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Standard Edition

March 2006

IMGR SE – MARCH 2006

**The Industry Multiples Global Report (IMGR) Standard Edition is a free 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

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2 / 71

IMGR SE – MARCH 2006

**IMGR Professional – BETA version now available!!
**

We are pleased to offer a 2 month free trial of IMGR Pro Beta to subscribers who

signed-up for the Standard Edition before April 15, 2006. To run the beta version, you

will need to have Microsoft Access installed on your computer. The final version of

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IMGR Pro is a powerful, yet easy-to-use, tool to value an industry or a business. The

professional version offers 6 key advantages compared to the Standard Edition:

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Easy-to-use database

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**Data is updated on a monthly basis, so
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get the most recent multiples.

3

Regional coverage

**With 11 geographical zones covered, you
**

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Individual multiples

4

**Lists of individual multiples enable you to
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5

Insightful analysis

**IMGR Pro calculates, selects, analyzes,
**

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date back to January 2000 (5 years) and

give you an additional dynamic overview.

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IMGR SE – MARCH 2006

**www.AltAssets.net
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AltAssets, the private equity industry’s leading information source

AltAssets is an open access information resource that distributes news and research to

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This service provides a centre of excellence for the field and contains insight from our

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Opinion pieces from leading private equity experts on topical issues. Our series of

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Clear explanations of the key areas of private equity - from conducting due diligence

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This area drives forward private equity theory and practice. It showcases progressive

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Research on topics ranging from the latest management buy-out figures, to global

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All the information you need on investing in key countries, regions and sectors, from

private equity vehicles in France, to the benefits of investing in mezzanine funds.

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**To subscribe FREE to AltAssets weekly e-mail newsletter, visit:
**

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Copyright © 2006 Valmetrics

4 / 71

IMGR SE – MARCH 2006

LIST OF INDUSTRIES

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

20.

21.

22.

23.

24.

25.

26.

27.

28.

29.

30.

31.

32.

33.

34.

35.

36.

37.

38.

39.

40.

41.

42.

43.

44.

45.

46.

47.

48.

49.

50.

51.

52.

53.

54.

55.

56.

Advertising........................................................................................................................................................ 7

Aerospace & Defense....................................................................................................................................... 7

Agricultural Products........................................................................................................................................ 8

Air Freight & Logistics...................................................................................................................................... 8

Airlines .............................................................................................................................................................. 9

Airport Services ................................................................................................................................................ 9

Alternative Carriers ........................................................................................................................................ 10

Aluminium....................................................................................................................................................... 10

Apparel Retail ................................................................................................................................................. 11

Apparel, Accessories & Luxury Goods .......................................................................................................... 11

Application Software ...................................................................................................................................... 12

Auto Parts & Equipment ................................................................................................................................ 12

Automobile Manufacturers............................................................................................................................. 13

Biotechnology................................................................................................................................................. 13

Brewers........................................................................................................................................................... 14

Broadcasting & Cable TV............................................................................................................................... 14

Building Products............................................................................................................................................ 15

Casinos & Gaming.......................................................................................................................................... 15

Catalogue retail .............................................................................................................................................. 16

Commercial Printing....................................................................................................................................... 16

Commodity Chemicals.................................................................................................................................... 17

Computer & Electronics Retail....................................................................................................................... 17

Computer Hardware....................................................................................................................................... 18

Computer Storage & Peripherals................................................................................................................... 18

Construction & Engineering........................................................................................................................... 19

Construction & Farm Machinery & Heavy Trucks ........................................................................................ 19

Construction Materials ................................................................................................................................... 20

Consumer Electronics..................................................................................................................................... 20

Data Processing & Outsourced Services....................................................................................................... 21

Department Stores......................................................................................................................................... 21

Distillers & Vintners........................................................................................................................................ 22

Distributors ..................................................................................................................................................... 22

Diversified Chemicals..................................................................................................................................... 23

Diversified Commercial Services ................................................................................................................... 23

Diversified Metals & Mining ........................................................................................................................... 24

Drug Retail...................................................................................................................................................... 24

Electric Utilities............................................................................................................................................... 25

Electrical Components & Equipment............................................................................................................. 25

Electronic Equipment Manufacturers ............................................................................................................ 26

Electronic Manufacturing Services ................................................................................................................ 26

Employment Services..................................................................................................................................... 27

Environmental Services.................................................................................................................................. 27

Fertilizers & Agricultural Chemicals............................................................................................................... 28

Food Distributors............................................................................................................................................ 28

Food Retail...................................................................................................................................................... 29

Footwear......................................................................................................................................................... 29

Forest Products .............................................................................................................................................. 30

Gas Utilities..................................................................................................................................................... 30

General Merchandise Stores.......................................................................................................................... 31

Gold................................................................................................................................................................. 31

Health Care Services...................................................................................................................................... 32

Health Care Distributors ................................................................................................................................ 32

Health Care Equipment.................................................................................................................................. 33

Health Care Facilities ..................................................................................................................................... 33

Health Care Supplies...................................................................................................................................... 34

Heavy Electrical Equipment........................................................................................................................... 34

Copyright © 2006 Valmetrics

5 / 71

**IMGR SE – MARCH 2006
**

57.

58.

59.

60.

61.

62.

63.

64.

65.

66.

67.

68.

69.

70.

71.

72.

73.

74.

75.

76.

77.

78.

79.

80.

81.

82.

83.

84.

85.

86.

87.

88.

89.

90.

91.

92.

93.

94.

95.

96.

97.

98.

99.

100.

101.

102.

103.

104.

105.

106.

107.

108.

109.

110.

111.

112.

113.

114.

Highways & Railtracks ................................................................................................................................... 35

Home Entertainment Software...................................................................................................................... 35

Home Furnishings .......................................................................................................................................... 36

Homebuilding ................................................................................................................................................. 36

Home Improvement Retail ............................................................................................................................ 37

Hotels, Resorts & Cruise Lines ...................................................................................................................... 37

Household Appliances.................................................................................................................................... 38

Household Products ....................................................................................................................................... 38

Housewares & Specialities............................................................................................................................. 39

Hypermarkets & Super Centers..................................................................................................................... 39

Industrial Conglomerates .............................................................................................................................. 40

Industrial Gases.............................................................................................................................................. 40

Industrial Machinery ...................................................................................................................................... 41

Integrated Oil & Gas ...................................................................................................................................... 41

Integrated Telecommunication Services ...................................................................................................... 42

Internet Retail ................................................................................................................................................ 42

Internet Software & Services ........................................................................................................................ 43

IT Consulting & Other Services..................................................................................................................... 43

Leisure Facilities ............................................................................................................................................. 44

Leisure Products............................................................................................................................................. 44

Managed Health Care .................................................................................................................................... 45

Marine ............................................................................................................................................................. 45

Marine Ports & Services................................................................................................................................. 46

Metal & Glass Containers............................................................................................................................... 46

Motorcycle Manufacturers ............................................................................................................................. 47

Movies & Entertainment ................................................................................................................................ 47

Multi-Utilities & Unregulated Power.............................................................................................................. 48

Office Electronics............................................................................................................................................ 48

Office Services & Supplies ............................................................................................................................. 49

Oil & Gas Drilling............................................................................................................................................ 49

Oil & Gas Equipment & Services ................................................................................................................... 50

Oil & Gas Exploration & Production .............................................................................................................. 50

Oil & Gas Refining, Marketing & Transportation.......................................................................................... 51

Packaged Foods & Meats............................................................................................................................... 51

Paper Packaging............................................................................................................................................. 52

Paper Products ............................................................................................................................................... 52

Personal Products........................................................................................................................................... 53

Pharmaceuticals ............................................................................................................................................. 53

Photographic Products................................................................................................................................... 54

Precious Metals & Minerals............................................................................................................................ 54

Publishing ....................................................................................................................................................... 55

Railroads ......................................................................................................................................................... 55

Restaurants..................................................................................................................................................... 56

Semiconductor Equipment............................................................................................................................. 56

Semiconductors.............................................................................................................................................. 57

Soft Drink........................................................................................................................................................ 57

Specialty Chemicals........................................................................................................................................ 58

Specialty Stores.............................................................................................................................................. 58

Steel ................................................................................................................................................................ 59

Systems Software........................................................................................................................................... 59

Technology Distributors................................................................................................................................. 60

Textiles............................................................................................................................................................ 60

Tires & Rubber ............................................................................................................................................... 61

Tobacco .......................................................................................................................................................... 61

Trading Companies & Distributors................................................................................................................ 62

Trucking.......................................................................................................................................................... 62

Water Utilities................................................................................................................................................. 63

Wireless Telecommunication Services.......................................................................................................... 63

Copyright © 2006 Valmetrics

6 / 71

IMGR SE – MARCH 2006

1. Advertising

Companies providing advertising, marketing or public relations services.

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

57

8

6

43

57

7

10

40

57

7

14

36

57

6

12

39

57

6

8

43

0.18x

0.59x

0.89x

1.61x

3.21x

2.3x

5.0x

9.9x

12.1x

24.5x

3.9x

7.9x

11.6x

14.7x

34.9x

3.6x

15.5x

22.7x

44.0x

68.1x

0.2x

1.2x

2.5x

3.3x

6.6x

1.20x

66%

[0.58 - 1.17[

30.2%

0.82x

0.82x

4

9.9x

55%

[9.2 - 13.4[

37.5%

10.9x

10.9x

9

12.3x

52%

[11.1 - 15.2[

36.1%

12.8x

12.8x

9

28.5x

64%

[2.2 - 19.1[

35.9%

17.9x

17.9x

2

2.6x

63%

[2.4 - 3.5[

34.9%

2.6x

2.6x

5

2. Aerospace & Defense

Manufacturers of civil or military aerospace and defense equipment, parts or products.

Includes defense electronics and space equipment.

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

87

12

7

68

87

13

13

61

87

12

15

60

87

12

22

53

87

12

12

63

0.05x

0.85x

1.42x

1.83x

3.23x

4.3x

9.8x

12.0x

14.7x

21.1x

5.0x

13.1x

16.2x

20.6x

34.4x

9.8x

18.7x

23.2x

29.5x

50.4x

0.8x

1.8x

2.4x

3.4x

5.7x

1.45x

50%

[0.97 - 1.45[

26.5%

1.05x

1.45x

6

12.4x

31%

[8.9 - 11.4[

27.9%

11.0x

12.4x

9

17.2x

36%

[12 - 15.9[

33.3%

15.0x

17.2x

9

25.5x

40%

[18.7 - 24.4[

30.2%

22.8x

25.5x

8

2.5x

43%

[1.6 - 2.4[

31.7%

2.1x

2.5x

5

7 / 71

**IMGR SE – MARCH 2006
**

3. Agricultural Products

Producers of agricultural products. Includes crop growers, owners of plantations and

companies that produce and process foods but do not package and market them. 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.

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

6

16

53

0.17x

0.63x

1.13x

1.97x

5.29x

75

6

22

47

2.4x

7.9x

11.6x

18.4x

36.7x

75

6

28

41

3.2x

11.8x

15.4x

22.2x

51.4x

75

4

29

42

7.0x

13.9x

20.3x

30.2x

59.2x

75

4

17

54

0.2x

1.0x

1.4x

1.8x

4.2x

1.46x

75%

[0 - 0.71[

34.0%

0.56x

0.56x

1

13.4x

57%

[7.9 - 13.7[

38.3%

10.2x

10.2x

5

18.4x

55%

[9.2 - 15.3[

34.1%

12.7x

15.4x

4

22.8x

53%

[4.9 - 14.3[

33.3%

13.7x

20.3x

3

1.5x

52%

[1 - 1.5[

25.9%

1.3x

1.4x

5

**4. Air Freight & Logistics
**

Companies providing air freight transportation, courier and logistics services, including

package and mail delivery and customs agents. Excludes those companies classified in the

Airlines, Marine or Trucking sub-industries.

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

45

8

6

31

0.08x

0.41x

0.61x

1.00x

2.06x

45

9

4

32

1.2x

5.6x

7.0x

11.5x

17.9x

45

8

6

31

1.4x

10.3x

13.3x

20.0x

34.4x

45

7

5

33

6.9x

11.4x

16.8x

25.6x

41.3x

45

6

5

34

0.4x

1.2x

2.4x

3.3x

6.4x

0.77x

67%

[0.37 - 0.74[

38.7%

0.52x

0.52x

4

9.0x

51%

[3.9 - 7.6[

46.9%

6.2x

6.2x

4

15.3x

49%

[6.2 - 12.3[

41.9%

10.5x

10.5x

4

19.1x

54%

[6.3 - 15.2[

45.5%

12.6x

12.6x

4

2.4x

55%

[1.5 - 2.8[

35.3%

2.2x

2.2x

5

8 / 71

IMGR SE – MARCH 2006

5. Airlines

Companies providing primarily passenger air transportation.

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

47

6

2

39

47

5

12

30

47

5

14

28

47

4

20

23

47

3

11

33

0.10x

0.40x

0.74x

1.26x

2.24x

2.3x

5.0x

7.4x

10.2x

20.4x

1.2x

10.7x

15.8x

22.7x

59.1x

5.6x

10.5x

13.0x

18.0x

34.9x

0.0x

1.0x

1.4x

1.6x

2.3x

0.86x

70%

[0 - 0.51[

35.9%

0.42x

0.42x

2

8.0x

54%

[4.6 - 8[

33.3%

6.7x

8.0x

7

18.8x

75%

[7.9 - 15.8[

28.6%

13.2x

15.8x

3

14.3x

48%

[9.6 - 14.9[

52.2%

11.8x

14.3x

6

1.3x

40%

[1.1 - 1.5[

33.3%

1.3x

1.3x

5

6. Airport Services

Operators of airports and companies providing related services.

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

26

4

3

19

0.57x

3.11x

4.67x

5.55x

7.97x

26

4

3

19

3.5x

9.6x

11.4x

13.5x

23.7x

26

4

3

19

4.9x

12.6x

15.4x

22.3x

30.7x

26

1

5

20

6.7x

13.2x

19.0x

22.4x

43.9x

26

1

1

24

0.8x

1.4x

1.9x

3.0x

5.0x

4.35x

43%

[1.83 - 3.66[

36.8%

3.20x

4.35x

4

11.7x

39%

[9.2 - 12.1[

36.8%

11.0x

11.7x

9

17.4x

43%

[10.6 - 17.8[

47.4%

14.8x

17.4x

8

19.6x

52%

[18.5 - 25.3[

35.0%

20.2x

19.6x

8

2.3x

56%

[0.8 - 1.8[

41.7%

1.7x

1.9x

5

9 / 71

**IMGR SE – MARCH 2006
**

7. Alternative Carriers

Providers of communications and high-density data transmission services primarily through a

high bandwidth/fibber-optic cable network.

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

8

1

18

0.04x

0.68x

1.03x

2.89x

5.01x

27

7

6

14

0.2x

4.0x

8.2x

13.8x

27.9x

27

7

16

4

nm

nm

nm

nm

nm

27

7

16

4

nm

nm

nm

nm

nm

27

7

5

15

0.1x

1.0x

1.2x

1.9x

6.0x

1.71x

87%

[0 - 1.69[

61.1%

1.09x

1.03x

2

10.0x

79%

[0 - 8.1[

50.0%

6.3x

8.2x

2

nm

nm

nm

nm

nm

nm

na

nm

nm

nm

nm

nm

nm

na

1.7x

90%

[0.7 - 1.4[

40.0%

1.0x

1.2x

2

8. Aluminium

Producers of aluminium and related products, including companies that mine or process

bauxite and companies that recycle aluminium to produce finished or semi-finished products.

Excludes companies that primarily produce aluminium building materials classified in the

Building Products sub-industry.

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

35

6

7

22

0.22x

0.74x

1.20x

1.57x

2.95x

35

6

9

20

2.9x

6.6x

9.7x

12.2x

22.4x

35

6

9

20

1.9x

7.4x

14.9x

21.2x

48.1x

35

6

12

17

2.4x

7.0x

12.5x

20.7x

41.5x

35

6

8

21

0.2x

1.2x

1.8x

2.7x

5.4x

1.30x

58%

[0.7 - 1.29[

36.4%

1.00x

1.30x

6

10.1x

54%

[6.5 - 10.6[

40.0%

8.3x

10.1x

6

16.2x

67%

[0 - 10.2[

35.0%

10.2x

14.9x

3

15.6x

66%

[11.3 - 21.9[

47.1%

13.9x

12.5x

4

2.2x

68%

[1.1 - 2.2[

33.3%

1.6x

1.8x

3

10 / 71

IMGR SE – MARCH 2006

9. Apparel Retail

Retailers specialized mainly in apparel and accessories.

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

76

4

7

65

76

4

13

59

76

4

16

56

76

4

20

52

76

3

5

68

0.18x

0.62x

0.91x

1.34x

2.54x

2.6x

6.7x

8.5x

10.6x

18.4x

1.0x

9.1x

12.8x

16.3x

33.8x

3.9x

15.6x

20.2x

25.6x

47.2x

0.3x

1.9x

2.7x

4.1x

7.5x

1.02x

57%

[0.47 - 0.82[

33.8%

0.69x

0.91x

5

9.1x

38%

[6.5 - 8.5[

27.1%

8.1x

9.1x

9

13.3x

52%

[8.1 - 11.8[

32.1%

10.9x

13.3x

7

21.7x

45%

[17.5 - 22.9[

23.1%

22.9x

21.7x

8

3.1x

62%

[2.3 - 3.4[

29.4%

2.8x

2.7x

5

**10. Apparel, Accessories & Luxury Goods
**

Manufacturers of apparel, accessories & luxury goods. Includes companies primarily

producing designer handbags, wallets, luggage, jewellery and watches. Excludes shoes

classified in the Footwear sub-industry.

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

142

3

21

118

0.04x

0.47x

0.83x

1.54x

4.46x

142

3

36

103

0.5x

5.9x

8.3x

12.1x

24.0x

142

1

47

94

1.0x

8.4x

12.1x

18.1x

36.4x

142

2

55

85

3.1x

10.4x

16.5x

24.7x

59.4x

142

1

23

118

0.2x

0.9x

1.6x

2.6x

6.1x

1.18x

86%

[0.44 - 0.88[

31.4%

0.63x

0.63x

2

9.8x

54%

[5.7 - 8.3[

26.2%

6.8x

8.3x

4

13.5x

54%

[8.5 - 12.8[

26.6%

10.1x

12.1x

5

19.1x

61%

[8.5 - 15[

25.9%

14.3x

16.5x

5

2.0x

71%

[0.7 - 1.4[

28.0%

1.1x

1.6x

4

11 / 71

**IMGR SE – MARCH 2006
**

11. Application Software

Companies engaged in developing and producing software designed for specialized

applications for the business or consumer market. Includes enterprise and technical

software. Excludes companies classified in the Home Entertainment Software Sub-Industry.

Also excludes companies producing systems or database management software classified in

the Systems Software sub-industry.

Table 11

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st 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

263

42

22

199

0.11x

0.94x

1.60x

2.47x

5.81x

263

46

79

138

0.1x

9.7x

13.7x

20.8x

40.8x

263

41

112

110

0.0x

13.7x

17.4x

27.9x

56.9x

263

40

112

111

1.0x

19.0x

27.4x

36.9x

72.9x

263

39

43

181

0.1x

1.7x

2.6x

4.1x

8.1x

1.85x

65%

[0.6 - 1.12[

19.6%

1.01x

1.60x

3

15.7x

56%

[8.6 - 12.9[

23.9%

12.6x

13.7x

6

21.2x

55%

[11.9 - 17.8[

32.7%

15.1x

17.4x

4

28.6x

55%

[22.4 - 29.9[

24.3%

27.9x

28.6x

8

3.1x

61%

[1.7 - 2.6[

24.3%

2.0x

2.6x

5

**12. Auto Parts & Equipment
**

Manufacturers of parts and accessories for automobiles and motorcycles. Excludes

companies classified in the Tires & Rubber sub-industry.

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

16

26

99

0.08x

0.44x

0.66x

1.50x

3.30x

141

15

37

89

1.2x

4.2x

6.5x

9.7x

14.9x

141

15

42

84

1.4x

7.5x

11.0x

15.9x

32.2x

141

15

54

72

0.0x

10.2x

15.1x

21.3x

41.1x

141

15

28

98

0.0x

1.0x

1.4x

2.2x

3.8x

1.00x

77%

[0.08 - 0.54[

38.4%

0.41x

0.41x

2

7.1x

51%

[3.1 - 5.6[

29.2%

5.0x

7.1x

5

12.1x

55%

[9.1 - 12.9[

27.4%

10.2x

11.0x

7

16.4x

59%

[10.6 - 15.9[

26.4%

14.2x

16.4x

8

1.6x

57%

[1.1 - 1.6[

25.5%

1.3x

1.4x

5

12 / 71

IMGR SE – MARCH 2006

**13. Automobile Manufacturers
**

Companies that produce mainly passenger automobiles and light trucks. 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.

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

43

1

8

34

0.13x

0.41x

0.58x

0.92x

1.92x

43

1

12

30

2.3x

5.4x

8.3x

10.3x

17.8x

43

1

16

26

3.4x

7.9x

12.8x

17.8x

25.8x

43

0

15

28

1.1x

7.9x

11.4x

15.4x

34.5x

43

0

11

32

0.1x

0.9x

1.3x

1.7x

2.8x

0.73x

61%

[0.4 - 0.71[

44.1%

0.57x

0.57x

6

8.2x

45%

[8.5 - 11.6[

30.0%

8.9x

8.2x

9

13.1x

48%

[8 - 14.6[

42.3%

10.6x

13.1x

5

13.1x

60%

[10.5 - 15.4[

35.7%

11.6x

11.4x

6

1.3x

47%

[1 - 1.5[

31.3%

1.4x

1.3x

5

14. Biotechnology

Companies primarily involved in the development, manufacturing or marketing of products

based on advanced biotechnology research.

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

214

31

41

142

0.07x

3.11x

6.18x

15.13x

33.76x

214

32

135

47

0.1x

12.3x

16.5x

29.8x

69.7x

214

23

145

46

0.0x

14.4x

23.4x

38.0x

104.0x

214

21

155

38

4.2x

21.1x

34.3x

62.3x

157.9x

214

20

33

161

0.0x

1.5x

2.7x

4.6x

10.8x

10.06x

93%

[0 - 4.61[

39.4%

3.35x

3.35x

2

22.6x

81%

[9.7 - 19.4[

31.9%

14.5x

14.5x

2

30.8x

89%

[13.2 - 26.3[

30.4%

19.7x

19.7x

2

48.6x

80%

[0 - 24.5[

34.2%

24.5x

24.5x

1

3.4x

72%

[1.1 - 2.3[

30.4%

1.8x

1.8x

2

13 / 71

IMGR SE – MARCH 2006

15. Brewers

Producers of beer and malt liquors. Includes breweries not classified in the Restaurants subindustry.

Table 15

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

48

8

10

30

0.09x

1.07x

1.72x

2.28x

3.82x

48

8

12

28

4.0x

8.6x

10.3x

10.9x

14.2x

48

8

9

31

1.4x

10.3x

14.2x

18.2x

36.6x

48

8

9

31

3.8x

13.8x

21.6x

30.6x

62.8x

48

8

7

33

0.5x

1.5x

1.8x

2.7x

4.7x

1.82x

54%

[0.78 - 1.56[

33.3%

1.56x

1.82x

8

9.5x

27%

[9.8 - 11.4[

42.9%

10.5x

9.5x

7

15.0x

51%

[10 - 15[

29.0%

13.8x

15.0x

10

24.0x

61%

[11.9 - 22.6[

32.3%

20.5x

21.6x

8

2.1x

45%

[1.1 - 1.8[

45.5%

1.6x

1.6x

5

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

**16. Broadcasting & Cable TV
**

Owners and operators of television or radio broadcasting systems and providers of cable or

satellite television services, including programming.

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

13

12

83

0.10x

1.88x

2.73x

3.55x

7.03x

108

13

20

75

0.1x

6.5x

10.1x

12.5x

21.3x

108

13

27

68

0.1x

10.2x

13.9x

18.0x

34.2x

108

13

33

62

2.9x

16.4x

23.4x

32.0x

61.5x

108

12

19

77

0.1x

1.2x

1.9x

3.4x

7.1x

2.79x

52%

[1.53 - 2.29[

22.9%

2.09x

2.79x

6

9.9x

46%

[8.5 - 11.4[

33.3%

9.9x

9.9x

10

14.6x

48%

[11.5 - 15.3[

26.5%

13.5x

14.6x

9

25.2x

53%

[16.5 - 24.3[

33.9%

20.4x

25.2x

7

2.5x

73%

[1 - 2.1[

37.7%

1.5x

1.5x

3

14 / 71

**IMGR SE – MARCH 2006
**

17. Building Products

Manufacturers of building components and home improvement products and equipment.

Excludes lumber and plywood classified under Forest Products and cement and other

materials classified in the Construction Materials sub-industry.

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

18

17

104

0.04x

0.55x

0.86x

1.39x

2.92x

139

22

28

89

0.7x

5.6x

7.2x

9.5x

20.1x

139

18

37

84

1.1x

7.6x

10.8x

13.2x

26.3x

139

18

40

81

0.5x

11.7x

15.0x

18.2x

34.2x

139

18

20

101

0.2x

1.1x

1.7x

2.4x

4.9x

1.02x

64%

[0.35 - 0.71[

27.9%

0.62x

0.86x

4

8.0x

48%

[6.9 - 8.7[

24.7%

7.1x

8.0x

8

11.2x

44%

[8.6 - 11.2[

26.2%

10.4x

11.2x

9

15.4x

44%

[15 - 18[

24.7%

15.8x

15.4x

8

1.9x

58%

[1.2 - 1.7[

23.8%

1.7x

1.9x

5

**18. Casinos & Gaming
**

Owners and operators of casinos and gaming facilities. Includes companies providing lottery

and betting services.

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

43

5

2

36

0.14x

1.86x

2.73x

3.87x

7.31x

43

4

7

32

0.7x

11.0x

12.9x

18.5x

27.7x

43

4

8

31

0.8x

15.0x

19.6x

27.7x

45.8x

43

4

13

26

7.0x

22.6x

30.7x

41.0x

69.2x

43

4

5

34

0.5x

2.5x

3.9x

8.5x

16.1x

2.92x

62%

[2.5 - 3.72[

30.6%

2.81x

2.81x

8

14.3x

43%

[9.5 - 14.2[

40.6%

12.0x

12.0x

8

21.5x

44%

[8.1 - 16.1[

32.3%

16.1x

21.5x

6

32.9x

45%

[13.3 - 25.7[

34.6%

24.3x

32.9x

4

5.4x

76%

[0 - 3.7[

47.1%

2.6x

2.6x

2

15 / 71

IMGR SE – MARCH 2006

**19. Catalogue retail
**

Mail order and TV home shopping retailers. Includes companies that provide door-to-door

retail.

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

1

1

18

0.12x

0.59x

1.08x

1.34x

2.06x

20

1

5

14

5.9x

8.6x

9.8x

10.9x

12.6x

20

1

4

15

7.9x

10.3x

14.1x

16.4x

27.4x

20

1

6

13

11.3x

18.6x

22.8x

28.1x

38.0x

20

1

4

15

1.1x

1.9x

2.9x

3.7x

4.5x

0.99x

51%

[1.15 - 1.72[

44.4%

1.36x

1.08x

4

9.6x

21%

[9.3 - 11.2[

42.9%

10.2x

9.6x

8

14.8x

39%

[7.8 - 12.7[

40.0%

12.7x

14.8x

8

23.3x

31%

[16.6 - 24.6[

46.2%

22.0x

23.3x

8

2.8x

41%

[0.6 - 2[

33.3%

2.0x

2.8x

5

**20. Commercial Printing
**

Companies providing commercial printing services. Includes printers primarily serving the

media industry.

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

35

5

5

25

0.13x

0.55x

0.83x

1.21x

2.45x

35

5

7

23

1.8x

4.9x

7.4x

10.1x

12.4x

35

5

9

21

3.5x

8.6x

13.3x

18.6x

21.9x

35

5

10

20

5.7x

11.9x

15.8x

26.3x

43.0x

35

5

6

24

0.3x

1.2x

1.9x

2.5x

4.1x

0.93x

55%

[0.45 - 0.89[

40.0%

0.76x

0.83x

6

7.4x

42%

[1.6 - 5.3[

34.8%

5.3x

7.4x

5

13.4x

44%

[16.3 - 23.5[

38.1%

17.7x

13.4x

3

18.6x

55%

[3.3 - 13.8[

50.0%

9.9x

15.8x

1

1.9x

53%

[0.9 - 1.8[

33.3%

1.8x

1.9x

5

16 / 71

**IMGR SE – MARCH 2006
**

21. Commodity Chemicals

Companies that primarily produce industrial chemicals and basic chemicals. Including but not

limited to plastics, synthetic fibbers, films, commodity-based paints & pigments, explosives

and petrochemicals. Excludes chemical companies classified in the Diversified Chemicals,

Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries.

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

186

7

36

143

0.08x

0.65x

1.00x

1.43x

2.83x

186

8

47

131

0.8x

5.4x

8.1x

11.4x

20.0x

186

7

59

120

1.0x

8.1x

13.2x

19.2x

42.2x

186

5

66

115

0.6x

9.5x

14.8x

26.5x

68.5x

186

5

37

144

0.1x

0.9x

1.4x

1.8x

3.5x

1.10x

54%

[0.89 - 1.19[

25.9%

0.99x

1.00x

8

8.9x

49%

[4.7 - 7[

26.0%

5.8x

8.9x

4

15.0x

60%

[9 - 13.5[

27.5%

10.8x

13.2x

5

20.9x

78%

[7 - 14[

29.6%

11.0x

14.8x

2

1.4x

51%

[1.1 - 1.4[

22.2%

1.2x

1.4x

5

**22. Computer & Electronics Retail
**

Owners and operators of consumer electronics, computers, video and related products retail

stores.

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

3

2

21

0.12x

0.34x

0.41x

0.62x

1.04x

26

3

4

19

3.0x

6.2x

8.6x

12.2x

20.0x

26

3

7

16

3.7x

7.9x

9.9x

12.7x

16.4x

26

2

7

17

6.1x

12.1x

14.1x

19.8x

31.9x

26

2

2

22

0.5x

1.9x

2.4x

3.4x

6.0x

0.47x

55%

[0.27 - 0.47[

33.3%

0.41x

0.41x

7

9.2x

48%

[2.5 - 7[

36.8%

6.4x

9.2x

5

10.2x

39%

[6.2 - 10[

31.3%

10.0x

10.2x

8

16.0x

44%

[10 - 16[

35.3%

13.0x

16.0x

6

2.6x

54%

[2.2 - 3.3[

27.3%

2.9x

2.4x

5

17 / 71

**IMGR SE – MARCH 2006
**

23. Computer Hardware

Manufacturers of personal computers, servers, mainframes and workstations. Includes

manufacturers of Automatic Teller Machines (ATMs). Excludes manufacturers of copiers,

faxes and related products classified in the Office Electronics sub-industry.

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

61

2

8

51

0.01x

0.43x

0.92x

1.27x

2.39x

61

2

17

42

0.1x

8.8x

13.7x

18.7x

33.8x

61

2

20

39

0.1x

11.4x

18.2x

27.8x

52.3x

61

2

19

40

0.8x

10.5x

18.0x

29.2x

59.7x

61

2

10

49

0.0x

0.8x

1.9x

2.6x

4.9x

0.93x

63%

[0.91 - 1.36[

35.3%

1.03x

1.03x

8

14.0x

57%

[11.4 - 17.1[

33.3%

13.8x

14.0x

9

20.3x

64%

[9.7 - 19.4[

30.8%

13.8x

13.8x

3

20.6x

71%

[10.9 - 21.9[

35.0%

16.4x

16.4x

5

1.9x

63%

[1.9 - 2.8[

34.7%

2.2x

2.2x

5

**24. Computer Storage & Peripherals
**

Manufacturers of electronic computer components and peripherals. Includes data storage

components, motherboards, audio and video cards, monitors, keyboards, printers and other

peripherals. Excludes semiconductors classified in the Semiconductors sub-industry.

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

111

14

16

81

0.05x

0.52x

0.85x

1.19x

2.60x

111

15

30

66

0.6x

5.2x

9.4x

13.3x

29.8x

111

14

40

57

0.5x

7.1x

11.8x

19.8x

43.5x

111

14

47

50

1.5x

10.7x

18.2x

25.7x

53.9x

111

14

19

78

0.0x

1.1x

1.4x

2.1x

4.5x

0.93x

63%

[0.61 - 0.92[

25.9%

0.74x

0.85x

7

10.3x

65%

[4 - 8[

28.8%

6.6x

9.4x

4

14.9x

72%

[6.6 - 13.2[

29.8%

10.7x

11.8x

4

20.8x

63%

[16.3 - 24.5[

32.0%

18.5x

18.5x

8

1.6x

60%

[0.9 - 1.4[

30.8%

1.3x

1.4x

5

18 / 71

**IMGR SE – MARCH 2006
**

25. Construction & Engineering

Companies engaged in primarily non-residential construction. Includes civil engineering

companies and large-scale contractors. Excludes companies classified in the Homebuilding

sub-industry.

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

202

25

33

144

0.06x

0.34x

0.64x

1.15x

3.04x

202

26

50

126

1.3x

7.8x

10.9x

15.3x

29.0x

202

25

57

120

1.6x

12.2x

16.4x

24.4x

48.3x

202

22

47

133

0.2x

14.3x

21.3x

29.5x

58.5x

202

22

23

157

0.0x

1.1x

1.6x

2.8x

5.9x

0.83x

75%

[0.32 - 0.63[

25.0%

0.34x

0.64x

3

11.7x

50%

[9.1 - 12.1[

22.2%

10.0x

11.7x

8

17.9x

52%

[15 - 19.9[

24.2%

15.3x

16.4x

7

23.2x

59%

[11.9 - 17.9[

19.5%

17.9x

21.3x

5

2.1x

65%

[1.3 - 1.9[

24.2%

1.4x

1.6x

5

**26. Construction & Farm Machinery & Heavy Trucks
**

Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction

equipment, heavy farm machinery and manufacturers of related parts. Includes non-military

shipbuilding.

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

12

18

83

0.06x

0.52x

0.75x

1.28x

2.64x

113

14

16

83

3.5x

7.5x

10.4x

17.0x

31.1x

113

12

22

79

5.3x

9.3x

13.9x

25.2x

52.0x

113

12

22

79

3.1x

12.1x

19.8x

37.4x

74.1x

113

12

12

89

0.0x

1.2x

2.0x

2.9x

6.1x

0.94x

60%

[0.35 - 0.69[

27.7%

0.61x

0.75x

4

12.6x

55%

[6.3 - 10.7[

34.9%

8.3x

10.4x

5

18.3x

61%

[10.1 - 17.5[

31.6%

11.5x

13.9x

4

25.4x

65%

[11.8 - 23.6[

35.4%

15.9x

15.9x

3

2.3x

61%

[0.8 - 1.6[

31.5%

1.4x

1.4x

3

19 / 71

**IMGR SE – MARCH 2006
**

27. Construction Materials

Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates,

cement, concrete and bricks. Other finished or semi-finished building materials are classified

in the Building Products sub-industry.

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

8

14

93

0.16x

1.05x

1.83x

2.56x

4.08x

115

8

27

80

2.0x

7.0x

8.6x

10.8x

15.6x

115

8

33

74

4.6x

10.3x

13.4x

17.9x

32.0x

115

8

31

76

3.7x

11.1x

14.7x

22.0x

40.6x

115

8

22

85

0.4x

1.0x

1.4x

1.9x

4.0x

1.87x

53%

[1.46 - 2.12[

25.8%

1.69x

1.87x

8

8.9x

34%

[7 - 8.8[

30.0%

8.0x

8.9x

9

14.3x

41%

[7.4 - 11.1[

25.7%

11.1x

14.3x

6

16.4x

49%

[11.9 - 17[

31.6%

14.1x

16.4x

8

1.6x

52%

[0.7 - 1.2[

23.5%

1.1x

1.4x

5

**28. Consumer Electronics
**

Manufacturers of consumer electronics products including TVs, VCRs, hi-fi equipment, game

consoles and related products. Excludes personal home computer manufacturers classified

in the Computer Hardware sub-industry, and electric household appliances classified in the

Household Appliances sub-industry.

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

40

7

5

28

0.07x

0.38x

0.56x

1.15x

2.77x

40

7

7

26

1.0x

6.9x

12.1x

17.0x

29.7x

40

7

8

25

1.1x

12.0x

17.5x

28.3x

58.1x

40

7

9

24

3.4x

12.5x

22.6x

35.0x

102.3x

40

6

6

28

0.4x

1.1x

1.5x

2.4x

4.7x

0.88x

87%

[0 - 0.51[

42.9%

0.38x

0.56x

1

12.6x

55%

[6.8 - 13.6[

30.8%

10.2x

12.6x

6

21.2x

65%

[11.2 - 22.3[

40.0%

15.6x

17.5x

5

30.4x

87%

[0 - 15.6[

37.5%

12.8x

22.6x

1

1.9x

66%

[1.2 - 2.1[

35.7%

1.4x

1.5x

4

20 / 71

IMGR SE – MARCH 2006

**29. Data Processing & Outsourced Services
**

Providers of commercial electronic data processing and/or business process outsourcing

services. Includes companies that provide services for back-office automation.

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

9

4

30

0.55x

1.15x

2.05x

3.02x

5.53x

43

9

4

30

1.7x

7.9x

10.2x

14.6x

23.8x

43

8

6

29

1.7x

11.6x

15.3x

22.2x

33.8x

43

8

8

27

5.4x

19.0x

24.4x

34.9x

62.5x

43

8

1

34

0.4x

1.9x

3.4x

4.5x

7.0x

2.30x

58%

[1.23 - 2.44[

36.7%

1.68x

2.05x

6

11.0x

47%

[8.6 - 12.9[

30.0%

10.1x

11.0x

10

16.3x

46%

[7.4 - 14.3[

41.4%

11.7x

16.3x

5

27.4x

49%

[12.7 - 23.3[

37.0%

19.4x

27.4x

5

3.3x

51%

[3.1 - 4.7[

41.2%

3.5x

3.5x

5

**30. Department Stores
**

Owners and operators of department stores.

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

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

77

1

11

65

0.20x

0.52x

0.74x

1.14x

2.37x

77

1

11

65

2.5x

7.7x

10.4x

14.8x

22.8x

77

1

14

62

2.9x

11.5x

16.5x

26.0x

46.1x

77

1

21

55

2.4x

15.2x

21.0x

34.4x

84.2x

77

1

11

65

0.2x

1.2x

1.7x

2.1x

3.9x

0.84x

53%

[0.37 - 0.68[

32.3%

0.55x

0.74x

5

11.4x

42%

[5.6 - 9.1[

32.3%

7.8x

11.4x

6

19.0x

54%

[9.9 - 17.2[

40.3%

14.2x

14.2x

6

26.8x

66%

[10.1 - 20.2[

36.4%

17.0x

17.0x

2

1.8x

43%

[1.6 - 2[

24.6%

1.8x

1.8x

5

21 / 71

IMGR SE – MARCH 2006

**31. Distillers & Vintners
**

Distillers, vintners and producers of alcoholic beverages not classified in the Brewers subindustry.

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

1

2

40

0.21x

1.32x

2.52x

4.20x

8.82x

43

1

5

37

6.2x

10.6x

13.5x

17.5x

28.5x

43

1

8

34

8.5x

14.8x

17.7x

24.2x

42.6x

43

1

11

31

9.7x

20.1x

25.7x

34.4x

78.3x

43

0

6

37

0.4x

1.4x

1.8x

2.8x

5.3x

3.03x

69%

[1.68 - 3.36[

32.5%

2.35x

2.35x

6

14.5x

38%

[9 - 13.2[

32.4%

11.5x

14.5x

7

20.9x

44%

[14 - 19.8[

52.9%

16.9x

16.9x

6

29.4x

52%

[16.7 - 25.8[

38.7%

22.3x

22.3x

5

2.1x

53%

[1.1 - 1.9[

35.1%

1.6x

1.6x

5

32. Distributors

Distributors and wholesalers of general merchandise not classified elsewhere. Includes

vehicle distributors.

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

83

9

8

66

0.04x

0.26x

0.44x

0.79x

1.81x

83

10

17

56

0.1x

5.9x

8.2x

13.5x

28.0x

83

8

22

53

0.1x

6.6x

11.2x

16.1x

33.0x

83

8

18

57

0.5x

8.5x

11.4x

17.9x

47.3x

83

8

7

68

0.1x

0.8x

1.3x

1.9x

3.5x

0.57x

77%

[0.01 - 0.27[

28.8%

0.26x

0.44x

3

10.2x

65%

[4 - 8[

37.5%

6.6x

6.6x

2

12.5x

62%

[10.1 - 15.1[

34.0%

11.3x

11.3x

8

15.4x

70%

[9.7 - 14.6[

28.1%

10.5x

11.4x

3

1.4x

56%

[0.5 - 1[

27.9%

1.0x

1.4x

5

22 / 71

IMGR SE – MARCH 2006

**33. Diversified Chemicals
**

Manufacturers of a diversified range of chemical products not classified in the Industrial

Gases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicals

sub-industries.

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

33

4

5

24

0.19x

0.68x

1.05x

1.26x

1.73x

33

4

4

25

1.0x

6.8x

8.2x

11.1x

15.5x

33

4

8

21

0.6x

9.1x

14.1x

16.5x

20.6x

33

4

10

19

2.4x

13.2x

18.2x

28.5x

49.2x

33

4

7

22

0.2x

1.7x

2.5x

3.5x

4.4x

0.99x

41%

[0.96 - 1.36[

41.7%

1.12x

0.99x

8

8.8x

39%

[6.8 - 9.7[

44.0%

8.1x

8.8x

9

13.0x

39%

[5.4 - 10.7[

33.3%

10.0x

13.0x

4

21.1x

57%

[11.4 - 22.9[

42.1%

17.2x

18.2x

5

2.6x

44%

[2.6 - 3.9[

40.9%

2.7x

2.6x

5

**34. Diversified Commercial Services
**

Companies providing commercial and consumer services not classified elsewhere. Includes

commercial cleaning services, education services and security services.

Table 34

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

145

16

14

115

0.01x

0.67x

1.14x

2.11x

4.88x

145

17

27

101

2.8x

6.6x

9.7x

11.5x

19.5x

145

16

35

94

2.0x

11.5x

14.8x

17.5x

30.6x

145

15

44

86

0.0x

12.0x

19.8x

26.4x

56.4x

145

15

16

114

0.0x

1.4x

2.5x

3.8x

7.7x

1.52x

76%

[0.59 - 1.18[

31.3%

0.81x

0.81x

2

9.4x

39%

[9.1 - 11.2[

25.7%

10.0x

9.4x

10

14.8x

40%

[15 - 17.6[

25.5%

15.3x

14.8x

9

20.4x

54%

[6.6 - 13.1[

22.1%

12.3x

20.4x

3

2.7x

59%

[1 - 2[

25.4%

1.8x

2.7x

5

23 / 71

IMGR SE – MARCH 2006

**35. Diversified Metals & Mining
**

Companies engaged in diversified production or extraction of metals and minerals not

classified elsewhere. Includes companies that are primarily involved in coal mining or

production.

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

20

16

68

0.14x

0.94x

1.62x

2.51x

4.97x

104

13

30

61

1.8x

6.2x

8.3x

12.6x

24.7x

104

10

33

61

2.1x

8.3x

13.0x

18.8x

35.8x

104

8

32

64

0.9x

9.9x

16.2x

28.5x

65.8x

104

8

16

80

0.0x

1.5x

2.2x

3.0x

6.4x

1.83x

67%

[0.77 - 1.54[

26.5%

1.41x

1.62x

6

9.6x

53%

[6.7 - 10[

32.8%

7.9x

8.3x

6

14.7x

57%

[5.6 - 10.9[

24.6%

10.9x

13.0x

5

21.0x

74%

[10.1 - 19.4[

34.4%

12.6x

12.6x

2

2.5x

57%

[1.4 - 2.1[

26.3%

1.9x

2.2x

5

**36. Drug Retail
**

Owners and operators of primarily drug retail stores and pharmacies.

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

11

0

1

10

0.24x

0.31x

0.50x

0.73x

1.09x

11

0

0

11

6.3x

8.4x

10.9x

14.1x

22.5x

11

0

1

10

8.1x

12.6x

18.4x

22.8x

24.5x

11

0

0

11

6.3x

13.0x

18.8x

32.0x

46.7x

11

0

0

11

1.1x

1.9x

2.8x

3.9x

5.9x

0.57x

55%

[0.09 - 0.47[

50.0%

0.36x

0.50x

4

11.6x

41%

[9.3 - 14.4[

45.5%

11.3x

11.6x

9

17.5x

33%

[16.3 - 25.8[

60.0%

18.7x

17.5x

9

23.3x

57%

[0.9 - 18[

45.5%

15.1x

18.8x

4

3.0x

54%

[0.7 - 2.6[

45.5%

2.3x

3.0x

5

24 / 71

IMGR SE – MARCH 2006

**37. Electric Utilities
**

Companies that produce or distribute electricity. Includes both nuclear and non-nuclear

facilities.

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

129

22

11

96

0.41x

1.65x

2.21x

2.75x

5.10x

129

23

9

97

1.5x

7.3x

9.3x

11.7x

19.4x

129

21

11

97

2.9x

12.0x

14.4x

19.0x

31.9x

129

19

23

87

5.7x

14.9x

18.5x

23.6x

41.2x

129

19

13

97

0.2x

1.3x

1.7x

2.2x

3.7x

2.27x

43%

[1.79 - 2.27[

27.1%

2.10x

2.27x

8

9.7x

36%

[6.6 - 8.5[

28.9%

8.1x

9.7x

8

15.6x

37%

[11.4 - 14.4[

28.9%

13.2x

15.6x

9

19.8x

39%

[15.6 - 19.6[

31.0%

17.6x

19.8x

8

1.7x

41%

[1 - 1.4[

22.7%

1.4x

1.7x

5

**38. Electrical Components & Equipment
**

Companies that produce electric cables and wires, electrical components or equipment not

classified in the Heavy Electrical Equipment sub-industry.

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

163

18

20

125

0.16x

0.69x

1.16x

2.06x

4.29x

163

17

44

102

2.6x

6.9x

10.6x

14.7x

34.0x

163

16

53

94

3.1x

10.2x

15.9x

22.3x

57.2x

163

16

58

89

2.3x

16.2x

23.2x

30.9x

85.9x

163

17

23

123

0.0x

1.2x

1.9x

2.8x

5.6x

1.47x

65%

[0.58 - 1.13[

31.2%

0.89x

0.89x

3

12.1x

58%

[4.9 - 8.3[

32.4%

6.9x

10.6x

3

18.2x

59%

[6.2 - 11.5[

25.5%

10.7x

15.9x

3

25.9x

60%

[21.1 - 27.7[

24.7%

23.3x

23.2x

8

2.1x

58%

[1.2 - 1.9[

22.0%

1.9x

1.9x

5

25 / 71

**IMGR SE – MARCH 2006
**

39. Electronic Equipment Manufacturers

Producers of electronic equipment, instruments or components. Includes analytical,

electronic test and measurement instruments, electronic components, connection devices

and equipment not classified elsewhere. Excludes OEM suppliers classified in the Electronic

Manufacturing Services sub-industry.

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

247

25

27

195

0.06x

0.58x

1.15x

1.74x

4.21x

247

28

61

158

0.2x

6.3x

9.9x

13.1x

25.8x

247

25

75

147

0.3x

10.3x

15.1x

21.0x

41.4x

247

24

81

142

3.1x

10.7x

20.0x

27.8x

59.6x

247

24

24

199

0.1x

1.0x

1.7x

2.8x

5.9x

1.28x

66%

[0.4 - 0.8[

20.0%

0.69x

1.15x

4

10.3x

53%

[10.1 - 12.6[

19.6%

10.8x

10.3x

9

16.4x

53%

[8.1 - 12.2[

23.1%

11.0x

15.1x

4

21.3x

60%

[8.4 - 14.9[

23.2%

12.8x

21.3x

4

2.0x

63%

[0.6 - 1.2[

21.6%

1.2x

1.7x

4

**40. Electronic Manufacturing Services
**

Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers)

markets.

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

11

1

35

0.03x

0.25x

0.72x

1.39x

3.14x

47

12

5

30

1.1x

6.0x

8.0x

11.9x

20.3x

47

11

8

28

1.5x

8.9x

15.6x

21.0x

37.4x

47

11

13

23

3.7x

9.2x

16.8x

26.7x

36.8x

47

11

3

33

0.4x

0.9x

2.0x

2.6x

4.5x

0.91x

85%

[0 - 0.69[

48.6%

0.47x

0.47x

2

9.0x

55%

[3.8 - 7.6[

33.3%

6.7x

8.0x

6

15.7x

55%

[8 - 16[

28.6%

16.0x

15.7x

9

18.5x

57%

[1.8 - 14.1[

43.5%

10.6x

16.8x

2

2.0x

57%

[1.4 - 2.5[

36.4%

1.5x

1.5x

5

26 / 71

**IMGR SE – MARCH 2006
**

41. Employment Services

Employment agencies and related services.

Table 41

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st 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

59

11

4

44

0.06x

0.24x

0.48x

1.08x

2.49x

59

11

11

37

1.4x

8.0x

10.3x

18.8x

32.1x

59

11

15

33

2.0x

10.5x

15.7x

25.3x

39.0x

59

11

16

32

3.8x

18.8x

23.8x

40.9x

80.7x

59

11

7

41

0.3x

1.4x

3.2x

4.3x

7.1x

0.72x

87%

[0 - 0.48[

50.0%

0.30x

0.30x

2

12.9x

57%

[7 - 13.5[

48.6%

10.0x

10.0x

6

16.9x

54%

[9.2 - 18.5[

48.5%

14.1x

14.1x

7

30.6x

67%

[14.4 - 28.3[

40.6%

20.9x

20.9x

3

3.1x

65%

[0.3 - 2[

36.6%

1.6x

1.6x

2

**42. Environmental Services
**

Providers of environmental services. Includes waste management and pollution control

services. Excludes large-scale water treatment systems classified in the Water Utilities subindustry.

Table 42

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

49

8

3

38

49

8

9

32

49

8

11

30

49

8

12

29

49

8

3

38

0.08x

0.70x

1.46x

3.37x

8.33x

1.6x

8.0x

9.8x

13.5x

17.2x

1.9x

11.9x

15.2x

19.6x

35.9x

3.3x

14.5x

19.4x

27.0x

50.9x

0.2x

1.3x

2.4x

3.2x

5.1x

2.41x

92%

[0 - 1.59[

52.6%

0.96x

0.96x

2

10.3x

36%

[7.7 - 11.1[

37.5%

10.1x

10.3x

10

16.4x

44%

[11.5 - 16.4[

33.3%

14.3x

16.4x

8

21.7x

57%

[19 - 27.1[

31.0%

20.8x

19.4x

7

2.4x

51%

[2.3 - 3.4[

39.5%

2.6x

2.4x

5

27 / 71

IMGR SE – MARCH 2006

**43. Fertilizers & Agricultural Chemicals
**

Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not

classified elsewhere.

Table 43

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

63

1

15

47

0.09x

0.96x

1.46x

2.24x

3.74x

63

1

22

40

2.2x

6.4x

8.3x

10.3x

16.0x

63

1

22

40

2.5x

9.1x

13.3x

17.6x

32.7x

63

0

22

41

3.7x

12.0x

17.8x

24.1x

55.6x

63

0

16

47

0.7x

1.2x

1.8x

2.3x

4.0x

1.64x

51%

[0.71 - 1.42[

42.6%

1.14x

1.14x

3

8.6x

35%

[5.7 - 8[

35.0%

7.5x

8.6x

8

13.9x

42%

[10.1 - 15.1[

32.5%

10.9x

13.9x

6

20.2x

60%

[8.6 - 15.6[

31.7%

15.6x

17.8x

5

1.9x

46%

[1.2 - 1.8[

29.8%

1.7x

1.9x

5

**44. Food Distributors
**

Distributors of food products to other companies and not directly to the consumer.

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

28

6

4

18

28

6

6

16

28

6

7

15

28

6

4

18

28

6

3

19

0.08x

0.32x

0.48x

0.75x

1.53x

1.4x

7.0x

10.3x

13.3x

19.3x

4.9x

12.1x

14.1x

16.9x

24.8x

2.1x

11.5x

20.0x

28.9x

42.7x

0.3x

0.9x

1.9x

4.1x

6.9x

0.63x

70%

[0.33 - 0.66[

33.3%

0.41x

0.48x

3

10.5x

51%

[10.4 - 15.4[

31.3%

12.1x

10.5x

6

14.6x

40%

[10.9 - 14.9[

33.3%

13.9x

14.6x

8

20.2x

53%

[13.3 - 26.5[

38.9%

16.6x

20.2x

6

2.5x

79%

[0 - 2.4[

63.2%

1.5x

1.9x

3

28 / 71

IMGR SE – MARCH 2006

**45. Food Retail
**

Owners and operators of primarily food retail stores.

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

56

5

7

44

56

6

6

44

56

5

11

40

56

5

16

35

56

5

5

46

0.02x

0.28x

0.41x

0.57x

1.20x

0.3x

6.3x

8.0x

11.2x

16.5x

0.4x

9.4x

12.8x

16.7x

24.2x

0.0x

14.3x

16.7x

21.3x

44.9x

0.0x

1.2x

1.7x

2.9x

5.5x

0.44x

58%

[0.19 - 0.36[

27.3%

0.31x

0.44x

6

8.7x

45%

[5.6 - 8.4[

38.6%

7.3x

8.7x

9

13.3x

43%

[8.6 - 12.8[

35.0%

11.7x

13.3x

9

18.8x

46%

[12.9 - 17.3[

34.3%

16.2x

18.8x

8

2.2x

64%

[0.9 - 1.9[

32.6%

1.4x

1.4x

3

46. Footwear

Manufacturers of footwear. Includes sport and leather shoes.

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

3

8

18

0.12x

0.42x

0.53x

0.90x

1.57x

29

3

6

20

3.0x

5.1x

8.1x

16.7x

30.5x

29

3

14

12

4.3x

6.9x

10.2x

11.2x

12.2x

29

3

11

15

6.0x

9.4x

13.5x

19.4x

33.5x

29

3

8

18

0.4x

1.0x

1.8x

2.7x

5.5x

0.65x

56%

[0.11 - 0.48[

38.9%

0.40x

0.53x

2

11.5x

73%

[0 - 8.5[

55.0%

5.2x

8.1x

1

9.1x

31%

[10.1 - 13.9[

50.0%

11.1x

9.1x

5

15.2x

49%

[3.5 - 11.6[

40.0%

10.5x

15.2x

4

2.1x

69%

[0.4 - 1.7[

50.0%

1.3x

1.8x

2

29 / 71

**IMGR SE – MARCH 2006
**

47. Forest Products

Manufacturers of timber and related wood products. Includes lumber for the building industry.

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

49

13

7

29

0.43x

0.67x

1.27x

2.89x

5.09x

49

14

8

27

2.6x

5.7x

8.1x

19.7x

27.3x

49

13

12

24

3.5x

9.1x

13.8x

21.6x

53.3x

49

11

16

22

0.1x

10.0x

13.3x

26.4x

89.6x

49

11

8

30

0.0x

0.9x

1.2x

1.9x

4.8x

1.89x

80%

[0 - 1.44[

58.6%

0.85x

1.27x

1

11.8x

69%

[1 - 10.3[

66.7%

5.9x

8.1x

2

17.8x

77%

[2.3 - 11[

33.3%

11.0x

13.8x

2

21.8x

96%

[11.7 - 23.3[

36.4%

13.6x

13.3x

1

1.6x

71%

[0.6 - 1.3[

43.3%

1.0x

1.2x

5

**48. Gas Utilities
**

Companies whose main charter is to distribute and transmit natural and manufactured gas.

Excludes companies primarily involved in gas exploration or production classified in the Oil &

Gas Exploration & Production sub-industry. Also excludes diversified midstream natural gas

companies classified in the Oil & Gas Refining, Marketing & Transportation sub-industry.

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

5

9

38

0.54x

1.30x

1.56x

2.15x

5.66x

52

5

6

41

3.5x

8.0x

9.2x

11.1x

16.1x

52

5

8

39

7.4x

12.1x

14.0x

16.9x

22.9x

52

5

7

40

0.6x

14.4x

18.0x

23.9x

38.3x

52

5

8

39

0.4x

1.6x

1.9x

2.5x

4.3x

1.94x

59%

[1.35 - 1.85[

36.8%

1.57x

1.57x

6

9.6x

28%

[8 - 9.8[

29.3%

9.5x

9.6x

10

14.2x

26%

[15.1 - 18[

28.2%

15.5x

14.2x

9

18.9x

41%

[16.6 - 22.2[

37.5%

18.8x

18.9x

8

2.0x

41%

[1.8 - 2.3[

33.3%

2.0x

2.0x

5

30 / 71

IMGR SE – MARCH 2006

**49. General Merchandise Stores
**

Owners and operators of stores offering diversified general merchandise. Excludes

hypermarkets and large-scale super centers classified in the “Hypermarkets & Super

Centers” sub-industry.

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

5

2

24

0.13x

0.60x

0.82x

1.67x

3.36x

31

5

1

25

0.6x

8.1x

9.8x

14.1x

27.2x

31

5

3

23

0.3x

11.9x

15.4x

22.7x

30.3x

31

5

3

23

14.3x

19.6x

28.4x

42.6x

182.9x

31

5

3

23

0.7x

1.6x

1.9x

3.0x

3.4x

1.22x

78%

[0 - 0.74[

45.8%

0.51x

0.82x

1

11.8x

55%

[8.2 - 12.3[

40.0%

9.8x

9.8x

6

16.5x

46%

[7.7 - 15.3[

39.1%

13.6x

16.5x

7

43.2x

96%

[9.7 - 25.8[

47.8%

20.8x

28.4x

1

2.2x

38%

[1.6 - 2.5[

39.1%

2.3x

2.2x

5

50. Gold

Producers of gold and related products, including companies that mine or process gold and

the South African finance houses which primarily invest in, but do not operate, gold mines.

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

32

6

39

0.39x

2.47x

4.94x

14.02x

29.72x

77

13

40

24

4.9x

10.3x

18.7x

27.7x

43.4x

77

10

47

20

6.4x

13.3x

29.8x

36.1x

60.8x

77

9

45

23

5.0x

12.3x

32.7x

52.8x

129.2x

77

9

6

62

0.4x

2.2x

3.6x

5.4x

9.6x

8.92x

102%

[0 - 6.81[

61.5%

3.80x

3.80x

2

20.1x

59%

[0.1 - 12.1[

33.3%

12.1x

20.1x

3

27.7x

59%

[0 - 16.8[

35.0%

14.7x

27.7x

1

39.3x

87%

[0 - 28.5[

47.8%

20.9x

32.7x

1

4.0x

58%

[1.9 - 3.4[

32.3%

2.8x

3.6x

5

31 / 71

IMGR SE – MARCH 2006

**51. Health Care Services
**

Providers of health care services not classified elsewhere. Includes dialysis centers and lab

testing services.

Table 51

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

79

13

3

63

0.09x

0.91x

1.56x

3.02x

5.83x

79

15

11

53

0.8x

7.8x

11.1x

15.1x

28.5x

79

13

13

53

0.9x

11.4x

15.3x

21.5x

39.2x

79

13

19

47

0.4x

16.9x

22.0x

31.0x

55.1x

79

14

8

57

0.0x

1.8x

2.8x

4.2x

8.1x

1.95x

68%

[1.07 - 2.13[

33.3%

1.37x

1.37x

5

12.0x

49%

[7.8 - 11.7[

30.2%

9.7x

12.0x

8

16.8x

47%

[10.9 - 16.3[

32.1%

13.8x

16.8x

8

24.5x

50%

[15.6 - 23.4[

36.2%

20.1x

24.5x

7

3.2x

57%

[1.2 - 2.5[

29.8%

2.2x

2.8x

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)

**52. Health Care Distributors
**

Distributors and wholesalers of health care products not classified elsewhere.

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

6

5

27

38

6

6

26

38

6

7

25

38

4

9

25

38

4

7

27

0.07x

0.34x

0.63x

1.42x

3.34x

3.6x

10.6x

13.6x

16.4x

24.7x

4.9x

15.1x

18.5x

23.0x

35.5x

2.8x

20.8x

27.0x

36.3x

75.3x

0.2x

1.2x

2.5x

3.4x

4.9x

0.99x

91%

[0 - 0.72[

51.9%

0.46x

0.63x

1

13.6x

34%

[10.2 - 14.1[

38.5%

13.7x

13.6x

9

19.2x

38%

[14.8 - 20.2[

40.0%

17.7x

19.2x

9

30.6x

54%

[23.1 - 33.8[

36.0%

26.7x

27.0x

7

2.5x

56%

[0 - 1.4[

37.0%

0.9x

2.5x

2

32 / 71

IMGR SE – MARCH 2006

**53. Health Care Equipment
**

Manufacturers of health care equipment and devices. Includes medical electronic precision

instruments. Includes drug delivery systems.

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

155

27

9

119

0.41x

1.66x

2.88x

4.94x

9.38x

155

27

29

99

0.1x

10.4x

16.1x

22.4x

45.5x

155

25

46

84

0.0x

13.9x

18.8x

24.8x

47.1x

155

24

51

80

6.3x

22.4x

29.6x

39.9x

80.5x

155

24

10

121

0.1x

2.0x

3.3x

5.8x

11.5x

3.41x

64%

[1.56 - 2.89[

26.9%

1.92x

2.88x

4

17.1x

52%

[15.6 - 20.8[

23.2%

16.9x

17.1x

10

20.1x

47%

[14.9 - 19.9[

25.0%

16.8x

20.1x

7

32.8x

47%

[19.1 - 27.2[

33.8%

24.6x

32.8x

5

4.1x

64%

[1.6 - 3.1[

27.3%

2.5x

3.3x

4

**54. Health Care Facilities
**

Owners and operators of health care facilities, including hospitals, nursing homes,

rehabilitation and retirement centers, animal hospitals, cemeteries and funeral homes.

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

60

4

7

49

0.15x

0.91x

1.35x

2.04x

3.96x

60

4

7

49

2.1x

7.3x

9.7x

15.2x

23.4x

60

4

12

44

2.7x

10.7x

13.2x

20.0x

37.2x

60

5

12

43

0.0x

12.0x

21.0x

31.0x

56.7x

60

4

10

46

0.0x

1.4x

2.1x

2.6x

6.3x

1.54x

59%

[0.62 - 1.24[

30.6%

1.18x

1.35x

6

11.2x

48%

[6.3 - 10.6[

36.7%

8.4x

11.2x

6

15.9x

52%

[6.9 - 12.1[

27.3%

11.5x

13.2x

6

23.0x

57%

[10.8 - 21.7[

41.9%

16.8x

16.8x

5

2.3x

60%

[2.1 - 2.8[

30.4%

2.2x

2.3x

5

33 / 71

**IMGR SE – MARCH 2006
**

55. Health Care Supplies

Manufacturers of health care supplies and medical products not classified elsewhere.

Includes eye care products.

Table 55

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

47

9

4

34

0.11x

1.69x

2.76x

3.46x

6.68x

47

8

11

28

1.4x

10.7x

12.4x

13.9x

29.7x

47

8

16

23

1.3x

12.8x

15.5x

18.0x

32.6x

47

8

14

25

10.4x

20.2x

29.6x

34.2x

56.8x

47

8

3

36

0.2x

1.8x

3.2x

4.7x

11.0x

2.72x

57%

[2.18 - 3.27[

35.3%

2.60x

2.60x

8

13.5x

44%

[11.4 - 13.5[

28.6%

12.3x

13.5x

7

15.7x

41%

[15.2 - 18.8[

34.8%

16.0x

15.7x

8

28.8x

37%

[28.8 - 38.4[

40.0%

32.3x

28.8x

7

3.7x

69%

[1.8 - 3.5[

30.6%

2.4x

2.4x

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)

**56. Heavy Electrical Equipment
**

Manufacturers of power-generating equipment and other heavy electrical equipment,

including power turbines, heavy electrical machinery intended for fixed-use and large

electrical systems. Excludes cables and wires, classified in the Electrical Components &

Equipment sub-industry.

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

29

3

6

20

0.08x

0.76x

1.25x

1.58x

3.71x

29

2

11

16

0.1x

6.6x

10.5x

15.2x

28.0x

29

2

12

15

0.1x

7.9x

17.8x

23.2x

33.4x

29

1

14

14

0.1x

9.7x

19.4x

25.9x

44.7x

29

2

4

23

0.0x

1.3x

2.4x

3.9x

8.3x

1.33x

70%

[0.6 - 1.2[

30.0%

1.20x

1.25x

7

10.9x

70%

[6.8 - 13.6[

43.8%

10.2x

10.5x

8

16.0x

67%

[0 - 12.4[

40.0%

12.4x

17.8x

4

19.7x

72%

[0 - 13.5[

42.9%

11.6x

19.4x

2

2.8x

70%

[1.8 - 3.6[

39.1%

2.5x

2.4x

5

34 / 71

IMGR SE – MARCH 2006

**57. Highways & Railtracks
**

Owners and operators of roads, tunnels and railtracks.

Table 57

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

39

4

6

29

39

4

6

29

39

4

7

28

39

2

5

32

39

2

3

34

2.57x

5.12x

7.39x

8.20x

13.07x

4.0x

7.9x

10.3x

12.8x

22.9x

4.7x

10.5x

13.4x

18.2x

22.8x

1.9x

12.9x

17.7x

26.9x

46.2x

0.2x

1.2x

1.6x

2.1x

3.8x

7.10x

38%

[5.82 - 7.82[

37.9%

6.98x

7.10x

8

11.0x

44%

[7.1 - 10.3[

27.6%

10.3x

11.0x

9

14.3x

35%

[8.7 - 13.7[

39.3%

11.9x

14.3x

7

19.9x

52%

[8.9 - 17.7[

37.5%

14.3x

14.3x

5

1.8x

47%

[0.8 - 1.4[

29.4%

1.3x

1.8x

5

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st 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. Home Entertainment Software
**

Manufacturers of home entertainment software and educational software used primarily in

the home.

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

4

4

14

22

4

3

15

22

4

5

13

22

4

9

9

22

4

3

15

0.03x

0.58x

0.82x

1.43x

2.12x

0.2x

3.3x

6.6x

11.4x

17.3x

0.2x

6.0x

15.2x

19.8x

35.6x

5.4x

10.4x

23.2x

29.4x

32.0x

0.0x

1.2x

1.7x

2.5x

4.4x

0.99x

64%

[0.02 - 0.72[

35.7%

0.72x

0.82x

5

7.1x

74%

[0 - 6.6[

46.7%

5.1x

6.6x

5

14.5x

68%

[11.7 - 23.4[

46.2%

13.6x

15.2x

7

19.8x

50%

[18.7 - 36.9[

55.6%

21.7x

19.8x

6

1.9x

57%

[1.1 - 2.2[

33.3%

2.2x

1.7x

5

35 / 71

IMGR SE – MARCH 2006

**59. Home Furnishings
**

Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wallcoverings.

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

7

52

0.07x

0.44x

0.67x

0.91x

1.73x

61

2

14

45

0.0x

5.3x

8.0x

8.8x

14.6x

61

2

19

40

2.6x

8.9x

10.6x

13.5x

19.5x

61

2

19

40

2.8x

10.3x

15.3x

18.4x

30.1x

61

2

7

52

0.0x

1.0x

1.5x

2.0x

3.2x

0.70x

53%

[0.26 - 0.52[

26.9%

0.47x

0.70x

5

7.4x

42%

[7.8 - 9.7[

33.3%

8.5x

7.4x

8

11.0x

34%

[9.7 - 12.4[

32.5%

10.5x

11.0x

9

15.0x

41%

[11.7 - 16.4[

32.5%

13.3x

15.0x

8

1.6x

52%

[1.1 - 1.6[

30.8%

1.4x

1.6x

5

60. Homebuilding

Residential construction companies. Includes manufacturers of prefabricated houses and

semi-fixed manufactured homes.

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

18

7

37

0.29x

0.72x

0.90x

1.12x

2.17x

62

20

6

36

2.4x

5.8x

7.1x

10.6x

19.9x

62

18

11

33

2.4x

5.8x

6.6x

9.3x

21.0x

62

12

11

39

4.3x

6.7x

8.9x

11.0x

29.3x

62

12

8

42

0.6x

1.4x

1.8x

2.1x

4.2x

0.96x

47%

[0.74 - 0.99[

27.0%

0.93x

0.96x

8

8.7x

50%

[4 - 6.8[

41.7%

6.0x

6.0x

4

8.3x

52%

[4.1 - 6.2[

30.3%

6.2x

6.6x

6

10.4x

55%

[6.5 - 9.1[

35.9%

8.0x

8.0x

6

1.9x

41%

[1.7 - 2.1[

38.1%

1.9x

1.9x

5

36 / 71

**IMGR SE – MARCH 2006
**

61. Home Improvement Retail

Owners and operators of home and garden improvement retail stores. Includes stores

offering building materials and supplies.

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

20

3

2

15

0.45x

0.50x

0.67x

1.07x

2.26x

20

3

1

16

3.5x

7.2x

8.0x

9.7x

11.7x

20

3

2

15

8.9x

10.0x

11.0x

12.8x

16.2x

20

3

3

14

3.5x

11.5x

13.9x

15.9x

19.3x

20

3

3

14

0.6x

1.1x

1.7x

2.8x

3.9x

0.90x

59%

[0.43 - 0.89[

60.0%

0.73x

0.67x

4

8.3x

26%

[6.6 - 8.6[

37.5%

7.9x

8.3x

9

11.4x

18%

[8 - 10.3[

46.7%

9.5x

11.4x

7

13.1x

31%

[13.3 - 17[

42.9%

14.5x

13.1x

8

2.0x

56%

[0.2 - 1.6[

42.9%

1.4x

1.7x

4

**62. Hotels, Resorts & Cruise Lines
**

Owners and operators of hotels, resorts and cruise-ships. Includes travel agencies, tour

operators and related services not classified elsewhere. Excludes casino-hotels classified in

the Casinos & Gaming sub-industry.

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

107

18

21

68

0.07x

1.37x

2.48x

3.67x

7.41x

107

19

24

64

3.0x

7.6x

11.1x

15.6x

28.4x

107

18

26

63

3.9x

11.8x

18.0x

25.4x

49.4x

107

14

31

62

1.3x

15.2x

20.9x

30.4x

63.7x

107

15

17

75

0.3x

1.0x

1.7x

2.6x

4.5x

2.72x

67%

[1.13 - 2.26[

25.0%

2.26x

2.48x

8

11.9x

47%

[5.7 - 9.7[

31.3%

9.0x

11.9x

5

19.5x

53%

[9.6 - 16.4[

28.6%

15.6x

19.5x

7

23.9x

59%

[15.4 - 23[

33.9%

18.8x

20.9x

5

1.8x

60%

[0.1 - 0.8[

24.0%

0.8x

1.7x

3

37 / 71

**IMGR SE – MARCH 2006
**

63. Household Appliances

Manufacturers of electric household appliances and related products. Includes manufacturers

of power and hand tools, including garden improvement tools. 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.

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

68

3

12

53

0.11x

0.36x

0.48x

0.94x

1.86x

68

4

13

51

3.3x

5.3x

6.9x

9.2x

16.2x

68

3

17

48

5.0x

8.9x

10.0x

14.3x

24.9x

68

3

19

46

5.0x

11.1x

15.1x

24.7x

57.3x

68

3

11

54

0.1x

0.7x

1.1x

2.6x

5.8x

0.65x

64%

[0.37 - 0.68[

34.0%

0.43x

0.43x

4

7.6x

40%

[4.5 - 6.6[

27.5%

6.0x

7.6x

7

11.7x

42%

[7.5 - 10.5[

45.8%

9.0x

9.0x

5

19.9x

69%

[12.1 - 19.7[

34.8%

14.4x

14.4x

4

1.8x

80%

[0 - 1[

50.0%

0.6x

0.6x

2

**64. Household Products
**

Producers of non-durable household products, including detergents, soaps, diapers and

other tissue and household paper products not classified in the Paper Products sub-industry.

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

27

2

5

20

0.17x

0.82x

1.46x

2.22x

3.05x

27

2

7

18

4.4x

6.8x

9.2x

11.4x

13.0x

27

2

7

18

8.0x

10.6x

12.4x

14.6x

21.0x

27

2

9

16

7.4x

14.1x

17.0x

20.5x

24.6x

27

2

9

16

0.4x

1.1x

2.5x

3.9x

7.0x

1.58x

58%

[0.07 - 1.1[

35.0%

1.10x

1.58x

5

9.1x

31%

[7 - 10.4[

38.9%

9.3x

9.1x

8

12.8x

26%

[9.9 - 13[

33.3%

13.0x

12.8x

8

16.7x

29%

[16 - 21.2[

37.5%

17.3x

16.7x

8

2.6x

69%

[0.4 - 2.6[

50.0%

2.4x

2.5x

5

38 / 71

**IMGR SE – MARCH 2006
**

65. Housewares & Specialities

Manufacturers of durable household products, including cutlery, cookware, glassware,

crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere.

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

42

0

5

37

0.14x

0.53x

0.71x

1.21x

2.58x

42

1

12

29

1.8x

4.8x

6.9x

9.5x

15.5x

42

0

15

27

2.3x

6.8x

9.2x

14.1x

24.8x

42

0

18

24

5.4x

9.4x

14.5x

18.7x

31.7x

42

0

6

36

0.2x

1.0x

1.2x

2.0x

4.2x

0.93x

64%

[0.41 - 0.81[

40.5%

0.62x

0.62x

4

7.2x

47%

[4.1 - 7.1[

37.9%

6.1x

7.2x

7

11.0x

54%

[6.3 - 11.1[

40.7%

8.7x

9.2x

4

14.3x

43%

[8.8 - 15.3[

50.0%

12.1x

14.3x

6

1.7x

65%

[0.7 - 1.3[

41.7%

1.1x

1.1x

3

**66. Hypermarkets & Super Centers
**

Owners and operators of hypermarkets and super centers selling food and a wide-range of

consumer staple products. Excludes Food and Drug Retailers classified in the Food Retail

and Drug Retail sub-industries, respectively.

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

20

1

1

18

0.14x

0.30x

0.36x

0.50x

0.60x

20

2

3

15

5.2x

6.7x

7.0x

8.3x

11.0x

20

1

2

17

8.8x

9.9x

11.1x

14.7x

23.0x

20

1

3

16

9.8x

12.2x

17.7x

20.2x

27.4x

20

1

0

19

0.5x

1.3x

2.3x

3.3x

5.0x

0.39x

32%

[0.29 - 0.45[

44.4%

0.39x

0.39x

8

7.6x

20%

[6.1 - 7.4[

53.3%

6.9x

7.6x

9

13.1x

31%

[8.4 - 12.1[

58.8%

10.6x

13.1x

6

17.4x

31%

[9.1 - 15.4[

37.5%

15.4x

17.4x

8

2.5x

53%

[0 - 1.5[

31.6%

1.3x

2.5x

3

39 / 71

**IMGR SE – MARCH 2006
**

67. Industrial Conglomerates

Diversified industrial companies with business activities in three or more sectors, none of

which contributes a majority of revenues. Stakes held are predominantly of a controlling

nature and stake holders maintain an operational interest in the running of the subsidiaries.

Table 67

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

105

19

11

75

0.29x

0.74x

1.56x

2.89x

5.73x

105

21

17

67

3.0x

7.1x

10.0x

15.0x

34.2x

105

19

24

62

5.4x

10.0x

14.9x

20.9x

42.6x

105

14

22

69

0.1x

10.7x

19.6x

33.3x

73.0x

105

14

10

81

0.0x

1.0x

1.4x

2.5x

4.9x

1.95x

73%

[0 - 1.02[

37.3%

0.77x

0.77x

2

12.0x

59%

[5 - 8.9[

35.8%

7.4x

7.4x

3

16.6x

51%

[10.2 - 15.7[

27.4%

11.6x

14.9x

4

24.0x

69%

[0 - 11[

26.1%

11.0x

19.6x

2

1.9x

62%

[0.7 - 1.3[

35.8%

1.1x

1.1x

3

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

9

2

1

6

9

1

2

6

9

1

2

6

9

1

2

6

9

1

1

7

1.11x

1.52x

1.83x

2.22x

2.34x

6.8x

7.9x

10.0x

10.9x

11.5x

14.6x

16.2x

17.2x

17.6x

19.5x

20.0x

21.2x

24.5x

28.2x

30.0x

1.8x

1.9x

3.1x

3.4x

3.9x

1.81x

27%

[0.95 - 1.73[

50.0%

1.73x

1.81x

8

9.5x

21%

[9.2 - 12.5[

66.7%

10.3x

9.5x

8

17.0x

10%

[17.1 - 18.6[

50.0%

17.9x

17.0x

8

24.8x

17%

[17.3 - 25[

50.0%

25.0x

24.8x

8

2.8x

31%

[2.8 - 4.3[

57.1%

3.1x

2.8x

5

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st 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. Industrial Gases
**

Manufacturers of industrial gases.

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

**IMGR SE – MARCH 2006
**

69. Industrial Machinery

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.

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

343

48

40

255

0.03x

0.53x

0.92x

1.42x

3.08x

343

49

63

231

0.1x

6.4x

9.4x

12.3x

24.0x

343

48

77

218

0.2x

9.5x

13.4x

17.7x

36.2x

343

48

92

203

0.0x

12.6x

19.8x

30.0x

71.3x

343

48

40

255

0.0x

1.2x

1.9x

3.0x

6.1x

1.07x

62%

[0.3 - 0.58[

20.4%

0.52x

0.92x

3

9.7x

49%

[5.8 - 7.8[

19.9%

7.0x

9.7x

6

14.1x

45%

[8.2 - 10.9[

17.4%

10.9x

14.1x

6

22.9x

60%

[11.9 - 17.9[

23.2%

15.1x

19.8x

4

2.2x

60%

[1.7 - 2.3[

20.4%

1.8x

1.9x

5

**70. Integrated Oil & Gas
**

Integrated oil companies engaged in the exploration & production of oil and gas, as well as at

least one other significant activity in either refining, marketing and transportation, or

chemicals.

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

31

3

1

27

0.43x

0.97x

1.38x

1.90x

3.43x

31

3

4

24

3.5x

5.8x

6.5x

8.1x

11.9x

31

3

2

26

1.2x

7.6x

9.2x

11.8x

22.0x

31

3

3

25

9.1x

12.3x

13.2x

15.6x

20.5x

31

3

2

26

0.3x

2.1x

3.1x

3.6x

4.3x

1.54x

51%

[1.01 - 1.62[

33.3%

1.42x

1.54x

8

7.1x

28%

[4.5 - 6.1[

29.2%

6.1x

7.1x

8

10.1x

40%

[5.9 - 8.8[

38.5%

8.1x

10.1x

6

14.2x

21%

[11.4 - 13.7[

36.0%

13.0x

14.2x

8

2.8x

37%

[2.3 - 3.4[

34.6%

3.4x

2.8x

5

41 / 71

IMGR SE – MARCH 2006

**71. Integrated Telecommunication Services
**

Operators of primarily fixed-line telecommunications networks and companies providing both

wireless and fixed-line telecommunications services not classified elsewhere.

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

91

16

11

64

0.10x

1.20x

1.99x

2.45x

3.94x

91

13

19

59

2.3x

3.9x

5.7x

7.0x

10.6x

91

13

26

52

3.3x

8.8x

10.7x

13.8x

22.3x

91

12

30

49

0.3x

11.3x

15.6x

19.2x

43.8x

91

12

17

62

0.0x

1.2x

1.9x

2.6x

4.6x

1.90x

50%

[1.87 - 2.5[

31.3%

2.20x

1.90x

8

5.7x

37%

[4.9 - 6.4[

35.6%

5.6x

5.7x

9

11.0x

38%

[7.4 - 10.1[

28.8%

9.6x

11.0x

8

16.8x

59%

[12.9 - 17.2[

28.6%

14.1x

16.8x

8

2.0x

58%

[2.1 - 2.8[

25.8%

2.2x

2.0x

5

**72. Internet Retail
**

Companies providing retail services primarily on the internet, not classified elsewhere.

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

19

6

3

10

0.21x

1.00x

1.60x

2.17x

2.95x

19

7

7

5

nm

nm

nm

nm

nm

19

6

9

4

nm

nm

nm

nm

nm

19

6

9

4

nm

nm

nm

nm

nm

19

6

5

8

1.0x

2.2x

2.5x

3.4x

5.4x

1.55x

56%

[0 - 1.09[

40.0%

0.88x

1.55x

3

nm

nm

nm

nm

nm

nm

na

nm

nm

nm

nm

nm

nm

na

nm

nm

nm

nm

nm

nm

na

2.8x

51%

[2 - 3.2[

37.5%

2.6x

2.8x

5

42 / 71

**IMGR SE – MARCH 2006
**

73. Internet Software & Services

Companies developing and marketing internet software and/or providing internet services

including online databases and interactive services, web address registration services,

database construction and internet design services. Excludes companies classified in the

Internet Retail sub-industry.

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

205

47

26

132

0.13x

0.83x

1.36x

2.78x

8.34x

205

46

71

88

0.0x

5.7x

12.8x

26.4x

62.7x

205

44

94

67

0.0x

7.6x

13.9x

27.3x

63.8x

205

42

98

65

0.4x

16.0x

27.2x

42.1x

117.5x

205

43

24

138

0.0x

1.4x

2.5x

4.9x

10.9x

2.18x

90%

[0.8 - 1.56[

29.5%

0.98x

1.36x

2

17.5x

84%

[0 - 9.3[

36.4%

6.3x

6.3x

1

18.8x

83%

[0 - 9.7[

31.3%

8.9x

8.9x

1

34.1x

76%

[13 - 26[

24.6%

26.0x

27.2x

5

3.3x

75%

[1.3 - 2.7[

28.3%

1.7x

2.5x

3

**74. 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.

Includes information technology consulting and information management services.

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

227

43

37

147

0.01x

0.41x

0.83x

1.23x

2.73x

227

44

69

114

0.7x

8.2x

11.6x

15.7x

31.0x

227

42

86

99

0.1x

11.4x

18.2x

24.9x

46.9x

227

41

105

81

1.4x

16.5x

23.5x

36.3x

72.8x

227

41

47

139

0.1x

1.6x

2.3x

3.4x

6.3x

0.89x

68%

[0.31 - 0.62[

23.1%

0.46x

0.83x

3

12.4x

48%

[6.5 - 9.7[

22.8%

9.5x

12.4x

5

19.1x

52%

[5.9 - 11.8[

25.3%

10.7x

19.1x

3

27.3x

55%

[18.8 - 27.9[

25.9%

20.8x

23.5x

5

2.6x

56%

[2 - 2.7[

20.1%

2.2x

2.3x

5

43 / 71

IMGR SE – MARCH 2006

**75. Leisure Facilities
**

Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf

courses and amusement parks not classified in the Movies & Entertainment sub-industry.

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

42

3

4

35

0.21x

1.45x

2.61x

3.85x

6.93x

42

3

9

30

3.1x

7.0x

9.4x

14.1x

28.3x

42

3

15

24

6.0x

11.6x

14.6x

20.9x

39.3x

42

2

15

25

8.9x

14.9x

20.1x

29.1x

57.3x

42

2

5

35

0.4x

1.1x

1.4x

3.3x

6.5x

2.81x

61%

[1.46 - 2.93[

31.4%

2.20x

2.81x

7

11.5x

53%

[6.5 - 11.1[

36.7%

8.8x

9.4x

5

17.2x

53%

[9.8 - 16.2[

45.8%

13.7x

14.6x

4

25.4x

58%

[8.8 - 18.5[

36.0%

18.5x

20.1x

3

2.1x

70%

[0.1 - 1.4[

51.4%

0.9x

0.9x

2

**76. Leisure Products
**

Manufacturers of leisure products and equipment including sports equipment, bicycles and

toys.

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

8

3

51

0.09x

0.49x

0.77x

1.46x

2.95x

62

8

12

42

2.6x

6.9x

9.6x

13.3x

26.7x

62

8

14

40

4.3x

10.3x

14.2x

22.8x

39.2x

62

8

17

37

1.3x

15.1x

19.7x

33.2x

83.3x

62

8

5

49

0.0x

1.0x

1.9x

3.9x

7.7x

0.99x

68%

[0.52 - 1.04[

37.3%

0.67x

0.67x

4

11.1x

54%

[9.1 - 12.8[

28.6%

9.8x

9.6x

8

16.0x

54%

[3.6 - 10.8[

32.5%

10.8x

14.2x

4

25.7x

66%

[10.9 - 21.8[

45.9%

16.6x

16.6x

2

2.7x

76%

[0 - 1.6[

34.7%

1.5x

1.5x

3

44 / 71

IMGR SE – MARCH 2006

**77. Managed Health Care
**

Owners and operators of Health Maintenance Organizations (HMOs) and other managed

plans.

Table 77

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

14

7

2

5

nm

nm

nm

nm

nm

14

7

1

6

0.5x

2.8x

8.3x

11.1x

16.6x

14

7

1

6

0.5x

2.9x

9.7x

13.1x

18.1x

14

3

5

6

21.1x

24.1x

24.9x

26.8x

28.9x

14

3

4

7

2.4x

3.0x

3.3x

3.4x

3.8x

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

nm

nm

nm

nm

nm

nm

na

7.8x

79%

[0 - 9.1[

50.0%

9.1x

8.3x

7

8.8x

79%

[0 - 11.2[

50.0%

11.2x

9.7x

5

25.2x

11%

[23.6 - 26.5[

50.0%

25.5x

25.2x

8

3.2x

15%

[3.1 - 3.5[

57.1%

3.3x

3.2x

5

78. Marine

Companies providing goods or passenger maritime transportation. Excludes cruise-ships

classified in the Hotels, Resorts & Cruise Lines sub-industry.

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

59

9

8

42

0.08x

0.98x

1.54x

2.21x

4.10x

59

10

9

40

0.6x

4.5x

6.3x

8.9x

17.9x

59

9

10

40

1.6x

5.8x

9.0x

18.9x

41.3x

59

9

12

38

2.3x

4.6x

8.8x

16.8x

35.5x

59

9

9

41

0.4x

1.1x

1.5x

2.2x

4.4x

1.67x

55%

[0.71 - 1.42[

33.3%

1.23x

1.67x

6

7.2x

55%

[5.4 - 8[

32.5%

5.7x

6.3x

7

13.4x

81%

[0 - 7.7[

35.0%

7.7x

7.7x

3

11.2x

75%

[0.8 - 8.1[

44.7%

5.9x

5.9x

1

1.8x

55%

[0.8 - 1.5[

39.0%

1.3x

1.3x

5

45 / 71

**IMGR SE – MARCH 2006
**

79. Marine Ports & Services

Owners and operators of marine ports and related services.

Table 79

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

35

1

2

32

0.49x

2.01x

3.69x

5.17x

10.09x

35

1

6

28

2.4x

8.1x

10.5x

13.3x

18.8x

35

1

8

26

2.8x

10.9x

15.4x

17.9x

27.7x

35

0

10

25

7.0x

17.8x

18.6x

23.4x

32.0x

35

0

0

35

0.6x

1.6x

2.1x

3.0x

4.9x

3.69x

66%

[0.32 - 2.31[

37.5%

1.72x

1.72x

2

10.8x

43%

[8.9 - 12.3[

25.0%

12.3x

10.8x

7

14.7x

42%

[15.3 - 20[

30.8%

16.1x

14.7x

8

19.5x

30%

[17.6 - 21.4[

36.0%

20.5x

19.5x

8

2.4x

45%

[1.1 - 1.9[

37.1%

1.7x

2.4x

5

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st 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. Metal & Glass Containers
**

Manufacturers of metal, glass or plastic containers. Includes corks and caps.

Table 80

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

60

9

10

41

60

9

13

38

60

9

13

38

60

9

16

35

60

9

12

39

0.23x

0.52x

0.77x

1.10x

1.92x

0.9x

3.9x

6.4x

8.1x

11.0x

1.0x

6.4x

11.5x

13.8x

25.1x

0.5x

7.3x

15.0x

20.1x

29.5x

0.1x

0.7x

1.1x

1.8x

2.6x

0.88x

53%

[0.41 - 0.74[

29.3%

0.74x

0.77x

8

6.2x

44%

[2.5 - 4.9[

28.9%

4.4x

6.2x

4

10.9x

52%

[8.8 - 13.3[

31.6%

12.0x

10.9x

8

14.2x

55%

[15.7 - 23.6[

37.1%

18.1x

18.1x

6

1.3x

53%

[1.3 - 2[

30.8%

1.5x

1.1x

5

46 / 71

**IMGR SE – MARCH 2006
**

81. Motorcycle Manufacturers

Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles

classified in the Leisure Products sub-industry.

Table 81

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

16

1

4

11

0.29x

0.84x

1.16x

2.01x

3.30x

16

2

6

8

5.7x

8.6x

13.8x

24.7x

31.5x

16

1

7

8

7.8x

19.1x

42.8x

94.7x

174.9x

16

1

5

10

7.5x

23.7x

90.4x

144.4x

194.7x

16

0

5

11

1.0x

1.2x

1.8x

3.6x

4.8x

1.47x

74%

[0.21 - 1.27[

72.7%

0.74x

1.16x

1

16.8x

64%

[2.5 - 18.6[

62.5%

14.0x

13.8x

4

68.0x

102%

[0 - 75.5[

75.0%

37.8x

42.8x

1

89.2x

74%

[0 - 112.1[

60.0%

84.0x

90.4x

8

2.4x

60%

[0.8 - 2.9[

63.6%

2.2x

1.8x

4

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st 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. Movies & Entertainment
**

Companies that engage in producing and selling entertainment products and services,

including companies engaged in the production, distribution and screening of movies and

television shows, producers and distributors of music, entertainment theatres and sports

teams.

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

95

10

11

74

0.05x

0.58x

1.12x

1.90x

4.16x

95

9

19

67

0.2x

4.2x

6.3x

12.3x

25.0x

95

9

43

43

0.2x

7.4x

13.8x

17.8x

34.5x

95

8

39

48

0.5x

10.2x

15.6x

24.3x

55.8x

95

8

18

69

0.1x

1.1x

1.6x

2.1x

4.6x

1.26x

68%

[0.63 - 1.26[

32.4%

0.77x

0.77x

3

8.2x

72%

[4 - 8[

40.3%

5.4x

5.4x

4

14.1x

62%

[11.9 - 17.9[

32.6%

13.7x

13.7x

9

18.9x

70%

[7.8 - 15.5[

31.3%

13.2x

13.2x

4

1.8x

53%

[1.6 - 2.1[

23.2%

1.7x

1.6x

5

47 / 71

IMGR SE – MARCH 2006

**83. Multi-Utilities & Unregulated Power
**

Utility companies with significantly diversified activities in the Electric Utilities, Gas Utilities

and/or Water Utilities sub-industries not classified elsewhere. Includes unregulated

independent power producers and distributors.

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

5

3

50

0.63x

1.47x

1.77x

2.26x

3.66x

58

5

6

47

3.8x

7.8x

9.1x

10.1x

14.1x

58

5

8

45

9.8x

12.4x

14.4x

16.6x

24.4x

58

3

8

47

1.6x

14.8x

17.1x

23.0x

40.0x

58

2

8

48

0.2x

1.4x

1.6x

1.9x

2.8x

1.86x

36%

[1.72 - 2.15[

28.0%

1.76x

1.86x

8

9.1x

24%

[8.9 - 10.3[

29.8%

9.2x

9.1x

10

14.9x

24%

[11.2 - 13.6[

28.9%

13.6x

14.9x

10

19.6x

41%

[13.9 - 18.5[

42.6%

16.2x

16.2x

7

1.6x

33%

[1.4 - 1.7[

31.3%

1.6x

1.6x

5

**84. Office Electronics
**

Manufacturers of office electronic equipment including copiers and faxes.

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

4

1

6

0.46x

0.77x

1.05x

1.43x

1.67x

11

4

1

6

8.0x

8.6x

9.6x

11.5x

22.1x

11

4

2

5

nm

nm

nm

nm

nm

11

4

1

6

9.3x

15.0x

18.3x

23.7x

55.1x

11

4

0

7

1.0x

1.4x

1.9x

3.2x

5.1x

1.08x

44%

[0.34 - 1.07[

50.0%

1.07x

1.08x

8

11.6x

46%

[6.8 - 10.1[

50.0%

9.3x

11.6x

6

nm

nm

nm

nm

nm

nm

na

23.4x

70%

[8.2 - 17.8[

50.0%

15.4x

18.3x

3

2.5x

61%

[0.1 - 2.1[

57.1%

1.4x

1.9x

2

48 / 71

IMGR SE – MARCH 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

14

7

35

0.19x

0.39x

0.48x

0.84x

2.16x

56

15

13

28

2.2x

5.8x

7.7x

10.6x

14.9x

56

14

18

24

4.0x

10.1x

11.6x

14.8x

24.8x

56

14

24

18

5.4x

13.9x

18.0x

22.6x

38.1x

56

14

9

33

0.0x

0.9x

1.2x

2.0x

4.0x

0.70x

72%

[0.35 - 0.63[

48.6%

0.48x

0.48x

4

8.0x

44%

[3.8 - 7[

32.1%

6.5x

8.0x

6

12.4x

40%

[9.5 - 12.8[

37.5%

11.8x

12.4x

8

18.5x

45%

[18.4 - 25.1[

33.3%

19.7x

18.5x

8

1.6x

67%

[0.7 - 1.4[

45.5%

1.1x

1.1x

4

**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

6

4

15

25

6

3

16

25

5

4

16

25

5

7

13

25

5

5

15

1.09x

3.18x

4.15x

6.15x

9.16x

3.1x

11.4x

14.5x

20.5x

33.4x

6.0x

17.9x

26.7x

41.1x

59.0x

9.1x

24.6x

35.4x

43.4x

77.1x

2.5x

3.1x

3.3x

4.3x

5.6x

4.74x

53%

[2.72 - 5.13[

46.7%

3.79x

4.15x

6

16.6x

50%

[7.4 - 14.6[

43.8%

12.2x

16.6x

5

29.6x

56%

[23.3 - 41.7[

43.8%

27.0x

26.7x

8

36.9x

53%

[19.2 - 35.1[

30.8%

35.1x

36.9x

8

3.6x

24%

[3 - 4[

46.7%

3.6x

3.6x

5

49 / 71

**IMGR SE – MARCH 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

87

25

1

61

0.04x

1.49x

2.59x

4.07x

7.62x

87

25

3

59

0.5x

9.6x

13.7x

19.2x

32.5x

87

24

12

51

0.7x

15.1x

21.8x

30.6x

51.0x

87

24

18

45

1.1x

17.4x

32.7x

45.6x

77.4x

87

24

4

59

0.3x

1.9x

3.3x

5.1x

8.5x

2.95x

60%

[1.31 - 2.62[

32.8%

2.00x

2.59x

5

14.9x

50%

[4.9 - 9.9[

25.4%

9.9x

14.9x

5

23.1x

51%

[8.4 - 16.8[

27.5%

16.0x

23.1x

6

34.7x

58%

[31.7 - 47.6[

28.9%

36.0x

34.7x

8

3.6x

56%

[1.6 - 3.3[

33.9%

2.7x

3.6x

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

51

23

103

0.05x

4.16x

5.13x

6.56x

12.57x

177

50

34

93

2.4x

6.5x

8.5x

10.1x

19.6x

177

44

37

96

3.3x

11.5x

15.4x

22.2x

41.1x

177

44

40

93

7.4x

14.5x

21.5x

30.4x

66.4x

177

42

10

125

0.6x

2.1x

3.1x

4.5x

8.2x

5.31x

45%

[4.1 - 5.12[

26.2%

4.86x

5.31x

8

8.6x

41%

[8.6 - 10.2[

25.8%

9.2x

8.6x

10

16.9x

51%

[10.5 - 15.2[

25.0%

13.3x

16.9x

6

24.1x

56%

[12.3 - 19.3[

33.3%

16.6x

21.5x

4

3.4x

50%

[2.5 - 3.4[

24.0%

2.6x

3.4x

5

50 / 71

IMGR SE – MARCH 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

43

2

11

30

0.12x

0.33x

0.56x

1.04x

2.32x

43

3

12

28

1.3x

7.1x

9.3x

13.6x

17.1x

43

2

14

27

1.7x

9.0x

12.6x

18.4x

31.1x

43

2

12

29

3.0x

10.3x

17.1x

33.5x

69.4x

43

2

12

29

0.6x

2.2x

2.7x

3.3x

4.9x

0.78x

82%

[0.07 - 0.53[

46.7%

0.39x

0.56x

2

10.2x

43%

[4.9 - 9.2[

39.3%

8.2x

10.2x

5

13.3x

50%

[7 - 13.3[

44.4%

10.4x

13.3x

5

23.3x

76%

[0 - 15.1[

44.8%

10.3x

17.1x

1

2.6x

41%

[2.4 - 3.1[

31.0%

2.8x

2.6x

5

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st 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

45

194

0.04x

0.49x

0.91x

1.43x

2.91x

263

28

66

169

0.9x

6.2x

8.6x

11.4x

20.2x

263

23

77

163

0.3x

9.3x

12.7x

16.3x

31.8x

263

23

73

167

0.1x

10.7x

17.7x

25.1x

50.8x

263

20

45

198

0.0x

1.0x

1.6x

2.6x

5.4x

1.04x

64%

[0.34 - 0.67[

23.7%

0.57x

0.91x

4

9.0x

42%

[7.7 - 9.6[

21.9%

8.6x

9.0x

9

13.6x

46%

[10.2 - 12.8[

22.1%

12.1x

13.6x

8

18.9x

57%

[15.7 - 21[

21.6%

17.9x

18.9x

8

1.9x

62%

[0.6 - 1.1[

23.2%

1.1x

1.6x

4

51 / 71

IMGR SE – MARCH 2006

**91. Paper Packaging
**

Manufacturers of paper and cardboard containers and packaging.

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

3

8

34

45

3

10

32

45

2

14

29

45

2

17

26

45

2

9

34

0.34x

0.68x

0.94x

1.29x

2.51x

4.9x

6.6x

8.1x

9.3x

14.3x

8.8x

10.4x

14.8x

16.8x

39.3x

3.8x

13.6x

17.5x

27.0x

40.8x

0.0x

0.8x

1.4x

1.9x

3.6x

1.07x

48%

[0.68 - 1.05[

35.3%

0.83x

1.07x

7

8.4x

30%

[6.2 - 7.9[

34.4%

7.7x

8.4x

9

16.4x

50%

[7.4 - 11.5[

31.0%

11.1x

16.4x

4

20.6x

48%

[9.1 - 18.1[

50.0%

14.3x

20.6x

4

1.5x

56%

[0.7 - 1.4[

35.3%

1.2x

1.2x

5

**92. Paper Products
**

Manufacturers of all grades of paper. Excludes companies specializing in paper packaging

classified in the Paper Packaging sub-industry.

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

10

75

0.02x

0.67x

1.19x

1.79x

3.49x

94

9

22

63

1.9x

6.6x

8.4x

11.0x

20.4x

94

9

28

57

2.3x

9.4x

15.8x

21.0x

37.6x

94

9

37

48

3.5x

9.2x

13.2x

20.9x

43.3x

94

9

9

76

0.0x

0.7x

1.1x

1.4x

2.6x

1.30x

63%

[0.53 - 1.06[

25.3%

0.83x

1.19x

5

8.8x

43%

[10.1 - 12.3[

20.6%

10.4x

8.8x

6

16.4x

52%

[7.9 - 13.9[

31.6%

11.7x

16.4x

5

16.1x

60%

[7.3 - 13.7[

39.6%

10.4x

10.4x

2

1.1x

50%

[0.6 - 0.9[

21.1%

0.9x

1.1x

5

52 / 71

IMGR SE – MARCH 2006

**93. Personal Products
**

Manufacturers of personal and beauty care products, including cosmetics and perfumes.

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

16

34

53

3

18

32

53

3

22

28

53

3

13

37

0.28x

0.96x

1.48x

2.34x

3.88x

5.7x

8.2x

10.1x

13.9x

20.8x

7.6x

11.1x

14.5x

18.3x

34.7x

0.5x

17.1x

21.1x

25.6x

53.3x

0.5x

1.9x

2.7x

4.2x

9.4x

1.71x

59%

[0.89 - 1.68[

35.7%

1.35x

1.35x

6

11.4x

37%

[8 - 11.5[

44.1%

9.6x

11.4x

7

16.1x

43%

[9.9 - 14.4[

34.4%

12.9x

16.1x

6

23.0x

48%

[16.9 - 22.6[

28.6%

22.6x

23.0x

8

3.1x

64%

[1.5 - 2.9[

29.7%

2.0x

2.7x

4

94. Pharmaceuticals

Companies engaged in the research, development or production of pharmaceuticals.

Includes veterinary drugs.

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

10

41

149

200

9

56

135

200

7

67

126

200

7

78

115

200

6

41

153

0.21x

1.31x

2.31x

3.70x

7.30x

0.3x

8.8x

11.6x

17.8x

33.4x

0.2x

11.4x

15.0x

24.9x

49.4x

0.8x

17.7x

22.5x

33.4x

80.4x

0.0x

1.4x

2.2x

3.7x

7.4x

2.62x

61%

[1.95 - 2.85[

24.2%

2.05x

2.31x

5

13.4x

52%

[7.1 - 10.6[

27.4%

9.9x

11.6x

5

18.5x

60%

[10.7 - 16.1[

36.5%

13.5x

13.5x

4

28.1x

61%

[19.4 - 25.8[

26.1%

21.5x

22.5x

5

2.6x

60%

[0.8 - 1.7[

28.1%

1.6x

2.2x

3

53 / 71

IMGR SE – MARCH 2006

**95. Photographic Products
**

Manufacturers of photographic equipment and related products.

Table 95

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

20

0

5

15

20

0

10

10

20

0

8

12

20

0

10

10

20

0

5

15

0.07x

0.68x

1.11x

1.49x

2.87x

4.9x

7.2x

8.9x

10.8x

11.9x

0.2x

10.9x

12.8x

17.2x

22.3x

11.3x

16.6x

21.9x

24.8x

29.3x

0.4x

1.1x

1.8x

3.3x

4.3x

1.14x

61%

[0.65 - 1.3[

40.0%

1.14x

1.11x

8

8.9x

27%

[6.7 - 10.1[

40.0%

10.1x

8.9x

7

13.5x

43%

[10.9 - 16.3[

33.3%

16.3x

13.5x

4

20.8x

30%

[16.5 - 24.1[

50.0%

21.1x

20.8x

8

2.2x

63%

[0 - 1.8[

53.3%

1.2x

1.8x

1

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st 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. Precious Metals & Minerals
**

Companies mining precious metals and minerals not classified in the Gold sub-industry.

Includes companies primarily mining platinum.

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

26

10

4

12

26

5

13

8

26

4

16

6

26

4

16

6

26

4

2

20

0.44x

1.81x

3.78x

4.75x

8.54x

7.9x

11.4x

15.9x

17.9x

34.4x

9.2x

17.2x

17.9x

19.3x

41.0x

16.5x

26.0x

31.2x

37.0x

45.3x

0.7x

2.4x

3.6x

4.8x

7.9x

3.63x

64%

[0 - 2.57[

41.7%

2.14x

3.78x

3

16.8x

49%

[11.4 - 17.9[

50.0%

14.0x

16.8x

6

20.4x

52%

[17.2 - 19.5[

33.3%

18.3x

17.9x

7

31.2x

32%

[24.8 - 36.9[

50.0%

32.9x

31.2x

8

3.8x

54%

[1.8 - 3.6[

30.0%

3.6x

3.8x

5

54 / 71

IMGR SE – MARCH 2006

97. Publishing

Publishers of newspapers, magazines and books, and providers of information in print or

electronic formats.

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

125

20

11

94

0.25x

0.95x

1.61x

2.48x

5.03x

125

20

16

89

0.7x

8.0x

9.8x

12.4x

21.4x

125

19

25

81

0.7x

10.4x

14.0x

18.3x

31.2x

125

17

33

75

0.6x

14.2x

19.8x

26.8x

47.0x

125

17

16

92

0.3x

1.6x

2.9x

4.2x

8.7x

1.88x

60%

[0.67 - 1.34[

29.8%

1.16x

1.61x

4

10.4x

38%

[8.1 - 10.1[

21.3%

10.1x

10.4x

10

15.1x

42%

[7.3 - 10.9[

24.7%

10.6x

15.1x

6

22.1x

51%

[11.9 - 17.9[

28.0%

16.5x

22.1x

5

3.0x

58%

[1.2 - 2.3[

29.3%

2.0x

3.0x

5

98. Railroads

Companies providing primarily goods and passenger rail transportation.

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

2

3

17

22

2

7

13

22

2

3

17

22

2

3

17

22

2

2

18

0.27x

1.34x

2.80x

3.27x

6.90x

6.3x

8.9x

9.3x

10.4x

15.8x

5.4x

13.8x

15.8x

21.2x

31.1x

7.6x

18.1x

22.4x

28.2x

38.2x

0.4x

1.5x

2.2x

3.4x

4.7x

2.87x

65%

[0 - 1.5[

29.4%

1.50x

2.80x

2

10.0x

24%

[8.5 - 9.8[

38.5%

9.3x

10.0x

8

17.7x

40%

[9.6 - 15.4[

29.4%

15.4x

17.7x

8

23.3x

36%

[15.1 - 22.9[

41.2%

20.7x

23.3x

8

2.4x

52%

[0.4 - 1.8[

44.4%

1.4x

2.4x

4

55 / 71

IMGR SE – MARCH 2006

99. Restaurants

Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes

companies that provide food catering services.

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.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

80

9

6

65

0.17x

0.65x

1.07x

1.56x

3.55x

80

9

8

63

4.0x

6.7x

8.6x

10.2x

16.9x

80

9

14

57

5.0x

11.2x

12.9x

14.9x

26.5x

80

9

16

55

2.2x

15.2x

19.7x

28.0x

48.4x

80

9

9

62

0.6x

1.4x

2.1x

3.1x

5.1x

1.22x

65%

[0.51 - 0.96[

29.2%

0.96x

1.07x

6

8.6x

33%

[8.7 - 10.4[

27.0%

9.0x

8.6x

10

13.4x

32%

[11.9 - 13.8[

33.3%

12.7x

13.4x

10

21.6x

47%

[15.2 - 21.9[

30.9%

19.1x

21.6x

8

2.4x

49%

[2 - 2.9[

30.6%

2.1x

2.4x

5

Semiconductor Equipment

**Manufacturers of semiconductor equipment.
**

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

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

64

12

3

49

64

13

15

36

64

12

20

32

64

12

22

30

64

12

6

46

0.24x

1.17x

1.93x

2.76x

3.88x

1.3x

7.0x

12.9x

18.4x

33.7x

1.5x

12.3x

16.5x

24.3x

45.0x

2.5x

11.8x

23.0x

28.3x

47.0x

0.7x

1.5x

2.1x

3.2x

5.3x

2.01x

50%

[0.87 - 1.74[

30.6%

1.66x

2.01x

8

13.8x

58%

[0.2 - 7.1[

27.8%

7.1x

13.8x

3

18.7x

57%

[15.7 - 23.2[

31.3%

17.6x

16.5x

8

21.3x

55%

[21.2 - 31.7[

33.3%

24.2x

21.3x

8

2.4x

50%

[1.6 - 2.5[

34.8%

1.8x

2.4x

5

56 / 71

IMGR SE – MARCH 2006

101.

Semiconductors

**Manufacturers of semiconductors and related products.
**

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.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

141

24

6

111

141

25

27

89

141

24

47

70

141

24

41

76

141

24

9

108

0.00x

1.09x

2.08x

4.01x

9.24x

1.4x

6.5x

11.3x

19.8x

48.7x

1.4x

10.5x

16.3x

25.5x

61.7x

0.1x

11.6x

23.6x

41.1x

106.6x

0.1x

1.1x

1.9x

3.2x

7.0x

2.78x

79%

[0 - 1.21[

29.7%

1.11x

2.08x

2

15.0x

79%

[7.1 - 13.1[

29.2%

7.6x

11.3x

3

20.2x

70%

[7.3 - 14.6[

27.1%

13.1x

16.3x

4

31.3x

85%

[0 - 13.9[

30.3%

13.3x

13.3x

1

2.3x

69%

[0.9 - 1.8[

34.3%

1.4x

1.4x

3

Soft Drink

**Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk
**

classified in the Packaged Foods sub-industry.

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

27

0

5

22

0.33x

0.87x

1.10x

1.60x

3.39x

27

1

7

19

3.3x

6.6x

7.4x

7.9x

12.5x

27

0

10

17

4.0x

9.7x

10.7x

13.0x

18.3x

27

0

10

17

1.6x

12.4x

15.7x

16.8x

23.8x

27

0

5

22

0.3x

1.6x

2.3x

3.3x

6.1x

1.27x

58%

[0.83 - 1.34[

45.5%

1.04x

1.10x

6

7.4x

27%

[7 - 7.9[

47.4%

7.5x

7.4x

8

10.9x

32%

[8.6 - 11.2[

41.2%

10.1x

10.9x

8

14.7x

33%

[14.4 - 17.8[

35.3%

15.7x

14.7x

8

2.5x

55%

[1.2 - 2.3[

36.4%

2.0x

2.3x

5

57 / 71

**IMGR SE – MARCH 2006
**

103.

Specialty Chemicals

**Companies that primarily produce high value-added chemicals used in the manufacture of a
**

wide variety of products, including but not limited to fine chemicals, additives, advanced

polymers, adhesives, sealants and specialty paints, pigments and coatings.

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.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

97

12

18

67

0.09x

0.69x

0.95x

1.50x

3.33x

97

12

22

63

0.9x

6.5x

8.6x

10.6x

19.3x

97

11

24

62

1.6x

9.9x

13.6x

18.6x

33.8x

97

11

28

58

4.6x

12.4x

18.9x

29.2x

47.9x

97

11

17

69

0.3x

1.3x

1.8x

2.5x

4.9x

1.13x

57%

[0.4 - 0.79[

34.3%

0.68x

0.95x

4

9.0x

40%

[8.2 - 10.2[

33.3%

9.1x

9.0x

9

14.8x

45%

[8.8 - 13.3[

32.3%

11.4x

14.8x

6

20.6x

48%

[4.5 - 13.2[

29.3%

13.2x

20.6x

4

2.0x

50%

[0.8 - 1.4[

26.1%

1.3x

2.0x

5

Specialty Stores

**Owners and operators of specialty retail stores not classified elsewhere. Includes toy stores,
**

office supply stores and automotive retail.

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

63

4

5

54

0.09x

0.35x

0.54x

1.02x

2.10x

63

5

9

49

0.3x

4.7x

6.7x

9.1x

16.3x

63

4

13

46

3.5x

8.2x

10.8x

12.8x

20.9x

63

4

9

50

2.0x

12.1x

16.2x

23.4x

43.3x

63

4

7

52

0.2x

1.1x

1.8x

2.7x

4.4x

0.73x

74%

[0.38 - 0.74[

38.9%

0.46x

0.46x

3

7.0x

49%

[4.8 - 7.2[

34.7%

6.0x

7.0x

9

10.9x

38%

[8.4 - 10.9[

26.1%

10.9x

10.9x

9

17.6x

52%

[7.4 - 13.5[

26.0%

12.7x

17.6x

6

2.0x

61%

[1.1 - 1.9[

28.8%

1.3x

1.8x

5

58 / 71

IMGR SE – MARCH 2006

105.

Steel

**Producers of iron and steel and related products
**

Table 105

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

169

22

21

126

169

21

32

116

169

21

32

116

169

20

44

105

169

20

21

128

0.08x

0.41x

0.71x

1.09x

2.38x

0.8x

3.3x

4.7x

7.6x

16.6x

0.0x

4.3x

6.8x

10.6x

24.1x

0.0x

5.2x

7.8x

11.6x

30.1x

0.0x

1.0x

1.5x

2.4x

4.5x

0.82x

63%

[0.27 - 0.55[

25.4%

0.46x

0.71x

4

5.8x

57%

[2.5 - 4.3[

27.6%

4.0x

4.7x

5

8.3x

65%

[2.6 - 5.1[

27.6%

4.9x

6.8x

4

9.4x

64%

[5.4 - 8.1[

25.7%

6.6x

7.8x

4

1.6x

59%

[0.6 - 1.1[

27.3%

1.1x

1.5x

5

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st 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.

Systems Software

**Companies engaged in developing and producing systems and database management
**

software.

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

69

17

6

46

69

19

17

33

69

17

20

32

69

17

23

29

69

17

6

46

0.12x

1.21x

2.42x

3.53x

7.86x

7.1x

10.7x

13.1x

22.3x

44.1x

10.3x

14.3x

18.9x

39.4x

78.1x

0.7x

22.1x

27.6x

47.8x

104.5x

0.2x

2.1x

3.2x

5.0x

10.5x

2.53x

66%

[1.4 - 2.7[

32.6%

1.57x

1.57x

3

17.7x

55%

[3.9 - 11.1[

36.4%

10.1x

10.1x

2

26.9x

65%

[4.7 - 20.5[

53.1%

14.3x

14.3x

1

34.5x

65%

[16.7 - 33.4[

58.6%

24.8x

27.6x

3

4.0x

66%

[1.6 - 3.3[

41.3%

2.6x

2.6x

3

59 / 71

**IMGR SE – MARCH 2006
**

107.

Technology Distributors

**Distributors of technology hardware and equipment. Includes distributors of communications
**

equipment, computers & peripherals, semiconductors, and electronic equipment and

components.

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.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

70

8

9

53

0.04x

0.16x

0.35x

0.64x

1.70x

70

10

13

47

1.1x

5.1x

8.2x

10.0x

18.8x

70

8

14

48

1.2x

5.8x

10.3x

13.7x

23.1x

70

8

15

47

3.4x

8.3x

15.0x

20.2x

36.8x

70

8

6

56

0.4x

0.9x

1.4x

3.2x

7.0x

0.49x

90%

[0 - 0.25[

41.5%

0.19x

0.19x

2

8.3x

50%

[5.9 - 8.6[

27.7%

7.2x

8.3x

9

10.8x

55%

[4.4 - 8.7[

27.1%

8.7x

10.8x

8

15.5x

55%

[13.4 - 20.1[

31.9%

16.5x

15.5x

8

2.2x

80%

[0.1 - 1.3[

44.6%

0.9x

0.9x

2

Textiles

**Manufacturers of textile and related products not classified in the Apparel, Accessories &
**

Luxury Goods, Footwear or Home Furnishings sub-industries.

Table 108

Number of observations

Non available multiples

Non meaningful multiples

Short-listed multiples

Minimum

1st quartile

Median

3rd quartile

Maximum

Mean

Std deviation as % of mean

Modal interval

Modal interval frequency

Mode estimate

Valmetrics multiple

Multiple rating (10=highest)

Copyright © 2006 Valmetrics

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

138

7

25

106

0.06x

0.48x

0.72x

1.06x

2.28x

138

7

41

90

1.7x

5.4x

7.9x

11.4x

20.4x

138

7

58

73

4.4x

8.0x

13.5x

23.2x

51.4x

138

7

61

70

2.5x

7.4x

12.8x

22.2x

70.6x

138

7

21

110

0.0x

0.5x

0.9x

1.4x

2.7x

0.82x

56%

[0.3 - 0.55[

26.4%

0.52x

0.72x

5

8.7x

49%

[4.3 - 7[

27.8%

6.4x

8.7x

5

17.0x

69%

[2.5 - 9.7[

34.2%

9.0x

9.0x

1

17.7x

83%

[0.5 - 7.7[

31.4%

7.1x

7.1x

1

1.0x

60%

[0.3 - 0.7[

25.5%

0.6x

0.9x

4

60 / 71

IMGR SE – MARCH 2006

109.

Tires & Rubber

**Manufacturers of tires and rubber.
**

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.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

31

0

11

20

31

1

11

19

31

0

11

20

31

0

12

19

31

1

12

18

0.27x

0.49x

0.66x

0.84x

1.74x

3.6x

4.9x

6.3x

8.6x

9.5x

5.1x

8.0x

9.8x

12.4x

17.7x

2.8x

9.9x

11.0x

14.9x

25.5x

0.3x

0.9x

1.3x

1.5x

2.6x

0.75x

57%

[0.49 - 0.75[

40.0%

0.59x

0.66x

4

6.5x

31%

[2.3 - 5.1[

36.8%

4.8x

6.5x

4

10.6x

35%

[4.9 - 8.1[

30.0%

7.7x

10.6x

4

12.4x

44%

[8.6 - 12.3[

47.4%

10.3x

12.4x

6

1.3x

44%

[1.1 - 1.5[

44.4%

1.3x

1.3x

5

Tobacco

**Manufacturers of cigarettes and other tobacco products.
**

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

3

8

11

0.67x

1.88x

2.38x

3.01x

5.02x

22

4

8

10

4.3x

7.6x

9.3x

10.0x

12.9x

22

3

8

11

4.4x

6.6x

10.5x

12.7x

15.2x

22

3

9

10

5.9x

11.1x

15.2x

16.8x

24.9x

22

3

11

8

0.5x

2.2x

5.4x

6.9x

7.6x

2.48x

51%

[2.33 - 3.35[

45.5%

2.77x

2.48x

6

8.7x

30%

[8.6 - 10.8[

40.0%

9.7x

8.7x

7

9.9x

38%

[9.8 - 15.3[

63.6%

11.5x

9.9x

7

14.9x

37%

[10.1 - 15.4[

40.0%

14.1x

14.9x

8

4.6x

61%

[4.6 - 9.3[

62.5%

6.0x

5.4x

4

61 / 71

IMGR SE – MARCH 2006

111.

Trading Companies & Distributors

**Trading companies and other distributors of industrial equipment and products.
**

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.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

112

16

15

81

112

16

27

69

112

15

26

71

112

15

25

72

112

15

15

82

0.04x

0.48x

0.67x

1.26x

2.82x

1.0x

6.5x

9.1x

11.7x

19.1x

1.1x

9.1x

13.6x

18.2x

32.7x

0.0x

9.9x

18.9x

26.0x

56.0x

0.0x

1.0x

1.6x

2.4x

5.0x

0.91x

76%

[0.36 - 0.72[

37.0%

0.53x

0.53x

3

9.2x

44%

[10.2 - 12.8[

30.4%

11.0x

9.2x

5

14.0x

49%

[13.2 - 17.6[

26.8%

14.4x

14.0x

9

20.1x

63%

[15.5 - 23.2[

29.2%

17.7x

18.9x

8

1.9x

59%

[0.6 - 1.3[

32.9%

1.1x

1.6x

4

Trucking

**Companies providing primarily goods and passenger land transportation. Includes vehicle
**

rental and taxi companies.

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

58

10

6

42

58

10

8

40

58

10

12

36

58

11

10

37

58

10

9

39

0.16x

0.81x

1.29x

1.67x

3.23x

2.2x

5.6x

6.9x

9.0x

14.9x

6.2x

11.1x

13.5x

15.2x

24.7x

8.8x

15.2x

17.4x

21.1x

27.8x

0.6x

1.8x

2.4x

3.3x

5.5x

1.36x

57%

[0.99 - 1.49[

28.6%

1.13x

1.36x

8

7.4x

37%

[5.5 - 7.5[

37.5%

6.4x

7.4x

9

13.6x

31%

[12.9 - 15.4[

33.3%

13.9x

13.6x

9

18.2x

26%

[14.8 - 18.3[

45.9%

16.7x

18.2x

8

2.6x

47%

[1.3 - 2.1[

33.3%

2.0x

2.6x

5

62 / 71

IMGR SE – MARCH 2006

113.

Water Utilities

**Companies that purchase and redistribute water to the end-consumer. Includes large-scale
**

water treatment systems.

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.

EV / Sales

EV / EBITDA

EV / EBIT

PER

PBR

32

1

2

29

0.90x

2.76x

4.08x

5.90x

10.32x

32

1

5

26

2.4x

8.7x

10.5x

12.1x

20.9x

32

1

4

27

3.0x

14.3x

17.4x

25.3x

41.4x

32

1

3

28

1.4x

17.2x

24.8x

41.7x

63.9x

32

1

2

29

0.2x

1.3x

2.0x

2.9x

5.5x

4.44x

55%

[2.55 - 4.59[

31.0%

4.59x

4.08x

8

10.9x

40%

[9.3 - 11.6[

34.6%

10.2x

10.9x

9

19.2x

48%

[14.8 - 22.2[

40.7%

18.2x

19.2x

9

29.6x

61%

[16.4 - 32.6[

50.0%

22.9x

24.8x

5

2.2x

59%

[1 - 2.1[

34.5%

1.8x

2.0x

5

Wireless Telecommunication Services

**Providers of primarily cellular or wireless telecommunication services, including paging
**

services.

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

62

7

15

40

0.19x

1.56x

2.18x

2.97x

4.73x

62

8

23

31

2.4x

5.9x

6.8x

7.7x

12.2x

62

6

26

30

0.8x

9.9x

12.0x

14.4x

36.2x

62

6

24

32

0.0x

13.6x

17.8x

26.3x

43.2x

62

6

21

35

0.0x

1.2x

2.2x

3.3x

6.2x

2.22x

51%

[1.64 - 2.46[

27.5%

2.26x

2.22x

8

7.0x

31%

[6.7 - 7.9[

35.5%

7.0x

7.0x

9

13.8x

53%

[11.7 - 14.7[

36.7%

12.6x

12.0x

8

19.5x

53%

[15.9 - 23.9[

31.3%

17.9x

17.8x

8

2.4x

68%

[0 - 1.3[

28.6%

1.1x

2.2x

2

63 / 71

IMGR SE – MARCH 2006

APPENDICES

Copyright © 2006 Valmetrics

64 / 71

IMGR SE – MARCH 2006

DATA SOURCE

Valmetrics uses the Compustat database (provided by Standard & Poor’s) as the source for most

individual company data. Valmetrics makes no statement regarding the quality of information

received from Compustat but assumes that the data are accurate, consistent and reliable. Missing

data are either excluded or substituted by Valmetrics’ own data.

To comply with the authorized licence granted by Standard & Poor’s, Valmetrics does not provide

IMGR users with any access to Compustat content or services and only publishes its own

proprietary industry valuation analysis. If you wish to access Compustat data or learn about the

line of Compustat products and services, please visit www.compustat.com.

DATA COVERAGE

Valmetrics IMGR Standard Edition supports:

•

**114 Industries: all main sub-industries - according to the Global Industry Classification
**

Standard - are covered (see “List of Industries” page: 5). Industries related to Finance,

Banking, Insurance and Real Estate are excluded in this edition.

•

**27 countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, China (including
**

Hong-Kong), Denmark, France, Germany, India, Indonesia, Ireland, Israel, Italy, Mexico,

Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, Taiwan,

Thailand, United Kingdom, USA.

DATE SCHEDULE

All multiple calculations are based on historical data. The table below shows the IMGR release

dates and related market and financial data schedule.

IMGR SE Release

Market data

September 15th 05

August 31st 05

th

December 15 05

th

March 15 06

th

June 15 06

Financial data (last fiscal year available)

th

November 30 05

th

February 29 06

May 31

st

06

**March 04 ../.. June 04../.. December 04* or later
**

June 04 ../.. December 04* ../.. March 05 or later

December 04* ../.. March 05 ../.. June 05 or later

March 05 ../.. June 05 ../.. December 05*

(*) Closing of the fiscal year is most likely to be December.

Example:

IMGR Release

Market capitalisation (P)

Earnings (E)

P/E Ratio =>

Copyright © 2006 Valmetrics

September 15th 05

August 31st 05

March 04 or June 04 or December 04

August 31st 05 / most likely December 04

65 / 71

IMGR SE – MARCH 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. Assuming that industry

peers all have the same valuation multiples, business appraisers can then apply the appropriate

industry multiple to the company’s revenues in order to ascertain its value.

There are five main multiples used in finance – EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR – and

many more in the industrial world (Price/Number of beds for hotels, Price/Number of tables for

restaurants, Price/Number of clients, etc….).

The following table shows the two types of market multiples available in the IMGR:

EV Multiples

Price Multiples

EV / Sales

EV / EBITDA

EV / EBIT

**P/E (Price / Earnings Ratio)
**

P/B (Price / Book Ratio)

EV = Enterprise Value

P = Price

Market capitalization

Market capitalization

+ Minority interests

+ Financial debt

- Cash & cash equivalents

= Enterprise Value

= Price

Once you have the right multiple, you can apply it to the related company financial data requiring

valuation, i.e. Sales, EBITDA, EBIT, Earnings or Shareholders’ Equity.

With EV Multiples, you must deduct minority interests and the net financial debt to derive equity

value. With Price Multiples you acquire direct equity value.

Multiples cannot be applied to companies that do not have significant revenues (start-ups).

Therefore, Valmetrics advises the use of those multiples with companies that have already

recorded significant sales (for at least three years).

Copyright © 2006 Valmetrics

66 / 71

IMGR SE – MARCH 2006

GLOSSARY

Number of observations: number of companies that constitute the sample on which all the

calculations are based. If the number of observations is insufficient, multiples calculations are

considered arbitrary and are substituted by “nm” (= non meaningful).

Non available (“na”) multiples: data non available in the databases.

Non meaningful (“nm”) multiples: negative multiples or excluded set outliers.

Minimum & maximum: respectively the lowest and highest multiple of the set.

1st, 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. The quartiles are determined by sorting the data from the lowest to

the highest values and taking the data point at ¼ (1st quartile), the middle (median) or the ¾ of the

sequence. E.g. For the median, there is an equal number of points above and below the median.

Unlike the mean, the median is not influenced by outliers at the extremes of the data set.

Mean: simply the sum of the values divided by the total number of items in the set. The mean is the

most commonly-used measure of central tendency and is the preferred tool to calculate multiples.

The mean is an example of an estimator that is the best we can do if the underlying distribution is

normal. However, it lacks robustness of validity. That is, the confidence intervals based on the

mean tend not to be precise if the underlying distribution is indeed not normal.

Standard Deviation as a % of mean: a measure of the dispersion of a set of data from its mean.

The more spread-out the data, the higher the deviation. If the standard deviation is too high, the

mean multiple is not a relevant multiple.

Modal interval & Mode: The modal interval is the histogram interval with the greatest density. The

mode is the most frequently occurring value in the data set. As data are continuous, the mode is

estimated through an interpolation calculation based on modal interval boundaries.

Modal interval frequency: The number of multiples recorded within the modal interval divided by

the total number of multiples.

Valmetrics multiple: Valmetrics selects the best indicator among the median, the mean and the

mode according to dispersion and significance tests. See the “Multiple Selection” section below for

more details.

Rating: Valmetrics rates (on a scale from 0 to 10, with 10 the highest) the “Valmetrics multiple” to

help you select the most relevant multiple. See the “Multiple Rating” section below for more details.

Copyright © 2006 Valmetrics

67 / 71

IMGR SE – MARCH 2006

MULTIPLES SELECTION

**A major issue in using multiples concerns the choice of a fair and robust multiple. While most
**

appraisers defend either a buy- or a sell-side position and therefore choose the multiple according to

their target price (backward valuation), Valmetrics is dedicated to finding the multiple that best

represents the industry.

The selection of a multiple estimator is closely linked to the assumption of the data distribution. For

a Normal Distribution, the median, mean and mode are actually equivalent and the mean is a good

location estimator. For skewed distributions (e.g. Lognormal) it is not obvious whether the mean,

the median or the mode is the most meaningful measure. For heavy tails distributions (e.g. Gauchy),

the median provides a useful measure of the typical value, whereas the mean is useless.

Valmetrics does not make any distribution assumption in the IMGR Standard Edition but calculates

all the main estimators – quartiles, mean and mode – that feature the shape of the distribution. The

mean multiple remains the favourite estimator when the dispersion of the set (standard deviation as

% of the mean) is low. If this is not the case, Valmetrics also considers the mode and the median

estimators as shown in the diagram below.

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, but to compare
**

each multiples series (i.e. EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR) make sure that you

compare them on the basis of the same estimator. For example, you cannot compare an EV/sales

mean multiple with an EV/EBITDA median multiple.

Copyright © 2006 Valmetrics

68 / 71

IMGR SE – MARCH 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, some multiples can not be considered robust measures because

of a lack of information or analysis. That is why Valmetrics has added a multiple rating line in all

tables to enable users to check the validity of the selected multiples.

The rating system set up by Valmetrics does not indicate whether a multiple is right or wrong, but

rather if it is robust or not. An average rated multiple can be a good and fair multiple but further

analysis is required to confirm its robustness. A highly rated multiple does not necessarily require

further analysis and can be used directly with a high level of confidence.

Rating’s range

Valmetrics proposes a rating scale of 10, 0 being the worst rating and 10 the best. Some multiples

series culminate at a maximum of 8 or 5 because of intrinsic drawbacks.

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, especially when evaluating cash flow

Robust

The PER is subject to accounting window dressing. Non-operating items

(extraordinary and financial items) can impact the PER.

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, mean and mode estimators.

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

IMGR SE – MARCH 2006

**ADJUSTMENTS AND POSSIBLE BIASES
**

Valmetrics calculations are based on consistent, standardized and comparable data from company

to company and from industry to industry. Even so, appraisers may have to adjust the valuation

results depending of the company and the context.

•

**Illiquidity risk premium: to approximate the value of a privately held company, the
**

illiquidity risk premium of the company must be taken into consideration. In the IMGR

Standard Edition, Valmetrics gives market multiples which do not take into account the risk

premium related to the illiquidity of a private business. Illiquidity risk premium usually

ranges from a discount of 10% to 30% as compared to the public peer companies.

•

**Accountancy adjustment: all the market multiples are based on international accounting
**

standards (US GAAP / IFRS). If the company you wish to value does not use such an

accounting standard, some accountancy adjustments may be necessary to match the

financial data (especially EBIT, EBITDA) used to calculate the multiples.

•

**Strategic value: the market multiple reflects the “average” market price of the industry,
**

including both a fundamental value and a speculative value, but excludes the strategic

value of the business (control premium, synergies with another business, etc.).

**Other possible biases
**

Date schedule: fiscal year closing dates (e.g. March ‘04, June ‘04, December ‘04) and financial

data communication dates differ among companies and among countries. Valmetrics uses the last

data available and mixes multiples with different date schedules. The only way to overcome this

bias is to select companies that have the same date schedule and then calculate their multiples.

Country / regional breakdown: two highly comparable companies in Europe and in the US may

have slightly different valuation results because of macroeconomic factors inherent to the country

where the company is listed (regulations, tax policy, business culture, domestic market potential,

innovation dynamic, etc ….). To improve calculation accuracy, a regional analysis is required.

Quasi-Equity: stock options, convertible bonds and other quasi-equity securities are financial

options and should be considered in the calculation of the enterprise value. If options are in the

money, they are equity, if not they are debt. Valmetrics does not take stock options into

consideration and includes convertible bonds in the financial debt.

Company size effect: within the same sector, there may be large companies and mid-sized

companies with different fixed cost- or productivity-thresholds. Big companies are also generally

less risky than small ones, and therefore should be characterized by higher multiples. IMGR does

not take into account this size effect.

Industry classification: Valmetrics uses the Global Industrial Classification Standards, which is

considered by some research papers as the best representative of each sector. Using another

industrial classification (SIC for instance) may have an impact on industry multiples.

Copyright © 2006 Valmetrics

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IMGR SE – MARCH 2006

REFERENCES

**AFIC, BVCA, EVCA, International Private Equity And Venture Capital Valuation Guidelines,
**

2005 (www.privateequityvaluation.com).

Free research papers available on scholar.google.com

Baker M., Ruback R. S., Estimating Industry Multiples; 1999. Harvard University

Bhojraj S., Lee C. M. C., Ng D. T., International Valuation Using Smart Multiples, 2003, Johnson

Graduate School of Management

Bonadurer W., Valuation by Multiples, 2003, University of St. Gallen

Dittmann I, Weiner C., Selecting Comparables for the Valuation of European Firms, 2005

Humboldt-Universitat zu Berlin.

Fernandez P., Valuation Using Multiples. How Do Analysts Reach Their Conclusions?, 2002, IESE.

Lie E., Lie H. J., Multiples Used to Estimate Corporate Value, 2002, College of William & Mary

Liu, J., D. Nissim, and J. Thomas. 2000. Equity valuation using multiples. Working paper, UCLA

and Columbia University.

Thomas J. K., Zhang H., 2004, Another look at P/E ratios, Yale School of Management, University

of Hong-Kong.

**Other research papers
**

Alford, A., 1992. The effect of the set of comparable firms on the accuracy of the price-earnings

valuation method. Journal of Accounting Research 30, 94-108

Bhojraj S., Lee C. M. C., Who is my Peer? A Valuation-Based Approach to the Selection of

Comparable Firms, 2002, Journal of Accounting Research, Vol. 40, n°2, 407-439.

Cheng, C.S.A. and R. McNamara. “The valuation Accuracy of the price-earnings and price-book

benchmark valuation methods. Working paper, university of Houston, Houston, TX 1996.

Leibowitz, M. L. and Krogelman, S. Inside the P/E ratio: the franchise factor. Financial Analysts

Journal, pp. 43 -53. 1990

Liu, Jing, Doron Nissim and Jacob Thomas (2002b): International equity valuation using multiples,

working paper, University of California at Los Angeles.

Tasker, S. C. Industry preferred multiples in acquisition valuation, working paper, Cornell

Copyright © 2006 Valmetrics

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Multiples for valuation of businesses.

Multiples for valuation of businesses.

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