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Mar 08, 2007

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Multiples for valuation of businesses.

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Multiples for valuation of businesses.

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Standard Edition

March 2006

IMGR SE – MARCH 2006

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

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

approximate the value of a company.

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

calculations of 5 different market multiples (EV/sales, EV/EBITDA, EV/EBIT, PER, PBR),

descriptive statistics at the industry level, best multiples selection, multiple rating and a text

description of each industry.

In the appendices section, Valmetrics also provides the information you need to understand and

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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keep IMGR SE a free service, please tell your friends and colleagues about us.

Readers agree that: i) the contents of this report are communicated on a purely informative basis

ii) Information appearing in this report does not constitute an instruction or advice to acquire,

dispose, transfer or manage a company. Tables, data, logos, trademark included in this report are

the property of Valmetrics and are protected by international copyright laws.

Swiss-based corporation delivering comprehensive and authoritative financial metrics for business

valuation without incurring extensive costs in time and effort. To know more about us, visit our

website www.valmetrics.com. If you are interested in advertising in our research publications or

partnering with us, please email us at partners@valmetrics.com.

IMGR SE – MARCH 2006

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.

2

Monthly update

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.

IMGR SE – MARCH 2006

www.AltAssets.net

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

more than 1,000 institutional investors and 2,000 private equity and venture capital

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.

News

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

investing advice to their fellow LPs.

Learning Curve

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

to deciphering the terms and conditions of an investment.

Leading Edge

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.

http://www.AltAssets.net/subscribe.php

IMGR SE – MARCH 2006

LIST OF INDUSTRIES

1. Advertising........................................................................................................................................................ 7

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

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

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

5. Airlines .............................................................................................................................................................. 9

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

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

8. Aluminium....................................................................................................................................................... 10

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

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

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

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

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

14. Biotechnology................................................................................................................................................. 13

15. Brewers........................................................................................................................................................... 14

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

32. Distributors ..................................................................................................................................................... 22

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

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

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

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

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

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

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

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

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

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

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

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

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

46. Footwear......................................................................................................................................................... 29

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

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

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

50. Gold................................................................................................................................................................. 31

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

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

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

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

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

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

IMGR SE – MARCH 2006

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

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

60. Homebuilding ................................................................................................................................................. 36

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

78. Marine ............................................................................................................................................................. 45

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

94. Pharmaceuticals ............................................................................................................................................. 53

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

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

97. Publishing ....................................................................................................................................................... 55

98. Railroads ......................................................................................................................................................... 55

99. Restaurants..................................................................................................................................................... 56

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

101. Semiconductors.............................................................................................................................................. 57

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

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

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

105. Steel ................................................................................................................................................................ 59

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

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

108. Textiles............................................................................................................................................................ 60

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

110. Tobacco .......................................................................................................................................................... 61

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

112. Trucking.......................................................................................................................................................... 62

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

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

IMGR SE – MARCH 2006

1. Advertising

Number of observations 57 57 57 57 57

Non available multiples 8 7 7 6 6

Non meaningful multiples 6 10 14 12 8

Short-listed multiples 43 40 36 39 43

Minimum 0.18x 2.3x 3.9x 3.6x 0.2x

1st quartile 0.59x 5.0x 7.9x 15.5x 1.2x

Median 0.89x 9.9x 11.6x 22.7x 2.5x

3rd quartile 1.61x 12.1x 14.7x 44.0x 3.3x

Maximum 3.21x 24.5x 34.9x 68.1x 6.6x

Mean 1.20x 9.9x 12.3x 28.5x 2.6x

Std deviation as % of mean 66% 55% 52% 64% 63%

Modal interval [0.58 - 1.17[ [9.2 - 13.4[ [11.1 - 15.2[ [2.2 - 19.1[ [2.4 - 3.5[

Modal interval frequency 30.2% 37.5% 36.1% 35.9% 34.9%

Mode estimate 0.82x 10.9x 12.8x 17.9x 2.6x

Valmetrics multiple 0.82x 10.9x 12.8x 17.9x 2.6x

Multiple rating (10=highest) 4 9 9 2 5

Includes defense electronics and space equipment.

Number of observations 87 87 87 87 87

Non available multiples 12 13 12 12 12

Non meaningful multiples 7 13 15 22 12

Short-listed multiples 68 61 60 53 63

Minimum 0.05x 4.3x 5.0x 9.8x 0.8x

1st quartile 0.85x 9.8x 13.1x 18.7x 1.8x

Median 1.42x 12.0x 16.2x 23.2x 2.4x

3rd quartile 1.83x 14.7x 20.6x 29.5x 3.4x

Maximum 3.23x 21.1x 34.4x 50.4x 5.7x

Mean 1.45x 12.4x 17.2x 25.5x 2.5x

Std deviation as % of mean 50% 31% 36% 40% 43%

Modal interval [0.97 - 1.45[ [8.9 - 11.4[ [12 - 15.9[ [18.7 - 24.4[ [1.6 - 2.4[

Modal interval frequency 26.5% 27.9% 33.3% 30.2% 31.7%

Mode estimate 1.05x 11.0x 15.0x 22.8x 2.1x

Valmetrics multiple 1.45x 12.4x 17.2x 25.5x 2.5x

Multiple rating (10=highest) 6 9 9 8 5

IMGR SE – MARCH 2006

3. Agricultural Products

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.

Number of observations 75 75 75 75 75

Non available multiples 6 6 6 4 4

Non meaningful multiples 16 22 28 29 17

Short-listed multiples 53 47 41 42 54

Minimum 0.17x 2.4x 3.2x 7.0x 0.2x

1st quartile 0.63x 7.9x 11.8x 13.9x 1.0x

Median 1.13x 11.6x 15.4x 20.3x 1.4x

3rd quartile 1.97x 18.4x 22.2x 30.2x 1.8x

Maximum 5.29x 36.7x 51.4x 59.2x 4.2x

Mean 1.46x 13.4x 18.4x 22.8x 1.5x

Std deviation as % of mean 75% 57% 55% 53% 52%

Modal interval [0 - 0.71[ [7.9 - 13.7[ [9.2 - 15.3[ [4.9 - 14.3[ [1 - 1.5[

Modal interval frequency 34.0% 38.3% 34.1% 33.3% 25.9%

Mode estimate 0.56x 10.2x 12.7x 13.7x 1.3x

Valmetrics multiple 0.56x 10.2x 15.4x 20.3x 1.4x

Multiple rating (10=highest) 1 5 4 3 5

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.

Number of observations 45 45 45 45 45

Non available multiples 8 9 8 7 6

Non meaningful multiples 6 4 6 5 5

Short-listed multiples 31 32 31 33 34

Minimum 0.08x 1.2x 1.4x 6.9x 0.4x

1st quartile 0.41x 5.6x 10.3x 11.4x 1.2x

Median 0.61x 7.0x 13.3x 16.8x 2.4x

3rd quartile 1.00x 11.5x 20.0x 25.6x 3.3x

Maximum 2.06x 17.9x 34.4x 41.3x 6.4x

Mean 0.77x 9.0x 15.3x 19.1x 2.4x

Std deviation as % of mean 67% 51% 49% 54% 55%

Modal interval [0.37 - 0.74[ [3.9 - 7.6[ [6.2 - 12.3[ [6.3 - 15.2[ [1.5 - 2.8[

Modal interval frequency 38.7% 46.9% 41.9% 45.5% 35.3%

Mode estimate 0.52x 6.2x 10.5x 12.6x 2.2x

Valmetrics multiple 0.52x 6.2x 10.5x 12.6x 2.2x

Multiple rating (10=highest) 4 4 4 4 5

IMGR SE – MARCH 2006

5. Airlines

Number of observations 47 47 47 47 47

Non available multiples 6 5 5 4 3

Non meaningful multiples 2 12 14 20 11

Short-listed multiples 39 30 28 23 33

Minimum 0.10x 2.3x 1.2x 5.6x 0.0x

1st quartile 0.40x 5.0x 10.7x 10.5x 1.0x

Median 0.74x 7.4x 15.8x 13.0x 1.4x

3rd quartile 1.26x 10.2x 22.7x 18.0x 1.6x

Maximum 2.24x 20.4x 59.1x 34.9x 2.3x

Mean 0.86x 8.0x 18.8x 14.3x 1.3x

Std deviation as % of mean 70% 54% 75% 48% 40%

Modal interval [0 - 0.51[ [4.6 - 8[ [7.9 - 15.8[ [9.6 - 14.9[ [1.1 - 1.5[

Modal interval frequency 35.9% 33.3% 28.6% 52.2% 33.3%

Mode estimate 0.42x 6.7x 13.2x 11.8x 1.3x

Valmetrics multiple 0.42x 8.0x 15.8x 14.3x 1.3x

Multiple rating (10=highest) 2 7 3 6 5

6. Airport Services

Number of observations 26 26 26 26 26

Non available multiples 4 4 4 1 1

Non meaningful multiples 3 3 3 5 1

Short-listed multiples 19 19 19 20 24

Minimum 0.57x 3.5x 4.9x 6.7x 0.8x

1st quartile 3.11x 9.6x 12.6x 13.2x 1.4x

Median 4.67x 11.4x 15.4x 19.0x 1.9x

3rd quartile 5.55x 13.5x 22.3x 22.4x 3.0x

Maximum 7.97x 23.7x 30.7x 43.9x 5.0x

Mean 4.35x 11.7x 17.4x 19.6x 2.3x

Std deviation as % of mean 43% 39% 43% 52% 56%

Modal interval [1.83 - 3.66[ [9.2 - 12.1[ [10.6 - 17.8[ [18.5 - 25.3[ [0.8 - 1.8[

Modal interval frequency 36.8% 36.8% 47.4% 35.0% 41.7%

Mode estimate 3.20x 11.0x 14.8x 20.2x 1.7x

Valmetrics multiple 4.35x 11.7x 17.4x 19.6x 1.9x

Multiple rating (10=highest) 4 9 8 8 5

IMGR SE – MARCH 2006

7. Alternative Carriers

high bandwidth/fibber-optic cable network.

Number of observations 27 27 27 27 27

Non available multiples 8 7 7 7 7

Non meaningful multiples 1 6 16 16 5

Short-listed multiples 18 14 4 4 15

Minimum 0.04x 0.2x nm nm 0.1x

1st quartile 0.68x 4.0x nm nm 1.0x

Median 1.03x 8.2x nm nm 1.2x

3rd quartile 2.89x 13.8x nm nm 1.9x

Maximum 5.01x 27.9x nm nm 6.0x

Mean 1.71x 10.0x nm nm 1.7x

Std deviation as % of mean 87% 79% nm nm 90%

Modal interval [0 - 1.69[ [0 - 8.1[ nm nm [0.7 - 1.4[

Modal interval frequency 61.1% 50.0% nm nm 40.0%

Mode estimate 1.09x 6.3x nm nm 1.0x

Valmetrics multiple 1.03x 8.2x nm nm 1.2x

Multiple rating (10=highest) 2 2 na na 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.

Number of observations 35 35 35 35 35

Non available multiples 6 6 6 6 6

Non meaningful multiples 7 9 9 12 8

Short-listed multiples 22 20 20 17 21

Minimum 0.22x 2.9x 1.9x 2.4x 0.2x

1st quartile 0.74x 6.6x 7.4x 7.0x 1.2x

Median 1.20x 9.7x 14.9x 12.5x 1.8x

3rd quartile 1.57x 12.2x 21.2x 20.7x 2.7x

Maximum 2.95x 22.4x 48.1x 41.5x 5.4x

Mean 1.30x 10.1x 16.2x 15.6x 2.2x

Std deviation as % of mean 58% 54% 67% 66% 68%

Modal interval [0.7 - 1.29[ [6.5 - 10.6[ [0 - 10.2[ [11.3 - 21.9[ [1.1 - 2.2[

Modal interval frequency 36.4% 40.0% 35.0% 47.1% 33.3%

Mode estimate 1.00x 8.3x 10.2x 13.9x 1.6x

Valmetrics multiple 1.30x 10.1x 14.9x 12.5x 1.8x

Multiple rating (10=highest) 6 6 3 4 3

IMGR SE – MARCH 2006

9. Apparel Retail

Number of observations 76 76 76 76 76

Non available multiples 4 4 4 4 3

Non meaningful multiples 7 13 16 20 5

Short-listed multiples 65 59 56 52 68

Minimum 0.18x 2.6x 1.0x 3.9x 0.3x

1st quartile 0.62x 6.7x 9.1x 15.6x 1.9x

Median 0.91x 8.5x 12.8x 20.2x 2.7x

3rd quartile 1.34x 10.6x 16.3x 25.6x 4.1x

Maximum 2.54x 18.4x 33.8x 47.2x 7.5x

Mean 1.02x 9.1x 13.3x 21.7x 3.1x

Std deviation as % of mean 57% 38% 52% 45% 62%

Modal interval [0.47 - 0.82[ [6.5 - 8.5[ [8.1 - 11.8[ [17.5 - 22.9[ [2.3 - 3.4[

Modal interval frequency 33.8% 27.1% 32.1% 23.1% 29.4%

Mode estimate 0.69x 8.1x 10.9x 22.9x 2.8x

Valmetrics multiple 0.91x 9.1x 13.3x 21.7x 2.7x

Multiple rating (10=highest) 5 9 7 8 5

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

classified in the Footwear sub-industry.

Non available multiples 3 3 1 2 1

Non meaningful multiples 21 36 47 55 23

Short-listed multiples 118 103 94 85 118

Minimum 0.04x 0.5x 1.0x 3.1x 0.2x

1st quartile 0.47x 5.9x 8.4x 10.4x 0.9x

Median 0.83x 8.3x 12.1x 16.5x 1.6x

3rd quartile 1.54x 12.1x 18.1x 24.7x 2.6x

Maximum 4.46x 24.0x 36.4x 59.4x 6.1x

Mean 1.18x 9.8x 13.5x 19.1x 2.0x

Std deviation as % of mean 86% 54% 54% 61% 71%

Modal interval [0.44 - 0.88[ [5.7 - 8.3[ [8.5 - 12.8[ [8.5 - 15[ [0.7 - 1.4[

Modal interval frequency 31.4% 26.2% 26.6% 25.9% 28.0%

Mode estimate 0.63x 6.8x 10.1x 14.3x 1.1x

Valmetrics multiple 0.63x 8.3x 12.1x 16.5x 1.6x

Multiple rating (10=highest) 2 4 5 5 4

IMGR SE – MARCH 2006

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.

Non available multiples 42 46 41 40 39

Non meaningful multiples 22 79 112 112 43

Short-listed multiples 199 138 110 111 181

Minimum 0.11x 0.1x 0.0x 1.0x 0.1x

1st quartile 0.94x 9.7x 13.7x 19.0x 1.7x

Median 1.60x 13.7x 17.4x 27.4x 2.6x

3rd quartile 2.47x 20.8x 27.9x 36.9x 4.1x

Maximum 5.81x 40.8x 56.9x 72.9x 8.1x

Mean 1.85x 15.7x 21.2x 28.6x 3.1x

Std deviation as % of mean 65% 56% 55% 55% 61%

Modal interval [0.6 - 1.12[ [8.6 - 12.9[ [11.9 - 17.8[ [22.4 - 29.9[ [1.7 - 2.6[

Modal interval frequency 19.6% 23.9% 32.7% 24.3% 24.3%

Mode estimate 1.01x 12.6x 15.1x 27.9x 2.0x

Valmetrics multiple 1.60x 13.7x 17.4x 28.6x 2.6x

Multiple rating (10=highest) 3 6 4 8 5

companies classified in the Tires & Rubber sub-industry.

Non available multiples 16 15 15 15 15

Non meaningful multiples 26 37 42 54 28

Short-listed multiples 99 89 84 72 98

Minimum 0.08x 1.2x 1.4x 0.0x 0.0x

1st quartile 0.44x 4.2x 7.5x 10.2x 1.0x

Median 0.66x 6.5x 11.0x 15.1x 1.4x

3rd quartile 1.50x 9.7x 15.9x 21.3x 2.2x

Maximum 3.30x 14.9x 32.2x 41.1x 3.8x

Mean 1.00x 7.1x 12.1x 16.4x 1.6x

Std deviation as % of mean 77% 51% 55% 59% 57%

Modal interval [0.08 - 0.54[ [3.1 - 5.6[ [9.1 - 12.9[ [10.6 - 15.9[ [1.1 - 1.6[

Modal interval frequency 38.4% 29.2% 27.4% 26.4% 25.5%

Mode estimate 0.41x 5.0x 10.2x 14.2x 1.3x

Valmetrics multiple 0.41x 7.1x 11.0x 16.4x 1.4x

Multiple rating (10=highest) 2 5 7 8 5

IMGR SE – MARCH 2006

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.

Number of observations 43 43 43 43 43

Non available multiples 1 1 1 0 0

Non meaningful multiples 8 12 16 15 11

Short-listed multiples 34 30 26 28 32

Minimum 0.13x 2.3x 3.4x 1.1x 0.1x

1st quartile 0.41x 5.4x 7.9x 7.9x 0.9x

Median 0.58x 8.3x 12.8x 11.4x 1.3x

3rd quartile 0.92x 10.3x 17.8x 15.4x 1.7x

Maximum 1.92x 17.8x 25.8x 34.5x 2.8x

Mean 0.73x 8.2x 13.1x 13.1x 1.3x

Std deviation as % of mean 61% 45% 48% 60% 47%

Modal interval [0.4 - 0.71[ [8.5 - 11.6[ [8 - 14.6[ [10.5 - 15.4[ [1 - 1.5[

Modal interval frequency 44.1% 30.0% 42.3% 35.7% 31.3%

Mode estimate 0.57x 8.9x 10.6x 11.6x 1.4x

Valmetrics multiple 0.57x 8.2x 13.1x 11.4x 1.3x

Multiple rating (10=highest) 6 9 5 6 5

14. Biotechnology

based on advanced biotechnology research.

Non available multiples 31 32 23 21 20

Non meaningful multiples 41 135 145 155 33

Short-listed multiples 142 47 46 38 161

Minimum 0.07x 0.1x 0.0x 4.2x 0.0x

1st quartile 3.11x 12.3x 14.4x 21.1x 1.5x

Median 6.18x 16.5x 23.4x 34.3x 2.7x

3rd quartile 15.13x 29.8x 38.0x 62.3x 4.6x

Maximum 33.76x 69.7x 104.0x 157.9x 10.8x

Mean 10.06x 22.6x 30.8x 48.6x 3.4x

Std deviation as % of mean 93% 81% 89% 80% 72%

Modal interval [0 - 4.61[ [9.7 - 19.4[ [13.2 - 26.3[ [0 - 24.5[ [1.1 - 2.3[

Modal interval frequency 39.4% 31.9% 30.4% 34.2% 30.4%

Mode estimate 3.35x 14.5x 19.7x 24.5x 1.8x

Valmetrics multiple 3.35x 14.5x 19.7x 24.5x 1.8x

Multiple rating (10=highest) 2 2 2 1 2

IMGR SE – MARCH 2006

15. Brewers

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

industry.

Number of observations 48 48 48 48 48

Non available multiples 8 8 8 8 8

Non meaningful multiples 10 12 9 9 7

Short-listed multiples 30 28 31 31 33

Minimum 0.09x 4.0x 1.4x 3.8x 0.5x

1st quartile 1.07x 8.6x 10.3x 13.8x 1.5x

Median 1.72x 10.3x 14.2x 21.6x 1.8x

3rd quartile 2.28x 10.9x 18.2x 30.6x 2.7x

Maximum 3.82x 14.2x 36.6x 62.8x 4.7x

Mean 1.82x 9.5x 15.0x 24.0x 2.1x

Std deviation as % of mean 54% 27% 51% 61% 45%

Modal interval [0.78 - 1.56[ [9.8 - 11.4[ [10 - 15[ [11.9 - 22.6[ [1.1 - 1.8[

Modal interval frequency 33.3% 42.9% 29.0% 32.3% 45.5%

Mode estimate 1.56x 10.5x 13.8x 20.5x 1.6x

Valmetrics multiple 1.82x 9.5x 15.0x 21.6x 1.6x

Multiple rating (10=highest) 8 7 10 8 5

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

satellite television services, including programming.

Non available multiples 13 13 13 13 12

Non meaningful multiples 12 20 27 33 19

Short-listed multiples 83 75 68 62 77

Minimum 0.10x 0.1x 0.1x 2.9x 0.1x

1st quartile 1.88x 6.5x 10.2x 16.4x 1.2x

Median 2.73x 10.1x 13.9x 23.4x 1.9x

3rd quartile 3.55x 12.5x 18.0x 32.0x 3.4x

Maximum 7.03x 21.3x 34.2x 61.5x 7.1x

Mean 2.79x 9.9x 14.6x 25.2x 2.5x

Std deviation as % of mean 52% 46% 48% 53% 73%

Modal interval [1.53 - 2.29[ [8.5 - 11.4[ [11.5 - 15.3[ [16.5 - 24.3[ [1 - 2.1[

Modal interval frequency 22.9% 33.3% 26.5% 33.9% 37.7%

Mode estimate 2.09x 9.9x 13.5x 20.4x 1.5x

Valmetrics multiple 2.79x 9.9x 14.6x 25.2x 1.5x

Multiple rating (10=highest) 6 10 9 7 3

IMGR SE – MARCH 2006

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

materials classified in the Construction Materials sub-industry.

Non available multiples 18 22 18 18 18

Non meaningful multiples 17 28 37 40 20

Short-listed multiples 104 89 84 81 101

Minimum 0.04x 0.7x 1.1x 0.5x 0.2x

1st quartile 0.55x 5.6x 7.6x 11.7x 1.1x

Median 0.86x 7.2x 10.8x 15.0x 1.7x

3rd quartile 1.39x 9.5x 13.2x 18.2x 2.4x

Maximum 2.92x 20.1x 26.3x 34.2x 4.9x

Mean 1.02x 8.0x 11.2x 15.4x 1.9x

Std deviation as % of mean 64% 48% 44% 44% 58%

Modal interval [0.35 - 0.71[ [6.9 - 8.7[ [8.6 - 11.2[ [15 - 18[ [1.2 - 1.7[

Modal interval frequency 27.9% 24.7% 26.2% 24.7% 23.8%

Mode estimate 0.62x 7.1x 10.4x 15.8x 1.7x

Valmetrics multiple 0.86x 8.0x 11.2x 15.4x 1.9x

Multiple rating (10=highest) 4 8 9 8 5

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

and betting services.

Number of observations 43 43 43 43 43

Non available multiples 5 4 4 4 4

Non meaningful multiples 2 7 8 13 5

Short-listed multiples 36 32 31 26 34

Minimum 0.14x 0.7x 0.8x 7.0x 0.5x

1st quartile 1.86x 11.0x 15.0x 22.6x 2.5x

Median 2.73x 12.9x 19.6x 30.7x 3.9x

3rd quartile 3.87x 18.5x 27.7x 41.0x 8.5x

Maximum 7.31x 27.7x 45.8x 69.2x 16.1x

Mean 2.92x 14.3x 21.5x 32.9x 5.4x

Std deviation as % of mean 62% 43% 44% 45% 76%

Modal interval [2.5 - 3.72[ [9.5 - 14.2[ [8.1 - 16.1[ [13.3 - 25.7[ [0 - 3.7[

Modal interval frequency 30.6% 40.6% 32.3% 34.6% 47.1%

Mode estimate 2.81x 12.0x 16.1x 24.3x 2.6x

Valmetrics multiple 2.81x 12.0x 21.5x 32.9x 2.6x

Multiple rating (10=highest) 8 8 6 4 2

IMGR SE – MARCH 2006

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

retail.

Number of observations 20 20 20 20 20

Non available multiples 1 1 1 1 1

Non meaningful multiples 1 5 4 6 4

Short-listed multiples 18 14 15 13 15

Minimum 0.12x 5.9x 7.9x 11.3x 1.1x

1st quartile 0.59x 8.6x 10.3x 18.6x 1.9x

Median 1.08x 9.8x 14.1x 22.8x 2.9x

3rd quartile 1.34x 10.9x 16.4x 28.1x 3.7x

Maximum 2.06x 12.6x 27.4x 38.0x 4.5x

Mean 0.99x 9.6x 14.8x 23.3x 2.8x

Std deviation as % of mean 51% 21% 39% 31% 41%

Modal interval [1.15 - 1.72[ [9.3 - 11.2[ [7.8 - 12.7[ [16.6 - 24.6[ [0.6 - 2[

Modal interval frequency 44.4% 42.9% 40.0% 46.2% 33.3%

Mode estimate 1.36x 10.2x 12.7x 22.0x 2.0x

Valmetrics multiple 1.08x 9.6x 14.8x 23.3x 2.8x

Multiple rating (10=highest) 4 8 8 8 5

Companies providing commercial printing services. Includes printers primarily serving the

media industry.

Number of observations 35 35 35 35 35

Non available multiples 5 5 5 5 5

Non meaningful multiples 5 7 9 10 6

Short-listed multiples 25 23 21 20 24

Minimum 0.13x 1.8x 3.5x 5.7x 0.3x

1st quartile 0.55x 4.9x 8.6x 11.9x 1.2x

Median 0.83x 7.4x 13.3x 15.8x 1.9x

3rd quartile 1.21x 10.1x 18.6x 26.3x 2.5x

Maximum 2.45x 12.4x 21.9x 43.0x 4.1x

Mean 0.93x 7.4x 13.4x 18.6x 1.9x

Std deviation as % of mean 55% 42% 44% 55% 53%

Modal interval [0.45 - 0.89[ [1.6 - 5.3[ [16.3 - 23.5[ [3.3 - 13.8[ [0.9 - 1.8[

Modal interval frequency 40.0% 34.8% 38.1% 50.0% 33.3%

Mode estimate 0.76x 5.3x 17.7x 9.9x 1.8x

Valmetrics multiple 0.83x 7.4x 13.4x 15.8x 1.9x

Multiple rating (10=highest) 6 5 3 1 5

IMGR SE – MARCH 2006

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.

Non available multiples 7 8 7 5 5

Non meaningful multiples 36 47 59 66 37

Short-listed multiples 143 131 120 115 144

Minimum 0.08x 0.8x 1.0x 0.6x 0.1x

1st quartile 0.65x 5.4x 8.1x 9.5x 0.9x

Median 1.00x 8.1x 13.2x 14.8x 1.4x

3rd quartile 1.43x 11.4x 19.2x 26.5x 1.8x

Maximum 2.83x 20.0x 42.2x 68.5x 3.5x

Mean 1.10x 8.9x 15.0x 20.9x 1.4x

Std deviation as % of mean 54% 49% 60% 78% 51%

Modal interval [0.89 - 1.19[ [4.7 - 7[ [9 - 13.5[ [7 - 14[ [1.1 - 1.4[

Modal interval frequency 25.9% 26.0% 27.5% 29.6% 22.2%

Mode estimate 0.99x 5.8x 10.8x 11.0x 1.2x

Valmetrics multiple 1.00x 8.9x 13.2x 14.8x 1.4x

Multiple rating (10=highest) 8 4 5 2 5

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

stores.

Number of observations 26 26 26 26 26

Non available multiples 3 3 3 2 2

Non meaningful multiples 2 4 7 7 2

Short-listed multiples 21 19 16 17 22

Minimum 0.12x 3.0x 3.7x 6.1x 0.5x

1st quartile 0.34x 6.2x 7.9x 12.1x 1.9x

Median 0.41x 8.6x 9.9x 14.1x 2.4x

3rd quartile 0.62x 12.2x 12.7x 19.8x 3.4x

Maximum 1.04x 20.0x 16.4x 31.9x 6.0x

Mean 0.47x 9.2x 10.2x 16.0x 2.6x

Std deviation as % of mean 55% 48% 39% 44% 54%

Modal interval [0.27 - 0.47[ [2.5 - 7[ [6.2 - 10[ [10 - 16[ [2.2 - 3.3[

Modal interval frequency 33.3% 36.8% 31.3% 35.3% 27.3%

Mode estimate 0.41x 6.4x 10.0x 13.0x 2.9x

Valmetrics multiple 0.41x 9.2x 10.2x 16.0x 2.4x

Multiple rating (10=highest) 7 5 8 6 5

IMGR SE – MARCH 2006

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

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

Number of observations 61 61 61 61 61

Non available multiples 2 2 2 2 2

Non meaningful multiples 8 17 20 19 10

Short-listed multiples 51 42 39 40 49

Minimum 0.01x 0.1x 0.1x 0.8x 0.0x

1st quartile 0.43x 8.8x 11.4x 10.5x 0.8x

Median 0.92x 13.7x 18.2x 18.0x 1.9x

3rd quartile 1.27x 18.7x 27.8x 29.2x 2.6x

Maximum 2.39x 33.8x 52.3x 59.7x 4.9x

Mean 0.93x 14.0x 20.3x 20.6x 1.9x

Std deviation as % of mean 63% 57% 64% 71% 63%

Modal interval [0.91 - 1.36[ [11.4 - 17.1[ [9.7 - 19.4[ [10.9 - 21.9[ [1.9 - 2.8[

Modal interval frequency 35.3% 33.3% 30.8% 35.0% 34.7%

Mode estimate 1.03x 13.8x 13.8x 16.4x 2.2x

Valmetrics multiple 1.03x 14.0x 13.8x 16.4x 2.2x

Multiple rating (10=highest) 8 9 3 5 5

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

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

Non available multiples 14 15 14 14 14

Non meaningful multiples 16 30 40 47 19

Short-listed multiples 81 66 57 50 78

Minimum 0.05x 0.6x 0.5x 1.5x 0.0x

1st quartile 0.52x 5.2x 7.1x 10.7x 1.1x

Median 0.85x 9.4x 11.8x 18.2x 1.4x

3rd quartile 1.19x 13.3x 19.8x 25.7x 2.1x

Maximum 2.60x 29.8x 43.5x 53.9x 4.5x

Mean 0.93x 10.3x 14.9x 20.8x 1.6x

Std deviation as % of mean 63% 65% 72% 63% 60%

Modal interval [0.61 - 0.92[ [4 - 8[ [6.6 - 13.2[ [16.3 - 24.5[ [0.9 - 1.4[

Modal interval frequency 25.9% 28.8% 29.8% 32.0% 30.8%

Mode estimate 0.74x 6.6x 10.7x 18.5x 1.3x

Valmetrics multiple 0.85x 9.4x 11.8x 18.5x 1.4x

Multiple rating (10=highest) 7 4 4 8 5

IMGR SE – MARCH 2006

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

sub-industry.

Non available multiples 25 26 25 22 22

Non meaningful multiples 33 50 57 47 23

Short-listed multiples 144 126 120 133 157

Minimum 0.06x 1.3x 1.6x 0.2x 0.0x

1st quartile 0.34x 7.8x 12.2x 14.3x 1.1x

Median 0.64x 10.9x 16.4x 21.3x 1.6x

3rd quartile 1.15x 15.3x 24.4x 29.5x 2.8x

Maximum 3.04x 29.0x 48.3x 58.5x 5.9x

Mean 0.83x 11.7x 17.9x 23.2x 2.1x

Std deviation as % of mean 75% 50% 52% 59% 65%

Modal interval [0.32 - 0.63[ [9.1 - 12.1[ [15 - 19.9[ [11.9 - 17.9[ [1.3 - 1.9[

Modal interval frequency 25.0% 22.2% 24.2% 19.5% 24.2%

Mode estimate 0.34x 10.0x 15.3x 17.9x 1.4x

Valmetrics multiple 0.64x 11.7x 16.4x 21.3x 1.6x

Multiple rating (10=highest) 3 8 7 5 5

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

shipbuilding.

Non available multiples 12 14 12 12 12

Non meaningful multiples 18 16 22 22 12

Short-listed multiples 83 83 79 79 89

Minimum 0.06x 3.5x 5.3x 3.1x 0.0x

1st quartile 0.52x 7.5x 9.3x 12.1x 1.2x

Median 0.75x 10.4x 13.9x 19.8x 2.0x

3rd quartile 1.28x 17.0x 25.2x 37.4x 2.9x

Maximum 2.64x 31.1x 52.0x 74.1x 6.1x

Mean 0.94x 12.6x 18.3x 25.4x 2.3x

Std deviation as % of mean 60% 55% 61% 65% 61%

Modal interval [0.35 - 0.69[ [6.3 - 10.7[ [10.1 - 17.5[ [11.8 - 23.6[ [0.8 - 1.6[

Modal interval frequency 27.7% 34.9% 31.6% 35.4% 31.5%

Mode estimate 0.61x 8.3x 11.5x 15.9x 1.4x

Valmetrics multiple 0.75x 10.4x 13.9x 15.9x 1.4x

Multiple rating (10=highest) 4 5 4 3 3

IMGR SE – MARCH 2006

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

in the Building Products sub-industry.

Non available multiples 8 8 8 8 8

Non meaningful multiples 14 27 33 31 22

Short-listed multiples 93 80 74 76 85

Minimum 0.16x 2.0x 4.6x 3.7x 0.4x

1st quartile 1.05x 7.0x 10.3x 11.1x 1.0x

Median 1.83x 8.6x 13.4x 14.7x 1.4x

3rd quartile 2.56x 10.8x 17.9x 22.0x 1.9x

Maximum 4.08x 15.6x 32.0x 40.6x 4.0x

Mean 1.87x 8.9x 14.3x 16.4x 1.6x

Std deviation as % of mean 53% 34% 41% 49% 52%

Modal interval [1.46 - 2.12[ [7 - 8.8[ [7.4 - 11.1[ [11.9 - 17[ [0.7 - 1.2[

Modal interval frequency 25.8% 30.0% 25.7% 31.6% 23.5%

Mode estimate 1.69x 8.0x 11.1x 14.1x 1.1x

Valmetrics multiple 1.87x 8.9x 14.3x 16.4x 1.4x

Multiple rating (10=highest) 8 9 6 8 5

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.

Number of observations 40 40 40 40 40

Non available multiples 7 7 7 7 6

Non meaningful multiples 5 7 8 9 6

Short-listed multiples 28 26 25 24 28

Minimum 0.07x 1.0x 1.1x 3.4x 0.4x

1st quartile 0.38x 6.9x 12.0x 12.5x 1.1x

Median 0.56x 12.1x 17.5x 22.6x 1.5x

3rd quartile 1.15x 17.0x 28.3x 35.0x 2.4x

Maximum 2.77x 29.7x 58.1x 102.3x 4.7x

Mean 0.88x 12.6x 21.2x 30.4x 1.9x

Std deviation as % of mean 87% 55% 65% 87% 66%

Modal interval [0 - 0.51[ [6.8 - 13.6[ [11.2 - 22.3[ [0 - 15.6[ [1.2 - 2.1[

Modal interval frequency 42.9% 30.8% 40.0% 37.5% 35.7%

Mode estimate 0.38x 10.2x 15.6x 12.8x 1.4x

Valmetrics multiple 0.56x 12.6x 17.5x 22.6x 1.5x

Multiple rating (10=highest) 1 6 5 1 4

IMGR SE – MARCH 2006

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

Number of observations 43 43 43 43 43

Non available multiples 9 9 8 8 8

Non meaningful multiples 4 4 6 8 1

Short-listed multiples 30 30 29 27 34

Minimum 0.55x 1.7x 1.7x 5.4x 0.4x

1st quartile 1.15x 7.9x 11.6x 19.0x 1.9x

Median 2.05x 10.2x 15.3x 24.4x 3.4x

3rd quartile 3.02x 14.6x 22.2x 34.9x 4.5x

Maximum 5.53x 23.8x 33.8x 62.5x 7.0x

Mean 2.30x 11.0x 16.3x 27.4x 3.3x

Std deviation as % of mean 58% 47% 46% 49% 51%

Modal interval [1.23 - 2.44[ [8.6 - 12.9[ [7.4 - 14.3[ [12.7 - 23.3[ [3.1 - 4.7[

Modal interval frequency 36.7% 30.0% 41.4% 37.0% 41.2%

Mode estimate 1.68x 10.1x 11.7x 19.4x 3.5x

Valmetrics multiple 2.05x 11.0x 16.3x 27.4x 3.5x

Multiple rating (10=highest) 6 10 5 5 5

Number of observations 77 77 77 77 77

Non available multiples 1 1 1 1 1

Non meaningful multiples 11 11 14 21 11

Short-listed multiples 65 65 62 55 65

Minimum 0.20x 2.5x 2.9x 2.4x 0.2x

1st quartile 0.52x 7.7x 11.5x 15.2x 1.2x

Median 0.74x 10.4x 16.5x 21.0x 1.7x

3rd quartile 1.14x 14.8x 26.0x 34.4x 2.1x

Maximum 2.37x 22.8x 46.1x 84.2x 3.9x

Mean 0.84x 11.4x 19.0x 26.8x 1.8x

Std deviation as % of mean 53% 42% 54% 66% 43%

Modal interval [0.37 - 0.68[ [5.6 - 9.1[ [9.9 - 17.2[ [10.1 - 20.2[ [1.6 - 2[

Modal interval frequency 32.3% 32.3% 40.3% 36.4% 24.6%

Mode estimate 0.55x 7.8x 14.2x 17.0x 1.8x

Valmetrics multiple 0.74x 11.4x 14.2x 17.0x 1.8x

Multiple rating (10=highest) 5 6 6 2 5

IMGR SE – MARCH 2006

Distillers, vintners and producers of alcoholic beverages not classified in the Brewers sub-

industry.

Number of observations 43 43 43 43 43

Non available multiples 1 1 1 1 0

Non meaningful multiples 2 5 8 11 6

Short-listed multiples 40 37 34 31 37

Minimum 0.21x 6.2x 8.5x 9.7x 0.4x

1st quartile 1.32x 10.6x 14.8x 20.1x 1.4x

Median 2.52x 13.5x 17.7x 25.7x 1.8x

3rd quartile 4.20x 17.5x 24.2x 34.4x 2.8x

Maximum 8.82x 28.5x 42.6x 78.3x 5.3x

Mean 3.03x 14.5x 20.9x 29.4x 2.1x

Std deviation as % of mean 69% 38% 44% 52% 53%

Modal interval [1.68 - 3.36[ [9 - 13.2[ [14 - 19.8[ [16.7 - 25.8[ [1.1 - 1.9[

Modal interval frequency 32.5% 32.4% 52.9% 38.7% 35.1%

Mode estimate 2.35x 11.5x 16.9x 22.3x 1.6x

Valmetrics multiple 2.35x 14.5x 16.9x 22.3x 1.6x

Multiple rating (10=highest) 6 7 6 5 5

32. Distributors

vehicle distributors.

Number of observations 83 83 83 83 83

Non available multiples 9 10 8 8 8

Non meaningful multiples 8 17 22 18 7

Short-listed multiples 66 56 53 57 68

Minimum 0.04x 0.1x 0.1x 0.5x 0.1x

1st quartile 0.26x 5.9x 6.6x 8.5x 0.8x

Median 0.44x 8.2x 11.2x 11.4x 1.3x

3rd quartile 0.79x 13.5x 16.1x 17.9x 1.9x

Maximum 1.81x 28.0x 33.0x 47.3x 3.5x

Mean 0.57x 10.2x 12.5x 15.4x 1.4x

Std deviation as % of mean 77% 65% 62% 70% 56%

Modal interval [0.01 - 0.27[ [4 - 8[ [10.1 - 15.1[ [9.7 - 14.6[ [0.5 - 1[

Modal interval frequency 28.8% 37.5% 34.0% 28.1% 27.9%

Mode estimate 0.26x 6.6x 11.3x 10.5x 1.0x

Valmetrics multiple 0.44x 6.6x 11.3x 11.4x 1.4x

Multiple rating (10=highest) 3 2 8 3 5

IMGR SE – MARCH 2006

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

sub-industries.

Number of observations 33 33 33 33 33

Non available multiples 4 4 4 4 4

Non meaningful multiples 5 4 8 10 7

Short-listed multiples 24 25 21 19 22

Minimum 0.19x 1.0x 0.6x 2.4x 0.2x

1st quartile 0.68x 6.8x 9.1x 13.2x 1.7x

Median 1.05x 8.2x 14.1x 18.2x 2.5x

3rd quartile 1.26x 11.1x 16.5x 28.5x 3.5x

Maximum 1.73x 15.5x 20.6x 49.2x 4.4x

Mean 0.99x 8.8x 13.0x 21.1x 2.6x

Std deviation as % of mean 41% 39% 39% 57% 44%

Modal interval [0.96 - 1.36[ [6.8 - 9.7[ [5.4 - 10.7[ [11.4 - 22.9[ [2.6 - 3.9[

Modal interval frequency 41.7% 44.0% 33.3% 42.1% 40.9%

Mode estimate 1.12x 8.1x 10.0x 17.2x 2.7x

Valmetrics multiple 0.99x 8.8x 13.0x 18.2x 2.6x

Multiple rating (10=highest) 8 9 4 5 5

Companies providing commercial and consumer services not classified elsewhere. Includes

commercial cleaning services, education services and security services.

Non available multiples 16 17 16 15 15

Non meaningful multiples 14 27 35 44 16

Short-listed multiples 115 101 94 86 114

Minimum 0.01x 2.8x 2.0x 0.0x 0.0x

1st quartile 0.67x 6.6x 11.5x 12.0x 1.4x

Median 1.14x 9.7x 14.8x 19.8x 2.5x

3rd quartile 2.11x 11.5x 17.5x 26.4x 3.8x

Maximum 4.88x 19.5x 30.6x 56.4x 7.7x

Mean 1.52x 9.4x 14.8x 20.4x 2.7x

Std deviation as % of mean 76% 39% 40% 54% 59%

Modal interval [0.59 - 1.18[ [9.1 - 11.2[ [15 - 17.6[ [6.6 - 13.1[ [1 - 2[

Modal interval frequency 31.3% 25.7% 25.5% 22.1% 25.4%

Mode estimate 0.81x 10.0x 15.3x 12.3x 1.8x

Valmetrics multiple 0.81x 9.4x 14.8x 20.4x 2.7x

Multiple rating (10=highest) 2 10 9 3 5

IMGR SE – MARCH 2006

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

production.

Non available multiples 20 13 10 8 8

Non meaningful multiples 16 30 33 32 16

Short-listed multiples 68 61 61 64 80

Minimum 0.14x 1.8x 2.1x 0.9x 0.0x

1st quartile 0.94x 6.2x 8.3x 9.9x 1.5x

Median 1.62x 8.3x 13.0x 16.2x 2.2x

3rd quartile 2.51x 12.6x 18.8x 28.5x 3.0x

Maximum 4.97x 24.7x 35.8x 65.8x 6.4x

Mean 1.83x 9.6x 14.7x 21.0x 2.5x

Std deviation as % of mean 67% 53% 57% 74% 57%

Modal interval [0.77 - 1.54[ [6.7 - 10[ [5.6 - 10.9[ [10.1 - 19.4[ [1.4 - 2.1[

Modal interval frequency 26.5% 32.8% 24.6% 34.4% 26.3%

Mode estimate 1.41x 7.9x 10.9x 12.6x 1.9x

Valmetrics multiple 1.62x 8.3x 13.0x 12.6x 2.2x

Multiple rating (10=highest) 6 6 5 2 5

Number of observations 11 11 11 11 11

Non available multiples 0 0 0 0 0

Non meaningful multiples 1 0 1 0 0

Short-listed multiples 10 11 10 11 11

Minimum 0.24x 6.3x 8.1x 6.3x 1.1x

1st quartile 0.31x 8.4x 12.6x 13.0x 1.9x

Median 0.50x 10.9x 18.4x 18.8x 2.8x

3rd quartile 0.73x 14.1x 22.8x 32.0x 3.9x

Maximum 1.09x 22.5x 24.5x 46.7x 5.9x

Mean 0.57x 11.6x 17.5x 23.3x 3.0x

Std deviation as % of mean 55% 41% 33% 57% 54%

Modal interval [0.09 - 0.47[ [9.3 - 14.4[ [16.3 - 25.8[ [0.9 - 18[ [0.7 - 2.6[

Modal interval frequency 50.0% 45.5% 60.0% 45.5% 45.5%

Mode estimate 0.36x 11.3x 18.7x 15.1x 2.3x

Valmetrics multiple 0.50x 11.6x 17.5x 18.8x 3.0x

Multiple rating (10=highest) 4 9 9 4 5

IMGR SE – MARCH 2006

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

facilities.

Non available multiples 22 23 21 19 19

Non meaningful multiples 11 9 11 23 13

Short-listed multiples 96 97 97 87 97

Minimum 0.41x 1.5x 2.9x 5.7x 0.2x

1st quartile 1.65x 7.3x 12.0x 14.9x 1.3x

Median 2.21x 9.3x 14.4x 18.5x 1.7x

3rd quartile 2.75x 11.7x 19.0x 23.6x 2.2x

Maximum 5.10x 19.4x 31.9x 41.2x 3.7x

Mean 2.27x 9.7x 15.6x 19.8x 1.7x

Std deviation as % of mean 43% 36% 37% 39% 41%

Modal interval [1.79 - 2.27[ [6.6 - 8.5[ [11.4 - 14.4[ [15.6 - 19.6[ [1 - 1.4[

Modal interval frequency 27.1% 28.9% 28.9% 31.0% 22.7%

Mode estimate 2.10x 8.1x 13.2x 17.6x 1.4x

Valmetrics multiple 2.27x 9.7x 15.6x 19.8x 1.7x

Multiple rating (10=highest) 8 8 9 8 5

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

classified in the Heavy Electrical Equipment sub-industry.

Non available multiples 18 17 16 16 17

Non meaningful multiples 20 44 53 58 23

Short-listed multiples 125 102 94 89 123

Minimum 0.16x 2.6x 3.1x 2.3x 0.0x

1st quartile 0.69x 6.9x 10.2x 16.2x 1.2x

Median 1.16x 10.6x 15.9x 23.2x 1.9x

3rd quartile 2.06x 14.7x 22.3x 30.9x 2.8x

Maximum 4.29x 34.0x 57.2x 85.9x 5.6x

Mean 1.47x 12.1x 18.2x 25.9x 2.1x

Std deviation as % of mean 65% 58% 59% 60% 58%

Modal interval [0.58 - 1.13[ [4.9 - 8.3[ [6.2 - 11.5[ [21.1 - 27.7[ [1.2 - 1.9[

Modal interval frequency 31.2% 32.4% 25.5% 24.7% 22.0%

Mode estimate 0.89x 6.9x 10.7x 23.3x 1.9x

Valmetrics multiple 0.89x 10.6x 15.9x 23.2x 1.9x

Multiple rating (10=highest) 3 3 3 8 5

IMGR SE – MARCH 2006

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.

Non available multiples 25 28 25 24 24

Non meaningful multiples 27 61 75 81 24

Short-listed multiples 195 158 147 142 199

Minimum 0.06x 0.2x 0.3x 3.1x 0.1x

1st quartile 0.58x 6.3x 10.3x 10.7x 1.0x

Median 1.15x 9.9x 15.1x 20.0x 1.7x

3rd quartile 1.74x 13.1x 21.0x 27.8x 2.8x

Maximum 4.21x 25.8x 41.4x 59.6x 5.9x

Mean 1.28x 10.3x 16.4x 21.3x 2.0x

Std deviation as % of mean 66% 53% 53% 60% 63%

Modal interval [0.4 - 0.8[ [10.1 - 12.6[ [8.1 - 12.2[ [8.4 - 14.9[ [0.6 - 1.2[

Modal interval frequency 20.0% 19.6% 23.1% 23.2% 21.6%

Mode estimate 0.69x 10.8x 11.0x 12.8x 1.2x

Valmetrics multiple 1.15x 10.3x 15.1x 21.3x 1.7x

Multiple rating (10=highest) 4 9 4 4 4

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

markets.

Number of observations 47 47 47 47 47

Non available multiples 11 12 11 11 11

Non meaningful multiples 1 5 8 13 3

Short-listed multiples 35 30 28 23 33

Minimum 0.03x 1.1x 1.5x 3.7x 0.4x

1st quartile 0.25x 6.0x 8.9x 9.2x 0.9x

Median 0.72x 8.0x 15.6x 16.8x 2.0x

3rd quartile 1.39x 11.9x 21.0x 26.7x 2.6x

Maximum 3.14x 20.3x 37.4x 36.8x 4.5x

Mean 0.91x 9.0x 15.7x 18.5x 2.0x

Std deviation as % of mean 85% 55% 55% 57% 57%

Modal interval [0 - 0.69[ [3.8 - 7.6[ [8 - 16[ [1.8 - 14.1[ [1.4 - 2.5[

Modal interval frequency 48.6% 33.3% 28.6% 43.5% 36.4%

Mode estimate 0.47x 6.7x 16.0x 10.6x 1.5x

Valmetrics multiple 0.47x 8.0x 15.7x 16.8x 1.5x

Multiple rating (10=highest) 2 6 9 2 5

IMGR SE – MARCH 2006

Number of observations 59 59 59 59 59

Non available multiples 11 11 11 11 11

Non meaningful multiples 4 11 15 16 7

Short-listed multiples 44 37 33 32 41

Minimum 0.06x 1.4x 2.0x 3.8x 0.3x

1st quartile 0.24x 8.0x 10.5x 18.8x 1.4x

Median 0.48x 10.3x 15.7x 23.8x 3.2x

3rd quartile 1.08x 18.8x 25.3x 40.9x 4.3x

Maximum 2.49x 32.1x 39.0x 80.7x 7.1x

Mean 0.72x 12.9x 16.9x 30.6x 3.1x

Std deviation as % of mean 87% 57% 54% 67% 65%

Modal interval [0 - 0.48[ [7 - 13.5[ [9.2 - 18.5[ [14.4 - 28.3[ [0.3 - 2[

Modal interval frequency 50.0% 48.6% 48.5% 40.6% 36.6%

Mode estimate 0.30x 10.0x 14.1x 20.9x 1.6x

Valmetrics multiple 0.30x 10.0x 14.1x 20.9x 1.6x

Multiple rating (10=highest) 2 6 7 3 2

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

industry.

Number of observations 49 49 49 49 49

Non available multiples 8 8 8 8 8

Non meaningful multiples 3 9 11 12 3

Short-listed multiples 38 32 30 29 38

Minimum 0.08x 1.6x 1.9x 3.3x 0.2x

1st quartile 0.70x 8.0x 11.9x 14.5x 1.3x

Median 1.46x 9.8x 15.2x 19.4x 2.4x

3rd quartile 3.37x 13.5x 19.6x 27.0x 3.2x

Maximum 8.33x 17.2x 35.9x 50.9x 5.1x

Mean 2.41x 10.3x 16.4x 21.7x 2.4x

Std deviation as % of mean 92% 36% 44% 57% 51%

Modal interval [0 - 1.59[ [7.7 - 11.1[ [11.5 - 16.4[ [19 - 27.1[ [2.3 - 3.4[

Modal interval frequency 52.6% 37.5% 33.3% 31.0% 39.5%

Mode estimate 0.96x 10.1x 14.3x 20.8x 2.6x

Valmetrics multiple 0.96x 10.3x 16.4x 19.4x 2.4x

Multiple rating (10=highest) 2 10 8 7 5

IMGR SE – MARCH 2006

classified elsewhere.

Number of observations 63 63 63 63 63

Non available multiples 1 1 1 0 0

Non meaningful multiples 15 22 22 22 16

Short-listed multiples 47 40 40 41 47

Minimum 0.09x 2.2x 2.5x 3.7x 0.7x

1st quartile 0.96x 6.4x 9.1x 12.0x 1.2x

Median 1.46x 8.3x 13.3x 17.8x 1.8x

3rd quartile 2.24x 10.3x 17.6x 24.1x 2.3x

Maximum 3.74x 16.0x 32.7x 55.6x 4.0x

Mean 1.64x 8.6x 13.9x 20.2x 1.9x

Std deviation as % of mean 51% 35% 42% 60% 46%

Modal interval [0.71 - 1.42[ [5.7 - 8[ [10.1 - 15.1[ [8.6 - 15.6[ [1.2 - 1.8[

Modal interval frequency 42.6% 35.0% 32.5% 31.7% 29.8%

Mode estimate 1.14x 7.5x 10.9x 15.6x 1.7x

Valmetrics multiple 1.14x 8.6x 13.9x 17.8x 1.9x

Multiple rating (10=highest) 3 8 6 5 5

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

Number of observations 28 28 28 28 28

Non available multiples 6 6 6 6 6

Non meaningful multiples 4 6 7 4 3

Short-listed multiples 18 16 15 18 19

Minimum 0.08x 1.4x 4.9x 2.1x 0.3x

1st quartile 0.32x 7.0x 12.1x 11.5x 0.9x

Median 0.48x 10.3x 14.1x 20.0x 1.9x

3rd quartile 0.75x 13.3x 16.9x 28.9x 4.1x

Maximum 1.53x 19.3x 24.8x 42.7x 6.9x

Mean 0.63x 10.5x 14.6x 20.2x 2.5x

Std deviation as % of mean 70% 51% 40% 53% 79%

Modal interval [0.33 - 0.66[ [10.4 - 15.4[ [10.9 - 14.9[ [13.3 - 26.5[ [0 - 2.4[

Modal interval frequency 33.3% 31.3% 33.3% 38.9% 63.2%

Mode estimate 0.41x 12.1x 13.9x 16.6x 1.5x

Valmetrics multiple 0.48x 10.5x 14.6x 20.2x 1.9x

Multiple rating (10=highest) 3 6 8 6 3

IMGR SE – MARCH 2006

Number of observations 56 56 56 56 56

Non available multiples 5 6 5 5 5

Non meaningful multiples 7 6 11 16 5

Short-listed multiples 44 44 40 35 46

Minimum 0.02x 0.3x 0.4x 0.0x 0.0x

1st quartile 0.28x 6.3x 9.4x 14.3x 1.2x

Median 0.41x 8.0x 12.8x 16.7x 1.7x

3rd quartile 0.57x 11.2x 16.7x 21.3x 2.9x

Maximum 1.20x 16.5x 24.2x 44.9x 5.5x

Mean 0.44x 8.7x 13.3x 18.8x 2.2x

Std deviation as % of mean 58% 45% 43% 46% 64%

Modal interval [0.19 - 0.36[ [5.6 - 8.4[ [8.6 - 12.8[ [12.9 - 17.3[ [0.9 - 1.9[

Modal interval frequency 27.3% 38.6% 35.0% 34.3% 32.6%

Mode estimate 0.31x 7.3x 11.7x 16.2x 1.4x

Valmetrics multiple 0.44x 8.7x 13.3x 18.8x 1.4x

Multiple rating (10=highest) 6 9 9 8 3

46. Footwear

Number of observations 29 29 29 29 29

Non available multiples 3 3 3 3 3

Non meaningful multiples 8 6 14 11 8

Short-listed multiples 18 20 12 15 18

Minimum 0.12x 3.0x 4.3x 6.0x 0.4x

1st quartile 0.42x 5.1x 6.9x 9.4x 1.0x

Median 0.53x 8.1x 10.2x 13.5x 1.8x

3rd quartile 0.90x 16.7x 11.2x 19.4x 2.7x

Maximum 1.57x 30.5x 12.2x 33.5x 5.5x

Mean 0.65x 11.5x 9.1x 15.2x 2.1x

Std deviation as % of mean 56% 73% 31% 49% 69%

Modal interval [0.11 - 0.48[ [0 - 8.5[ [10.1 - 13.9[ [3.5 - 11.6[ [0.4 - 1.7[

Modal interval frequency 38.9% 55.0% 50.0% 40.0% 50.0%

Mode estimate 0.40x 5.2x 11.1x 10.5x 1.3x

Valmetrics multiple 0.53x 8.1x 9.1x 15.2x 1.8x

Multiple rating (10=highest) 2 1 5 4 2

IMGR SE – MARCH 2006

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

Number of observations 49 49 49 49 49

Non available multiples 13 14 13 11 11

Non meaningful multiples 7 8 12 16 8

Short-listed multiples 29 27 24 22 30

Minimum 0.43x 2.6x 3.5x 0.1x 0.0x

1st quartile 0.67x 5.7x 9.1x 10.0x 0.9x

Median 1.27x 8.1x 13.8x 13.3x 1.2x

3rd quartile 2.89x 19.7x 21.6x 26.4x 1.9x

Maximum 5.09x 27.3x 53.3x 89.6x 4.8x

Mean 1.89x 11.8x 17.8x 21.8x 1.6x

Std deviation as % of mean 80% 69% 77% 96% 71%

Modal interval [0 - 1.44[ [1 - 10.3[ [2.3 - 11[ [11.7 - 23.3[ [0.6 - 1.3[

Modal interval frequency 58.6% 66.7% 33.3% 36.4% 43.3%

Mode estimate 0.85x 5.9x 11.0x 13.6x 1.0x

Valmetrics multiple 1.27x 8.1x 13.8x 13.3x 1.2x

Multiple rating (10=highest) 1 2 2 1 5

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.

Number of observations 52 52 52 52 52

Non available multiples 5 5 5 5 5

Non meaningful multiples 9 6 8 7 8

Short-listed multiples 38 41 39 40 39

Minimum 0.54x 3.5x 7.4x 0.6x 0.4x

1st quartile 1.30x 8.0x 12.1x 14.4x 1.6x

Median 1.56x 9.2x 14.0x 18.0x 1.9x

3rd quartile 2.15x 11.1x 16.9x 23.9x 2.5x

Maximum 5.66x 16.1x 22.9x 38.3x 4.3x

Mean 1.94x 9.6x 14.2x 18.9x 2.0x

Std deviation as % of mean 59% 28% 26% 41% 41%

Modal interval [1.35 - 1.85[ [8 - 9.8[ [15.1 - 18[ [16.6 - 22.2[ [1.8 - 2.3[

Modal interval frequency 36.8% 29.3% 28.2% 37.5% 33.3%

Mode estimate 1.57x 9.5x 15.5x 18.8x 2.0x

Valmetrics multiple 1.57x 9.6x 14.2x 18.9x 2.0x

Multiple rating (10=highest) 6 10 9 8 5

IMGR SE – MARCH 2006

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

Centers” sub-industry.

Number of observations 31 31 31 31 31

Non available multiples 5 5 5 5 5

Non meaningful multiples 2 1 3 3 3

Short-listed multiples 24 25 23 23 23

Minimum 0.13x 0.6x 0.3x 14.3x 0.7x

1st quartile 0.60x 8.1x 11.9x 19.6x 1.6x

Median 0.82x 9.8x 15.4x 28.4x 1.9x

3rd quartile 1.67x 14.1x 22.7x 42.6x 3.0x

Maximum 3.36x 27.2x 30.3x 182.9x 3.4x

Mean 1.22x 11.8x 16.5x 43.2x 2.2x

Std deviation as % of mean 78% 55% 46% 96% 38%

Modal interval [0 - 0.74[ [8.2 - 12.3[ [7.7 - 15.3[ [9.7 - 25.8[ [1.6 - 2.5[

Modal interval frequency 45.8% 40.0% 39.1% 47.8% 39.1%

Mode estimate 0.51x 9.8x 13.6x 20.8x 2.3x

Valmetrics multiple 0.82x 9.8x 16.5x 28.4x 2.2x

Multiple rating (10=highest) 1 6 7 1 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.

Number of observations 77 77 77 77 77

Non available multiples 32 13 10 9 9

Non meaningful multiples 6 40 47 45 6

Short-listed multiples 39 24 20 23 62

Minimum 0.39x 4.9x 6.4x 5.0x 0.4x

1st quartile 2.47x 10.3x 13.3x 12.3x 2.2x

Median 4.94x 18.7x 29.8x 32.7x 3.6x

3rd quartile 14.02x 27.7x 36.1x 52.8x 5.4x

Maximum 29.72x 43.4x 60.8x 129.2x 9.6x

Mean 8.92x 20.1x 27.7x 39.3x 4.0x

Std deviation as % of mean 102% 59% 59% 87% 58%

Modal interval [0 - 6.81[ [0.1 - 12.1[ [0 - 16.8[ [0 - 28.5[ [1.9 - 3.4[

Modal interval frequency 61.5% 33.3% 35.0% 47.8% 32.3%

Mode estimate 3.80x 12.1x 14.7x 20.9x 2.8x

Valmetrics multiple 3.80x 20.1x 27.7x 32.7x 3.6x

Multiple rating (10=highest) 2 3 1 1 5

IMGR SE – MARCH 2006

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

testing services.

Number of observations 79 79 79 79 79

Non available multiples 13 15 13 13 14

Non meaningful multiples 3 11 13 19 8

Short-listed multiples 63 53 53 47 57

Minimum 0.09x 0.8x 0.9x 0.4x 0.0x

1st quartile 0.91x 7.8x 11.4x 16.9x 1.8x

Median 1.56x 11.1x 15.3x 22.0x 2.8x

3rd quartile 3.02x 15.1x 21.5x 31.0x 4.2x

Maximum 5.83x 28.5x 39.2x 55.1x 8.1x

Mean 1.95x 12.0x 16.8x 24.5x 3.2x

Std deviation as % of mean 68% 49% 47% 50% 57%

Modal interval [1.07 - 2.13[ [7.8 - 11.7[ [10.9 - 16.3[ [15.6 - 23.4[ [1.2 - 2.5[

Modal interval frequency 33.3% 30.2% 32.1% 36.2% 29.8%

Mode estimate 1.37x 9.7x 13.8x 20.1x 2.2x

Valmetrics multiple 1.37x 12.0x 16.8x 24.5x 2.8x

Multiple rating (10=highest) 5 8 8 7 5

Number of observations 38 38 38 38 38

Non available multiples 6 6 6 4 4

Non meaningful multiples 5 6 7 9 7

Short-listed multiples 27 26 25 25 27

Minimum 0.07x 3.6x 4.9x 2.8x 0.2x

1st quartile 0.34x 10.6x 15.1x 20.8x 1.2x

Median 0.63x 13.6x 18.5x 27.0x 2.5x

3rd quartile 1.42x 16.4x 23.0x 36.3x 3.4x

Maximum 3.34x 24.7x 35.5x 75.3x 4.9x

Mean 0.99x 13.6x 19.2x 30.6x 2.5x

Std deviation as % of mean 91% 34% 38% 54% 56%

Modal interval [0 - 0.72[ [10.2 - 14.1[ [14.8 - 20.2[ [23.1 - 33.8[ [0 - 1.4[

Modal interval frequency 51.9% 38.5% 40.0% 36.0% 37.0%

Mode estimate 0.46x 13.7x 17.7x 26.7x 0.9x

Valmetrics multiple 0.63x 13.6x 19.2x 27.0x 2.5x

Multiple rating (10=highest) 1 9 9 7 2

IMGR SE – MARCH 2006

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

instruments. Includes drug delivery systems.

Non available multiples 27 27 25 24 24

Non meaningful multiples 9 29 46 51 10

Short-listed multiples 119 99 84 80 121

Minimum 0.41x 0.1x 0.0x 6.3x 0.1x

1st quartile 1.66x 10.4x 13.9x 22.4x 2.0x

Median 2.88x 16.1x 18.8x 29.6x 3.3x

3rd quartile 4.94x 22.4x 24.8x 39.9x 5.8x

Maximum 9.38x 45.5x 47.1x 80.5x 11.5x

Mean 3.41x 17.1x 20.1x 32.8x 4.1x

Std deviation as % of mean 64% 52% 47% 47% 64%

Modal interval [1.56 - 2.89[ [15.6 - 20.8[ [14.9 - 19.9[ [19.1 - 27.2[ [1.6 - 3.1[

Modal interval frequency 26.9% 23.2% 25.0% 33.8% 27.3%

Mode estimate 1.92x 16.9x 16.8x 24.6x 2.5x

Valmetrics multiple 2.88x 17.1x 20.1x 32.8x 3.3x

Multiple rating (10=highest) 4 10 7 5 4

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

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

Number of observations 60 60 60 60 60

Non available multiples 4 4 4 5 4

Non meaningful multiples 7 7 12 12 10

Short-listed multiples 49 49 44 43 46

Minimum 0.15x 2.1x 2.7x 0.0x 0.0x

1st quartile 0.91x 7.3x 10.7x 12.0x 1.4x

Median 1.35x 9.7x 13.2x 21.0x 2.1x

3rd quartile 2.04x 15.2x 20.0x 31.0x 2.6x

Maximum 3.96x 23.4x 37.2x 56.7x 6.3x

Mean 1.54x 11.2x 15.9x 23.0x 2.3x

Std deviation as % of mean 59% 48% 52% 57% 60%

Modal interval [0.62 - 1.24[ [6.3 - 10.6[ [6.9 - 12.1[ [10.8 - 21.7[ [2.1 - 2.8[

Modal interval frequency 30.6% 36.7% 27.3% 41.9% 30.4%

Mode estimate 1.18x 8.4x 11.5x 16.8x 2.2x

Valmetrics multiple 1.35x 11.2x 13.2x 16.8x 2.3x

Multiple rating (10=highest) 6 6 6 5 5

IMGR SE – MARCH 2006

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

Includes eye care products.

Number of observations 47 47 47 47 47

Non available multiples 9 8 8 8 8

Non meaningful multiples 4 11 16 14 3

Short-listed multiples 34 28 23 25 36

Minimum 0.11x 1.4x 1.3x 10.4x 0.2x

1st quartile 1.69x 10.7x 12.8x 20.2x 1.8x

Median 2.76x 12.4x 15.5x 29.6x 3.2x

3rd quartile 3.46x 13.9x 18.0x 34.2x 4.7x

Maximum 6.68x 29.7x 32.6x 56.8x 11.0x

Mean 2.72x 13.5x 15.7x 28.8x 3.7x

Std deviation as % of mean 57% 44% 41% 37% 69%

Modal interval [2.18 - 3.27[ [11.4 - 13.5[ [15.2 - 18.8[ [28.8 - 38.4[ [1.8 - 3.5[

Modal interval frequency 35.3% 28.6% 34.8% 40.0% 30.6%

Mode estimate 2.60x 12.3x 16.0x 32.3x 2.4x

Valmetrics multiple 2.60x 13.5x 15.7x 28.8x 2.4x

Multiple rating (10=highest) 8 7 8 7 3

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.

Number of observations 29 29 29 29 29

Non available multiples 3 2 2 1 2

Non meaningful multiples 6 11 12 14 4

Short-listed multiples 20 16 15 14 23

Minimum 0.08x 0.1x 0.1x 0.1x 0.0x

1st quartile 0.76x 6.6x 7.9x 9.7x 1.3x

Median 1.25x 10.5x 17.8x 19.4x 2.4x

3rd quartile 1.58x 15.2x 23.2x 25.9x 3.9x

Maximum 3.71x 28.0x 33.4x 44.7x 8.3x

Mean 1.33x 10.9x 16.0x 19.7x 2.8x

Std deviation as % of mean 70% 70% 67% 72% 70%

Modal interval [0.6 - 1.2[ [6.8 - 13.6[ [0 - 12.4[ [0 - 13.5[ [1.8 - 3.6[

Modal interval frequency 30.0% 43.8% 40.0% 42.9% 39.1%

Mode estimate 1.20x 10.2x 12.4x 11.6x 2.5x

Valmetrics multiple 1.25x 10.5x 17.8x 19.4x 2.4x

Multiple rating (10=highest) 7 8 4 2 5

IMGR SE – MARCH 2006

Number of observations 39 39 39 39 39

Non available multiples 4 4 4 2 2

Non meaningful multiples 6 6 7 5 3

Short-listed multiples 29 29 28 32 34

Minimum 2.57x 4.0x 4.7x 1.9x 0.2x

1st quartile 5.12x 7.9x 10.5x 12.9x 1.2x

Median 7.39x 10.3x 13.4x 17.7x 1.6x

3rd quartile 8.20x 12.8x 18.2x 26.9x 2.1x

Maximum 13.07x 22.9x 22.8x 46.2x 3.8x

Mean 7.10x 11.0x 14.3x 19.9x 1.8x

Std deviation as % of mean 38% 44% 35% 52% 47%

Modal interval [5.82 - 7.82[ [7.1 - 10.3[ [8.7 - 13.7[ [8.9 - 17.7[ [0.8 - 1.4[

Modal interval frequency 37.9% 27.6% 39.3% 37.5% 29.4%

Mode estimate 6.98x 10.3x 11.9x 14.3x 1.3x

Valmetrics multiple 7.10x 11.0x 14.3x 14.3x 1.8x

Multiple rating (10=highest) 8 9 7 5 5

the home.

Number of observations 22 22 22 22 22

Non available multiples 4 4 4 4 4

Non meaningful multiples 4 3 5 9 3

Short-listed multiples 14 15 13 9 15

Minimum 0.03x 0.2x 0.2x 5.4x 0.0x

1st quartile 0.58x 3.3x 6.0x 10.4x 1.2x

Median 0.82x 6.6x 15.2x 23.2x 1.7x

3rd quartile 1.43x 11.4x 19.8x 29.4x 2.5x

Maximum 2.12x 17.3x 35.6x 32.0x 4.4x

Mean 0.99x 7.1x 14.5x 19.8x 1.9x

Std deviation as % of mean 64% 74% 68% 50% 57%

Modal interval [0.02 - 0.72[ [0 - 6.6[ [11.7 - 23.4[ [18.7 - 36.9[ [1.1 - 2.2[

Modal interval frequency 35.7% 46.7% 46.2% 55.6% 33.3%

Mode estimate 0.72x 5.1x 13.6x 21.7x 2.2x

Valmetrics multiple 0.82x 6.6x 15.2x 19.8x 1.7x

Multiple rating (10=highest) 5 5 7 6 5

IMGR SE – MARCH 2006

Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-

coverings.

Number of observations 61 61 61 61 61

Non available multiples 2 2 2 2 2

Non meaningful multiples 7 14 19 19 7

Short-listed multiples 52 45 40 40 52

Minimum 0.07x 0.0x 2.6x 2.8x 0.0x

1st quartile 0.44x 5.3x 8.9x 10.3x 1.0x

Median 0.67x 8.0x 10.6x 15.3x 1.5x

3rd quartile 0.91x 8.8x 13.5x 18.4x 2.0x

Maximum 1.73x 14.6x 19.5x 30.1x 3.2x

Mean 0.70x 7.4x 11.0x 15.0x 1.6x

Std deviation as % of mean 53% 42% 34% 41% 52%

Modal interval [0.26 - 0.52[ [7.8 - 9.7[ [9.7 - 12.4[ [11.7 - 16.4[ [1.1 - 1.6[

Modal interval frequency 26.9% 33.3% 32.5% 32.5% 30.8%

Mode estimate 0.47x 8.5x 10.5x 13.3x 1.4x

Valmetrics multiple 0.70x 7.4x 11.0x 15.0x 1.6x

Multiple rating (10=highest) 5 8 9 8 5

60. Homebuilding

semi-fixed manufactured homes.

Number of observations 62 62 62 62 62

Non available multiples 18 20 18 12 12

Non meaningful multiples 7 6 11 11 8

Short-listed multiples 37 36 33 39 42

Minimum 0.29x 2.4x 2.4x 4.3x 0.6x

1st quartile 0.72x 5.8x 5.8x 6.7x 1.4x

Median 0.90x 7.1x 6.6x 8.9x 1.8x

3rd quartile 1.12x 10.6x 9.3x 11.0x 2.1x

Maximum 2.17x 19.9x 21.0x 29.3x 4.2x

Mean 0.96x 8.7x 8.3x 10.4x 1.9x

Std deviation as % of mean 47% 50% 52% 55% 41%

Modal interval [0.74 - 0.99[ [4 - 6.8[ [4.1 - 6.2[ [6.5 - 9.1[ [1.7 - 2.1[

Modal interval frequency 27.0% 41.7% 30.3% 35.9% 38.1%

Mode estimate 0.93x 6.0x 6.2x 8.0x 1.9x

Valmetrics multiple 0.96x 6.0x 6.6x 8.0x 1.9x

Multiple rating (10=highest) 8 4 6 6 5

IMGR SE – MARCH 2006

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

offering building materials and supplies.

Number of observations 20 20 20 20 20

Non available multiples 3 3 3 3 3

Non meaningful multiples 2 1 2 3 3

Short-listed multiples 15 16 15 14 14

Minimum 0.45x 3.5x 8.9x 3.5x 0.6x

1st quartile 0.50x 7.2x 10.0x 11.5x 1.1x

Median 0.67x 8.0x 11.0x 13.9x 1.7x

3rd quartile 1.07x 9.7x 12.8x 15.9x 2.8x

Maximum 2.26x 11.7x 16.2x 19.3x 3.9x

Mean 0.90x 8.3x 11.4x 13.1x 2.0x

Std deviation as % of mean 59% 26% 18% 31% 56%

Modal interval [0.43 - 0.89[ [6.6 - 8.6[ [8 - 10.3[ [13.3 - 17[ [0.2 - 1.6[

Modal interval frequency 60.0% 37.5% 46.7% 42.9% 42.9%

Mode estimate 0.73x 7.9x 9.5x 14.5x 1.4x

Valmetrics multiple 0.67x 8.3x 11.4x 13.1x 1.7x

Multiple rating (10=highest) 4 9 7 8 4

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.

Non available multiples 18 19 18 14 15

Non meaningful multiples 21 24 26 31 17

Short-listed multiples 68 64 63 62 75

Minimum 0.07x 3.0x 3.9x 1.3x 0.3x

1st quartile 1.37x 7.6x 11.8x 15.2x 1.0x

Median 2.48x 11.1x 18.0x 20.9x 1.7x

3rd quartile 3.67x 15.6x 25.4x 30.4x 2.6x

Maximum 7.41x 28.4x 49.4x 63.7x 4.5x

Mean 2.72x 11.9x 19.5x 23.9x 1.8x

Std deviation as % of mean 67% 47% 53% 59% 60%

Modal interval [1.13 - 2.26[ [5.7 - 9.7[ [9.6 - 16.4[ [15.4 - 23[ [0.1 - 0.8[

Modal interval frequency 25.0% 31.3% 28.6% 33.9% 24.0%

Mode estimate 2.26x 9.0x 15.6x 18.8x 0.8x

Valmetrics multiple 2.48x 11.9x 19.5x 20.9x 1.7x

Multiple rating (10=highest) 8 5 7 5 3

IMGR SE – MARCH 2006

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.

Number of observations 68 68 68 68 68

Non available multiples 3 4 3 3 3

Non meaningful multiples 12 13 17 19 11

Short-listed multiples 53 51 48 46 54

Minimum 0.11x 3.3x 5.0x 5.0x 0.1x

1st quartile 0.36x 5.3x 8.9x 11.1x 0.7x

Median 0.48x 6.9x 10.0x 15.1x 1.1x

3rd quartile 0.94x 9.2x 14.3x 24.7x 2.6x

Maximum 1.86x 16.2x 24.9x 57.3x 5.8x

Mean 0.65x 7.6x 11.7x 19.9x 1.8x

Std deviation as % of mean 64% 40% 42% 69% 80%

Modal interval [0.37 - 0.68[ [4.5 - 6.6[ [7.5 - 10.5[ [12.1 - 19.7[ [0 - 1[

Modal interval frequency 34.0% 27.5% 45.8% 34.8% 50.0%

Mode estimate 0.43x 6.0x 9.0x 14.4x 0.6x

Valmetrics multiple 0.43x 7.6x 9.0x 14.4x 0.6x

Multiple rating (10=highest) 4 7 5 4 2

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

Number of observations 27 27 27 27 27

Non available multiples 2 2 2 2 2

Non meaningful multiples 5 7 7 9 9

Short-listed multiples 20 18 18 16 16

Minimum 0.17x 4.4x 8.0x 7.4x 0.4x

1st quartile 0.82x 6.8x 10.6x 14.1x 1.1x

Median 1.46x 9.2x 12.4x 17.0x 2.5x

3rd quartile 2.22x 11.4x 14.6x 20.5x 3.9x

Maximum 3.05x 13.0x 21.0x 24.6x 7.0x

Mean 1.58x 9.1x 12.8x 16.7x 2.6x

Std deviation as % of mean 58% 31% 26% 29% 69%

Modal interval [0.07 - 1.1[ [7 - 10.4[ [9.9 - 13[ [16 - 21.2[ [0.4 - 2.6[

Modal interval frequency 35.0% 38.9% 33.3% 37.5% 50.0%

Mode estimate 1.10x 9.3x 13.0x 17.3x 2.4x

Valmetrics multiple 1.58x 9.1x 12.8x 16.7x 2.5x

Multiple rating (10=highest) 5 8 8 8 5

IMGR SE – MARCH 2006

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

Number of observations 42 42 42 42 42

Non available multiples 0 1 0 0 0

Non meaningful multiples 5 12 15 18 6

Short-listed multiples 37 29 27 24 36

Minimum 0.14x 1.8x 2.3x 5.4x 0.2x

1st quartile 0.53x 4.8x 6.8x 9.4x 1.0x

Median 0.71x 6.9x 9.2x 14.5x 1.2x

3rd quartile 1.21x 9.5x 14.1x 18.7x 2.0x

Maximum 2.58x 15.5x 24.8x 31.7x 4.2x

Mean 0.93x 7.2x 11.0x 14.3x 1.7x

Std deviation as % of mean 64% 47% 54% 43% 65%

Modal interval [0.41 - 0.81[ [4.1 - 7.1[ [6.3 - 11.1[ [8.8 - 15.3[ [0.7 - 1.3[

Modal interval frequency 40.5% 37.9% 40.7% 50.0% 41.7%

Mode estimate 0.62x 6.1x 8.7x 12.1x 1.1x

Valmetrics multiple 0.62x 7.2x 9.2x 14.3x 1.1x

Multiple rating (10=highest) 4 7 4 6 3

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.

Number of observations 20 20 20 20 20

Non available multiples 1 2 1 1 1

Non meaningful multiples 1 3 2 3 0

Short-listed multiples 18 15 17 16 19

Minimum 0.14x 5.2x 8.8x 9.8x 0.5x

1st quartile 0.30x 6.7x 9.9x 12.2x 1.3x

Median 0.36x 7.0x 11.1x 17.7x 2.3x

3rd quartile 0.50x 8.3x 14.7x 20.2x 3.3x

Maximum 0.60x 11.0x 23.0x 27.4x 5.0x

Mean 0.39x 7.6x 13.1x 17.4x 2.5x

Std deviation as % of mean 32% 20% 31% 31% 53%

Modal interval [0.29 - 0.45[ [6.1 - 7.4[ [8.4 - 12.1[ [9.1 - 15.4[ [0 - 1.5[

Modal interval frequency 44.4% 53.3% 58.8% 37.5% 31.6%

Mode estimate 0.39x 6.9x 10.6x 15.4x 1.3x

Valmetrics multiple 0.39x 7.6x 13.1x 17.4x 2.5x

Multiple rating (10=highest) 8 9 6 8 3

IMGR SE – MARCH 2006

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.

Non available multiples 19 21 19 14 14

Non meaningful multiples 11 17 24 22 10

Short-listed multiples 75 67 62 69 81

Minimum 0.29x 3.0x 5.4x 0.1x 0.0x

1st quartile 0.74x 7.1x 10.0x 10.7x 1.0x

Median 1.56x 10.0x 14.9x 19.6x 1.4x

3rd quartile 2.89x 15.0x 20.9x 33.3x 2.5x

Maximum 5.73x 34.2x 42.6x 73.0x 4.9x

Mean 1.95x 12.0x 16.6x 24.0x 1.9x

Std deviation as % of mean 73% 59% 51% 69% 62%

Modal interval [0 - 1.02[ [5 - 8.9[ [10.2 - 15.7[ [0 - 11[ [0.7 - 1.3[

Modal interval frequency 37.3% 35.8% 27.4% 26.1% 35.8%

Mode estimate 0.77x 7.4x 11.6x 11.0x 1.1x

Valmetrics multiple 0.77x 7.4x 14.9x 19.6x 1.1x

Multiple rating (10=highest) 2 3 4 2 3

Number of observations 9 9 9 9 9

Non available multiples 2 1 1 1 1

Non meaningful multiples 1 2 2 2 1

Short-listed multiples 6 6 6 6 7

Minimum 1.11x 6.8x 14.6x 20.0x 1.8x

1st quartile 1.52x 7.9x 16.2x 21.2x 1.9x

Median 1.83x 10.0x 17.2x 24.5x 3.1x

3rd quartile 2.22x 10.9x 17.6x 28.2x 3.4x

Maximum 2.34x 11.5x 19.5x 30.0x 3.9x

Mean 1.81x 9.5x 17.0x 24.8x 2.8x

Std deviation as % of mean 27% 21% 10% 17% 31%

Modal interval [0.95 - 1.73[ [9.2 - 12.5[ [17.1 - 18.6[ [17.3 - 25[ [2.8 - 4.3[

Modal interval frequency 50.0% 66.7% 50.0% 50.0% 57.1%

Mode estimate 1.73x 10.3x 17.9x 25.0x 3.1x

Valmetrics multiple 1.81x 9.5x 17.0x 24.8x 2.8x

Multiple rating (10=highest) 8 8 8 8 5

IMGR SE – MARCH 2006

manufacture presses, machine tools, compressors, pollution control equipment, elevators,

escalators, insulators, pumps, roller bearings and other metal fabrications.

Non available multiples 48 49 48 48 48

Non meaningful multiples 40 63 77 92 40

Short-listed multiples 255 231 218 203 255

Minimum 0.03x 0.1x 0.2x 0.0x 0.0x

1st quartile 0.53x 6.4x 9.5x 12.6x 1.2x

Median 0.92x 9.4x 13.4x 19.8x 1.9x

3rd quartile 1.42x 12.3x 17.7x 30.0x 3.0x

Maximum 3.08x 24.0x 36.2x 71.3x 6.1x

Mean 1.07x 9.7x 14.1x 22.9x 2.2x

Std deviation as % of mean 62% 49% 45% 60% 60%

Modal interval [0.3 - 0.58[ [5.8 - 7.8[ [8.2 - 10.9[ [11.9 - 17.9[ [1.7 - 2.3[

Modal interval frequency 20.4% 19.9% 17.4% 23.2% 20.4%

Mode estimate 0.52x 7.0x 10.9x 15.1x 1.8x

Valmetrics multiple 0.92x 9.7x 14.1x 19.8x 1.9x

Multiple rating (10=highest) 3 6 6 4 5

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.

Number of observations 31 31 31 31 31

Non available multiples 3 3 3 3 3

Non meaningful multiples 1 4 2 3 2

Short-listed multiples 27 24 26 25 26

Minimum 0.43x 3.5x 1.2x 9.1x 0.3x

1st quartile 0.97x 5.8x 7.6x 12.3x 2.1x

Median 1.38x 6.5x 9.2x 13.2x 3.1x

3rd quartile 1.90x 8.1x 11.8x 15.6x 3.6x

Maximum 3.43x 11.9x 22.0x 20.5x 4.3x

Mean 1.54x 7.1x 10.1x 14.2x 2.8x

Std deviation as % of mean 51% 28% 40% 21% 37%

Modal interval [1.01 - 1.62[ [4.5 - 6.1[ [5.9 - 8.8[ [11.4 - 13.7[ [2.3 - 3.4[

Modal interval frequency 33.3% 29.2% 38.5% 36.0% 34.6%

Mode estimate 1.42x 6.1x 8.1x 13.0x 3.4x

Valmetrics multiple 1.54x 7.1x 10.1x 14.2x 2.8x

Multiple rating (10=highest) 8 8 6 8 5

IMGR SE – MARCH 2006

wireless and fixed-line telecommunications services not classified elsewhere.

Number of observations 91 91 91 91 91

Non available multiples 16 13 13 12 12

Non meaningful multiples 11 19 26 30 17

Short-listed multiples 64 59 52 49 62

Minimum 0.10x 2.3x 3.3x 0.3x 0.0x

1st quartile 1.20x 3.9x 8.8x 11.3x 1.2x

Median 1.99x 5.7x 10.7x 15.6x 1.9x

3rd quartile 2.45x 7.0x 13.8x 19.2x 2.6x

Maximum 3.94x 10.6x 22.3x 43.8x 4.6x

Mean 1.90x 5.7x 11.0x 16.8x 2.0x

Std deviation as % of mean 50% 37% 38% 59% 58%

Modal interval [1.87 - 2.5[ [4.9 - 6.4[ [7.4 - 10.1[ [12.9 - 17.2[ [2.1 - 2.8[

Modal interval frequency 31.3% 35.6% 28.8% 28.6% 25.8%

Mode estimate 2.20x 5.6x 9.6x 14.1x 2.2x

Valmetrics multiple 1.90x 5.7x 11.0x 16.8x 2.0x

Multiple rating (10=highest) 8 9 8 8 5

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

Number of observations 19 19 19 19 19

Non available multiples 6 7 6 6 6

Non meaningful multiples 3 7 9 9 5

Short-listed multiples 10 5 4 4 8

Minimum 0.21x nm nm nm 1.0x

1st quartile 1.00x nm nm nm 2.2x

Median 1.60x nm nm nm 2.5x

3rd quartile 2.17x nm nm nm 3.4x

Maximum 2.95x nm nm nm 5.4x

Mean 1.55x nm nm nm 2.8x

Std deviation as % of mean 56% nm nm nm 51%

Modal interval [0 - 1.09[ nm nm nm [2 - 3.2[

Modal interval frequency 40.0% nm nm nm 37.5%

Mode estimate 0.88x nm nm nm 2.6x

Valmetrics multiple 1.55x nm nm nm 2.8x

Multiple rating (10=highest) 3 na na na 5

IMGR SE – MARCH 2006

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.

Non available multiples 47 46 44 42 43

Non meaningful multiples 26 71 94 98 24

Short-listed multiples 132 88 67 65 138

Minimum 0.13x 0.0x 0.0x 0.4x 0.0x

1st quartile 0.83x 5.7x 7.6x 16.0x 1.4x

Median 1.36x 12.8x 13.9x 27.2x 2.5x

3rd quartile 2.78x 26.4x 27.3x 42.1x 4.9x

Maximum 8.34x 62.7x 63.8x 117.5x 10.9x

Mean 2.18x 17.5x 18.8x 34.1x 3.3x

Std deviation as % of mean 90% 84% 83% 76% 75%

Modal interval [0.8 - 1.56[ [0 - 9.3[ [0 - 9.7[ [13 - 26[ [1.3 - 2.7[

Modal interval frequency 29.5% 36.4% 31.3% 24.6% 28.3%

Mode estimate 0.98x 6.3x 8.9x 26.0x 1.7x

Valmetrics multiple 1.36x 6.3x 8.9x 27.2x 2.5x

Multiple rating (10=highest) 2 1 1 5 3

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.

Non available multiples 43 44 42 41 41

Non meaningful multiples 37 69 86 105 47

Short-listed multiples 147 114 99 81 139

Minimum 0.01x 0.7x 0.1x 1.4x 0.1x

1st quartile 0.41x 8.2x 11.4x 16.5x 1.6x

Median 0.83x 11.6x 18.2x 23.5x 2.3x

3rd quartile 1.23x 15.7x 24.9x 36.3x 3.4x

Maximum 2.73x 31.0x 46.9x 72.8x 6.3x

Mean 0.89x 12.4x 19.1x 27.3x 2.6x

Std deviation as % of mean 68% 48% 52% 55% 56%

Modal interval [0.31 - 0.62[ [6.5 - 9.7[ [5.9 - 11.8[ [18.8 - 27.9[ [2 - 2.7[

Modal interval frequency 23.1% 22.8% 25.3% 25.9% 20.1%

Mode estimate 0.46x 9.5x 10.7x 20.8x 2.2x

Valmetrics multiple 0.83x 12.4x 19.1x 23.5x 2.3x

Multiple rating (10=highest) 3 5 3 5 5

IMGR SE – MARCH 2006

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.

Number of observations 42 42 42 42 42

Non available multiples 3 3 3 2 2

Non meaningful multiples 4 9 15 15 5

Short-listed multiples 35 30 24 25 35

Minimum 0.21x 3.1x 6.0x 8.9x 0.4x

1st quartile 1.45x 7.0x 11.6x 14.9x 1.1x

Median 2.61x 9.4x 14.6x 20.1x 1.4x

3rd quartile 3.85x 14.1x 20.9x 29.1x 3.3x

Maximum 6.93x 28.3x 39.3x 57.3x 6.5x

Mean 2.81x 11.5x 17.2x 25.4x 2.1x

Std deviation as % of mean 61% 53% 53% 58% 70%

Modal interval [1.46 - 2.93[ [6.5 - 11.1[ [9.8 - 16.2[ [8.8 - 18.5[ [0.1 - 1.4[

Modal interval frequency 31.4% 36.7% 45.8% 36.0% 51.4%

Mode estimate 2.20x 8.8x 13.7x 18.5x 0.9x

Valmetrics multiple 2.81x 9.4x 14.6x 20.1x 0.9x

Multiple rating (10=highest) 7 5 4 3 2

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

toys.

Number of observations 62 62 62 62 62

Non available multiples 8 8 8 8 8

Non meaningful multiples 3 12 14 17 5

Short-listed multiples 51 42 40 37 49

Minimum 0.09x 2.6x 4.3x 1.3x 0.0x

1st quartile 0.49x 6.9x 10.3x 15.1x 1.0x

Median 0.77x 9.6x 14.2x 19.7x 1.9x

3rd quartile 1.46x 13.3x 22.8x 33.2x 3.9x

Maximum 2.95x 26.7x 39.2x 83.3x 7.7x

Mean 0.99x 11.1x 16.0x 25.7x 2.7x

Std deviation as % of mean 68% 54% 54% 66% 76%

Modal interval [0.52 - 1.04[ [9.1 - 12.8[ [3.6 - 10.8[ [10.9 - 21.8[ [0 - 1.6[

Modal interval frequency 37.3% 28.6% 32.5% 45.9% 34.7%

Mode estimate 0.67x 9.8x 10.8x 16.6x 1.5x

Valmetrics multiple 0.67x 9.6x 14.2x 16.6x 1.5x

Multiple rating (10=highest) 4 8 4 2 3

IMGR SE – MARCH 2006

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

plans.

Number of observations 14 14 14 14 14

Non available multiples 7 7 7 3 3

Non meaningful multiples 2 1 1 5 4

Short-listed multiples 5 6 6 6 7

Minimum nm 0.5x 0.5x 21.1x 2.4x

1st quartile nm 2.8x 2.9x 24.1x 3.0x

Median nm 8.3x 9.7x 24.9x 3.3x

3rd quartile nm 11.1x 13.1x 26.8x 3.4x

Maximum nm 16.6x 18.1x 28.9x 3.8x

Mean nm 7.8x 8.8x 25.2x 3.2x

Std deviation as % of mean nm 79% 79% 11% 15%

Modal interval nm [0 - 9.1[ [0 - 11.2[ [23.6 - 26.5[ [3.1 - 3.5[

Modal interval frequency nm 50.0% 50.0% 50.0% 57.1%

Mode estimate nm 9.1x 11.2x 25.5x 3.3x

Valmetrics multiple nm 8.3x 9.7x 25.2x 3.2x

Multiple rating (10=highest) na 7 5 8 5

78. Marine

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

Number of observations 59 59 59 59 59

Non available multiples 9 10 9 9 9

Non meaningful multiples 8 9 10 12 9

Short-listed multiples 42 40 40 38 41

Minimum 0.08x 0.6x 1.6x 2.3x 0.4x

1st quartile 0.98x 4.5x 5.8x 4.6x 1.1x

Median 1.54x 6.3x 9.0x 8.8x 1.5x

3rd quartile 2.21x 8.9x 18.9x 16.8x 2.2x

Maximum 4.10x 17.9x 41.3x 35.5x 4.4x

Mean 1.67x 7.2x 13.4x 11.2x 1.8x

Std deviation as % of mean 55% 55% 81% 75% 55%

Modal interval [0.71 - 1.42[ [5.4 - 8[ [0 - 7.7[ [0.8 - 8.1[ [0.8 - 1.5[

Modal interval frequency 33.3% 32.5% 35.0% 44.7% 39.0%

Mode estimate 1.23x 5.7x 7.7x 5.9x 1.3x

Valmetrics multiple 1.67x 6.3x 7.7x 5.9x 1.3x

Multiple rating (10=highest) 6 7 3 1 5

IMGR SE – MARCH 2006

Number of observations 35 35 35 35 35

Non available multiples 1 1 1 0 0

Non meaningful multiples 2 6 8 10 0

Short-listed multiples 32 28 26 25 35

Minimum 0.49x 2.4x 2.8x 7.0x 0.6x

1st quartile 2.01x 8.1x 10.9x 17.8x 1.6x

Median 3.69x 10.5x 15.4x 18.6x 2.1x

3rd quartile 5.17x 13.3x 17.9x 23.4x 3.0x

Maximum 10.09x 18.8x 27.7x 32.0x 4.9x

Mean 3.69x 10.8x 14.7x 19.5x 2.4x

Std deviation as % of mean 66% 43% 42% 30% 45%

Modal interval [0.32 - 2.31[ [8.9 - 12.3[ [15.3 - 20[ [17.6 - 21.4[ [1.1 - 1.9[

Modal interval frequency 37.5% 25.0% 30.8% 36.0% 37.1%

Mode estimate 1.72x 12.3x 16.1x 20.5x 1.7x

Valmetrics multiple 1.72x 10.8x 14.7x 19.5x 2.4x

Multiple rating (10=highest) 2 7 8 8 5

Number of observations 60 60 60 60 60

Non available multiples 9 9 9 9 9

Non meaningful multiples 10 13 13 16 12

Short-listed multiples 41 38 38 35 39

Minimum 0.23x 0.9x 1.0x 0.5x 0.1x

1st quartile 0.52x 3.9x 6.4x 7.3x 0.7x

Median 0.77x 6.4x 11.5x 15.0x 1.1x

3rd quartile 1.10x 8.1x 13.8x 20.1x 1.8x

Maximum 1.92x 11.0x 25.1x 29.5x 2.6x

Mean 0.88x 6.2x 10.9x 14.2x 1.3x

Std deviation as % of mean 53% 44% 52% 55% 53%

Modal interval [0.41 - 0.74[ [2.5 - 4.9[ [8.8 - 13.3[ [15.7 - 23.6[ [1.3 - 2[

Modal interval frequency 29.3% 28.9% 31.6% 37.1% 30.8%

Mode estimate 0.74x 4.4x 12.0x 18.1x 1.5x

Valmetrics multiple 0.77x 6.2x 10.9x 18.1x 1.1x

Multiple rating (10=highest) 8 4 8 6 5

IMGR SE – MARCH 2006

classified in the Leisure Products sub-industry.

Number of observations 16 16 16 16 16

Non available multiples 1 2 1 1 0

Non meaningful multiples 4 6 7 5 5

Short-listed multiples 11 8 8 10 11

Minimum 0.29x 5.7x 7.8x 7.5x 1.0x

1st quartile 0.84x 8.6x 19.1x 23.7x 1.2x

Median 1.16x 13.8x 42.8x 90.4x 1.8x

3rd quartile 2.01x 24.7x 94.7x 144.4x 3.6x

Maximum 3.30x 31.5x 174.9x 194.7x 4.8x

Mean 1.47x 16.8x 68.0x 89.2x 2.4x

Std deviation as % of mean 74% 64% 102% 74% 60%

Modal interval [0.21 - 1.27[ [2.5 - 18.6[ [0 - 75.5[ [0 - 112.1[ [0.8 - 2.9[

Modal interval frequency 72.7% 62.5% 75.0% 60.0% 63.6%

Mode estimate 0.74x 14.0x 37.8x 84.0x 2.2x

Valmetrics multiple 1.16x 13.8x 42.8x 90.4x 1.8x

Multiple rating (10=highest) 1 4 1 8 4

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.

Number of observations 95 95 95 95 95

Non available multiples 10 9 9 8 8

Non meaningful multiples 11 19 43 39 18

Short-listed multiples 74 67 43 48 69

Minimum 0.05x 0.2x 0.2x 0.5x 0.1x

1st quartile 0.58x 4.2x 7.4x 10.2x 1.1x

Median 1.12x 6.3x 13.8x 15.6x 1.6x

3rd quartile 1.90x 12.3x 17.8x 24.3x 2.1x

Maximum 4.16x 25.0x 34.5x 55.8x 4.6x

Mean 1.26x 8.2x 14.1x 18.9x 1.8x

Std deviation as % of mean 68% 72% 62% 70% 53%

Modal interval [0.63 - 1.26[ [4 - 8[ [11.9 - 17.9[ [7.8 - 15.5[ [1.6 - 2.1[

Modal interval frequency 32.4% 40.3% 32.6% 31.3% 23.2%

Mode estimate 0.77x 5.4x 13.7x 13.2x 1.7x

Valmetrics multiple 0.77x 5.4x 13.7x 13.2x 1.6x

Multiple rating (10=highest) 3 4 9 4 5

IMGR SE – MARCH 2006

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.

Number of observations 58 58 58 58 58

Non available multiples 5 5 5 3 2

Non meaningful multiples 3 6 8 8 8

Short-listed multiples 50 47 45 47 48

Minimum 0.63x 3.8x 9.8x 1.6x 0.2x

1st quartile 1.47x 7.8x 12.4x 14.8x 1.4x

Median 1.77x 9.1x 14.4x 17.1x 1.6x

3rd quartile 2.26x 10.1x 16.6x 23.0x 1.9x

Maximum 3.66x 14.1x 24.4x 40.0x 2.8x

Mean 1.86x 9.1x 14.9x 19.6x 1.6x

Std deviation as % of mean 36% 24% 24% 41% 33%

Modal interval [1.72 - 2.15[ [8.9 - 10.3[ [11.2 - 13.6[ [13.9 - 18.5[ [1.4 - 1.7[

Modal interval frequency 28.0% 29.8% 28.9% 42.6% 31.3%

Mode estimate 1.76x 9.2x 13.6x 16.2x 1.6x

Valmetrics multiple 1.86x 9.1x 14.9x 16.2x 1.6x

Multiple rating (10=highest) 8 10 10 7 5

Number of observations 11 11 11 11 11

Non available multiples 4 4 4 4 4

Non meaningful multiples 1 1 2 1 0

Short-listed multiples 6 6 5 6 7

Minimum 0.46x 8.0x nm 9.3x 1.0x

1st quartile 0.77x 8.6x nm 15.0x 1.4x

Median 1.05x 9.6x nm 18.3x 1.9x

3rd quartile 1.43x 11.5x nm 23.7x 3.2x

Maximum 1.67x 22.1x nm 55.1x 5.1x

Mean 1.08x 11.6x nm 23.4x 2.5x

Std deviation as % of mean 44% 46% nm 70% 61%

Modal interval [0.34 - 1.07[ [6.8 - 10.1[ nm [8.2 - 17.8[ [0.1 - 2.1[

Modal interval frequency 50.0% 50.0% nm 50.0% 57.1%

Mode estimate 1.07x 9.3x nm 15.4x 1.4x

Valmetrics multiple 1.08x 11.6x nm 18.3x 1.9x

Multiple rating (10=highest) 8 6 na 3 2

IMGR SE – MARCH 2006

Providers of office services and manufacturers of office supplies and equipment not classified

elsewhere.

Number of observations 56 56 56 56 56

Non available multiples 14 15 14 14 14

Non meaningful multiples 7 13 18 24 9

Short-listed multiples 35 28 24 18 33

Minimum 0.19x 2.2x 4.0x 5.4x 0.0x

1st quartile 0.39x 5.8x 10.1x 13.9x 0.9x

Median 0.48x 7.7x 11.6x 18.0x 1.2x

3rd quartile 0.84x 10.6x 14.8x 22.6x 2.0x

Maximum 2.16x 14.9x 24.8x 38.1x 4.0x

Mean 0.70x 8.0x 12.4x 18.5x 1.6x

Std deviation as % of mean 72% 44% 40% 45% 67%

Modal interval [0.35 - 0.63[ [3.8 - 7[ [9.5 - 12.8[ [18.4 - 25.1[ [0.7 - 1.4[

Modal interval frequency 48.6% 32.1% 37.5% 33.3% 45.5%

Mode estimate 0.48x 6.5x 11.8x 19.7x 1.1x

Valmetrics multiple 0.48x 8.0x 12.4x 18.5x 1.1x

Multiple rating (10=highest) 4 6 8 8 4

Drilling contractors or owners of drilling rigs that contract their services for drilling wells

Number of observations 25 25 25 25 25

Non available multiples 6 6 5 5 5

Non meaningful multiples 4 3 4 7 5

Short-listed multiples 15 16 16 13 15

Minimum 1.09x 3.1x 6.0x 9.1x 2.5x

1st quartile 3.18x 11.4x 17.9x 24.6x 3.1x

Median 4.15x 14.5x 26.7x 35.4x 3.3x

3rd quartile 6.15x 20.5x 41.1x 43.4x 4.3x

Maximum 9.16x 33.4x 59.0x 77.1x 5.6x

Mean 4.74x 16.6x 29.6x 36.9x 3.6x

Std deviation as % of mean 53% 50% 56% 53% 24%

Modal interval [2.72 - 5.13[ [7.4 - 14.6[ [23.3 - 41.7[ [19.2 - 35.1[ [3 - 4[

Modal interval frequency 46.7% 43.8% 43.8% 30.8% 46.7%

Mode estimate 3.79x 12.2x 27.0x 35.1x 3.6x

Valmetrics multiple 4.15x 16.6x 26.7x 36.9x 3.6x

Multiple rating (10=highest) 6 5 8 8 5

IMGR SE – MARCH 2006

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.

Number of observations 87 87 87 87 87

Non available multiples 25 25 24 24 24

Non meaningful multiples 1 3 12 18 4

Short-listed multiples 61 59 51 45 59

Minimum 0.04x 0.5x 0.7x 1.1x 0.3x

1st quartile 1.49x 9.6x 15.1x 17.4x 1.9x

Median 2.59x 13.7x 21.8x 32.7x 3.3x

3rd quartile 4.07x 19.2x 30.6x 45.6x 5.1x

Maximum 7.62x 32.5x 51.0x 77.4x 8.5x

Mean 2.95x 14.9x 23.1x 34.7x 3.6x

Std deviation as % of mean 60% 50% 51% 58% 56%

Modal interval [1.31 - 2.62[ [4.9 - 9.9[ [8.4 - 16.8[ [31.7 - 47.6[ [1.6 - 3.3[

Modal interval frequency 32.8% 25.4% 27.5% 28.9% 33.9%

Mode estimate 2.00x 9.9x 16.0x 36.0x 2.7x

Valmetrics multiple 2.59x 14.9x 23.1x 34.7x 3.6x

Multiple rating (10=highest) 5 5 6 8 5

Companies engaged in the exploration and production of oil and gas not classified

elsewhere.

Non available multiples 51 50 44 44 42

Non meaningful multiples 23 34 37 40 10

Short-listed multiples 103 93 96 93 125

Minimum 0.05x 2.4x 3.3x 7.4x 0.6x

1st quartile 4.16x 6.5x 11.5x 14.5x 2.1x

Median 5.13x 8.5x 15.4x 21.5x 3.1x

3rd quartile 6.56x 10.1x 22.2x 30.4x 4.5x

Maximum 12.57x 19.6x 41.1x 66.4x 8.2x

Mean 5.31x 8.6x 16.9x 24.1x 3.4x

Std deviation as % of mean 45% 41% 51% 56% 50%

Modal interval [4.1 - 5.12[ [8.6 - 10.2[ [10.5 - 15.2[ [12.3 - 19.3[ [2.5 - 3.4[

Modal interval frequency 26.2% 25.8% 25.0% 33.3% 24.0%

Mode estimate 4.86x 9.2x 13.3x 16.6x 2.6x

Valmetrics multiple 5.31x 8.6x 16.9x 21.5x 3.4x

Multiple rating (10=highest) 8 10 6 4 5

IMGR SE – MARCH 2006

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.

Number of observations 43 43 43 43 43

Non available multiples 2 3 2 2 2

Non meaningful multiples 11 12 14 12 12

Short-listed multiples 30 28 27 29 29

Minimum 0.12x 1.3x 1.7x 3.0x 0.6x

1st quartile 0.33x 7.1x 9.0x 10.3x 2.2x

Median 0.56x 9.3x 12.6x 17.1x 2.7x

3rd quartile 1.04x 13.6x 18.4x 33.5x 3.3x

Maximum 2.32x 17.1x 31.1x 69.4x 4.9x

Mean 0.78x 10.2x 13.3x 23.3x 2.6x

Std deviation as % of mean 82% 43% 50% 76% 41%

Modal interval [0.07 - 0.53[ [4.9 - 9.2[ [7 - 13.3[ [0 - 15.1[ [2.4 - 3.1[

Modal interval frequency 46.7% 39.3% 44.4% 44.8% 31.0%

Mode estimate 0.39x 8.2x 10.4x 10.3x 2.8x

Valmetrics multiple 0.56x 10.2x 13.3x 17.1x 2.6x

Multiple rating (10=highest) 2 5 5 1 5

Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and

pet foods.

Non available multiples 24 28 23 23 20

Non meaningful multiples 45 66 77 73 45

Short-listed multiples 194 169 163 167 198

Minimum 0.04x 0.9x 0.3x 0.1x 0.0x

1st quartile 0.49x 6.2x 9.3x 10.7x 1.0x

Median 0.91x 8.6x 12.7x 17.7x 1.6x

3rd quartile 1.43x 11.4x 16.3x 25.1x 2.6x

Maximum 2.91x 20.2x 31.8x 50.8x 5.4x

Mean 1.04x 9.0x 13.6x 18.9x 1.9x

Std deviation as % of mean 64% 42% 46% 57% 62%

Modal interval [0.34 - 0.67[ [7.7 - 9.6[ [10.2 - 12.8[ [15.7 - 21[ [0.6 - 1.1[

Modal interval frequency 23.7% 21.9% 22.1% 21.6% 23.2%

Mode estimate 0.57x 8.6x 12.1x 17.9x 1.1x

Valmetrics multiple 0.91x 9.0x 13.6x 18.9x 1.6x

Multiple rating (10=highest) 4 9 8 8 4

IMGR SE – MARCH 2006

Number of observations 45 45 45 45 45

Non available multiples 3 3 2 2 2

Non meaningful multiples 8 10 14 17 9

Short-listed multiples 34 32 29 26 34

Minimum 0.34x 4.9x 8.8x 3.8x 0.0x

1st quartile 0.68x 6.6x 10.4x 13.6x 0.8x

Median 0.94x 8.1x 14.8x 17.5x 1.4x

3rd quartile 1.29x 9.3x 16.8x 27.0x 1.9x

Maximum 2.51x 14.3x 39.3x 40.8x 3.6x

Mean 1.07x 8.4x 16.4x 20.6x 1.5x

Std deviation as % of mean 48% 30% 50% 48% 56%

Modal interval [0.68 - 1.05[ [6.2 - 7.9[ [7.4 - 11.5[ [9.1 - 18.1[ [0.7 - 1.4[

Modal interval frequency 35.3% 34.4% 31.0% 50.0% 35.3%

Mode estimate 0.83x 7.7x 11.1x 14.3x 1.2x

Valmetrics multiple 1.07x 8.4x 16.4x 20.6x 1.2x

Multiple rating (10=highest) 7 9 4 4 5

classified in the Paper Packaging sub-industry.

Number of observations 94 94 94 94 94

Non available multiples 9 9 9 9 9

Non meaningful multiples 10 22 28 37 9

Short-listed multiples 75 63 57 48 76

Minimum 0.02x 1.9x 2.3x 3.5x 0.0x

1st quartile 0.67x 6.6x 9.4x 9.2x 0.7x

Median 1.19x 8.4x 15.8x 13.2x 1.1x

3rd quartile 1.79x 11.0x 21.0x 20.9x 1.4x

Maximum 3.49x 20.4x 37.6x 43.3x 2.6x

Mean 1.30x 8.8x 16.4x 16.1x 1.1x

Std deviation as % of mean 63% 43% 52% 60% 50%

Modal interval [0.53 - 1.06[ [10.1 - 12.3[ [7.9 - 13.9[ [7.3 - 13.7[ [0.6 - 0.9[

Modal interval frequency 25.3% 20.6% 31.6% 39.6% 21.1%

Mode estimate 0.83x 10.4x 11.7x 10.4x 0.9x

Valmetrics multiple 1.19x 8.8x 16.4x 10.4x 1.1x

Multiple rating (10=highest) 5 6 5 2 5

IMGR SE – MARCH 2006

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

Number of observations 53 53 53 53 53

Non available multiples 3 3 3 3 3

Non meaningful multiples 8 16 18 22 13

Short-listed multiples 42 34 32 28 37

Minimum 0.28x 5.7x 7.6x 0.5x 0.5x

1st quartile 0.96x 8.2x 11.1x 17.1x 1.9x

Median 1.48x 10.1x 14.5x 21.1x 2.7x

3rd quartile 2.34x 13.9x 18.3x 25.6x 4.2x

Maximum 3.88x 20.8x 34.7x 53.3x 9.4x

Mean 1.71x 11.4x 16.1x 23.0x 3.1x

Std deviation as % of mean 59% 37% 43% 48% 64%

Modal interval [0.89 - 1.68[ [8 - 11.5[ [9.9 - 14.4[ [16.9 - 22.6[ [1.5 - 2.9[

Modal interval frequency 35.7% 44.1% 34.4% 28.6% 29.7%

Mode estimate 1.35x 9.6x 12.9x 22.6x 2.0x

Valmetrics multiple 1.35x 11.4x 16.1x 23.0x 2.7x

Multiple rating (10=highest) 6 7 6 8 4

94. Pharmaceuticals

Includes veterinary drugs.

Non available multiples 10 9 7 7 6

Non meaningful multiples 41 56 67 78 41

Short-listed multiples 149 135 126 115 153

Minimum 0.21x 0.3x 0.2x 0.8x 0.0x

1st quartile 1.31x 8.8x 11.4x 17.7x 1.4x

Median 2.31x 11.6x 15.0x 22.5x 2.2x

3rd quartile 3.70x 17.8x 24.9x 33.4x 3.7x

Maximum 7.30x 33.4x 49.4x 80.4x 7.4x

Mean 2.62x 13.4x 18.5x 28.1x 2.6x

Std deviation as % of mean 61% 52% 60% 61% 60%

Modal interval [1.95 - 2.85[ [7.1 - 10.6[ [10.7 - 16.1[ [19.4 - 25.8[ [0.8 - 1.7[

Modal interval frequency 24.2% 27.4% 36.5% 26.1% 28.1%

Mode estimate 2.05x 9.9x 13.5x 21.5x 1.6x

Valmetrics multiple 2.31x 11.6x 13.5x 22.5x 2.2x

Multiple rating (10=highest) 5 5 4 5 3

IMGR SE – MARCH 2006

Number of observations 20 20 20 20 20

Non available multiples 0 0 0 0 0

Non meaningful multiples 5 10 8 10 5

Short-listed multiples 15 10 12 10 15

Minimum 0.07x 4.9x 0.2x 11.3x 0.4x

1st quartile 0.68x 7.2x 10.9x 16.6x 1.1x

Median 1.11x 8.9x 12.8x 21.9x 1.8x

3rd quartile 1.49x 10.8x 17.2x 24.8x 3.3x

Maximum 2.87x 11.9x 22.3x 29.3x 4.3x

Mean 1.14x 8.9x 13.5x 20.8x 2.2x

Std deviation as % of mean 61% 27% 43% 30% 63%

Modal interval [0.65 - 1.3[ [6.7 - 10.1[ [10.9 - 16.3[ [16.5 - 24.1[ [0 - 1.8[

Modal interval frequency 40.0% 40.0% 33.3% 50.0% 53.3%

Mode estimate 1.14x 10.1x 16.3x 21.1x 1.2x

Valmetrics multiple 1.11x 8.9x 13.5x 20.8x 1.8x

Multiple rating (10=highest) 8 7 4 8 1

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

Includes companies primarily mining platinum.

Number of observations 26 26 26 26 26

Non available multiples 10 5 4 4 4

Non meaningful multiples 4 13 16 16 2

Short-listed multiples 12 8 6 6 20

Minimum 0.44x 7.9x 9.2x 16.5x 0.7x

1st quartile 1.81x 11.4x 17.2x 26.0x 2.4x

Median 3.78x 15.9x 17.9x 31.2x 3.6x

3rd quartile 4.75x 17.9x 19.3x 37.0x 4.8x

Maximum 8.54x 34.4x 41.0x 45.3x 7.9x

Mean 3.63x 16.8x 20.4x 31.2x 3.8x

Std deviation as % of mean 64% 49% 52% 32% 54%

Modal interval [0 - 2.57[ [11.4 - 17.9[ [17.2 - 19.5[ [24.8 - 36.9[ [1.8 - 3.6[

Modal interval frequency 41.7% 50.0% 33.3% 50.0% 30.0%

Mode estimate 2.14x 14.0x 18.3x 32.9x 3.6x

Valmetrics multiple 3.78x 16.8x 17.9x 31.2x 3.8x

Multiple rating (10=highest) 3 6 7 8 5

IMGR SE – MARCH 2006

97. Publishing

electronic formats.

Non available multiples 20 20 19 17 17

Non meaningful multiples 11 16 25 33 16

Short-listed multiples 94 89 81 75 92

Minimum 0.25x 0.7x 0.7x 0.6x 0.3x

1st quartile 0.95x 8.0x 10.4x 14.2x 1.6x

Median 1.61x 9.8x 14.0x 19.8x 2.9x

3rd quartile 2.48x 12.4x 18.3x 26.8x 4.2x

Maximum 5.03x 21.4x 31.2x 47.0x 8.7x

Mean 1.88x 10.4x 15.1x 22.1x 3.0x

Std deviation as % of mean 60% 38% 42% 51% 58%

Modal interval [0.67 - 1.34[ [8.1 - 10.1[ [7.3 - 10.9[ [11.9 - 17.9[ [1.2 - 2.3[

Modal interval frequency 29.8% 21.3% 24.7% 28.0% 29.3%

Mode estimate 1.16x 10.1x 10.6x 16.5x 2.0x

Valmetrics multiple 1.61x 10.4x 15.1x 22.1x 3.0x

Multiple rating (10=highest) 4 10 6 5 5

98. Railroads

Number of observations 22 22 22 22 22

Non available multiples 2 2 2 2 2

Non meaningful multiples 3 7 3 3 2

Short-listed multiples 17 13 17 17 18

Minimum 0.27x 6.3x 5.4x 7.6x 0.4x

1st quartile 1.34x 8.9x 13.8x 18.1x 1.5x

Median 2.80x 9.3x 15.8x 22.4x 2.2x

3rd quartile 3.27x 10.4x 21.2x 28.2x 3.4x

Maximum 6.90x 15.8x 31.1x 38.2x 4.7x

Mean 2.87x 10.0x 17.7x 23.3x 2.4x

Std deviation as % of mean 65% 24% 40% 36% 52%

Modal interval [0 - 1.5[ [8.5 - 9.8[ [9.6 - 15.4[ [15.1 - 22.9[ [0.4 - 1.8[

Modal interval frequency 29.4% 38.5% 29.4% 41.2% 44.4%

Mode estimate 1.50x 9.3x 15.4x 20.7x 1.4x

Valmetrics multiple 2.80x 10.0x 17.7x 23.3x 2.4x

Multiple rating (10=highest) 2 8 8 8 4

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.

Number of observations 80 80 80 80 80

Non available multiples 9 9 9 9 9

Non meaningful multiples 6 8 14 16 9

Short-listed multiples 65 63 57 55 62

Minimum 0.17x 4.0x 5.0x 2.2x 0.6x

1st quartile 0.65x 6.7x 11.2x 15.2x 1.4x

Median 1.07x 8.6x 12.9x 19.7x 2.1x

3rd quartile 1.56x 10.2x 14.9x 28.0x 3.1x

Maximum 3.55x 16.9x 26.5x 48.4x 5.1x

Mean 1.22x 8.6x 13.4x 21.6x 2.4x

Std deviation as % of mean 65% 33% 32% 47% 49%

Modal interval [0.51 - 0.96[ [8.7 - 10.4[ [11.9 - 13.8[ [15.2 - 21.9[ [2 - 2.9[

Modal interval frequency 29.2% 27.0% 33.3% 30.9% 30.6%

Mode estimate 0.96x 9.0x 12.7x 19.1x 2.1x

Valmetrics multiple 1.07x 8.6x 13.4x 21.6x 2.4x

Multiple rating (10=highest) 6 10 10 8 5

Number of observations 64 64 64 64 64

Non available multiples 12 13 12 12 12

Non meaningful multiples 3 15 20 22 6

Short-listed multiples 49 36 32 30 46

Minimum 0.24x 1.3x 1.5x 2.5x 0.7x

1st quartile 1.17x 7.0x 12.3x 11.8x 1.5x

Median 1.93x 12.9x 16.5x 23.0x 2.1x

3rd quartile 2.76x 18.4x 24.3x 28.3x 3.2x

Maximum 3.88x 33.7x 45.0x 47.0x 5.3x

Mean 2.01x 13.8x 18.7x 21.3x 2.4x

Std deviation as % of mean 50% 58% 57% 55% 50%

Modal interval [0.87 - 1.74[ [0.2 - 7.1[ [15.7 - 23.2[ [21.2 - 31.7[ [1.6 - 2.5[

Modal interval frequency 30.6% 27.8% 31.3% 33.3% 34.8%

Mode estimate 1.66x 7.1x 17.6x 24.2x 1.8x

Valmetrics multiple 2.01x 13.8x 16.5x 21.3x 2.4x

Multiple rating (10=highest) 8 3 8 8 5

IMGR SE – MARCH 2006

101. Semiconductors

Non available multiples 24 25 24 24 24

Non meaningful multiples 6 27 47 41 9

Short-listed multiples 111 89 70 76 108

Minimum 0.00x 1.4x 1.4x 0.1x 0.1x

1st quartile 1.09x 6.5x 10.5x 11.6x 1.1x

Median 2.08x 11.3x 16.3x 23.6x 1.9x

3rd quartile 4.01x 19.8x 25.5x 41.1x 3.2x

Maximum 9.24x 48.7x 61.7x 106.6x 7.0x

Mean 2.78x 15.0x 20.2x 31.3x 2.3x

Std deviation as % of mean 79% 79% 70% 85% 69%

Modal interval [0 - 1.21[ [7.1 - 13.1[ [7.3 - 14.6[ [0 - 13.9[ [0.9 - 1.8[

Modal interval frequency 29.7% 29.2% 27.1% 30.3% 34.3%

Mode estimate 1.11x 7.6x 13.1x 13.3x 1.4x

Valmetrics multiple 2.08x 11.3x 16.3x 13.3x 1.4x

Multiple rating (10=highest) 2 3 4 1 3

classified in the Packaged Foods sub-industry.

Number of observations 27 27 27 27 27

Non available multiples 0 1 0 0 0

Non meaningful multiples 5 7 10 10 5

Short-listed multiples 22 19 17 17 22

Minimum 0.33x 3.3x 4.0x 1.6x 0.3x

1st quartile 0.87x 6.6x 9.7x 12.4x 1.6x

Median 1.10x 7.4x 10.7x 15.7x 2.3x

3rd quartile 1.60x 7.9x 13.0x 16.8x 3.3x

Maximum 3.39x 12.5x 18.3x 23.8x 6.1x

Mean 1.27x 7.4x 10.9x 14.7x 2.5x

Std deviation as % of mean 58% 27% 32% 33% 55%

Modal interval [0.83 - 1.34[ [7 - 7.9[ [8.6 - 11.2[ [14.4 - 17.8[ [1.2 - 2.3[

Modal interval frequency 45.5% 47.4% 41.2% 35.3% 36.4%

Mode estimate 1.04x 7.5x 10.1x 15.7x 2.0x

Valmetrics multiple 1.10x 7.4x 10.9x 14.7x 2.3x

Multiple rating (10=highest) 6 8 8 8 5

IMGR SE – MARCH 2006

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.

Number of observations 97 97 97 97 97

Non available multiples 12 12 11 11 11

Non meaningful multiples 18 22 24 28 17

Short-listed multiples 67 63 62 58 69

Minimum 0.09x 0.9x 1.6x 4.6x 0.3x

1st quartile 0.69x 6.5x 9.9x 12.4x 1.3x

Median 0.95x 8.6x 13.6x 18.9x 1.8x

3rd quartile 1.50x 10.6x 18.6x 29.2x 2.5x

Maximum 3.33x 19.3x 33.8x 47.9x 4.9x

Mean 1.13x 9.0x 14.8x 20.6x 2.0x

Std deviation as % of mean 57% 40% 45% 48% 50%

Modal interval [0.4 - 0.79[ [8.2 - 10.2[ [8.8 - 13.3[ [4.5 - 13.2[ [0.8 - 1.4[

Modal interval frequency 34.3% 33.3% 32.3% 29.3% 26.1%

Mode estimate 0.68x 9.1x 11.4x 13.2x 1.3x

Valmetrics multiple 0.95x 9.0x 14.8x 20.6x 2.0x

Multiple rating (10=highest) 4 9 6 4 5

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

office supply stores and automotive retail.

Number of observations 63 63 63 63 63

Non available multiples 4 5 4 4 4

Non meaningful multiples 5 9 13 9 7

Short-listed multiples 54 49 46 50 52

Minimum 0.09x 0.3x 3.5x 2.0x 0.2x

1st quartile 0.35x 4.7x 8.2x 12.1x 1.1x

Median 0.54x 6.7x 10.8x 16.2x 1.8x

3rd quartile 1.02x 9.1x 12.8x 23.4x 2.7x

Maximum 2.10x 16.3x 20.9x 43.3x 4.4x

Mean 0.73x 7.0x 10.9x 17.6x 2.0x

Std deviation as % of mean 74% 49% 38% 52% 61%

Modal interval [0.38 - 0.74[ [4.8 - 7.2[ [8.4 - 10.9[ [7.4 - 13.5[ [1.1 - 1.9[

Modal interval frequency 38.9% 34.7% 26.1% 26.0% 28.8%

Mode estimate 0.46x 6.0x 10.9x 12.7x 1.3x

Valmetrics multiple 0.46x 7.0x 10.9x 17.6x 1.8x

Multiple rating (10=highest) 3 9 9 6 5

IMGR SE – MARCH 2006

105. Steel

Non available multiples 22 21 21 20 20

Non meaningful multiples 21 32 32 44 21

Short-listed multiples 126 116 116 105 128

Minimum 0.08x 0.8x 0.0x 0.0x 0.0x

1st quartile 0.41x 3.3x 4.3x 5.2x 1.0x

Median 0.71x 4.7x 6.8x 7.8x 1.5x

3rd quartile 1.09x 7.6x 10.6x 11.6x 2.4x

Maximum 2.38x 16.6x 24.1x 30.1x 4.5x

Mean 0.82x 5.8x 8.3x 9.4x 1.6x

Std deviation as % of mean 63% 57% 65% 64% 59%

Modal interval [0.27 - 0.55[ [2.5 - 4.3[ [2.6 - 5.1[ [5.4 - 8.1[ [0.6 - 1.1[

Modal interval frequency 25.4% 27.6% 27.6% 25.7% 27.3%

Mode estimate 0.46x 4.0x 4.9x 6.6x 1.1x

Valmetrics multiple 0.71x 4.7x 6.8x 7.8x 1.5x

Multiple rating (10=highest) 4 5 4 4 5

software.

Number of observations 69 69 69 69 69

Non available multiples 17 19 17 17 17

Non meaningful multiples 6 17 20 23 6

Short-listed multiples 46 33 32 29 46

Minimum 0.12x 7.1x 10.3x 0.7x 0.2x

1st quartile 1.21x 10.7x 14.3x 22.1x 2.1x

Median 2.42x 13.1x 18.9x 27.6x 3.2x

3rd quartile 3.53x 22.3x 39.4x 47.8x 5.0x

Maximum 7.86x 44.1x 78.1x 104.5x 10.5x

Mean 2.53x 17.7x 26.9x 34.5x 4.0x

Std deviation as % of mean 66% 55% 65% 65% 66%

Modal interval [1.4 - 2.7[ [3.9 - 11.1[ [4.7 - 20.5[ [16.7 - 33.4[ [1.6 - 3.3[

Modal interval frequency 32.6% 36.4% 53.1% 58.6% 41.3%

Mode estimate 1.57x 10.1x 14.3x 24.8x 2.6x

Valmetrics multiple 1.57x 10.1x 14.3x 27.6x 2.6x

Multiple rating (10=highest) 3 2 1 3 3

IMGR SE – MARCH 2006

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

components.

Number of observations 70 70 70 70 70

Non available multiples 8 10 8 8 8

Non meaningful multiples 9 13 14 15 6

Short-listed multiples 53 47 48 47 56

Minimum 0.04x 1.1x 1.2x 3.4x 0.4x

1st quartile 0.16x 5.1x 5.8x 8.3x 0.9x

Median 0.35x 8.2x 10.3x 15.0x 1.4x

3rd quartile 0.64x 10.0x 13.7x 20.2x 3.2x

Maximum 1.70x 18.8x 23.1x 36.8x 7.0x

Mean 0.49x 8.3x 10.8x 15.5x 2.2x

Std deviation as % of mean 90% 50% 55% 55% 80%

Modal interval [0 - 0.25[ [5.9 - 8.6[ [4.4 - 8.7[ [13.4 - 20.1[ [0.1 - 1.3[

Modal interval frequency 41.5% 27.7% 27.1% 31.9% 44.6%

Mode estimate 0.19x 7.2x 8.7x 16.5x 0.9x

Valmetrics multiple 0.19x 8.3x 10.8x 15.5x 0.9x

Multiple rating (10=highest) 2 9 8 8 2

108. Textiles

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

Luxury Goods, Footwear or Home Furnishings sub-industries.

Non available multiples 7 7 7 7 7

Non meaningful multiples 25 41 58 61 21

Short-listed multiples 106 90 73 70 110

Minimum 0.06x 1.7x 4.4x 2.5x 0.0x

1st quartile 0.48x 5.4x 8.0x 7.4x 0.5x

Median 0.72x 7.9x 13.5x 12.8x 0.9x

3rd quartile 1.06x 11.4x 23.2x 22.2x 1.4x

Maximum 2.28x 20.4x 51.4x 70.6x 2.7x

Mean 0.82x 8.7x 17.0x 17.7x 1.0x

Std deviation as % of mean 56% 49% 69% 83% 60%

Modal interval [0.3 - 0.55[ [4.3 - 7[ [2.5 - 9.7[ [0.5 - 7.7[ [0.3 - 0.7[

Modal interval frequency 26.4% 27.8% 34.2% 31.4% 25.5%

Mode estimate 0.52x 6.4x 9.0x 7.1x 0.6x

Valmetrics multiple 0.72x 8.7x 9.0x 7.1x 0.9x

Multiple rating (10=highest) 5 5 1 1 4

IMGR SE – MARCH 2006

Number of observations 31 31 31 31 31

Non available multiples 0 1 0 0 1

Non meaningful multiples 11 11 11 12 12

Short-listed multiples 20 19 20 19 18

Minimum 0.27x 3.6x 5.1x 2.8x 0.3x

1st quartile 0.49x 4.9x 8.0x 9.9x 0.9x

Median 0.66x 6.3x 9.8x 11.0x 1.3x

3rd quartile 0.84x 8.6x 12.4x 14.9x 1.5x

Maximum 1.74x 9.5x 17.7x 25.5x 2.6x

Mean 0.75x 6.5x 10.6x 12.4x 1.3x

Std deviation as % of mean 57% 31% 35% 44% 44%

Modal interval [0.49 - 0.75[ [2.3 - 5.1[ [4.9 - 8.1[ [8.6 - 12.3[ [1.1 - 1.5[

Modal interval frequency 40.0% 36.8% 30.0% 47.4% 44.4%

Mode estimate 0.59x 4.8x 7.7x 10.3x 1.3x

Valmetrics multiple 0.66x 6.5x 10.6x 12.4x 1.3x

Multiple rating (10=highest) 4 4 4 6 5

110. Tobacco

Number of observations 22 22 22 22 22

Non available multiples 3 4 3 3 3

Non meaningful multiples 8 8 8 9 11

Short-listed multiples 11 10 11 10 8

Minimum 0.67x 4.3x 4.4x 5.9x 0.5x

1st quartile 1.88x 7.6x 6.6x 11.1x 2.2x

Median 2.38x 9.3x 10.5x 15.2x 5.4x

3rd quartile 3.01x 10.0x 12.7x 16.8x 6.9x

Maximum 5.02x 12.9x 15.2x 24.9x 7.6x

Mean 2.48x 8.7x 9.9x 14.9x 4.6x

Std deviation as % of mean 51% 30% 38% 37% 61%

Modal interval [2.33 - 3.35[ [8.6 - 10.8[ [9.8 - 15.3[ [10.1 - 15.4[ [4.6 - 9.3[

Modal interval frequency 45.5% 40.0% 63.6% 40.0% 62.5%

Mode estimate 2.77x 9.7x 11.5x 14.1x 6.0x

Valmetrics multiple 2.48x 8.7x 9.9x 14.9x 5.4x

Multiple rating (10=highest) 6 7 7 8 4

IMGR SE – MARCH 2006

Non available multiples 16 16 15 15 15

Non meaningful multiples 15 27 26 25 15

Short-listed multiples 81 69 71 72 82

Minimum 0.04x 1.0x 1.1x 0.0x 0.0x

1st quartile 0.48x 6.5x 9.1x 9.9x 1.0x

Median 0.67x 9.1x 13.6x 18.9x 1.6x

3rd quartile 1.26x 11.7x 18.2x 26.0x 2.4x

Maximum 2.82x 19.1x 32.7x 56.0x 5.0x

Mean 0.91x 9.2x 14.0x 20.1x 1.9x

Std deviation as % of mean 76% 44% 49% 63% 59%

Modal interval [0.36 - 0.72[ [10.2 - 12.8[ [13.2 - 17.6[ [15.5 - 23.2[ [0.6 - 1.3[

Modal interval frequency 37.0% 30.4% 26.8% 29.2% 32.9%

Mode estimate 0.53x 11.0x 14.4x 17.7x 1.1x

Valmetrics multiple 0.53x 9.2x 14.0x 18.9x 1.6x

Multiple rating (10=highest) 3 5 9 8 4

112. Trucking

Companies providing primarily goods and passenger land transportation. Includes vehicle

rental and taxi companies.

Number of observations 58 58 58 58 58

Non available multiples 10 10 10 11 10

Non meaningful multiples 6 8 12 10 9

Short-listed multiples 42 40 36 37 39

Minimum 0.16x 2.2x 6.2x 8.8x 0.6x

1st quartile 0.81x 5.6x 11.1x 15.2x 1.8x

Median 1.29x 6.9x 13.5x 17.4x 2.4x

3rd quartile 1.67x 9.0x 15.2x 21.1x 3.3x

Maximum 3.23x 14.9x 24.7x 27.8x 5.5x

Mean 1.36x 7.4x 13.6x 18.2x 2.6x

Std deviation as % of mean 57% 37% 31% 26% 47%

Modal interval [0.99 - 1.49[ [5.5 - 7.5[ [12.9 - 15.4[ [14.8 - 18.3[ [1.3 - 2.1[

Modal interval frequency 28.6% 37.5% 33.3% 45.9% 33.3%

Mode estimate 1.13x 6.4x 13.9x 16.7x 2.0x

Valmetrics multiple 1.36x 7.4x 13.6x 18.2x 2.6x

Multiple rating (10=highest) 8 9 9 8 5

IMGR SE – MARCH 2006

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

water treatment systems.

Number of observations 32 32 32 32 32

Non available multiples 1 1 1 1 1

Non meaningful multiples 2 5 4 3 2

Short-listed multiples 29 26 27 28 29

Minimum 0.90x 2.4x 3.0x 1.4x 0.2x

1st quartile 2.76x 8.7x 14.3x 17.2x 1.3x

Median 4.08x 10.5x 17.4x 24.8x 2.0x

3rd quartile 5.90x 12.1x 25.3x 41.7x 2.9x

Maximum 10.32x 20.9x 41.4x 63.9x 5.5x

Mean 4.44x 10.9x 19.2x 29.6x 2.2x

Std deviation as % of mean 55% 40% 48% 61% 59%

Modal interval [2.55 - 4.59[ [9.3 - 11.6[ [14.8 - 22.2[ [16.4 - 32.6[ [1 - 2.1[

Modal interval frequency 31.0% 34.6% 40.7% 50.0% 34.5%

Mode estimate 4.59x 10.2x 18.2x 22.9x 1.8x

Valmetrics multiple 4.08x 10.9x 19.2x 24.8x 2.0x

Multiple rating (10=highest) 8 9 9 5 5

services.

Number of observations 62 62 62 62 62

Non available multiples 7 8 6 6 6

Non meaningful multiples 15 23 26 24 21

Short-listed multiples 40 31 30 32 35

Minimum 0.19x 2.4x 0.8x 0.0x 0.0x

1st quartile 1.56x 5.9x 9.9x 13.6x 1.2x

Median 2.18x 6.8x 12.0x 17.8x 2.2x

3rd quartile 2.97x 7.7x 14.4x 26.3x 3.3x

Maximum 4.73x 12.2x 36.2x 43.2x 6.2x

Mean 2.22x 7.0x 13.8x 19.5x 2.4x

Std deviation as % of mean 51% 31% 53% 53% 68%

Modal interval [1.64 - 2.46[ [6.7 - 7.9[ [11.7 - 14.7[ [15.9 - 23.9[ [0 - 1.3[

Modal interval frequency 27.5% 35.5% 36.7% 31.3% 28.6%

Mode estimate 2.26x 7.0x 12.6x 17.9x 1.1x

Valmetrics multiple 2.22x 7.0x 12.0x 17.8x 2.2x

Multiple rating (10=highest) 8 9 8 8 2

IMGR SE – MARCH 2006

APPENDICES

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

• 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.

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 Financial data (last fiscal year available)

September 15th 05 August 31st 05 March 04 ../.. June 04../.. December 04* or later

th th

December 15 05 November 30 05 June 04 ../.. December 04* ../.. March 05 or later

th th

March 15 06 February 29 06 December 04* ../.. March 05 ../.. June 05 or later

th st

June 15 06 May 31 06 March 05 ../.. June 05 ../.. December 05*

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

Example:

Market capitalisation (P) August 31st 05

Earnings (E) March 04 or June 04 or December 04

P/E Ratio => August 31st 05 / most likely December 04

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 / EBITDA P/B (Price / Book Ratio)

EV / EBIT

+ 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).

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).

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.

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

yes (3) MM: (Mean-Median) / Median

(1)

SD < 41% Mean multiple

no

yes yes

(1) (2)

41% <= SD < 51% 40% <= MF Mode multiple

no

no

Mean mutliple

yes yes

(1) (2)

51% <= SD < 61% 35% <= MF Mode multiple

no

(3)

yes

no MM <= 8% Mean multiple

no

Median multiple

yes yes

(1) (2)

61% <= SD 30% <= MF 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.

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.

EV/Sales 8 Doesn’t take into account sales growth and operating margins

EV/EBITDA 10 Robust, especially when evaluating cash flow

EV/EBIT 10 Robust

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

PER 8 (extraordinary and financial items) can impact the PER.

The PBR is more often used to monitor whether the company creates

PBR 5 (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 Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 5%

• 7 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 8%

• 6 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 10%

• 5 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 12%

• 4 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 17%

• 3 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 22%

• 2 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 27%

• 1 point if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 40%

• 1 point if Number of “Short-listed multiples” >= 30

• 1 point if Number of “nm multiples” / “Number of observations” <= 20%

IMGR SE – MARCH 2006

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.).

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.

IMGR SE – MARCH 2006

REFERENCES

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

2005 (www.privateequityvaluation.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

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.

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

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

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

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

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

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

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

Journal, pp. 43 -53. 1990

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

working paper, University of California at Los Angeles.

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