Industry Multiples India Report Tenth Edition 2020 PDF

Industry Multiples in India
Q4 2019 and Q1 2020

Industry Multiples in India – Q4 2019 and Q1 2020
Contents
3-4 Foreword
5-6 Summary
7-8 Median EV/EBITDA Multiples By Sector
Industry Multiples
9-14 Consumer Discretionary: Apparel
15-20 Consumer Discretionary: Auto Parts and Equipment
21-26 Consumer Discretionary: Household Appliances
27-32 Electric and Gas Utilities
33-38 Energy
39-44 Financials: Banks
45-50 Financials: Consumer Finance
51-56 Financials: Specialized Finance
57-62 Household and Personal Products
63-68 Industrial Machinery
69-74 Internet Services and Infrastructure
75-80 Application Software
81-86 Chemicals
87-92 Construction Material
93-98 Construction & Engineering
99-104 Metals and Mining
105-110 Pharmaceuticals and Biotechnology
111-116 Real Estate
117-131 Other Industries
132-134 Industry definitions
135-137 Contributors
2
Foreword
Dear Readers,
It gives me great pleasure to share the tenth edition of our quarterly report on Industry Multiples in India. This report
provides an overview and comparison of trading multiples for various key industries in India as of December 31, 2019 and
March 31, 2020. We are providing this comparison considering the volatility observed in markets across the globe,
including India, during this period.
Global equity markets surged in Q4 2019 despite the low projected global GDP growth of 3.0 percent by the International
Monetary Fund (IMF) in October of that year. This was driven by the expectations of a trade deal being signed between
the US and China, a third successive interest rate cut by the U.S. Federal Reserve and a positive outcome of the UK
elections including certainty of Brexit. A similar trend was observed in India as well, with the Sensex reaching its lifetime
time high during Q4 2019 on the back of corporate tax cuts, repo rate cut, foreign portfolio investment inflows and the
privatization of public sector banks. These factors helped the markets overcome the negative macroeconomic news (India
witnessed a quarterly GDP growth of only 4.1 percent – the lowest in the previous six quarters, largely on account of low
growth in manufacturing and construction.)
Varun Gupta
Managing Director and However, the COVID-19 pandemic has since upended the global economy and the capital markets have inevitably gone
Asia Pacific Leader for into a tailspin. The IMF has revised its global GDP growth estimate for 2020 from positive 3.3 percent (on January 9,
Valuation Advisory 2020) to negative 3.0 percent (on April 6, 2020). The U.S., Canada, Europe and Japan are expected to have a negative
Services GDP growth rate while for India and China, the GDP growth rate is expected to be much lower than earlier estimates.
Following the start of the COVID-19 pandemic, lockdown measures have been implemented in several countries. This has
led to an unprecedented increase in unemployment rates. To tackle this, there has been an acceleration in policy easing
and fiscal loosening across economies by decreasing interest rates, offering stimulus packages and other measures.
As of March 31, 2020, MSCI World Index had dropped by ~21 percent from the end of January 2020, with U.S. (S&P 500)
and European markets (FTSE and DAX) declining ~30 percent due to the Coronavirus outbreak. This was also combined
with a significant correction (~50 percent) in crude oil prices. The global panic did not spare India, and the Indian equity
markets (S&P BSE 500) declined by ~38 percent during the same period before gaining ~12 percent in the last seven
days of March 2020 following the Finance Minister’s announcement of a fiscal package to help the economy tackle the
COVID-19 slowdown. On the positive side, India may benefit from the fall in crude prices. Several countries are expected
to reduce their reliance on China as a manufacturing hub, and some of them may consider setting up new manufacturing
units in India.
Multiples for most companies plummeted during this period. Industries with significant declines in multiples include IT
services and application software, construction and engineering, industrial machinery, real estate, auto parts & automobile
manufacturers and banking & financial services.
3
Foreword IT services and application software companies have been impacted due to the general market slowdown in the U.S. and
Europe. This has led to price resets and a greater shift toward insourcing after the crisis. However, strengthening of the U.S.
dollar is expected to somewhat offset the challenge. The sector witnessed an average decline of ~35 percent in EBITDA
multiples from December 31, 2019.
.
The construction & engineering and real estate sectors, which are among the largest employment generators in India, have
seen stalling of new residential and commercial projects due to disruption in raw material supply chains and labor markets due
to the lockdown. These sectors witnessed a decline of ~25 percent in EBITDA multiples from December 31, 2019. This also led
to a decline in multiples for the industrial machinery sector, which experienced a decline of ~30 percent in its EBITDA multiples.
Automobile manufacturers, which have been witnessing weak demand for the last three quarters, experienced a complete halt
in operations (shutdown of plants) due to the countrywide lockdown. The sector witnessed a decline of ~33.0 percent in EBITDA
multiples from December 31, 2019.
Financial services companies, including commercial banks, are expected to witness a decline driven by an expected spike in
credit costs and non-performing assets in 2020. Even though the Reserve Bank of India’s moratorium on loans during the
lockdown period will mitigate the reporting burden, the real deterioration of credit quality cannot be avoided. A similar trend is
being observed in consumer finance companies, including non-banking financial companies (NBFCs), where retail loan growth
and collections are expected to be affected due to social distancing and lower discretionary spend. Overall, banks witnessed a
decline in P/B multiples of ~6 percent and consumer finance companies saw a decline of ~35 percent from December 31, 2019.
While the household and personal products sector tried to increase production to meet the demand for essential commodities
during this time, the sector faced challenges due to supply chain and ancillary industries shut down. Overall, the sector
witnessed a decline of ~24 percent in EBITDA multiples from December 31, 2019.
Intuitively one would expect sectors like healthcare facilities, and services and pharmaceuticals to be less impacted and
perhaps even gain from a pandemic, but even these sectors have not been spared. The healthcare facilities and services sector
witnessed a decline of ~15 percent in EBITDA multiples from December 31, 2019. The pharmaceutical sector was amongst the
first impacted sectors in India due to extended lockdown of factories in China, impacting the supply chain and increasing the raw
material prices. Later, however, the industry was classified as an essential service, and the decline in EBITDA multiples was
arrested at ~15 percent vis-a-vis December 31, 2019.
Companies in the utilities sector faced a slowdown in demand due to the shutdown of industrial and commercial establishments,
resulting in an immediate impact on cash flows. The sector witnessed a decline of ~8 percent in EBITDA multiples from
December 31, 2019
Our report provides a detailed overview of the P/B, P/E, EV/ EBITDA and EV/Sales multiples of companies in the S&P BSE 500
Index across 23 major industries for which such data is available. We hope you find this report helpful in depicting the range of
trading multiples for major industries in India. If you would like to receive further information or discuss any findings of this
analysis, please contact us.
Disclaimer: Considering higher volatility in the financial markets and increased uncertainty because of COVID-19, certain industries may experience temporary
distortions in trading multiples. Readers need to use significant judgment when it comes to relying on and applying these multiples. 4
Summary: Multiples by Sector

As of March 31, 2020
% change in
EV / Sales EV / EBITDA P/E P/B
Market Cap**
Apparel -26.0% 1.8x 12.8x 16.2x 3.3x
Auto Parts and Equipment -38.9% 0.8x 6.8x 13.6x 1.8x
Household Appliances -17.9% 2.4x 24.0x 38.6x 8.7x
Electric and Gas Utilities -25.1% 1.9x 6.3x 9.9x 1.4x
Energy -31.1% 0.4x 4.3x 4.8x 0.6x
Household and Personal Products 3.2%* 2.6x 15.8x 24.2x 2.7x
Industrial Machinery -27.9% 2.2x 14.4x 23.8x 3.5x
Internet Services and Infrastructure -17.3% 1.5x 7.7x 11.4x 2.2x
Application Software -33.3% 0.4x 5.0x 7.2x 1.0x
Chemicals -13.7% 1.7x 10.1x 16.3x 3.3x
Construction Materials -23.4% 1.3x 6.2x 14.9x 1.5x
Construction and Engineering -38.1% 0.9x 4.9x 8.4x 0.9x
Metals and Mining -42.3% 0.8x 4.5x 6.4x 0.5x
Pharmaceuticals and Biotechnology -8.2% 2.7x 12.8x 18.3x 2.4x
Real Estate -39.6% 3.8x 11.3x 16.5x 1.3x
Automobile Manufacturers -44.9% 0.8x 8.1x 17.6x 2.2x
Media -47.0% 1.1x 4.3x 7.7x 0.8x
Healthcare Facilities and Services -16.8% 2.9x 14.7x 46.2x 3.1x
Independent Energy and Renewable Electricity
-28.6% 2.5x 7.6x 5.8x 0.6x
Producers
* Increase in market capitalization of Johnson Controls between December 31, 2019 to March 31, 2020
** % change in market capitalization of companies in the industry (as of March 31, 2020) from December 31, 2019 to March 31,2020 5
Summary: Multiples by Sector

As of December 31, 2019
EV / Sales EV / EBITDA P/E P/B
Apparel 2.6x 15.6x 27.1x 3.8x
Auto Parts and Equipment 1.4x 10.2x 21.0x 3.2x
Household Appliances 2.0x 24.8x 40.2x 10.0x
Electric and Gas Utilities 2.1x 6.9x 10.0x 1.6x
Energy 0.6x 5.4x 7.2x 1.0x
Household and Personal Products 3.4x 20.8x 25.0x 3.5x
Industrial Machinery 2.8x 20.7x 31.6x 4.1x
Internet Services and Infrastructure 2.0x 11.0x 15.4x 3.4x
Application Software 1.1x 8.2x 15.7x 1.9x
Chemicals 2.0x 13.1x 20.3x 3.1x
Construction Material 1.7x 8.1x 18.9x 2.1x
Construction and Engineering 1.3x 6.3x 12.2x 2.0x
Metals and Mining 1.0x 6.0x 11.0x 1.0x
Pharmaceuticals and Biotechnology 3.0x 13.5x 21.5x 2.8x
Real Estate 7.5x 16.0x 27.9x 1.8x
Automobile Manufacturers 1.5x 9.7x 17.9x 3.3x
Media 1.3x 7.4x 14.0x 1.5x
Healthcare Facilities and Services 3.0x 17.4x 49.7x 4.0x
Independent Energy and Renewable Electricity
2.8x 8.8x 8.1x 0.8x
Producers
6
Median EV / EBITDA multiples by Sector

Average
As of March 31, 2020 As of December 31, 2019
(Sept’17 to Mar’20)
Apparel 12.8x 15.6x 16.9x
Auto Parts and Equipment 6.8x 10.2x 13.0x
Household Appliances 24.0x 24.8x 28.2x
Electric and Gas Utilities 6.3x 6.9x 8.9x
Energy 4.3x 5.4x 6.1x
Household and Personal Products 15.8x 20.8x 22.2x
Industrial Machinery 14.4x 20.7x 20.6x
Internet Services and Infrastructure 7.7x 11.0x 12.4x
Application Software 5.0x 8.2x 11.3x
Chemicals 10.1x 13.1x 14.4x
Construction Material 6.2x 8.1x 11.4x
Construction and Engineering 4.9x 6.3x 9.6x
Metals and Mining 4.5x 6.0x 6.7x
Pharmaceuticals and Biotechnology 12.8x 13.5x 15.4x
Real Estate 11.3x 16.0x 15.6x
Automobile Manufacturers 8.1x 9.7x 12.1x
Media 4.3x 7.4x 12.6x
Healthcare Facilities and Services 14.7x 17.4x 23.2x
Independent Energy and Renewable Electricity Producers 7.6x 8.8x 8.4x
7
Median EV / EBITDA multiples by Sector

Median EV / EBITDA multiples
16.9x
28.2x 8.9x 20.6x 14.4x 15.4x 15.6x 12.1x
13.0x 6.1x 12.4x 23.2x 8.4x
22.2x 11.3x 11.4x 6.7x
9.6x 12.6x
24.0x
15.8x 12.8x 14.7x

14.4x
10.1x 11.3x 7.6x
12.8x 7.7x 8.1x
6.8x 4.3x 6.2x 4.9x 4.5x
6.3x 5.0x 4.3x
As of March 31, 2020 Average (Sept'17 to Mar'20)
8
Apparel
Q4 2019 and Q1 2020
Apparel
EV/Sales EV/EBITDA P/E P/B
Number of Observations 23 23 23 23
Number of Outliers 0 1 1 1
Negative Multiples 0 0 2 0
High 10.6x 46.2x 64.8x 13.6x
Mean 2.6x 16.0x 23.8x 4.6x
Median 1.8x 12.8x 16.2x 3.3x
Low 0.0x 2.4x 0.5x 0.4x
Low Quartile 0.7x 4.3x 6.3x 1.0x
Upper Quartile 4.7x 26.8x 44.3x 7.4x
EV/SALES EV/EBITDA
45% 30%
40%
25%
35%
ADJUSTED ROE(%)
EBITDA MARGIN (%)
30% 20%
25%
15%
20%
15% 10%
10%
5%
5%
0% 0%
- 5.0 10.0 15.0 - 10.0 20.0 30.0 40.0 50.0
10
Apparel – Continued
18
EV/SALES 12
EV/EBITDA
16
Number of companies
10
Number of companies
14
12 8
10
6
8
6 4
4
2
2
- -
0 - 2.1 2.1 - 4.3 4.3 - 6.4 6.4 - 8.5 8.5 - 10.6 2.4 - 11.1 11.1 - 19.9 19.9 - 28.7 28.7 - 37.4 37.4 - 46.2
P/E P/B
11
10 12
Number of companies
Number of companies
9
8 10
7 8
6
5 6
4
3 4
2 2
1
- -
0.5 - 16.4 16.4 - 32.3 32.3 - 48.2 48.2 - 64.1 64.1 - 80 0.4 - 3.1 3.1 - 5.7 5.7 - 8.3 8.3 - 11 11 - 13.6
11
High 10.7x 48.4x 74.9x 17.4x
Mean 3.6x 19.6x 36.9x 5.8x
Median 2.6x 15.6x 27.1x 3.8x
Low 0.9x 4.8x 6.8x 0.9x
EV/SALES EV/EBITDA
45%
30%
40%
25%
EBITDA MARGIN (%)
35%
ADJUSTED ROE(%)
30% 20%
25%
15%
20%
15% 10%
10%
5%
5%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 12.0 - 10.0 20.0 30.0 40.0 50.0 60.0
12
EV/SALES EV/EBITDA
14 12
12 10
Number Of companies
Number Of companies
10 8
8
6
6
4
4
2 2
- -
0.9 - 2.9 2.9 - 4.9 4.9 - 6.8 6.8 - 8.8 8.8 - 10.8 4.8 - 13.5 13.5 - 22.2 22.2 - 30.9 30.9 - 39.7 39.7 - 48.4
P/E P/B
9 12
Number Of companies
Number Of companies
8
10
7
6 8
5
6
4
3 4
2
2
1
- -
6.8 - 21.5 21.5 - 36.1 36.1 - 50.7 50.7 - 65.4 65.4 - 80 0.9 - 4.2 4.2 - 7.5 7.5 - 10.8 10.8 - 14.1 14.1 - 17.4
13
Median multiples
6.0 50.0
45.0
5.0
40.0
EV/EBITDA & P/E

35.0
P/B & EV/SALES
4.0
30.0
3.0 25.0
20.0
2.0
15.0
10.0
1.0
5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
EV/Sales P/B EV/EBITDA P/E
An industry must have a minimum of 5 company participants to be calculated. For all reported multiples in India, we have considered companies forming part of S&P BSE 500
Index. Sample set includes publicly-traded companies in India (private companies are not included). Source: Data derived from Standard and Poor's Capital IQ databases.
Any outliers in the industry have been excluded from the above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash equivalents, Sales = Revenue for latest 12
months, EBITDA = Earnings before interest, taxes, depreciation and amortization for latest 12 months, P/E = Share price divided by earnings per share on a diluted basis,
P/B = Share price / book value per share on a diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on
equity = Net income / shareholder's equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number
of shares.
Financial metrics / information for companies considered is based on the latest available filings as of December 31, 2019 and March 31, 2019
14
Auto Parts and Equipment
Q4 2019 and Q1 2020
Auto Parts and Equipment

High 4.8x 15.0x 30.2x 6.3x
Mean 1.2x 7.5x 14.6x 2.0x
Median 0.8x 6.8x 13.6x 1.8x
Low 0.4x 2.4x 4.3x 0.4x
EV/SALES EV/EBITDA
30% 25%
EBITDA MARGIN (%)
25% 20%
20% ADJUSTED ROE(%)

15%
15%
10%
10%
5%
5%
0% 0%
- 2.0 4.0 6.0 - 5.0 10.0 15.0 20.0
16
Auto Parts and Equipment – Continued

EV/SALES 10
EV/EBITDA
16
Number of companies
Number of companies
14 8
12
6
10
8
4
6
4 2
2
- -
0.4 - 1.3 1.3 - 2.1 2.1 - 3 3 - 3.9 3.9 - 4.8 2.4 - 5 5 - 7.5 7.5 - 10 10 - 12.5 12.5 - 15
P/E P/B
Number of companies
Number of companies
7 10
6
8
5
4 6
3 4
2
2
1
- -
4.3 - 9.5 9.5 - 14.6 14.6 - 19.8 19.8 - 25 25 - 30.2 0.4 - 1.6 1.6 - 2.8 2.8 - 3.9 3.9 - 5.1 5.1 - 6.3
17

High 4.6x 24.1x 40.7x 6.7x
Mean 1.8x 11.3x 22.4x 3.2x
Median 1.4x 10.2x 21.0x 3.2x
Low 0.6x 3.8x 7.2x 0.7x
EV/SALES EV/EBITDA
30% 25%
25%
20%
ADJUSTED ROE(%)
EBITDA MARGIN (%)
20%
15%
15%
10%
10%
5% 5%
0% 0%
- 1.0 2.0 3.0 4.0 5.0 - 5.0 10.0 15.0 20.0 25.0 30.0
18

EV/SALES 10 EV/EBITDA
12
8
No. Of companies
10
No. Of companies
8 6
6
4
4
2 2
-
-
0.6 - 1.4 1.4 - 2.2 2.2 - 3 3 - 3.8 3.8 - 4.6
3.8 - 7.9 7.9 - 11.9 11.9 - 16 16 - 20.1 20.1 - 24.1
P/E P/B
8 8
7
No. Of companies
No. Of companies
6 6
5
4 4
3
2 2
1
- -
7.2 - 13.9 13.9 - 20.6 20.6 - 27.3 27.3 - 34 34 - 40.7 0.7 - 1.9 1.9 - 3.1 3.1 - 4.3 4.3 - 5.5 5.5 - 6.7
19

Median multiples
7.0 35.0
6.0 30.0
P/B & EV/SALES
EV/EBITDA & P/E

5.0 25.0
4.0 20.0
3.0 15.0
2.0 10.0
1.0 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
20
Household Appliances
Q4 2019 and Q1 2020
Household Appliances
High 3.5x 29.3x 49.4x 13.1x
Mean 2.1x 23.3x 40.4x 7.7x
Median 2.4x 23.1x 38.6x 8.7x
Low 0.4x 17.6x 30.7x 1.6x
EV/SALES EV/EBITDA
20% 80%
EBITDA MARGIN (%)
18% 70%
ADJUSTED ROE(%)
16% 60%
14%
50%
12%
10% 40%
8% 30%
6%
20%
4%
2% 10%
0% 0%
- 1.0 2.0 3.0 4.0 - 10.0 20.0 30.0 40.0
22
Household Appliances – Continued

EV/SALES 4
EV/EBITDA
4
Number of companies
Number of companies
3
3
2
2
1 1
- -
0.4 - 1 1 - 1.6 1.6 - 2.3 2.3 - 2.9 2.9 - 3.5 17.6 - 20 20 - 22.3 22.3 - 24.6 24.6 - 27 27 - 29.3
P/E P/B
Number of companies
3 4
Number of companies
3
2
2
1
1
- -
30.7 - 34.5 34.5 - 38.2 38.2 - 42 42 - 45.7 45.7 - 49.5 1.6 - 3.9 3.9 - 6.2 6.2 - 8.5 8.5 - 10.8 10.8 - 13.1
23

High 4.8x 38.0x 48.3x 12.7x
Mean 2.3x 25.1x 40.5x 9.0x
Median 2.0x 24.8x 40.2x 10.0x
Low 0.9x 16.5x 33.4x 3.6x
EV/SALES EV/EBITDA
18% 40%
16% 35%
EBITDA MARGIN (%)
14%
ADJUSTED ROE(%)
30%
12%
25%
10%
20%
8%
15%
6%
4% 10%
2% 5%
0% 0%
- 1.0 2.0 3.0 4.0 5.0 6.0 - 10.0 20.0 30.0 40.0
24

4
Number of companies
4
Number of companies
3
3
2
2
1 1
- -
0.9 - 1.6 1.6 - 2.4 2.4 - 3.2 3.2 - 4 4 - 4.8 16.5 - 20.8 20.8 - 25.1 25.1 - 29.5 29.5 - 33.8 33.8 - 38.1
P/E P/B
3 5
Number of companies
Number of companies
4
2
3
2
1
1
- -
33.4 - 36.4 36.4 - 39.3 39.3 - 42.3 42.3 - 45.3 45.3 - 48.3 3.6 - 5.4 5.4 - 7.2 7.2 - 9 9 - 10.9 10.9 - 12.7
25

Median multiples
14.0 60.0
12.0 50.0
EV/EBITDA & P/E

10.0
P/B & EV/SALES
40.0
8.0
30.0
6.0
20.0
4.0
2.0 10.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
26
Electric and Gas Utilities
Q4 2019 and Q1 2020
Electric and Gas Utilities

High 5.7x 16.6x 26.1x 7.5x
Mean 2.4x 7.5x 12.9x 2.4x
Median 1.9x 6.3x 9.9x 1.4x
Low 0.5x 2.3x 4.3x 0.0x
EV/SALES EV/EBITDA
100% 40%
90% 35%
80%
ADJUSTED ROE(%)
30%
EBITDA MARGIN (%)
70%
60% 25%
50% 20%
40% 15%
30%
10%
20%
10% 5%
0% 0%
- 2.0 4.0 6.0 - 5.0 10.0 15.0 20.0
28
Electric and Gas Utilities – Continued

EV/SALES 6
EV/EBITDA
6
Number of companies
Number of companies
5
5
4
4
3
3
2
2
1 1
- -
0.5 - 1.5 1.5 - 2.5 2.5 - 3.6 3.6 - 4.6 4.6 - 5.7 2.3 - 5.2 5.2 - 8.1 8.1 - 11 11 - 13.9 13.9 - 16.7
P/E P/B
6 8
Number of companies
Number of companies
5
6
4
3 4
2
2
1
- -
4.3 - 8.6 8.6 - 13 13 - 17.4 17.4 - 21.8 21.8 - 26.1 0 - 1.5 1.5 - 3 3 - 4.5 4.5 - 6 6 - 7.5
29

High 9.8x 18.4x 29.4x 14.1x
Mean 3.1x 8.1x 13.9x 3.3x
Median 2.1x 6.9x 10.0x 1.6x
Low 0.6x 3.5x 5.9x 0.8x
EV/SALES EV/EBITDA
100% 40%
90%
EBITDA MARGIN (%)
35%
80% ADJUSTED ROE(%) 30%
70%
60% 25%
50% 20%
40% 15%
30%
10%
20%
10% 5%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 12.0 - 5.0 10.0 15.0 20.0
30

EV/SALES 6
EV/EBITDA
8
7
No. Of companies
No. Of companies
6
4
5
4 3
3
2
2
1 1
- -
0.6 - 2.4 2.4 - 4.3 4.3 - 6.1 6.1 - 8 8 - 9.8 3.5 - 6.5 6.5 - 9.5 9.5 - 12.5 12.5 - 15.5 15.5 - 18.5
P/E P/B
7 10
No. Of companies
No. Of companies
6
8
5
4 6
3 4
2
2
1
- -
5.9 - 10.6 10.6 - 15.3 15.3 - 20 20 - 24.7 24.7 - 29.4 0 - 2.9 2.9 - 5.7 5.7 - 8.5 8.5 - 11.3 11.3 - 14.1
31

Median multiples
4.0 25.0
3.5
20.0
P/B & EV/SALES
3.0
EV/EBITDA & P/E

2.5 15.0
2.0
1.5 10.0
1.0
5.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
32
Energy
Q4 2019 and Q1 2020
Energy
High 1.4x 24.0x 15.6x 2.5x
Mean 0.6x 8.4x 6.3x 0.9x
Median 0.4x 4.3x 4.8x 0.6x
Low 0.2x 2.0x 3.5x 0.2x
EV/SALES EV/EBITDA
60% 35%
30%
EBITDA MARGIN (%)
ADJUSTED ROE(%)
50%
25%
40%
20%
30%
15%
20%
10%
10% 5%
0% 0%
- 0.5 1.0 1.5 - 10.0 20.0 30.0
34
Energy – Continued
EV/SALES 8
EV/EBITDA
5
Number of companies
Number of companies
4
6
4
3
3 4
2
2
2
1
1
- -
0.2 - 0.4 0.4 - 0.7 0.7 - 0.9 0.9 - 1.1 1.1 - 1.4 2 - 6.4 6.4 - 10.8 10.8 - 15.2 15.2 - 19.6 19.6 - 24
P/E P/B
4 8
Number of companies
Number of companies
3 6
2 4
1 2
- -
3.5 - 5.9 5.9 - 8.4 8.4 - 10.8 10.8 - 13.2 13.2 - 15.7 0.2 - 0.7 0.7 - 1.1 1.1 - 1.6 1.6 - 2 2 - 2.5
35
High 1.9x 12.3x 21.6x 3.8x
Mean 0.8x 6.2x 10.0x 1.4x
Median 0.6x 5.4x 7.2x 1.0x
Low 0.2x 3.3x 5.9x 0.5x
EV/SALES EV/EBITDA
60%
60%
50%
ADJUSTED ROE(%)
50%
EBITDA MARGIN (%)
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
- 0.5 1.0 1.5 2.0 2.5 - 5.0 10.0 15.0
36
6
Number of companies
Number of companies
5
4
4
2 2
- -
0.2 - 0.5 0.5 - 0.9 0.9 - 1.2 1.2 - 1.6 1.6 - 1.9 3.3 - 5.1 5.1 - 6.9 6.9 - 8.7 8.7 - 10.5 10.5 - 12.3
P/E P/B
8
4
Number of companies
Number of companies
6
3
4
2
1 2
- -
6 - 9.1 9.1 - 12.3 12.3 - 15.4 15.4 - 18.5 18.5 - 21.6 0.5 - 1.1 1.1 - 1.8 1.8 - 2.5 2.5 - 3.1 3.1 - 3.8
37
Median multiples
2.0 12.0
1.8
10.0
1.6
EV/EBITDA & P/E

1.4
8.0
P/B & EV/SALES
1.2
1.0 6.0
0.8
4.0
0.6
0.4
2.0
0.2
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
38
Banks
Q4 2019 and Q1 2020
Banks
Market Cap /
P/B P/E P/TBV
Revenue
High 6.8x 42.0x 6.8x 11.9x
Mean 1.3x 19.9x 1.3x 4.2x
Median 0.5x 21.2x 0.5x 2.7x
Low 0.2x 3.8x 0.2x 0.5x
P/BV P/E
40% 25%
20%
20%
ADJUSTED ROE (%)
ADJUSTED ROE (%)

0%
- 1.0 2.0 3.0 4.0 5.0
-20% 15%
-40%
10%
-60%
5%
-80%
-100% 0%
- 10.0 20.0 30.0
40
Banks – Continued
P/BV P/E
Number Of Companies
24 8
Number Of Companies
22
20
18 6
16
14
12 4
10
8
6 2
4
2
- -
0.1 - 0.9 0.9 - 1.8 1.8 - 2.6 2.6 - 3.5 3.5 - 4.3 1.6 - 6.9 6.9 - 12.3 12.3 - 17.7 17.7 - 23 23 - 28.4
P/TBV Market Cap/Revenue
Number Of Companies
Number Of Companies
24 14
22
20 12
18 10
16
14 8
12
10 6
8
6
4
4 2
2
- -
0.1 - 0.9 0.9 - 1.8 1.8 - 2.6 2.6 - 3.5 3.5 - 4.3 0.1 - 1.5 1.5 - 3 3 - 4.4 4.4 - 5.8 5.8 - 7.2
41
Banks – Continued
Market Cap /
P/B P/E P/TBV
Revenue
High 6.8x 42.0x 6.8x 11.9x
Mean 1.3x 19.9x 1.3x 4.2x
Median 0.5x 21.2x 0.5x 2.7x
Low 0.2x 3.8x 0.2x 0.5x
P/BV P/E
40% 25%
ADJUSTED ROE (%)

ADJUSTED ROE (%)
20%
20%
0%
- 2.0 4.0 6.0 8.0 15%
-20%
-40%
10%
-60%
5%
-80%
-100% 0%
- 10.0 20.0 30.0 40.0 50.0
42
Banks – Continued
P/BV P/E
26
24 8
Number of companies
Number of companies
22
20
18 6
16
14
12 4
10
8
6 2
4
2
- -
0.2 - 1.5 1.5 - 2.8 2.8 - 4.2 4.2 - 5.5 5.5 - 6.8 3.8 - 11.5 11.5 - 19.1 19.1 - 26.7 26.7 - 34.4 34.4 - 42

28
26 16
Number of companies
Number of companies
24 14
22
20 12
18
16 10
14 8
12
10 6
8
6 4
4 2
2
- -
0.2 - 1.5 1.5 - 2.8 2.8 - 4.2 4.2 - 5.5 5.5 - 6.8 0.5 - 2.8 2.8 - 5.1 5.1 - 7.3 7.3 - 9.6 9.6 - 11.9
43
Banks – Continued
Median multiples
1.0 30.0
0.9
P/E & MarketCap/Revenue

25.0
0.8
0.7
20.0
0.6
P/B
0.5 15.0
0.4
10.0
0.3
0.2
5.0
0.1
0.0 0.0
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
P/B P/E Market Cap/Revenue
P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / Book value per share on a diluted basis where Book value per share equals to Total
book value of equity divided by diluted number of shares, P/TBV = Share price / Tangible Book value per share on a diluted basis where Tangible Book value per share
equals to Total tangible book value of equity divided by diluted number of shares, ROE (Return on Equity) = Net income / equity shareholder's equity, Adjusted ROE is
calculated using as ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.
44
Consumer Finance
Q4 2019 and Q1 2020
Consumer Finance
Market Cap /
P/B P/E P/TBV
Revenue
High 5.9x 23.6x 5.9x 8.3x
Mean 1.6x 11.9x 1.7x 3.3x
Median 1.2x 11.0x 1.2x 2.7x
Low 0.4x 5.9x 0.4x 0.7x
P/BV P/E
30% 30%
ADJUSTED ROE (%)
ADJUSTED ROE (%)

25% 25%
20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
- 2.0 4.0 6.0 8.0 - 5.0 10.0 15.0 20.0 25.0
46
Consumer Finance – Continued

P/BV P/E
8 6
Number of companies
Number of companies
6
4
4
2
2
- -
0.4 - 1.5 1.5 - 2.6 2.6 - 3.8 3.8 - 4.9 4.9 - 6 5.9 - 9.5 9.5 - 13 13 - 16.5 16.5 - 20.1 20.1 - 23.6

8 8
Number of companies
Number of companies
6 6
4 4
2 2
- -
0.4 - 1.5 1.5 - 2.6 2.6 - 3.7 3.7 - 4.8 4.8 - 5.9 0.7 - 2.2 2.2 - 3.8 3.8 - 5.3 5.3 - 6.8 6.8 - 8.3
47

Market Cap /
P/B P/E P/TBV
Revenue
High 4.7x 29.8x 4.7x 11.3x
Mean 2.2x 15.2x 2.3x 4.9x
Median 1.9x 13.2x 2.0x 3.8x
Low 0.5x 6.9x 0.5x 1.1x
P/BV P/E
25% 25%
20% 20%
ADJUSTED ROE (%)

ADJUSTED ROE (%)
15% 15%
10% 10%
5% 5%
0% 0%
- 1.0 2.0 3.0 4.0 5.0 - 10.0 20.0 30.0 40.0
48

P/BV P/E
6 6
Number of companies
Number of companies
4 4
2 2
- -
0.5 - 1.4 1.4 - 2.2 2.2 - 3 3 - 3.9 3.9 - 4.7 6.9 - 11.5 11.5 - 16.1 16.1 - 20.6 20.6 - 25.2 25.2 - 29.8

6 8
Number of companies
Number of companies
6
4
4
2
2
- -
0.5 - 1.4 1.4 - 2.2 2.2 - 3 3 - 3.8 3.8 - 4.7 1.1 - 3.1 3.1 - 5.2 5.2 - 7.2 7.2 - 9.3 9.3 - 11.3
49

Median multiples
25.0 8.0
7.0
20.0

6.0
15.0 5.0
P/B
4.0
10.0 3.0
2.0
5.0
1.0
0.0 0.0
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
50
Specialized Finance
Q4 2019 and Q1 2020
Specialized Finance
Market Cap /
P/B P/E P/TBV
Revenue
High 4.8x 13.0x 4.8x 6.8x
Mean 1.1x 4.7x 1.1x 2.6x
Median 0.3x 2.9x 0.4x 1.5x
Low 0.1x 1.3x 0.1x 0.1x
P/BV P/E
25% 20%
20% 18%
ADJUSTED ROE (%)

ADJUSTED ROE (%)
16%
15%
14%
10% 12%
5% 10%
0% 8%
- 2.0 4.0 6.0 6%
-5%
4%
-10% 2%
-15% 0%
- 5.0 10.0 15.0
52
Specialized Finance – Continued

P/BV P/E
12 8
Number of companies
Number of companies
10
6
8
6 4
4
2
2
- -
0.1 - 1 1-2 2 - 2.9 2.9 - 3.8 3.8 - 4.8 1.3 - 3.7 3.7 - 6 6 - 8.3 8.3 - 10.6 10.6 - 13

12 9
Number of companies
Number of companies
8
10
7
8 6
5
6
4
4 3
2
2
1
- -
0.1 - 1.1 1.1 - 2 2 - 2.9 2.9 - 3.9 3.9 - 4.8 0.1 - 2.1 2.1 - 4.1 4.1 - 6 6-8 8 - 10
53

Market Cap /
P/B P/E P/TBV
Revenue
High 8.0x 67.6x 8.0x 29.6x
Mean 2.2x 15.7x 1.8x 7.4x
Median 0.9x 8.2x 0.8x 2.8x
Low 0.6x 3.1x 0.1x 0.2x
P/BV P/E
25% 25%
20%
ADJUSTED ROE (%)

ADJUSTED ROE (%)
15% 20%
10%
5% 15%
0%
-5% - 1.0 2.0 3.0 4.0 5.0 10%
-10%
-15% 5%
-20%
-25% 0%
- 5.0 10.0 15.0
54

P/BV P/E
Number of companies
10 6
Number of companies
8
4
6
4
2
2
- -
0.1 - 0.9 0.9 - 1.8 1.8 - 2.6 2.6 - 3.5 3.5 - 4.3 3.1 - 8.2 8.2 - 13.2 13.2 - 18.3 18.3 - 23.4 23.4 - 28.5
Number of companies
8 11
Number of companies
10
9
6 8
7
6
4 5
4
2 3
2
1
- -
0.6 - 1.3 1.3 - 2.1 2.1 - 2.8 2.8 - 3.6 3.6 - 4.3 0.2 - 6.1 6.1 - 12.1 12.1 - 18.1 18.1 - 24 24 - 30
55

Median multiples
2.5 18.0
16.0
2.0 14.0

12.0
1.5
10.0
P/B
8.0
1.0
6.0
0.5 4.0
2.0
0.0 0.0
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
56
Household and Personal Products
Q4 2019 and Q1 2020
Household and Personal Products

High 12.5x 53.6x 66.9x 21.9x
Mean 4.3x 20.6x 30.2x 6.7x
Median 2.6x 15.8x 24.2x 2.7x
Low 0.3x 2.6x 8.9x 1.0x
EV/SALES EV/EBITDA
30% 45%
40%
ADJUSTED ROE(%)
25%
EBITDA MARGIN (%)
35%
20% 30%
25%
15%
20%
10% 15%
10%
5%
5%
0% 0%
- 5.0 10.0 15.0 - 20.0 40.0 60.0
58
Household and Personal Products – Continued

EV/SALES 14
EV/EBITDA
14
Number of companies
12
Number of companies
12
10
10
8
8
6
6
4
4
2 2
- -
0.3 - 2.7 2.7 - 5.2 5.2 - 7.6 7.6 - 10.1 10.1 - 12.5 2.6 - 12.8 12.8 - 23 23 - 33.2 33.2 - 43.4 43.4 - 53.6
P/E P/B
8 14
Number of companies
Number of companies
7 12
6 10
5
8
4
6
3
2 4
1 2
- -
8.9 - 20.5 20.5 - 32.1 32.1 - 43.7 43.7 - 55.3 55.3 - 66.9 1 - 5.2 5.2 - 9.4 9.4 - 13.6 13.6 - 17.7 17.7 - 21.9
59

High 12.2x 50.7x 62.9x 24.9x
Mean 4.9x 24.2x 30.7x 6.4x
Median 3.4x 20.8x 25.0x 3.5x
Low 0.5x 6.0x 6.7x 1.0x
EV/SALES EV/EBITDA
35% 90%
80%
30%
70%
EBITDA MARGIN (%)
ADJUSTED ROE(%)
25%
60%
20% 50%
15% 40%
30%
10%
20%
5% 10%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 12.0 14.0 - 10.0 20.0 30.0 40.0 50.0 60.0
60

12
EV/SALES 10
EV/EBITDA
Number of companies
10
Number of companies
8
8
6
6
4
4
2 2
- -
0.5 - 2.9 2.9 - 5.2 5.2 - 7.5 7.5 - 9.9 9.9 - 12.2 6 - 15 15 - 24 24 - 33 33 - 42 42 - 51
P/E P/B
7 14
Number of companies
6 12
Number of companies
5 10
4 8
3 6
2 4
1 2
- -
6.7 - 18 18 - 29.2 29.2 - 40.5 40.5 - 51.7 51.7 - 63 1 - 5.8 5.8 - 10.6 10.6 - 15.4 15.4 - 20.1 20.1 - 24.9
61

Median multiples
10.0 45.0
9.0 40.0
8.0 35.0
EV/EBITDA & P/E

7.0
30.0
P/B & EV/SALES
6.0
25.0
5.0
20.0
4.0
15.0
3.0
2.0 10.0
1.0 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
62
Industrial Machinery
Q4 2019 and Q1 2020
High 6.0x 18.6x 41.4x 5.5x
Mean 2.5x 13.4x 23.8x 3.2x
Median 2.2x 14.4x 23.8x 3.5x
Low 1.0x 5.6x 10.4x 1.5x
EV/SALES EV/EBITDA
25% 30%
EBITDA MARGIN (%)
ADJUSTED ROE(%)
25%
20%
20%
15%
15%
10%
10%
5% 5%
0% 0%
- 2.0 4.0 6.0 8.0 - 5.0 10.0 15.0 20.0
64
Industrial Machinery – Continued

EV/SALES 4
EV/EBITDA
5
Number of companies
Number of companies
3
4
3 2
2
1
1
- -
1-2 2-3 3-4 4 - 5.1 5.1 - 6.1 5.6 - 8.3 8.3 - 11 11 - 13.7 13.7 - 16.3 16.3 - 19
P/E P/B
6 6
Number of companies
Number of companies
5
4 4
3
2 2
1
- -
10.4 - 16.6 16.6 - 22.8 22.8 - 29 29 - 35.2 35.2 - 41.4 1.5 - 2.3 2.3 - 3.1 3.1 - 3.9 3.9 - 4.7 4.7 - 5.5
65

High 4.6x 24.2x 42.1x 6.1x
Mean 2.8x 19.1x 31.3x 4.2x
Median 2.8x 20.7x 31.6x 4.1x
Low 1.4x 12.1x 21.1x 2.1x
EV/SALES EV/EBITDA
25% 20%
18%
EBITDA MARGIN (%)
ADJUSTED ROE(%)
20% 16%
14%
15% 12%
10%
10% 8%
6%
5% 4%
2%
0% 0%
- 1.0 2.0 3.0 4.0 5.0 - 5.0 10.0 15.0 20.0 25.0 30.0
66

EV/SALES EV/EBITDA
4 3
Number of companies
Number Of companies
3
2
2
1
1
- -
1.4 - 2.1 2.1 - 2.7 2.7 - 3.3 3.3 - 4 4 - 4.6 12.1 - 14.5 14.5 - 16.9 16.9 - 19.2 19.2 - 21.6 21.6 - 24
P/E P/B
4 4
Number of companies
Number of companies
3
2 2
- -
21.1 - 25.3 25.3 - 29.5 29.5 - 33.7 33.7 - 37.9 37.9 - 42.1 2.1 - 2.9 2.9 - 3.7 3.7 - 4.5 4.5 - 5.3 5.3 - 6.1
67

Median multiples
6.0 40.0
35.0
5.0
30.0
EV/EBITDA & P/E

P/B & EV/SALES
4.0
25.0
3.0 20.0
15.0
2.0
10.0
1.0
5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
68
Internet Services and Infrastructure
Q4 2019 and Q1 2020
Internet Services and Infrastructure

High 4.2x 15.9x 21.9x 8.2x
Mean 1.6x 9.2x 12.1x 2.9x
Median 1.5x 7.7x 11.4x 2.2x
Low 0.4x 5.5x 5.5x 0.7x
EV/SALES EV/EBITDA
30% 30%
EBITDA MARGIN (%)
ADJUSTED ROE(%)
25% 25%
20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
- 1.0 2.0 3.0 4.0 5.0 - 5.0 10.0 15.0 20.0
70
Internet Services and Infrastructure – Continued

EV/SALES 6
EV/EBITDA
Number Of Companies
7
5
Number Of Companies
6
5 4
4 3
3
2
2
1
1
- -
0.4 - 1.1 1.1 - 1.9 1.9 - 2.7 2.7 - 3.5 3.5 - 4.2 5.5 - 7.5 7.5 - 9.6 9.6 - 11.7 11.7 - 13.8 13.8 - 15.9
P/E P/B
6 7
Number Of Companies
Number Of Companies
5 6
4 5
4
3
3
2
2
1 1
- -
5.5 - 8.8 8.8 - 12.1 12.1 - 15.3 15.3 - 18.6 18.6 - 21.9 0.7 - 2.2 2.2 - 3.7 3.7 - 5.2 5.2 - 6.7 6.7 - 8.2
71

High 5.0x 18.8x 25.0x 8.3x
Mean 2.3x 11.6x 16.4x 3.8x
Median 2.0x 11.0x 15.4x 3.4x
Low 0.9x 5.4x 8.0x 1.1x
EV/SALES EV/EBITDA
30% 30%
25% 25%
ADJUSTED ROE(%)
EBITDA MARGIN (%)
20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
- 1.0 2.0 3.0 4.0 5.0 6.0 - 3.0 6.0 9.0 12.0 15.0 18.0 21.0
72

EV/SALES 5
EV/EBITDA
8
Number of companies
Number of companies
4
6
3
4
2
2 1
- -
0.9 - 1.7 1.7 - 2.5 2.5 - 3.3 3.3 - 4.2 4.2 - 5 5.4 - 8.1 8.1 - 10.8 10.8 - 13.5 13.5 - 16.2 16.2 - 18.8
P/E P/B
6
8
Number of companies
Number of companies
5
4 6
3
4
2
2
1
- -
8 - 11.4 11.4 - 14.8 14.8 - 18.2 18.2 - 21.6 21.6 - 25 1.1 - 2.5 2.5 - 4 4 - 5.4 5.4 - 6.9 6.9 - 8.3
73

Median multiples
5.0 25.0
4.5
4.0 20.0
EV/EBITDA & P/E

3.5
P/B & EV/SALES
3.0 15.0
2.5
2.0 10.0
1.5
1.0 5.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
74
Application Software
Q4 2019 and Q1 2020
Application Software
High 2.8x 15.3x 16.5x 4.2x
Mean 1.1x 7.0x 9.5x 1.8x
Median 0.4x 5.0x 7.2x 1.0x
Low 0.3x 2.7x 3.4x 0.4x
EV/SALES EV/EBITDA
50% 30%
45%
ADJUSTED ROE(%)
EBITDA MARGIN (%)
25%
40%
35%
20%
30%
25% 15%
20%
10%
15%
10%
5%
5%
0% 0%
- 1.0 2.0 3.0 - 5.0 10.0 15.0 20.0
76
Application Software – Continued

EV/SALES 6
EV/EBITDA
6
Number of companies
Number of companies
5
4
4
3
2
2
1
- -
0.3 - 0.8 0.8 - 1.3 1.3 - 1.8 1.8 - 2.3 2.3 - 2.8 2.7 - 5.2 5.2 - 7.7 7.7 - 10.3 10.3 - 12.8 12.8 - 15.3
P/E P/B
8 6
Number of companies
Number of companies
6
4
4
2
2
- -
3.4 - 6 6 - 8.6 8.6 - 11.2 11.2 - 13.8 13.8 - 16.5 0.4 - 1.1 1.1 - 1.8 1.8 - 2.5 2.5 - 3.3 3.3 - 4
77

High 4.1x 20.7x 24.0x 5.5x
Mean 1.7x 10.5x 15.9x 2.8x
Median 1.1x 8.2x 15.7x 1.9x
Low 0.8x 5.8x 9.2x 0.9x
EV/SALES EV/EBITDA
50%
30%
40% 25%
ADJUSTED ROE(%)
EBITDA MARGIN (%)
20%
30%
15%
20%
10%
10%
5%
0% 0%
- 1.0 2.0 3.0 4.0 5.0 - 5.0 10.0 15.0 20.0 25.0
78

EV/SALES 4
EV/EBITDA
5
Number Of companies
Number Of companies
4 3
3
2
2
1
1
- -
0.8 - 1.4 1.4 - 2.1 2.1 - 2.8 2.8 - 3.4 3.4 - 4.1 5.8 - 8.8 8.8 - 11.7 11.7 - 14.7 14.7 - 17.7 17.7 - 20.7
P/E 3
P/B
8
Number Of companies
Number Of companies
6
2
1
2
- -
9.2 - 12.3 12.3 - 15.5 15.5 - 18.7 18.7 - 21.8 21.8 - 25 0.9 - 1.9 1.9 - 2.9 2.9 - 4 4-5 5-6
79

Median multiples
4.0 30.0
3.5
25.0
3.0
EV/EBITDA & P/E

P/B & EV/SALES
20.0
2.5
2.0 15.0
1.5
10.0
1.0
5.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
80
Chemicals
Q4 2019 and Q1 2020
Chemicals
High 9.2x 46.9x 75.5x 18.9x
Mean 2.5x 13.8x 20.8x 4.0x
Median 1.7x 10.1x 16.3x 3.3x
Low 0.3x 2.0x 2.0x 0.2x
EV/SALES EV/EBITDA
45% 45%
40% 40%
EBITDA MARGIN (%)
ADJUSTED ROE(%)
35% 35%
30% 30%
25% 25%
20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 - 10.0 20.0 30.0 40.0 50.0
82
Chemicals – Continued
EV/SALES 28
EV/EBITDA
26
30
Number of companies
24
Number of companies
22
25 20
18
20 16
14
15 12
10
10 8
6
5 4
2
- -
0.3 - 2.1 2.1 - 3.8 3.8 - 5.6 5.6 - 7.4 7.4 - 9.2 2 - 10.9 10.9 - 19.9 19.9 - 28.9 28.9 - 37.9 37.9 - 46.9
P/E P/B
Number of companies
20 32
Number of companies
18 28
16
24
14
12 20
10 16
8 12
6
8
4
2 4
- -
2 - 16.7 16.7 - 31.4 31.4 - 46.1 46.1 - 60.8 60.8 - 75.5 0.2 - 3.9 3.9 - 7.7 7.7 - 11.4 11.4 - 15.1 15.1 - 18.9
83
High 9.5x 50.9x 73.2x 19.6x
Mean 2.8x 16.1x 25.2x 4.5x
Median 2.0x 13.1x 20.3x 3.1x
Low 0.4x 3.1x 4.2x 0.4x
EV/SALES EV/EBITDA
50% 35%
45%
30%
EBITDA MARGIN (%)
ADJUSTED ROE(%)
40%
35% 25%
30% 20%
25%
20% 15%
15% 10%
10%
5%
5%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 - 10.0 20.0 30.0 40.0 50.0 60.0
84
EV/SALES EV/EBITDA
30 25
Number of companies
Number of companies
25 20
20
15
15
10
10
5 5
- -
0.4 - 2.2 2.2 - 4 4 - 5.9 5.9 - 7.7 7.7 - 9.5 3.1 - 12.6 12.6 - 22.2 22.2 - 31.8 31.8 - 41.3 41.3 - 50.9
P/E P/B
20 35
30
Number of companies
Number Of companies
15 25
20
10
15
5 10
5
- -
4.2 - 18 18 - 31.8 31.8 - 45.6 45.6 - 59.4 59.4 - 73.2 0.4 - 4.2 4.2 - 8.1 8.1 - 11.9 11.9 - 15.7 15.7 - 19.6
85
Median multiples
5.0 30.0
4.5
25.0
4.0
EV/EBITDA & P/E

3.5
20.0
P/B & EV/SALES
3.0
2.5 15.0
2.0
10.0
1.5
1.0
5.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
86
Construction Materials
Q4 2019 and Q1 2020
Construction Materials
High 4.9x 16.3x 45.9x 5.9x
Mean 1.6x 7.8x 18.0x 1.9x
Median 1.3x 6.2x 14.9x 1.5x
Low 0.5x 4.3x 7.3x 0.7x
EV/SALES EV/EBITDA
35% 30%
30% 25%
EBITDA MARGIN (%)
25% ADJUSTED ROE(%)

20%
20%
15%
15%
10%
10%
5% 5%
0% 0%
- 2.0 4.0 6.0 - 5.0 10.0 15.0 20.0
88
Construction Materials – Continued

EV/SALES EV/EBITDA
10
9 9
Number of companies
Number of companies
8 8
7 7
6 6
5 5
4 4
3 3
2 2
1 1
- -
0.5 - 1.4 1.4 - 2.3 2.3 - 3.1 3.1 - 4 4 - 4.9 4.3 - 6.7 6.7 - 9.1 9.1 - 11.5 11.5 - 13.9 13.9 - 16.3
P/E P/B
10 12
Number of companies
Number of companies
9
8 10
7 8
6
5 6
4
3 4
2 2
1
- -
7.3 - 15 15 - 22.7 22.7 - 30.4 30.4 - 38.2 38.2 - 45.9 0.7 - 1.7 1.7 - 2.8 2.8 - 3.8 3.8 - 4.9 4.9 - 5.9
89

High 5.6x 19.8x 38.9x 6.9x
Mean 2.0x 9.7x 21.6x 2.3x
Median 1.7x 8.1x 18.9x 2.1x
Low 0.8x 5.8x 11.4x 0.4x
EV/SALES EV/EBITDA
30% 18%
25% 15%
EBITDA MARGIN (%)
ADJUSTED ROE(%)
20% 12%
15% 9%
10% 6%
5% 3%
0% 0%
- 1.0 2.0 3.0 4.0 5.0 6.0 - 5.0 10.0 15.0 20.0 25.0
90

EV/SALES 12
EV/EBITDA
10
Number Of companies
Number of companies
10
8
8
6
6
4
4
2
2
- -
0.8 - 1.7 1.7 - 2.7 2.7 - 3.7 3.7 - 4.6 4.6 - 5.6 5.8 - 8.6 8.6 - 11.4 11.4 - 14.2 14.2 - 17 17 - 19.8
P/E P/B
8 8
7
Number of companies
6 Number of companies 6
5
4 4
3
2 2
1
- -
11.4 - 16.9 16.9 - 22.4 22.4 - 27.9 27.9 - 33.4 33.4 - 38.9 0.4 - 1.7 1.7 - 3 3 - 4.3 4.3 - 5.6 5.6 - 6.9
91

Median multiples
4.0 35.0
3.5 30.0
P/B & EV/SALES
3.0
EV/EBITDA & P/E

25.0
2.5
20.0
2.0
15.0
1.5
10.0
1.0
0.5 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
92
Construction and Engineering
Q4 2019 and Q1 2020
Construction and Engineering

High 3.6x 26.8x 33.2x 3.8x
Mean 1.1x 7.6x 10.8x 1.4x
Median 0.9x 4.9x 8.4x 0.9x
Low 0.2x 1.3x 1.4x 0.1x
EV/SALES EV/EBITDA
50% 30%
45%
25%
40%
ADJUSTED ROE(%)
EBITDA MARGIN (%)
35% 20%
30%
25% 15%
20%
10%
15%
10% 5%
5%
0% 0%
- 1.0 2.0 3.0 4.0 - 10.0 20.0 30.0
94
Construction and Engineering – Continued

EV/SALES 13
EV/EBITDA
Number of companies
12
10 11
Number of companies
9 10
8 9
7 8
6 7
5 6
5
4
4
3 3
2 2
1 1
- -
0.2 - 0.9 0.9 - 1.6 1.6 - 2.3 2.3 - 3 3 - 3.6 1.3 - 6.3 6.3 - 11.2 11.2 - 16.1 16.1 - 21.1 21.1 - 26
P/E P/B
Number of companies
Number of companies
8 12
7
10
6
5 8
4 6
3
4
2
1 2
- -
1.4 - 7.8 7.8 - 14.1 14.1 - 20.5 20.5 - 26.8 26.8 - 33.2 0.1 - 0.9 0.9 - 1.7 1.7 - 2.5 2.5 - 3.2 3.2 - 4
95

High 4.2x 32.1x 25.3x 7.0x
Mean 1.4x 10.0x 12.1x 2.5x
Median 1.3x 6.3x 12.2x 2.0x
Low 0.2x 2.0x 3.1x 0.4x
EV/SALES EV/EBITDA
50% 30%
45%
25%
40%
EBITDA MARGIN (%)
ADJUSTED ROE(%)
35% 20%
30%
25% 15%
20%
10%
15%
10% 5%
5%
0% 0%
- 5.0 10.0 15.0 20.0 25.0 - 5.0 10.0 15.0 20.0 25.0
96

10
Number of companies
Number of companies
12
8
10
6 8
6
4
4
2
2
- -
0.2 - 1.2 1.2 - 2.1 2.1 - 3.1 3.1 - 4 4-5 2-8 8 - 14 14 - 20 20 - 26 26 - 32
5
P/E P/B
10
Number of companies
Number of companies
4 8
3 6
2 4
1 2
- -
3.1 - 7.7 7.7 - 12.3 12.3 - 16.9 16.9 - 21.4 21.4 - 26 0.4 - 1.9 1.9 - 3.4 3.4 - 5 5 - 6.5 6.5 - 8
97

Median multiples
4.5 40.0
4.0 35.0
3.5 30.0
EV/EBITDA & P/E

P/B & EV/SALES
3.0
25.0
2.5
20.0
2.0
15.0
1.5
1.0 10.0
0.5 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
98
Metals and Mining
Q4 2019 and Q1 2020
Metals and Mining

High 3.8x 12.3x 20.3x 3.8x
Mean 1.1x 5.4x 7.6x 1.0x
Median 0.8x 4.5x 6.4x 0.5x
Low 0.3x 2.2x 1.4x 0.2x
EV/SALES EV/EBITDA
60% 25%
50%
20%
ADJUSTED ROE(%)
EBITDA MARGIN (%)
40%
15%
30%
10%
20%
10% 5%
0% 0%
- 1.0 2.0 3.0 4.0 - 5.0 10.0 15.0
100
Metals and Mining – Continued

EV/SALES 10
EV/EBITDA
14
Number of companies
Number of companies
12
8
10
8 6
6
4
4
2 2
-
0.3 - 1 1 - 1.7 1.7 - 2.4 2.4 - 3.1 3.1 - 3.8 -
2.2 - 4.3 4.3 - 6.3 6.3 - 8.3 8.3 - 10.4 10.4 - 12.4
P/E P/B
6 14
Number of companies
Number of companies
5 12
10
4
8
3
6
2
4
1 2
- -
1.4 - 5.2 5.2 - 9 9 - 12.7 12.7 - 16.5 16.5 - 20.3 0.2 - 0.9 0.9 - 1.7 1.7 - 2.4 2.4 - 3.1 3.1 - 3.8
101

High 3.5x 13.3x 31.3x 3.6x
Mean 1.3x 6.5x 12.6x 1.5x
Median 1.0x 6.0x 11.0x 1.0x
Low 0.4x 2.5x 2.1x 0.4x
EV/SALES EV/EBITDA
60% 25%
50%
ADJUSTED ROE(%) 20%
EBITDA MARGIN (%)
40%
15%
30%
10%
20%
10% 5%
0% 0%
- 1.0 2.0 3.0 4.0 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0
102

EV/SALES 10
EV/EBITDA
14
Number of companies
Number of companies
12 8
10
6
8
6 4
4
2
2
- -
0.4 - 1.1 1.1 - 1.8 1.8 - 2.6 2.6 - 3.3 3.3 - 4 2.5 - 4.7 4.7 - 6.9 6.9 - 9 9 - 11.2 11.2 - 13.3
P/E 12
P/B
6
Number of companies
Number of companies
10
5
4 8
3 6
2 4
1 2
- -
2.1 - 7.9 7.9 - 13.8 13.8 - 19.6 19.6 - 25.4 25.4 - 31.3 0.4 - 1.1 1.1 - 1.8 1.8 - 2.6 2.6 - 3.3 3.3 - 4
103

Median multiples
1.8 25.0
1.6
1.4 20.0
EV/EBITDA & P/E

1.2
P/B & EV/SALES
15.0
1.0
0.8
10.0
0.6
0.4 5.0
0.2
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
104
Pharmaceuticals and Biotechnology
Q4 2019 and Q1 2020
Pharmaceuticals and Biotechnology

High 7.7x 41.9x 55.2x 9.0x
Mean 3.5x 16.0x 21.0x 3.1x
Median 2.7x 12.8x 18.3x 2.4x
Low 1.3x 7.1x 7.3x 0.7x
EV/SALES EV/EBITDA
70% 30%
EBITDA MARGIN (%)
60% 25%
50% ADJUSTED ROE(%) 20%
40%
15%
30%
10%
20%
10% 5%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 - 10.0 20.0 30.0 40.0 50.0
106
Pharmaceuticals and Biotechnology – Continued

EV/SALES 18
EV/EBITDA
16
Number of companies
16
Number of companies
14 14
12 12
10 10
8 8
6 6
4 4
2 2
- -
1.3 - 2.6 2.6 - 3.9 3.9 - 5.2 5.2 - 6.5 6.5 - 7.8 7.1 - 14.1 14.1 - 21 21 - 28 28 - 34.9 34.9 - 41.9
P/E P/B
14 16
Number of companies
Number of companies
12 14
10 12
10
8
8
6
6
4 4
2 2
- -
7.3 - 16.9 16.9 - 26.5 26.5 - 36.1 36.1 - 45.7 45.7 - 55.3 0.7 - 2.3 2.3 - 4 4 - 5.7 5.7 - 7.3 7.3 - 9
107

High 8.1x 40.2x 56.4x 13.0x
Mean 3.7x 16.5x 24.8x 3.8x
Median 3.0x 13.5x 21.5x 2.8x
Low 1.2x 6.8x 10.3x 0.9x
EV/SALES EV/EBITDA
80% 100%
EBITDA MARGIN (%)
ADJUSTED ROE(%) 80%

60%
60%
40%
40%
20%
20%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 - 10.0 20.0 30.0 40.0 50.0
108

EV/SALES 20
EV/EBITDA
14
Number Of companies
Number Of companies
12 16
10
12
8
6 8
4
4
2
- -
1.2 - 2.6 2.6 - 4 4 - 5.3 5.3 - 6.7 6.7 - 8.1 6.8 - 13.5 13.5 - 20.1 20.1 - 26.8 26.8 - 33.5 33.5 - 40.2
P/E P/B
12 24
Number Of companies
Number Of companies
10 20
8 16
6 12
4 8
2 4
- -
10.3 - 18.8 18.8 - 27.3 27.3 - 35.9 35.9 - 44.4 44.4 - 52.9 1.6 - 3.9 3.9 - 6.2 6.2 - 8.5 8.5 - 10.7 10.7 - 13
109

Median multiples
4.0 35.0
3.5 30.0
3.0
EV/EBITDA & P/E

25.0
2.5
P/B & EV/SALES
20.0
2.0
15.0
1.5
10.0
1.0
0.5 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
110
Real Estate
Q4 2019 and Q1 2020
Real Estate
High 7.6x 25.0x 20.4x 3.1x
Mean 3.9x 11.4x 16.5x 1.4x
Median 3.8x 11.3x 16.5x 1.3x
Low 0.8x 3.3x 12.0x 0.5x
EV/SALES EV/EBITDA
80% 20%
70% 18%
16%
ADJUSTED ROE(%)
60%
EBITDA MARGIN (%)
14%
50% 12%
40% 10%
30% 8%
6%
20%
4%
10% 2%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 - 10.0 20.0 30.0
112
Real Estate – Continued

EV/SALES 4
EV/EBITDA
5
Number of companies
Number of companies
3 2
2
- -
0.8 - 2.2 2.2 - 3.6 3.6 - 4.9 4.9 - 6.3 6.3 - 7.6 3.3 - 7.6 7.6 - 11.9 11.9 - 16.3 16.3 - 20.6 20.6 - 25
P/E P/B
Number of companies
5 6
Number of companies
4
4
3
2
2
1
- -
12 - 13.7 13.7 - 15.4 15.4 - 17.1 17.1 - 18.7 18.7 - 20.4 0.5 - 1 1 - 1.5 1.5 - 2 2 - 2.5 2.5 - 3
113

High 11.0x 24.6x 34.2x 3.7x
Mean 6.0x 15.7x 26.9x 2.0x
Median 7.5x 16.0x 27.9x 1.8x
Low 1.1x 4.1x 11.2x 0.7x
EV/SALES EV/EBITDA
80%
20%
EBITDA MARGIN (%)
60% ADJUSTED ROE(%)

15%
40% 10%
20% 5%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 12.0 - 2.0 4.0 6.0 8.0 10.0 12.0
114

4
EV/SALES 4
EV/EBITDA
Number Of companies
Number Of companies
2 2
- -
1.1 - 3.1 3.1 - 5.1 5.1 - 7 7-9 9 - 11 4.1 - 8.3 8.3 - 12.5 12.5 - 16.6 16.6 - 20.8 20.8 - 25
P/E P/B
Number of companies
5 6
Number of companies
4
4
3
2
2
1
- -
11.2 - 15.7 15.7 - 20.3 20.3 - 24.9 24.9 - 29.4 29.4 - 34 0.7 - 1.4 1.4 - 2 2 - 2.7 2.7 - 3.3 3.3 - 4
115

Median multiples
7.0 35.0
6.0 30.0
EV/EBITDA & P/E

5.0 25.0
P/B & EV/SALES
4.0 20.0
3.0 15.0
2.0 10.0
1.0 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 31/3/2020
of shares.
116
Automobile Manufacturers
Q4 2019 and Q1 2020
Automobile Manufacturers
High 1.7x 15.9x 31.9x 3.9x
Mean 1.1x 8.9x 17.9x 1.8x
Median 1.2x 8.1x 17.6x 2.2x
Low 0.3x 4.4x 8.4x 0.2x
of shares.
Financial metrics / information for companies considered is based on the latest available filings as of March 31, 2020
118
Automobile Manufacturers – Continued

High 2.8x 14.7x 36.4x 6.2x
Mean 1.7x 11.1x 23.1x 3.0x
Median 1.5x 9.7x 17.9x 3.3x
Low 0.4x 8.7x 13.3x 0.4x
of shares.
Financial metrics / information for companies considered is based on the latest available filings as of December 31, 2019
119
Media
Q4 2019 and Q1 2020
Media
High 2.2x 9.5x 13.8x 1.8x
Mean 1.2x 4.9x 9.1x 0.9x
Median 1.1x 4.3x 7.7x 0.8x
Low 0.5x 1.0x 7.3x 0.1x
of shares.
121
Media – Continued
High 3.7x 15.0x 15.6x 3.0x
Mean 2.0x 7.9x 13.5x 1.7x
Median 1.3x 7.4x 14.0x 1.5x
Low 0.8x 2.0x 10.6x 0.5x
of shares.
122
Healthcare Facilities and Services
Q4 2019 and Q1 2020
Healthcare Facilities and Services

High 8.1x 33.1x 50.4x 7.1x
Mean 4.2x 18.5x 42.1x 3.5x
Median 2.9x 14.7x 46.2x 3.1x
Low 1.2x 10.9x 24.7x 1.4x
of shares.
124
Healthcare Facilities and Services – Continued

High 8.9x 35.0x 53.9x 7.8x
Mean 4.8x 21.4x 42.5x 4.3x
Median 3.0x 17.4x 49.7x 4.0x
Low 1.6x 13.3x 26.4x 1.7x
of shares.
125
Independent Power and Renewable
Electricity Producers Q4 2019 and Q1 2020
Independent Power and Renewable Electricity Producers

High 3.7x 11.3x 7.0x 0.9x
Mean 2.4x 7.7x 5.3x 0.6x
Median 2.5x 7.6x 5.8x 0.6x
Low 0.7x 4.8x 3.0x 0.2x
of shares.
127
Independent Power and Renewable Electricity Producers

– Continued
High 4.3x 23.3x 15.2x 1.7x
Mean 2.7x 10.1x 8.4x 0.9x
Median 2.8x 8.8x 8.1x 0.8x
Low 0.8x 6.0x 4.1x 0.3x
of shares.
128
Other Diversified Financial Services
Q4 2019 and Q1 2020
Other Diversified Financial Services

Market Cap /
P/B P/E P/TBV
Revenue
High 9.8x 26.4x 13.3x 13.4x
Mean 2.9x 13.7x 3.7x 4.0x
Median 0.8x 9.2x 0.9x 1.5x
Low 0.5x 3.7x 0.5x 0.0x
130
Other Diversified Financial Services – Continued

Market Cap /
P/B P/E P/TBV
Revenue
High 12.0x 27.2x 16.5x 14.6x
Mean 4.1x 17.9x 5.1x 6.5x
Median 2.0x 16.2x 2.1x 5.1x
Low 1.0x 7.3x 1.0x 1.7x
131
Industry Definitions
The industry classification for the companies represented in this report is based on the 2017 Global Industry Classification Standard®(GICS®). Below
represents a brief description of sub-industries which are forming part of a particular industry based on the 2017 GICS® guidelines:
Consumer Discretionary
Auto Parts & Equipment Companies that manufacture parts and accessories for automobiles and motorcycles including and tires and rubber
Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Also includes companies produce motorcycles,
scooters or three-wheelers.
Media Owners and operators of television or radio broadcasting systems, including programming including radio and television,
broadcasting, radio networks, and radio stations. Providers of cable or satellite television and satellite radio services.
Includes cable networks and program distribution.
Apparel Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer handbags,
wallets, luggage, jewelry and watches and manufacturers of textile and related products
Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools,
including garden improvement tools but excludes TVs and other audio and video products
Financials
Banks Commercial diverse with a national footprint whose revenues are derived primarily from conventional banking operations,
have significant business activity in retail banking and small and medium corporate lending, and provide a diverse range of
financial services. This also includes regional banks that tend to operate in limited geographic regions.
Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money
services and pawn shops.
Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of financial
Other Diversified Financial decision support tools and products including ratings agencies. Providers of a diverse range of financial services and/or
Services with some interest in a wide range of financial services including banking, insurance and capital markets, but with no
dominant business line.
Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a majority of
Specialized Finance
revenue from one specialized line of business. Includes, but not limited to, commercial financing companies, central
banks, leasing institutions, factoring services, and specialty boutiques. Financial institutions providing mortgage and
mortgage related services. These include financial institutions whose assets are primarily mortgage related, savings &
loans, mortgage lending institutions, building societies and companies providing insurance to mortgage banks
132
Global Industry Classification Standard® (GICS®) was developed by S&P Dow Jones Indices, an independent international financial data and investment services company and a leading
provider of global equity indices, and MSCI, a premier independent provider of global indices and benchmark-related products and services.
Industry Definitions – Continued

Healthcare
Healthcare Facilities Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and retirement centers and
and Services animal hospitals. Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing
services, and pharmacy management services. Also includes companies providing business support services to health care
providers, such as clerical support services, collection agency services, staffing services and outsourced sales & marketing
services.
Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs. Companies
Pharmaceuticals and
primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis and
Biotechnology
genetic engineering. Includes companies specializing in protein-based therapeutics to treat human diseases.
Materials
Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic
fibers, films, commodity-based paints and pigments, explosives and petrochemicals. Producers of fertilizers, pesticides,
potash or other agriculture-related chemicals including industrial gases and other diversified range of chemical products.
Construction Material Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks.
Metals and Mining Producers of aluminum and related products, including companies that mine or process bauxite and companies that
recycle aluminum to produce finished or semi-finished products. Companies engaged in copper ore mining, production of
iron and steel and related products, including metallurgical (coking) coal mining used for steel production and having other
diversified mining operations but excluding gold, silver and other precious metals.
Utilities
Electric & Gas Utilities Companies that produce or distribute electricity including both nuclear and non-nuclear facilities. Also, includes
companies whose main charter is to distribute and transmit natural and manufactured gas.
Independent Power and Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or
Renewable Electricity Integrated Energy Merchants. Companies that engage in generation and distribution of electricity using renewable
Producers sources, including, but not limited to, companies that produce electricity using biomass, geothermal energy, solar energy,
hydropower, and wind power.
133
Industry Definitions – Continued

All Other Industries
Energy Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to
the generation of energy. Companies engaged in the exploration and production of oil and gas. Companies engaged in the
refining and marketing of oil, gas and/or refined products
Household and Personal Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods. Producers of non-
Products durable household products, including detergents, soaps, diapers and other tissue and household paper products.
Manufacturers of personal and beauty care products, including cosmetics and perfumes.
Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine
tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal
fabrications.
Construction & Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale
Engineering contractors.
Internet Services & Companies providing services and infrastructure for the internet industry including data centers and cloud networking and
Infrastructure storage infrastructure. Also includes companies providing web hosting services. Excludes companies classified in the
Software Industry.
Application Software Companies engaged in developing and producing software designed for specialized applications for the business or
consumer market. Includes enterprise and technical software, as well as cloud-based software. Excludes companies
classified in the Interactive Home Entertainment Sub-Industry. Also excludes companies producing systems or database
management software classified in the Systems Software Sub-Industry.
Real Estate Companies that develop real estate and sell the properties after development and also engaged in diverse spectrum of real
estate activities including real estate development & sales, real estate management or real estate services, but with no
dominant business line.
134
Contributors
Varun Gupta is the India Country Leader at Duff & Phelps. Varun set up the firm’s operations in India and is responsible
for its overall growth and strategic direction. He is additionally the Asia Pacific Leader for the firm’s Valuation Advisory
Services practice. Varun has over 25 years of experience in valuation and financial advisory services. He has advised
clients across a wide range of industries including IT/ITES, energy (conventional as well as renewable), pharma and life
sciences, infrastructure, internet and e-commerce, telecom, sports, and media and entertainment. His previous
experience includes stints with the valuation and financial advisory arms of Deloitte and PricewaterhouseCoopers. He is
a regular and sought-after speaker on the valuation of trademarks, intangible assets, early-stage companies and e-
commerce companies. He has spoken at forums organized by The Associated Chambers of Commerce and Industry of
India ASSOCHAM, ICAI, INTA, IVCA, CII, VCCiRCLE and other similar bodies. Varun is also regularly quoted by the
financial press on evolving issues related to the valuation of brands, celebrities and sports franchises.
Varun Gupta
Managing Director and Asia
Pacific Leader for Valuation
Advisory Services
Varun.Gupta@duffandphelps.com
Santosh is an external advisor and assists the Valuation Advisory Services practice of Duff & Phelps in India.
Santosh has more than 15 years of experience in valuation and financial advisory services. In the last 15 years,
Santosh has managed and has provided a range of financial advisory services including Due Diligence, Valuation,
IFRS & US GAAP assignments, Business Plan Review, M&A, Internal Audit, Accounting Assistance and Risk Advisory
services. Santosh has managed and executed a range of financial advisory engagements for Agriculture industry,
Automobile, Consumer Durables, e-Commerce, Hospitality & leisure, Infrastructure, IT/ITES, Logistics, Manufacturing,
Media, Natural Resources, Petro-chemicals, Pharma & Healthcare, Power, Refineries, Real estate, Telecom & Textiles.
He has provided financial advisory to clients for purposes such as financing, project finance, mergers & acquisitions,
negotiations, settlement of disputes, strategic assessment, accounting and tax reporting etc.
Santosh is a qualified Chartered Accountant from the Institute of Chartered Accountants of India. He is also a Partner in D
Santosh N and P Advisory LLP.
Managing Partner, D and P
India Advisory LLP and External
Advisor, Duff & Phelps India
Pvt Ltd, Bangalore
Santosh.N@duffandphelps.com
135
Contributors
Umakanta Panigrahi is a managing director in the Mumbai office of Duff & Phelps and is part of the Valuation
Advisory Services. He has over 15 years of experience in financial advisory services including valuation advisory
services, equity research and credit research. Umakanta has managed a range of valuation and consulting services
including business valuation, portfolio valuation, intellectual property valuation, purchase price allocation and
impairment assessment, financial instrument valuations and other IFRS and US GAAP related engagements.
He has also advised several clients on swap ratio determination, corporate finance, business plan development and review,
exit strategies and dispute consulting. His specialization includes valuation of complex financial instrument (such as
complex convertible instruments, earn-out & contingent payments, cross-currency interest rate swaps, options and
other hedging instruments). He has also advised several companies on distress debt transaction, earn -out structuring
and ESOP structuring.
Umakanta Panigrahi
Managing Director, Mumbai
Umakanta.Panigrahi@duffandphe
lps.com
Editorial Team
Simerna Singh Sagar Goyal Foram Shah
136
Contacts
Mumbai New Delhi Bangalore Hyderabad
14th floor, Raheja Tower, 206/207, WorldMark 2, 4th Floor, Unit No 6th Floor, B Wing, Smartworks
Bandra Kurla Complex, Hospitality District, 303, SKAV Lavelle Coworking Space Pvt. Ltd.
Bandra (East), Aerocity, 909, Lavelle Road, Purva Summit, White Field
Mumbai - 400 051 New Delhi - 110037 Bengaluru - 560001 Road HITEC City, Madhapur
+91 22 6623 1000 +91 11 4935 9800 91 80 6125 6100 Hyderabad – 500 081
M: +91 913 6653 051
This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute
for detailed research or the exercise of professional judgment. Whilst due care has been taken in the preparation of this document and
information contained herein, Duff & Phelps does not accept any liability whatsoever, for any direct or consequential loss howsoever arising
from any use of this document or its contents or otherwise arising in connection herewith.
About Duff & Phelps M&A advisory, capital raising and secondary market advisory services in the United
Duff & Phelps is the global advisor that protects, restores and maximizes value States are provided by Duff & Phelps Securities, LLC. Member FINRA/ SIPC.
for clients in the areas of valuation, corporate finance, investigations, disputes, Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory,
cyber security, compliance and regulatory matters, and other governance- capital raising and secondary market advisory services in the United Kingdom are
related issues. We work with clients across diverse sectors, mitigating risk to provided by Duff & Phelps Securities Ltd. (DPSL), which is authorized and
assets, operations and people. With Kroll, a division of Duff & Phelps since regulated by the Financial Conduct Authority. M&A advisory and capital raising
2018, our firm has nearly 3,500 professionals in 28 countries around the world. services in Germany are provided by Duff & Phelps GmbH, which is a Tied Agent
For more information, visit www.duffandphelps.com of DPSL. Valuation Advisory Services in India are provided by Duff & Phelps India
Private Limited under a category 1 merchant banker license issued by the
© 2018 Duff & Phelps, LLC. All rights reserved. DP192825 Securities and Exchange Board of India.
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Industry Multiples in India

Q4 2019 and Q1 2020

Summary: Multiples by Sector

Summary: Multiples by Sector

Median EV / EBITDA multiples by Sector

Median EV / EBITDA multiples by Sector

15.8x 12.8x 14.7x

As of March 31, 2020 Average (Sept'17 to Mar'20)

EV/EBITDA & P/E

Auto Parts and Equipment

20% ADJUSTED ROE(%)

Auto Parts and Equipment – Continued

Auto Parts and Equipment – Continued

Auto Parts and Equipment – Continued

Auto Parts and Equipment – Continued

EV/EBITDA & P/E

Household Appliances – Continued

Household Appliances – Continued

Household Appliances – Continued

Household Appliances – Continued

EV/EBITDA & P/E

Electric and Gas Utilities

Electric and Gas Utilities – Continued

Electric and Gas Utilities – Continued

Electric and Gas Utilities – Continued

Electric and Gas Utilities – Continued

EV/EBITDA & P/E

EV/EBITDA & P/E

ADJUSTED ROE (%)

P/TBV Market Cap/Revenue

ADJUSTED ROE (%)

P/TBV Market Cap/Revenue

P/E & MarketCap/Revenue

ADJUSTED ROE (%)

Consumer Finance – Continued

P/TBV Market Cap/Revenue

Consumer Finance – Continued

ADJUSTED ROE (%)

Consumer Finance – Continued

P/TBV Market Cap/Revenue

Consumer Finance – Continued

P/E & MarketCap/Revenue

ADJUSTED ROE (%)

Specialized Finance – Continued

P/TBV Market Cap/Revenue

Specialized Finance – Continued

ADJUSTED ROE (%)

Specialized Finance – Continued

P/TBV Market Cap/Revenue

Specialized Finance – Continued

P/E & MarketCap/Revenue

Household and Personal Products

Household and Personal Products – Continued

Household and Personal Products – Continued

Household and Personal Products – Continued

Household and Personal Products – Continued

EV/EBITDA & P/E

Industrial Machinery – Continued

Industrial Machinery – Continued

Industrial Machinery – Continued

Industrial Machinery – Continued

EV/EBITDA & P/E

Internet Services and Infrastructure