Industry Multiples Global Report

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
interpret data shown in this document, including: data source and coverage, date schedule,
multiples selection, multiples rating, glossary, adjustments / possible biases, and references. Any
comments or suggestions to improve the IMGR are very welcome.
It’s easy to sign up for the IMGR service! Simply email “subscribe IMGR” with your contact details
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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
IMGR Pro will be available on the Internet (web based application) in June 2006.
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:

1

Easy-to-use database

IMGR Pro allows you to search, display,
sort, export and print multiples quickly
and easily.

Monthly update

2

Data is updated on a monthly basis, so
you do not need to wait for a quarter to
get the most recent multiples.

3

Regional coverage

With 11 geographical zones covered, you
have access to regional metrics and
analytics (e.g. North America, Europe).

Individual multiples

4

Lists of individual multiples enable you to
find comparables, understand Valmetrics
analysis and perform your own analysis.

5

Insightful analysis

IMGR Pro calculates, selects, analyzes,
rates and plots industry multiples with a
high level of accuracy and reliability.

Historical data

6

Historical multiples stored in IMGR Pro
date back to January 2000 (5 years) and
give you an additional dynamic overview.

IMGR PRO = more multiples, more analysis, more industry insights, more tools!

Achieve faster valuation & modelling, compare 130 industries, fine tune your
investment policy and put forward persuasive arguments in negotiation.

Copyright © 2006 Valmetrics

3 / 71

IMGR SE – MARCH 2006

www.AltAssets.net
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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firms worldwide. Over 18,000 industry professionals use the site, generating 2 million
page impressions from 180,000 sessions each month.
This service provides a centre of excellence for the field and contains insight from our
in-house team as well as significant third-party contributions from leading academics,
industry practioners and service providers in private equity.
Areas of the service include:
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Recent private equity news and views, updated daily and available online as well as
via RSS Feed.
Features
Opinion pieces from leading private equity experts on topical issues. Our series of
institutional investor profiles feature leading limited partners giving insights and
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Learning Curve
Clear explanations of the key areas of private equity - from conducting due diligence
to deciphering the terms and conditions of an investment.
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This area drives forward private equity theory and practice. It showcases progressive
thinking and investigation into this asset class and encourages further debate between
the industry's top-flight experts.
Surveys
Research on topics ranging from the latest management buy-out figures, to global
private equity performance, aggregated from market leaders.
Country and Sectors Analysis
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.
Events
The definitive calendar for private equity events, conferences and seminars.
Jobs
Private equity jobs and executive positions vacant. Ideal for locating a new challenge
or expanding the number of professionals in your own organisation.

To subscribe FREE to AltAssets weekly e-mail newsletter, visit:
http://www.AltAssets.net/subscribe.php

Copyright © 2006 Valmetrics

4 / 71

IMGR SE – MARCH 2006

LIST OF INDUSTRIES
1.
2.
3.
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5.
6.
7.
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48.
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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.
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63.
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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

Number of observations
Non available multiples
Non meaningful multiples
Short-listed multiples
Minimum
1st 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

Number of observations
Non available multiples
Non meaningful multiples
Short-listed multiples
Minimum
1st 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

Number of observations
Non available multiples
Non meaningful multiples
Short-listed multiples
Minimum
1st 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

Number of observations
Non available multiples
Non meaningful multiples
Short-listed multiples
Minimum
1st 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

Number of observations
Non available multiples
Non meaningful multiples
Short-listed multiples
Minimum
1st 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

Number of observations
Non available multiples
Non meaningful multiples
Short-listed multiples
Minimum
1st 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

Number of observations
Non available multiples
Non meaningful multiples
Short-listed multiples
Minimum
1st 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

70 / 71

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.
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