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Industry Multiples Global Report

Standard Edition

March 2006
IMGR SE – MARCH 2006

The Industry Multiples Global Report (IMGR) Standard Edition is a free quarterly publication
delivering valuation multiples for main industries to help both investors and entrepreneurs
approximate the value of a company.

The IMGR SE covers 114 industries, 27 countries, 8,000 public companies and includes
calculations of 5 different market multiples (EV/sales, EV/EBITDA, EV/EBIT, PER, PBR),
descriptive statistics at the industry level, best multiples selection, multiple rating and a text
description of each industry.

In the appendices section, Valmetrics also provides the information you need to understand and
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IMGR SE – MARCH 2006

IMGR Professional – BETA version now available!!

We are pleased to offer a 2 month free trial of IMGR Pro Beta to subscribers who
signed-up for the Standard Edition before April 15, 2006. To run the beta version, you
will need to have Microsoft Access installed on your computer. The final version of
IMGR Pro will be available on the Internet (web based application) in June 2006.

IMGR Pro is a powerful, yet easy-to-use, tool to value an industry or a business. The
professional version offers 6 key advantages compared to the Standard Edition:

1 Easy-to-use database
IMGR Pro allows you to search, display,
sort, export and print multiples quickly
and easily.

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
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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,
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high level of accuracy and reliability.

Historical data
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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
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IMGR SE – MARCH 2006

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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

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IMGR SE – MARCH 2006

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


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

Copyright © 2006 Valmetrics 6 / 71


IMGR SE – MARCH 2006

1. Advertising

Companies providing advertising, marketing or public relations services.

Table 1 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

2. Aerospace & Defense

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


Includes defense electronics and space equipment.

Table 2 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

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IMGR SE – MARCH 2006

3. Agricultural Products

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


companies that produce and process foods but do not package and market them. Excludes
companies classified in the Forest Products sub-industry and those that package and market
the food products classified in the Packaged Foods sub-industry.

Table 3 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

4. Air Freight & Logistics

Companies providing air freight transportation, courier and logistics services, including
package and mail delivery and customs agents. Excludes those companies classified in the
Airlines, Marine or Trucking sub-industries.

Table 4 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

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IMGR SE – MARCH 2006

5. Airlines

Companies providing primarily passenger air transportation.

Table 5 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Operators of airports and companies providing related services.

Table 6 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 9 / 71


IMGR SE – MARCH 2006

7. Alternative Carriers

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


high bandwidth/fibber-optic cable network.

Table 7 EV / Sales EV / EBITDA EV / EBIT PER PBR

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.

Table 8 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 10 / 71


IMGR SE – MARCH 2006

9. Apparel Retail

Retailers specialized mainly in apparel and accessories.

Table 9 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

10. Apparel, Accessories & Luxury Goods

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


producing designer handbags, wallets, luggage, jewellery and watches. Excludes shoes
classified in the Footwear sub-industry.

Table 10 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 142 142 142 142 142


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

Copyright © 2006 Valmetrics 11 / 71


IMGR SE – MARCH 2006

11. Application Software

Companies engaged in developing and producing software designed for specialized


applications for the business or consumer market. Includes enterprise and technical
software. Excludes companies classified in the Home Entertainment Software Sub-Industry.
Also excludes companies producing systems or database management software classified in
the Systems Software sub-industry.

Table 11 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 263 263 263 263 263


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

12. Auto Parts & Equipment

Manufacturers of parts and accessories for automobiles and motorcycles. Excludes


companies classified in the Tires & Rubber sub-industry.

Table 12 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 141 141 141 141 141


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

Copyright © 2006 Valmetrics 12 / 71


IMGR SE – MARCH 2006

13. Automobile Manufacturers

Companies that produce mainly passenger automobiles and light trucks. Excludes
companies producing mainly motorcycles and three-wheelers classified in the Motorcycle
Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm
Machinery & Heavy Trucks sub-industry.

Table 13 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

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


based on advanced biotechnology research.

Table 14 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 214 214 214 214 214


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

Copyright © 2006 Valmetrics 13 / 71


IMGR SE – MARCH 2006

15. Brewers

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

Table 15 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

16. Broadcasting & Cable TV

Owners and operators of television or radio broadcasting systems and providers of cable or
satellite television services, including programming.

Table 16 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 108 108 108 108 108


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

Copyright © 2006 Valmetrics 14 / 71


IMGR SE – MARCH 2006

17. Building Products

Manufacturers of building components and home improvement products and equipment.


Excludes lumber and plywood classified under Forest Products and cement and other
materials classified in the Construction Materials sub-industry.

Table 17 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 139 139 139 139 139


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

18. Casinos & Gaming

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

Table 18 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 15 / 71


IMGR SE – MARCH 2006

19. Catalogue retail

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

Table 19 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

20. Commercial Printing

Companies providing commercial printing services. Includes printers primarily serving the
media industry.

Table 20 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 16 / 71


IMGR SE – MARCH 2006

21. Commodity Chemicals

Companies that primarily produce industrial chemicals and basic chemicals. Including but not
limited to plastics, synthetic fibbers, films, commodity-based paints & pigments, explosives
and petrochemicals. Excludes chemical companies classified in the Diversified Chemicals,
Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries.

Table 21 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 186 186 186 186 186


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

22. Computer & Electronics Retail

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

Table 22 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 17 / 71


IMGR SE – MARCH 2006

23. Computer Hardware

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


manufacturers of Automatic Teller Machines (ATMs). Excludes manufacturers of copiers,
faxes and related products classified in the Office Electronics sub-industry.

Table 23 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

24. Computer Storage & Peripherals

Manufacturers of electronic computer components and peripherals. Includes data storage


components, motherboards, audio and video cards, monitors, keyboards, printers and other
peripherals. Excludes semiconductors classified in the Semiconductors sub-industry.

Table 24 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 111 111 111 111 111


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

Copyright © 2006 Valmetrics 18 / 71


IMGR SE – MARCH 2006

25. Construction & Engineering

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


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

Table 25 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 202 202 202 202 202


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

26. Construction & Farm Machinery & Heavy Trucks

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


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

Table 26 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 113 113 113 113 113


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

Copyright © 2006 Valmetrics 19 / 71


IMGR SE – MARCH 2006

27. Construction Materials

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


cement, concrete and bricks. Other finished or semi-finished building materials are classified
in the Building Products sub-industry.

Table 27 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 115 115 115 115 115


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

28. Consumer Electronics

Manufacturers of consumer electronics products including TVs, VCRs, hi-fi equipment, game
consoles and related products. Excludes personal home computer manufacturers classified
in the Computer Hardware sub-industry, and electric household appliances classified in the
Household Appliances sub-industry.

Table 28 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 20 / 71


IMGR SE – MARCH 2006

29. Data Processing & Outsourced Services

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


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

Table 29 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

30. Department Stores

Owners and operators of department stores.

Table 30 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 21 / 71


IMGR SE – MARCH 2006

31. Distillers & Vintners

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

Table 31 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Distributors and wholesalers of general merchandise not classified elsewhere. Includes


vehicle distributors.

Table 32 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 22 / 71


IMGR SE – MARCH 2006

33. Diversified Chemicals

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


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

Table 33 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

34. Diversified Commercial Services

Companies providing commercial and consumer services not classified elsewhere. Includes
commercial cleaning services, education services and security services.

Table 34 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 145 145 145 145 145


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

Copyright © 2006 Valmetrics 23 / 71


IMGR SE – MARCH 2006

35. Diversified Metals & Mining

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


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

Table 35 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 104 104 104 104 104


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

36. Drug Retail

Owners and operators of primarily drug retail stores and pharmacies.

Table 36 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 24 / 71


IMGR SE – MARCH 2006

37. Electric Utilities

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

Table 37 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 129 129 129 129 129


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

38. Electrical Components & Equipment

Companies that produce electric cables and wires, electrical components or equipment not
classified in the Heavy Electrical Equipment sub-industry.

Table 38 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 163 163 163 163 163


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

Copyright © 2006 Valmetrics 25 / 71


IMGR SE – MARCH 2006

39. Electronic Equipment Manufacturers

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


electronic test and measurement instruments, electronic components, connection devices
and equipment not classified elsewhere. Excludes OEM suppliers classified in the Electronic
Manufacturing Services sub-industry.

Table 39 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 247 247 247 247 247


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

40. Electronic Manufacturing Services

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

Table 40 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 26 / 71


IMGR SE – MARCH 2006

41. Employment Services

Employment agencies and related services.

Table 41 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

42. Environmental Services

Providers of environmental services. Includes waste management and pollution control


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

Table 42 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 27 / 71


IMGR SE – MARCH 2006

43. Fertilizers & Agricultural Chemicals

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


classified elsewhere.

Table 43 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

44. Food Distributors

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

Table 44 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 28 / 71


IMGR SE – MARCH 2006

45. Food Retail

Owners and operators of primarily food retail stores.

Table 45 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Manufacturers of footwear. Includes sport and leather shoes.

Table 46 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 29 / 71


IMGR SE – MARCH 2006

47. Forest Products

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

Table 47 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

48. Gas Utilities

Companies whose main charter is to distribute and transmit natural and manufactured gas.
Excludes companies primarily involved in gas exploration or production classified in the Oil &
Gas Exploration & Production sub-industry. Also excludes diversified midstream natural gas
companies classified in the Oil & Gas Refining, Marketing & Transportation sub-industry.

Table 48 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 30 / 71


IMGR SE – MARCH 2006

49. General Merchandise Stores

Owners and operators of stores offering diversified general merchandise. Excludes


hypermarkets and large-scale super centers classified in the “Hypermarkets & Super
Centers” sub-industry.

Table 49 EV / Sales EV / EBITDA EV / EBIT PER PBR

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.

Table 50 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 31 / 71


IMGR SE – MARCH 2006

51. Health Care Services

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

Table 51 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

52. Health Care Distributors

Distributors and wholesalers of health care products not classified elsewhere.

Table 52 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 32 / 71


IMGR SE – MARCH 2006

53. Health Care Equipment

Manufacturers of health care equipment and devices. Includes medical electronic precision
instruments. Includes drug delivery systems.

Table 53 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 155 155 155 155 155


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

54. Health Care Facilities

Owners and operators of health care facilities, including hospitals, nursing homes,
rehabilitation and retirement centers, animal hospitals, cemeteries and funeral homes.

Table 54 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 33 / 71


IMGR SE – MARCH 2006

55. Health Care Supplies

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

Table 55 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

56. Heavy Electrical Equipment

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


including power turbines, heavy electrical machinery intended for fixed-use and large
electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment sub-industry.

Table 56 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 34 / 71


IMGR SE – MARCH 2006

57. Highways & Railtracks

Owners and operators of roads, tunnels and railtracks.

Table 57 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

58. Home Entertainment Software

Manufacturers of home entertainment software and educational software used primarily in


the home.

Table 58 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 35 / 71


IMGR SE – MARCH 2006

59. Home Furnishings

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

Table 59 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Residential construction companies. Includes manufacturers of prefabricated houses and


semi-fixed manufactured homes.

Table 60 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 36 / 71


IMGR SE – MARCH 2006

61. Home Improvement Retail

Owners and operators of home and garden improvement retail stores. Includes stores
offering building materials and supplies.

Table 61 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

62. Hotels, Resorts & Cruise Lines

Owners and operators of hotels, resorts and cruise-ships. Includes travel agencies, tour
operators and related services not classified elsewhere. Excludes casino-hotels classified in
the Casinos & Gaming sub-industry.

Table 62 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 107 107 107 107 107


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

Copyright © 2006 Valmetrics 37 / 71


IMGR SE – MARCH 2006

63. Household Appliances

Manufacturers of electric household appliances and related products. Includes manufacturers


of power and hand tools, including garden improvement tools. Excludes TVs and other audio
and video products classified in the Consumer Electronics sub-industry and personal
computers classified in the Computer Hardware sub-industry.

Table 63 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

64. Household Products

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


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

Table 64 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 38 / 71


IMGR SE – MARCH 2006

65. Housewares & Specialities

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


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

Table 65 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

66. Hypermarkets & Super Centers

Owners and operators of hypermarkets and super centers selling food and a wide-range of
consumer staple products. Excludes Food and Drug Retailers classified in the Food Retail
and Drug Retail sub-industries, respectively.

Table 66 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 39 / 71


IMGR SE – MARCH 2006

67. Industrial Conglomerates

Diversified industrial companies with business activities in three or more sectors, none of
which contributes a majority of revenues. Stakes held are predominantly of a controlling
nature and stake holders maintain an operational interest in the running of the subsidiaries.

Table 67 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 105 105 105 105 105


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

68. Industrial Gases

Manufacturers of industrial gases.

Table 68 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 40 / 71


IMGR SE – MARCH 2006

69. Industrial Machinery

Manufacturers of industrial machinery and industrial components. Includes companies that


manufacture presses, machine tools, compressors, pollution control equipment, elevators,
escalators, insulators, pumps, roller bearings and other metal fabrications.

Table 69 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 343 343 343 343 343


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

70. Integrated Oil & Gas

Integrated oil companies engaged in the exploration & production of oil and gas, as well as at
least one other significant activity in either refining, marketing and transportation, or
chemicals.

Table 70 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 41 / 71


IMGR SE – MARCH 2006

71. Integrated Telecommunication Services

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


wireless and fixed-line telecommunications services not classified elsewhere.

Table 71 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

72. Internet Retail

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

Table 72 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 42 / 71


IMGR SE – MARCH 2006

73. Internet Software & Services

Companies developing and marketing internet software and/or providing internet services
including online databases and interactive services, web address registration services,
database construction and internet design services. Excludes companies classified in the
Internet Retail sub-industry.

Table 73 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 205 205 205 205 205


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

74. IT Consulting & Other Services

Providers of information technology and systems integration services not classified in the
Data Processing & Outsourced Services or Internet Software & Services sub-industries.
Includes information technology consulting and information management services.

Table 74 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 227 227 227 227 227


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

Copyright © 2006 Valmetrics 43 / 71


IMGR SE – MARCH 2006

75. Leisure Facilities

Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf
courses and amusement parks not classified in the Movies & Entertainment sub-industry.

Table 75 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

76. Leisure Products

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

Table 76 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 44 / 71


IMGR SE – MARCH 2006

77. Managed Health Care

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

Table 77 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 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

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


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

Table 78 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 45 / 71


IMGR SE – MARCH 2006

79. Marine Ports & Services

Owners and operators of marine ports and related services.

Table 79 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

80. Metal & Glass Containers

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

Table 80 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 46 / 71


IMGR SE – MARCH 2006

81. Motorcycle Manufacturers

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


classified in the Leisure Products sub-industry.

Table 81 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

82. Movies & Entertainment

Companies that engage in producing and selling entertainment products and services,
including companies engaged in the production, distribution and screening of movies and
television shows, producers and distributors of music, entertainment theatres and sports
teams.

Table 82 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 47 / 71


IMGR SE – MARCH 2006

83. Multi-Utilities & Unregulated Power

Utility companies with significantly diversified activities in the Electric Utilities, Gas Utilities
and/or Water Utilities sub-industries not classified elsewhere. Includes unregulated
independent power producers and distributors.

Table 83 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

84. Office Electronics

Manufacturers of office electronic equipment including copiers and faxes.

Table 84 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 48 / 71


IMGR SE – MARCH 2006

85. Office Services & Supplies

Providers of office services and manufacturers of office supplies and equipment not classified
elsewhere.

Table 85 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

86. Oil & Gas Drilling

Drilling contractors or owners of drilling rigs that contract their services for drilling wells

Table 86 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 49 / 71


IMGR SE – MARCH 2006

87. Oil & Gas Equipment & Services

Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies
and services to companies involved in the drilling, evaluation and completion of oil and gas
wells.

Table 87 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

88. Oil & Gas Exploration & Production

Companies engaged in the exploration and production of oil and gas not classified
elsewhere.

Table 88 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 177 177 177 177 177


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

Copyright © 2006 Valmetrics 50 / 71


IMGR SE – MARCH 2006

89. Oil & Gas Refining, Marketing & Transportation

Companies engaged in the refining, marketing, processing and/or transportation of oil, gas
and/or refined products not classified in the Integrated Oil & Gas sub-industry. Includes
diversified midstream natural gas companies facing competitive markets.

Table 89 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

90. Packaged Foods & Meats

Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and
pet foods.

Table 90 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 263 263 263 263 263


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

Copyright © 2006 Valmetrics 51 / 71


IMGR SE – MARCH 2006

91. Paper Packaging

Manufacturers of paper and cardboard containers and packaging.

Table 91 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

92. Paper Products

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


classified in the Paper Packaging sub-industry.

Table 92 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 52 / 71


IMGR SE – MARCH 2006

93. Personal Products

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

Table 93 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

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


Includes veterinary drugs.

Table 94 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 200 200 200 200 200


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

Copyright © 2006 Valmetrics 53 / 71


IMGR SE – MARCH 2006

95. Photographic Products

Manufacturers of photographic equipment and related products.

Table 95 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

96. Precious Metals & Minerals

Companies mining precious metals and minerals not classified in the Gold sub-industry.
Includes companies primarily mining platinum.

Table 96 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 54 / 71


IMGR SE – MARCH 2006

97. Publishing

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


electronic formats.

Table 97 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 125 125 125 125 125


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

Companies providing primarily goods and passenger rail transportation.

Table 98 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 55 / 71


IMGR SE – MARCH 2006

99. Restaurants

Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes
companies that provide food catering services.

Table 99 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

100. Semiconductor Equipment

Manufacturers of semiconductor equipment.

Table 100 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 56 / 71


IMGR SE – MARCH 2006

101. Semiconductors

Manufacturers of semiconductors and related products.

Table 101 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 141 141 141 141 141


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

102. Soft Drink

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


classified in the Packaged Foods sub-industry.

Table 102 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 57 / 71


IMGR SE – MARCH 2006

103. Specialty Chemicals

Companies that primarily produce high value-added chemicals used in the manufacture of a
wide variety of products, including but not limited to fine chemicals, additives, advanced
polymers, adhesives, sealants and specialty paints, pigments and coatings.

Table 103 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

104. Specialty Stores

Owners and operators of specialty retail stores not classified elsewhere. Includes toy stores,
office supply stores and automotive retail.

Table 104 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 58 / 71


IMGR SE – MARCH 2006

105. Steel

Producers of iron and steel and related products

Table 105 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 169 169 169 169 169


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

106. Systems Software

Companies engaged in developing and producing systems and database management


software.

Table 106 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 59 / 71


IMGR SE – MARCH 2006

107. Technology Distributors

Distributors of technology hardware and equipment. Includes distributors of communications


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

Table 107 EV / Sales EV / EBITDA EV / EBIT PER PBR

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.

Table 108 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 138 138 138 138 138


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

Copyright © 2006 Valmetrics 60 / 71


IMGR SE – MARCH 2006

109. Tires & Rubber

Manufacturers of tires and rubber.

Table 109 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Manufacturers of cigarettes and other tobacco products.

Table 110 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 61 / 71


IMGR SE – MARCH 2006

111. Trading Companies & Distributors

Trading companies and other distributors of industrial equipment and products.

Table 111 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 112 112 112 112 112


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.

Table 112 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 62 / 71


IMGR SE – MARCH 2006

113. Water Utilities

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

Table 113 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

114. Wireless Telecommunication Services

Providers of primarily cellular or wireless telecommunication services, including paging


services.

Table 114 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

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APPENDICES

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DATA SOURCE

Valmetrics uses the Compustat database (provided by Standard & Poor’s) as the source for most
individual company data. Valmetrics makes no statement regarding the quality of information
received from Compustat but assumes that the data are accurate, consistent and reliable. Missing
data are either excluded or substituted by Valmetrics’ own data.

To comply with the authorized licence granted by Standard & Poor’s, Valmetrics does not provide
IMGR users with any access to Compustat content or services and only publishes its own
proprietary industry valuation analysis. If you wish to access Compustat data or learn about the
line of Compustat products and services, please visit www.compustat.com.

DATA COVERAGE

Valmetrics IMGR Standard Edition supports:

• 114 Industries: all main sub-industries - according to the Global Industry Classification
Standard - are covered (see “List of Industries” page: 5). Industries related to Finance,
Banking, Insurance and Real Estate are excluded in this edition.

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


Hong-Kong), Denmark, France, Germany, India, Indonesia, Ireland, Israel, Italy, Mexico,
Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, Taiwan,
Thailand, United Kingdom, USA.

DATE SCHEDULE

All multiple calculations are based on historical data. The table below shows the IMGR release
dates and related market and financial data schedule.

IMGR SE Release Market data 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:

IMGR Release September 15th 05


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

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MULTIPLES PRINCIPLE

Market multiples are valuation ratios (for example market value of a company over its net income)
that are widely used by the investment community to value businesses. Assuming that industry
peers all have the same valuation multiples, business appraisers can then apply the appropriate
industry multiple to the company’s revenues in order to ascertain its value.

There are five main multiples used in finance – EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR – and
many more in the industrial world (Price/Number of beds for hotels, Price/Number of tables for
restaurants, Price/Number of clients, etc….).

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

EV Multiples Price Multiples

EV / Sales P/E (Price / Earnings Ratio)


EV / EBITDA P/B (Price / Book Ratio)
EV / EBIT

EV = Enterprise Value P = Price

Market capitalization Market capitalization


+ Minority interests
+ Financial debt
- Cash & cash equivalents
= Enterprise Value = Price

Once you have the right multiple, you can apply it to the related company financial data requiring
valuation, i.e. Sales, EBITDA, EBIT, Earnings or Shareholders’ Equity.

With EV Multiples, you must deduct minority interests and the net financial debt to derive equity
value. With Price Multiples you acquire direct equity value.

Multiples cannot be applied to companies that do not have significant revenues (start-ups).
Therefore, Valmetrics advises the use of those multiples with companies that have already
recorded significant sales (for at least three years).

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GLOSSARY

Number of observations: number of companies that constitute the sample on which all the
calculations are based. If the number of observations is insufficient, multiples calculations are
considered arbitrary and are substituted by “nm” (= non meaningful).

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

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

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

1st, 2nd (median) and 3rd quartiles: a quartile is a statistical term describing a division of
observations into four defined intervals based on the values of the data. Each quartile contains
25% of the total observations. The quartiles are determined by sorting the data from the lowest to
the highest values and taking the data point at ¼ (1st quartile), the middle (median) or the ¾ of the
sequence. E.g. For the median, there is an equal number of points above and below the median.
Unlike the mean, the median is not influenced by outliers at the extremes of the data set.

Mean: simply the sum of the values divided by the total number of items in the set. The mean is the
most commonly-used measure of central tendency and is the preferred tool to calculate multiples.
The mean is an example of an estimator that is the best we can do if the underlying distribution is
normal. However, it lacks robustness of validity. That is, the confidence intervals based on the
mean tend not to be precise if the underlying distribution is indeed not normal.

Standard Deviation as a % of mean: a measure of the dispersion of a set of data from its mean.
The more spread-out the data, the higher the deviation. If the standard deviation is too high, the
mean multiple is not a relevant multiple.

Modal interval & Mode: The modal interval is the histogram interval with the greatest density. The
mode is the most frequently occurring value in the data set. As data are continuous, the mode is
estimated through an interpolation calculation based on modal interval boundaries.

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

Valmetrics multiple: Valmetrics selects the best indicator among the median, the mean and the
mode according to dispersion and significance tests. See the “Multiple Selection” section below for
more details.

Rating: Valmetrics rates (on a scale from 0 to 10, with 10 the highest) the “Valmetrics multiple” to
help you select the most relevant multiple. See the “Multiple Rating” section below for more details.

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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.

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MULTIPLES RATING

How reliable is the multiple estimator selected by Valmetrics? Is it a robust measure of the typical
value? Even if calculated correctly, some multiples can not be considered robust measures because
of a lack of information or analysis. That is why Valmetrics has added a multiple rating line in all
tables to enable users to check the validity of the selected multiples.

The rating system set up by Valmetrics does not indicate whether a multiple is right or wrong, but
rather if it is robust or not. An average rated multiple can be a good and fair multiple but further
analysis is required to confirm its robustness. A highly rated multiple does not necessarily require
further analysis and can be used directly with a high level of confidence.

Rating’s range
Valmetrics proposes a rating scale of 10, 0 being the worst rating and 10 the best. Some multiples
series culminate at a maximum of 8 or 5 because of intrinsic drawbacks.

Multiples Highest rate Explanations


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%

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ADJUSTMENTS AND POSSIBLE BIASES

Valmetrics calculations are based on consistent, standardized and comparable data from company
to company and from industry to industry. Even so, appraisers may have to adjust the valuation
results depending of the company and the context.

• Illiquidity risk premium: to approximate the value of a privately held company, the
illiquidity risk premium of the company must be taken into consideration. In the IMGR
Standard Edition, Valmetrics gives market multiples which do not take into account the risk
premium related to the illiquidity of a private business. Illiquidity risk premium usually
ranges from a discount of 10% to 30% as compared to the public peer companies.

• Accountancy adjustment: all the market multiples are based on international accounting
standards (US GAAP / IFRS). If the company you wish to value does not use such an
accounting standard, some accountancy adjustments may be necessary to match the
financial data (especially EBIT, EBITDA) used to calculate the multiples.

• Strategic value: the market multiple reflects the “average” market price of the industry,
including both a fundamental value and a speculative value, but excludes the strategic
value of the business (control premium, synergies with another business, etc.).

Other possible biases

Date schedule: fiscal year closing dates (e.g. March ‘04, June ‘04, December ‘04) and financial
data communication dates differ among companies and among countries. Valmetrics uses the last
data available and mixes multiples with different date schedules. The only way to overcome this
bias is to select companies that have the same date schedule and then calculate their multiples.

Country / regional breakdown: two highly comparable companies in Europe and in the US may
have slightly different valuation results because of macroeconomic factors inherent to the country
where the company is listed (regulations, tax policy, business culture, domestic market potential,
innovation dynamic, etc ….). To improve calculation accuracy, a regional analysis is required.

Quasi-Equity: stock options, convertible bonds and other quasi-equity securities are financial
options and should be considered in the calculation of the enterprise value. If options are in the
money, they are equity, if not they are debt. Valmetrics does not take stock options into
consideration and includes convertible bonds in the financial debt.

Company size effect: within the same sector, there may be large companies and mid-sized
companies with different fixed cost- or productivity-thresholds. Big companies are also generally
less risky than small ones, and therefore should be characterized by higher multiples. IMGR does
not take into account this size effect.

Industry classification: Valmetrics uses the Global Industrial Classification Standards, which is
considered by some research papers as the best representative of each sector. Using another
industrial classification (SIC for instance) may have an impact on industry multiples.

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REFERENCES

AFIC, BVCA, EVCA, International Private Equity And Venture Capital Valuation Guidelines,
2005 (www.privateequityvaluation.com).

Free research papers available on scholar.google.com

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

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

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

Dittmann I, Weiner C., Selecting Comparables for the Valuation of European Firms, 2005
Humboldt-Universitat zu Berlin.

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

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

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

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

Other research papers

Alford, A., 1992. The effect of the set of comparable firms on the accuracy of the price-earnings
valuation method. Journal of Accounting Research 30, 94-108

Bhojraj S., Lee C. M. C., Who is my Peer? A Valuation-Based Approach to the Selection of
Comparable Firms, 2002, Journal of Accounting Research, Vol. 40, n°2, 407-439.

Cheng, C.S.A. and R. McNamara. “The valuation Accuracy of the price-earnings and price-book
benchmark valuation methods. Working paper, university of Houston, Houston, TX 1996.

Leibowitz, M. L. and Krogelman, S. Inside the P/E ratio: the franchise factor. Financial Analysts
Journal, pp. 43 -53. 1990

Liu, Jing, Doron Nissim and Jacob Thomas (2002b): International equity valuation using multiples,
working paper, University of California at Los Angeles.

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

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