5x 11.8x 0.0x 69% [13.56[ 50.5.68x 0.0x 1.67x 4 8.5% 33.7 .39x 8 21.3x 22.8x 2.6x 21.9x 3. 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 0.3x 3 23.4x 1 44.3x 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) 96.67x 2.7x 3 2.4x 0.49 .62x 7.4x 35.5x 107.1 .3.9x 2 26.2x 6 12.0x 58.00x 4.8x 4.92x 69% [0.0% 15.3 .5x 19.23.2.19.8x 8.2x 49% [4.9x 10.5x 33% [2.2 .32x 5.2[ 71.3% 1.IMGR SE – JUNE 2006 95.0x 27.6x 4 3.7[ 66.62x 0.4x 45.0% 1.1x 53% [5.4[ 36.7x 36.1[ 31.6x 11.5x 5 54 / 71 .1x 14.7x 30.7x 54% [14.7% 4.2x 9.2x 5.5% 6.6x 54.5x 36.4x 2.20x 1.39x 56% [2.2 .8% 2.0x 4.6 .2x 3.86x 9. 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 0.1x 16.4x 15.5x 9.98x 1.33[ 35.67 .9x 19.48x 5.9x 3.45.20.7x 6.8x 9.4% 11.3x 4.1[ 50.7% 12.1x 12. Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry.4% 15.3x 15.7[ 62.1x 63% [4.

51x 61% [1.9x 24% [7.5 .6x 9.4x 9.92x 1.2 .56x 123 21 19 83 1.9% 1.25[ 23.6x 13.8x 19.5x 8 21. magazines and books.1x 2.8x 38% [7.3x 20.1% 1.18.5 .1x 5.3x 38% [11.57x 5 9.4x 2. 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 1.3x 5 98.3x 17.59x 5 9.3% 14.6x 2.3x 6 2.5x 12.0% 1.5x 16.6x 8.1x 22.6x 9.8x 40% [11.3x 123 18 29 76 4.5x 2.2x 51% [1.9x 15.6x 56% [1 . and providers of information in print or electronic formats.7 .1x 12.59x 2.0x 123 20 29 74 1.20x 4.4x 6.5x 123 18 18 87 0.02[ 40.4% 11.5x 21.4x 1.76x 59% [0.88x 2.0x 0.1.8x 21.3.9x 16.0x 3.8x 39.0x 4.77x 7.4[ 47.8x 9 12. Publishing Publishers of newspapers.9x 7 16.0x 14.8x 8 17. Railroads Companies providing primarily goods and passenger rail transportation.0x 16.5 .8.6x 6.1x 15.3x 1.15.3x 26.2[ 32.8[ 41.3x 12.01x 5.4x 12.9.59 .6% 14.27x 1.2 .1x 9.5x 9.3x 3.IMGR SE – JUNE 2006 97.24x 0.7% 8.5x 44% [10.7[ 27.1x 38.25x 2.1 .7% 8.8x 2.2[ 56.16x 1.6x 7.1x 31.2% 1.8x 6 2.1[ 28.8x 39% [10.68 .18.2.13.5x 27.6x 9. Table 97 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) EV / Sales EV / EBITDA EV / EBIT PER PBR 123 21 14 88 0.57x 3.2x 5 55 / 71 .7[ 27.9[ 41.2% 16.

4x 47.5% 14.2[ 29.0x 13.3x 23.2x 15.15.7x 1.5% 1.9[ 38.8[ 41.2[ 37.8 .23x 0.7% 1.0% 27.IMGR SE – JUNE 2006 99.0x 5.3x 45% [1.69x 1.6x 1.7x 13.27x 78 9 8 61 3.8x 23.4x 0.7 .5x 44% [14.97x 46% [0.15[ 29.1x 44.1x 78 9 12 57 5. bars.36.2 .24x 1.9% 1.5x 1.4 .0x 13.0.52x 4.6[ 38.3x 63% [5.02x 4.2x 3.4x 19.5x 4.5x 5 Semiconductor Equipment Manufacturers of semiconductor equipment.5 .0x 8.6% 17. Includes companies that provide food catering services.43x 3. EV / Sales EV / EBITDA EV / EBIT PER PBR 78 9 5 64 0. fast-food or take-out facilities.1x 66.9[ 32.7 .0x 78 9 11 58 4.8x 2.5x 10.4x 2.7x 51% [24.1.6x 7.0x 2 23.3% 13.5x 7.3x 5 EV / Sales EV / EBITDA EV / EBIT PER PBR 64 8 4 52 64 8 14 42 64 8 24 32 64 8 29 27 64 8 8 48 0.5x 1.97x 6 16.83[ 31.9[ 37.46[ 26.1x 19.8x 61% [3.4x 1.2x 14.4x 2 23.7x 5 2.20.1x 15.1x 29.4x 22.4 . 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 .2x 8.4x 10 13.5x 8 2.7 .02x 1.1.46x 1.6x 11.1x 56.2x 10 21.3x 13.2 .2x 8.28x 1.11.7x 21.1x 1.02x 5 8.87x 2.19x 60% [0.8% 8.46 .0x 10.3x 12.7x 2.1% 10. pubs.7x 78 9 8 61 0.8x 26.4x 14.7x 4.1x 47% [1.6x 23.2x 27% [12.75x 1. Restaurants Owners and operators of restaurants. Table 99 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 100.4x 26% [7.3% 0.5x 32.

2x 7.1x 15.6 .6x 10.3x 0.22[ 40.1x 12.5x 7.3x 2 Soft Drink Producers of non-alcoholic beverages including mineral waters.3x 4 2.2x 28 0 9 19 3.75 .4 .2[ 29.8x 58% [7. 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 0.9x 62% [6.7 .7x 11.1x 18.3x 25.2 .3x 3 32.8.2x 7 12.2x 43.0x 28 0 9 19 2.9x 47% [11.13.1x 2.3x 9.2x 5 57 / 71 .1[ 50.4x 1.9x 15.3x 23.9x 8 20.8x 57% [12.18x 4 12.1% 1.3x 10.45x 8.2x 12.4 .0% 7.18x 3.4[ 27. Excludes producers of milk classified in the Packaged Foods sub-industry.3x 106.4x 0.08x 28 0 6 22 2.1x 2.3x 1.49x 72% [0.4x 65% [0.4x 74% [13 .1.0x 7.2. Semiconductors Manufacturers of semiconductors and related products.3% 12.18x 2.47x 2.6x 58% [1.3x 8. 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 0.8x 2 2.7x 2.1.9% 1.5x 9.06x 1.18.2x 37% [6.7x 4 20.0x 53.IMGR SE – JUNE 2006 101.8x 64.2x 7.2% 2.6[ 30.53x 3.2[ 31.6% 12.0x 1.2x 3.01x 1.8x 19.9% 19.9 .5x 6.2% 1.26[ 32.1x 16.0x 1.0x 27.28x 0.1x 32.15.7[ 52.8 .1x 3.11.7x 16.6[ 42.28x 54% [0.3x 1.81[ 26.1% 16.1.87x 1.14x 6 8.15x 1.2x 2.1x 14.6 . 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) 102.3x 15.4x 25.2x 28 0 5 23 0.14x 1.7x 16.8% 8.3x 18.

2x 10.4x 49% [5.0x 8.7x 19.4% 6.IMGR SE – JUNE 2006 103.2x 11. 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. advanced polymers.7% 8.2.1x 64 8 12 44 2.35 .6x 0.72x 1.7[ 30.88x 97 5 22 70 2.9x 29.1[ 27. Includes toy stores.8% 9.1.4% 0.5x 4 58 / 71 .5 .7x 3.5x 1.6% 15.3x 9.2x 36% [8.18.8x 2.0x 10.15.7x 97 5 31 61 3.1x 17.9.2x 9 14.1% 1.2 .2x 39% [12. including but not limited to fine chemicals.0x 64 8 14 42 2.2.1x 11.0x 7.7x 30.7[ 40.2x 1.4x 6 17.09x 1.9. office supply stores and automotive retail.3x 20. sealants and specialty paints. EV / Sales EV / EBITDA EV / EBIT PER PBR 97 6 16 75 0.2x 9 20.7x 43.6x 9 12.0.7x 13.2x 12.02x 2.4x 17.6x 51% [5.0x 7.9% 19.1x 5 Specialty Stores Owners and operators of specialty retail stores not classified elsewhere.0x 20.75x 70% [0.5x 16.7x 4.8.1x 49% [1.3x 22.7x 15.50x 3 7.53x 1.77x 3.3x 14.02[ 32.50x 0.9% 13.83x 3 9. Specialty Chemicals Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products.1[ 28.01x 0.52 .4x 17.8% 1.9x 7.7x 97 5 22 70 0.2x 61% [1 .8x 2.2x 40% [18.36x 0.07x 64 8 10 46 0. adhesives.83x 0.2 .9[ 31.7 .4x 50% [12.3x 1.31x 64% [0.8x 9. 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) 104.9x 15.8 . pigments and coatings.3x 97 5 25 67 3.3x 19.0% 0.4x 1.1[ 38.8[ 25.6x 1. additives.22[ 27.4x 8 2.5x 11.2[ 23.2x 8 2.4x 1.16x 0.8 .6 .4x 64 8 7 49 0.8x 39.1x 5.2x 5.

0x 58% [5 . 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 0.25x 0.7x 59% [1.3% 1.0x 76.2x 20.4x 4 10.1% 1.6x 11.9x 19.2x 8.29.15.1 .75x 1.1x 51.17x 2.2. Systems Software Companies engaged in developing and producing systems and database management software.3% 2.7x 26.5[ 22.43x 0.1x 49% [4.0x 1.8% 5.6x 0.8x 12.4x 11.7[ 27.IMGR SE – JUNE 2006 105.18x 8.4x 14.0x 1.05x 5.8x 8.6x 5 Number of observations Non available multiples Non meaningful multiples Short-listed multiples Minimum 1st quartile Median 3rd quartile Maximum Mean Std deviation as % of mean Modal interval Modal interval frequency Mode estimate Valmetrics multiple Multiple rating (10=highest) 106.8x 11.0x 6.01x 0.3x 4.8x 1.6[ 50.1x 7 9.0% 6.4x 27.7.2x 32.7x 21.5x 7.7x 4.0x 5. 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 0.1x 7.3 .9[ 38.2 .7[ 42.0x 7.0x 51% [5.50x 0.5% 13.7x 51% [7 .6x 2.4x 7.1x 0.08 .5% 11.4x 24.5.2x 23.7x 0.13.5[ 28.8[ 29.8x 2.8x 5 21.4x 4.7x 4 31.4x 12.0% 23.1x 0.2x 4 3.6 .4x 59% [1.94x 3.3x 1.4x 24.5x 9.6x 47% [8.2x 4 59 / 71 .56x 80% [1.0.6 .0x 7.55x 3 14.9x 18.2x 2.4% 6.55x 1.58[ 28.2x 53% [17.2x 8.1.29 .16[ 35.17x 1.0x 6.9[ 39.0x 40.8x 4 1.84x 62% [0.2 .08x 1.9% 0.9x 2.2.7.1x 5.75x 4 6.

2[ 32.93x 63% [0. and electronic equipment and components.5x 17.03x 0. computers & peripherals.8x 15.6x 1.1x 67% [0.5 .3x 6.3x 52% [12.1x 77% [0.0x 6.0x 138 7 65 66 2.21.16x 2 9.0x 13.6 .9x 73 7 7 59 0.0x 54% [8.4x 3.6x 9.6x 8 2.71x 138 9 39 90 2.1[ 29.8% 1.6x 31.4x 0.4x 8.9% 0.9x 11. Includes distributors of communications equipment.7x 13.0x 99.0.4x 1 1.17.5[ 35.5x 9.7% 0.0x 9.7x 0. Accessories & Luxury Goods.9x 138 7 62 69 5. 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 0.6% 14.2x 14.0x 8 15.62[ 27.3x 60% [4.4x 6.2x 14.0x 10.1x 53% [3.3x 9.7.2x 22.8 .9[ 24.12.1. Technology Distributors Distributors of technology hardware and equipment.0.16x 0.0x 73 7 21 45 4.8x 12.3x 10.6x 3.2[ 33.54x 1.2x 2 25.9[ 42.0x 1.3x 27.6x 83.33x 0.8x 35. EV / Sales EV / EBITDA EV / EBIT PER PBR 73 7 11 55 0.5 .0x 3 60 / 71 .5% 0.61x 0. semiconductors.23x 2.0x 2 Textiles Manufacturers of textile and related products not classified in the Apparel.IMGR SE – JUNE 2006 107.07x 0.3 .2x 0.9[ 30.2x 13.0x 1.4[ 50.1x 6 11.41x 79% [0 .7x 8.78x 5 11.3% 14.4% 8.6[ 27.16x 0.5 .9x 1.12.1 .4x 5.78x 1.0.7.5x 1.0% 9.6x 35.8% 6.3x 90% [0 . 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) 108.7x 3 23.4% 7.1x 9.0x 0.7x 138 7 25 106 0.50x 0.2x 73 7 16 50 0.2x 76% [12. Footwear or Home Furnishings sub-industries.5x 29.31x 73 7 15 51 0.31 .6x 14.

6[ 36.1x 40% [6.5[ 28.5x 9.85x 2.4x 12.8% 5.8x 8.16.2x 5 61 / 71 . Tires & Rubber Manufacturers of tires and rubber.9 .5% 11.9x 13.0% 9.7x 10. 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 0.9x 5 14.1x 1.8x 8 4.8x 11.3x 1.3x 10.6x 35% [3 . 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 0.2 .6.4% 4.5.4 .3x 4.5x 1.8x 22 1 10 11 9.10.1 .7x 9.7x 8 9.7 .1.74x 3.54x 49% [2.IMGR SE – JUNE 2006 109.0x 11.4x 14.21[ 38.7x 72% [3.0.7x 12% [7.5 .6x 6 10.1x 22 1 8 13 3.0x 13.3[ 35.8x 10.0x 8.5[ 50.5[ 61.5x 38% [7.5 .2x 12.1% 8.4x 16.5x 0.61x 0.6% 1.24x 0.4x 5 Tobacco Manufacturers of cigarettes and other tobacco products. 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) 110.7x 2.6x 55% [1.60x 2.2x 6.63x 0.76x 54% [0.4[ 36.2x 4.95x 1.4x 1.4 .9x 9.11.5x 4.7x 14.7x 3.0x 6.59x 2.93x 4.7x 0.5x 7 1.4x 6.9[ 38.8x 23% [14.83[ 42.54x 8 9.6x 12.3.5x 9.4x 12.66x 1.11.50x 0.2x 8.9.9x 22 1 12 9 0.1x 12.9x 5.7x 13.1x 20.5x 2.29 .63x 4 6.0x 7.5% 2.1x 6 12.3% 10.8[ 44.8x 9.83x 22 2 10 10 7.5x 5.9% 0.8x 16.8x 23.9x 35% [8.4% 14.

9[ 35.24x 2.7% 8.3% 0. EV / Sales EV / EBITDA EV / EBIT PER PBR 119 14 18 87 119 14 24 81 119 13 27 79 119 13 28 78 119 13 14 92 0.5x 1.8x 14.2x 30.41[ 35.63x 0.80x 1.88x 2.7x 5.8x 8 2.3x 1.63x 7 9.9x 64% [6 .9x 1.7[ 30.4x 36% [10 .6x 5.42 .6 .2.3x 13.3 .9% 11.0x 54% [0.8x 3 2.4x 0.1x 9.4x 3.3x 41% [5 .3x 13.73x 69% [0.2x 14. 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 0.42x 60% [0.5% 16.9.5x 57. 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) 112.6% 2.8x 8 13.8x 2.6x 17.8x 52% [1.3[ 27.5x 18.6x 16.8x 23.2x 16.59x 0.1.12.4x 9.6% 11.IMGR SE – JUNE 2006 111.14x 1.5x 16.14x 6 7.1x 11.2x 6.6x 7.2x 8 18.9x 10.9x 22.05x 3.2x 17.3x 34.12[ 25.1.0x 5 62 / 71 .6x 9.5x 1.3x 8 14.2x 0.7 .8x 5 Trucking Companies providing primarily goods and passenger land transportation.4 .0% 6.1x 6.8x 2.02x 0.1x 23.79x 1.8 .5x 12.13.4[ 27.2x 16.64[ 25.4x 7 18.6% 1.6x 6.19x 0.39x 0.3x 1.0x 2.1x 0.7[ 24.3x 7.5 .8x 46% [7. Trading Companies & Distributors Trading companies and other distributors of industrial equipment and products.1% 11.5[ 35.2% 1.5x 8.9x 29.7x 5.3x 12.2x 48% [9. Includes vehicle rental and taxi companies.8x 36% [12.4x 0.17.3x 1.0.6[ 29.41x 0.

9x 34.6x 16.2x 16.3x 9.5 .4x 13.6x 8 1.4x 8 2. 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) 114.3x 8 16.7x 8 15.8% 9.87x 2.0x 16.3% 12.0x 21.6x 49% [10. Water Utilities Companies that purchase and redistribute water to the end-consumer.6x 1.3x 3.91x 5.7x 34% [9.2 .8x 1.05x 49% [1.4x 55 6 9 40 0.1 .8x 16.4% 14.22x 3.0x 38.05x 8 7.0x 40% [5.8[ 36.16.10.5% 1.6x 14.14[ 33.2.37 .3x 2.5% 1.9x 15. Includes large-scale water treatment systems.02x 3.9x 2.38x 59% [2.61x 9.9x 30.44x 3.8x 9.3x 46% [9.75x 55 6 15 34 0.2x 22.4x 15.3x 8 21.6x 8.8x 10.91x 5 9.24[ 34.4x 5.0x 9 14.7x 33 3 4 26 0.8x 4.2.IMGR SE – JUNE 2006 113.8% 21.18.9[ 32.9x 52% [1.1x 33 3 8 22 2. 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 0.3 .2.7.91x 2.6x 7.1x 7.2[ 38.1x 1.01 .8x 3.0x 15. EV / Sales EV / EBITDA EV / EBIT PER PBR 33 3 1 29 0.5% 3.2x 8.9 .7[ 31.0x 1.0x 11. including paging services.9x 34.31x 2.2x 1.4x 48% [13.4x 72% [1.7x 13.9x 5 Wireless Telecommunication Services Providers of primarily cellular or wireless telecommunication services.7x 9.3x 1.6x 4 63 / 71 .4x 55 6 19 30 0.3x 44% [13.44x 33 3 8 22 2.8x 12.6[ 39.3x 33 3 8 22 1.3% 15.21[ 31.4x 28.5 .4x 18.2 .9 .2[ 47.28x 1.7x 55 6 21 28 0.01[ 30.4% 6.3x 6.8% 1.4.5x 13.74x 3.

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

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

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

The quartiles are determined by sorting the data from the lowest to the highest values and taking the data point at ¼ (1st quartile). That is. Non available (“na”) multiples: data non available in the databases. Rating: Valmetrics rates (on a scale from 0 to 10. there is an equal number of points above and below the median. the median is not influenced by outliers at the extremes of the data set. Copyright © 2006 Valmetrics 67 / 71 . See the “Multiple Rating” section below for more details. Standard Deviation as a % of mean: a measure of the dispersion of a set of data from its mean. E. the mean and the mode according to dispersion and significance tests. See the “Multiple Selection” section below for more details. If the standard deviation is too high. Unlike the mean. The mode is the most frequently occurring value in the data set. The mean is the most commonly-used measure of central tendency and is the preferred tool to calculate multiples. multiples calculations are considered arbitrary and are substituted by “nm” (= non meaningful). the higher the deviation. For the median.g. The more spread-out the data. If the number of observations is insufficient. the mode is estimated through an interpolation calculation based on modal interval boundaries. the mean multiple is not a relevant multiple. the middle (median) or the ¾ of the sequence. with 10 the highest) the “Valmetrics multiple” to help you select the most relevant multiple. it lacks robustness of validity. 2nd (median) and 3rd quartiles: a quartile is a statistical term describing a division of observations into four defined intervals based on the values of the data. Each quartile contains 25% of the total observations. Minimum & maximum: respectively the lowest and highest multiple of the set. Modal interval frequency: The number of multiples recorded within the modal interval divided by the total number of multiples. Mean: simply the sum of the values divided by the total number of items in the set. However.IMGR SE – JUNE 2006 GLOSSARY Number of observations: number of companies that constitute the sample on which all the calculations are based. As data are continuous. Valmetrics multiple: Valmetrics selects the best indicator among the median. Modal interval & Mode: The modal interval is the histogram interval with the greatest density. 1st. the confidence intervals based on the mean tend not to be precise if the underlying distribution is indeed not normal. Non meaningful (“nm”) multiples: negative multiples or excluded set outliers. The mean is an example of an estimator that is the best we can do if the underlying distribution is normal.

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

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

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

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