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@ 2021 Oaklins. All rights reserved. www.oaklins.com/eca
Industry Leaders Trading MultiplesCANADA & UNITED STATES Q1 2021
Page 2 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Oaklins E. Canada Inc.
Based in Montreal, Oaklins E. Canada is the largest independent
investment bank in Eastern Canada specializing in mergers & acquisitions
and corporate finance in the mid-market. Oaklins E. Canada is the
exclusive Canadian member of Oaklins, a global investment bank with 850
professionals in 45 countries that have completed over 1,500 transactions
over the past 5 years. Oaklins E. Canada is a Canadian one-stop-shop to
help clients achieve their goal to sell, acquire or finance their business in
Canada and internationally.
Experience & Expertise: Our team consists of highly qualified
professionals and a talented back office. Our partners have accumulated
extensive transactional experience within different prestigious institutions
in various industries. Our team also has strong business relations with
industry leaders, governments and investors.
ABOUT US
OUR SERVICES
• Mergers & Acquisitions
• Management Buy-Outs
• Business Valuations and Strategic Planning
• Financings and Capital Restructurings
• Leveraged Buy-Outs
OUR CONTACTS
Montreal Office418, Sherbrooke Street EastMontreal, QC H2L 2J6Canada
Phone: 1.514.954.0070
Toronto Office365, Bay Street, Suite 805
Toronto, ON, M5H 2V1Canada
Phone: 1.416.508.0110
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 3 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Aerospace & Defense
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 1.47x 1.39x 1.39x 1.31x
Mean 3.58x 3.42x 3.26x 3.12x
Median 1.72x 1.76x 1.82x 1.88x
High 10.15x 10.15x 10.15x 10.15x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 10.08x 8.60x 8.60x 8.60x
Mean 15.47x 14.62x 14.00x 13.52x
Median 12.13x 12.31x 12.53x 12.49x
High 25.12x 25.12x 25.12x 25.12x
Ticker
NYSE:HON Honeywell International Inc. 150,972
NYSE: RTX Raytheon Technologies Corporation 116,681
NYSE: LMT Lockheed Martin Corporation 102,984
NYSE: NOC Northrop Grumman Corporation 53,957
NYSE: GD General Dynamics Corporation 51,886
NYSE: TDG TransDigm Group Incorporated 32,153
3.74x
16.15x
Company Name Market Cap (US$M)
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
1.00
1.20
1.40
1.60
1.80
2.00
2.20
2.40
2.60
2.80
3.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.69x 0.53x 0.50x 0.41x
Mean 2.09x 1.88x 1.73x 1.64x
Median 1.48x 1.30x 1.24x 1.21x
High 4.01x 4.01x 4.01x 4.01x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 5.53x 3.89x 3.60x 2.94x
Mean 11.86x 10.76x 10.30x 10.10x
Median 10.41x 9.43x 9.74x 9.64x
High 21.52x 21.52x 21.52x 21.52x
Ticker
TSX:CAE CAE Inc. 10,502
TSX:MAXR Maxar Technologies Inc. 3,409
TSX:BBD.B Bombardier Inc. 2,403
TSX:MAL Magellan Aerospace Corporation 596
TSX: HRX Héroux-Devtek Inc. 624
2.25x
12.54x
Company Name Market Cap (CA$M)
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 4 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Automotive
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.59x 0.57x 0.46x 0.38x
Mean 0.84x 0.77x 0.71x 0.65x
Median 0.88x 0.76x 0.67x 0.61x
High 0.97x 0.97x 0.97x 0.97x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 5.77x 5.37x 3.89x 2.97x
Mean 7.40x 6.95x 6.35x 5.70x
Median 7.35x 6.98x 6.52x 5.87x
High 8.37x 8.37x 8.37x 8.37x
Ticker
TSX:MG Magna International Inc. 33,355
TSX:LNR Linamar Corporation 4,849
TSX:MRE Martinrea International Inc. 985
TSX:XTC Exco Technologies Limited 417
Market Cap (CA$M)Company Name
0.86x
7.22x
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.66x 0.59x 0.44x 0.34x
Mean 1.46x 1.42x 1.36x 1.25x
Median 1.34x 1.27x 1.23x 1.08x
High 3.42x 3.42x 3.42x 3.42x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 8.02x 7.46x 4.47x 3.42x
Mean 14.93x 14.43x 13.76x 12.42x
Median 11.93x 11.85x 11.66x 10.71x
High 34.14x 34.14x 34.14x 34.14x
Ticker
NYSE:GM General Motors Company 82,795
NYSE:F Ford Motor Company 48,739
NYSE:LEA Lear Corporation 10,896
NYSE:BWA BorgWarner Inc. 11,081
NYSE:HOG Harley-Davidson, Inc. 6,148
NasdaqGS:GT The Goodyear Tire & Rubber Company 4,099
Market Cap (US$M)
1.53x
15.25x
Company Name
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
0.00
0.25
0.50
0.75
1.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
0.00
0.50
1.00
1.50
2.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 5 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Construction & Engineering
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.32x 0.26x 0.22x 0.13x
Mean 1.15x 1.09x 1.03x 0.98x
Median 0.66x 0.61x 0.60x 0.58x
High 2.88x 2.88x 2.88x 2.88x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 6.26x 5.78x 5.78x 4.64x
Mean 13.32x 11.56x 10.69x 10.13x
Median 11.86x 11.06x 10.61x 10.28x
High 33.15x 33.15x 33.15x 33.15x
Ticker
TSX: WSP WSP Global Inc. 13,601
TSX: SNC SNC-Lavalin Group Inc. 4,722
TSX: BAD Badger Daylighting Ltd. 1,494
TSX: ARE Aecon Group Inc. 1,171
TSX: BDT Bird Construction Inc. 475
1.21x
15.35x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.18x 0.11x 0.08x 0.07x
Mean 0.81x 0.75x 0.68x 0.64x
Median 0.93x 0.82x 0.68x 0.59x
High 1.28x 1.28x 1.28x 1.28x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 5.62x 4.96x 3.94x 3.25x
Mean 8.70x 8.25x 7.69x 7.33x
Median 8.85x 7.77x 6.87x 6.63x
High 13.16x 13.16x 13.16x 13.16x
Ticker
NYSE: J Jacobs Engineering Group Inc. 16,816
NYSE: PWR Quanta Services, Inc. 12,173
NYSE: ACM AECOM 9,470
NYSE: EME EMCOR Group, Inc. 6,146
NYSE: DY Dycom Industries, Inc. 2,843
NYSE: FLR Fluor Corporation 3,252
0.86x
9.05x
Company Name Market Cap (US$M)
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
0.60
0.70
0.80
0.90
1.00
1.10
1.20
1.30
1.40
1.50
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 6 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Consumer & Retail
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 1.26x 1.26x 1.16x 0.85x
Mean 3.47x 3.41x 3.31x 3.15x
Median 3.07x 3.07x 2.86x 2.37x
High 6.87x 6.87x 6.87x 6.87x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 9.62x 9.62x 9.39x 7.34x
Mean 16.80x 16.94x 16.21x 14.70x
Median 16.93x 17.24x 16.58x 15.46x
High 22.76x 24.47x 24.47x 24.47x
Ticker
TSX: QSR Restaurant Brands International Inc. 24,949
TSX: DOL Dollarama Inc. 17,226
TSX: CTC.A Canadian Tire Corporation, Limited 10,960
TSX: GIL Gildan Activewear Inc. 7,631
TSX: TOY Spin Master Corp. 3,580
3.61x
16.84x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 2.54x 2.26x 2.02x 1.55x
Mean 4.02x 4.14x 4.15x 3.97x
Median 4.49x 4.58x 4.56x 4.39x
High 5.81x 6.41x 6.64x 6.64x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 13.91x 13.68x 12.30x 7.85x
Mean 20.34x 20.63x 20.08x 18.67x
Median 17.37x 17.54x 17.39x 16.91x
High 36.18x 38.80x 38.80x 38.80x
Ticker
NYSE: PG The Procter & Gamble Company 333,493
NYSE: HD The Home Depot, Inc. 328,775
NYSE: NKE NIKE, Inc. 209,500
NASDAQGS: BKNG Booking Holdings Inc. 95,434
NYSE: CL Colgate-Palmolive Company 66,810
NYSE: TJX The TJX Companies, Inc. 79,775
3.96x
20.34x
Company Name Market Cap (US$M)
3.00
6.00
9.00
12.00
15.00
18.00
21.00
24.00
1.00
2.00
3.00
4.00
5.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
3.00
6.00
9.00
12.00
15.00
18.00
21.00
24.00
2.00
3.00
4.00
5.00
6.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 7 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Food & Beverage
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.56x 0.56x 0.56x 0.56x
Mean 0.88x 0.89x 0.89x 0.89x
Median 0.85x 0.86x 0.85x 0.85x
High 1.31x 1.31x 1.31x 1.31x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 7.85x 7.85x 7.85x 7.85x
Mean 9.44x 9.78x 10.20x 10.45x
Median 8.22x 8.85x 9.02x 9.28x
High 13.23x 14.36x 20.13x 20.40x
Ticker
TSX: ATD.B Alimentation Couche-Tard Inc. 44,091
TSX: L Loblaw Companies Limited 24,333
TSX: SAP Saputo Inc. 15,544
TSX: WN George Weston Limited 16,928
TSX: MRU Metro Inc. 14,224
TSX: EMP.A Empire Company Limited 10,442
TSX: MFI Maple Leaf Foods Inc. 3,531
0.89x
9.33x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.58x 0.52x 0.52x 0.52x
Mean 3.40x 3.36x 3.31x 3.24x
Median 3.20x 3.34x 3.31x 3.28x
High 7.77x 7.84x 7.84x 7.84x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 8.31x 7.47x 7.47x 7.05x
Mean 14.14x 14.17x 14.11x 13.85x
Median 12.35x 12.36x 12.37x 12.34x
High 20.11x 21.28x 21.41x 21.41x
Ticker
NYSE: WMT Walmart Inc. 382,643
NYSE: KO The Coca-Cola Company 227,144
NASDAQGS: PEP PepsiCo, Inc. 195,208
NASDAQGS: COST Costco Wholesale Corporation 156,027
NYSE: PM Philip Morris International Inc. 138,302
NYSE: MO Altria Group, Inc. 95,091
NASDAQGS: WBA Walgreens Boots Alliance, Inc. 47,455
3.48x
14.07x
Company Name Market Cap (US$M)
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
0.70
0.75
0.80
0.85
0.90
0.95
1.00
1.05
1.10
1.15
1.20
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
7.00
9.00
11.00
13.00
15.00
17.00
2.00
2.50
3.00
3.50
4.00
4.50
5.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 8 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Health & Pharmaceuticals
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.84x 0.81x 0.78x 0.78x
Mean 2.43x 2.32x 2.23x 2.16x
Median 2.80x 2.77x 2.59x 2.48x
High 4.39x 4.39x 4.39x 4.39x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 4.34x 3.91x 3.36x 3.36x
Mean 9.41x 9.06x 8.84x 8.69x
Median 10.33x 9.22x 8.96x 8.93x
High 15.28x 15.28x 15.28x 15.28x
Ticker
TSX: BHC Bausch Health Companies Inc. 14,200
TSX: SIA Sienna Senior Living Inc. 960
TSX: EXE Extendicare Inc. 689
TSX: DR Medical Facilities Corporation 226
TSX: CRH CRH Medical Corporation 356
2.56x
10.26x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 1.33x 1.33x 1.28x 1.19x
Mean 4.75x 4.70x 4.73x 4.66x
Median 5.29x 5.12x 4.98x 4.83x
High 6.65x 6.65x 7.16x 7.16x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 8.05x 8.05x 8.05x 8.05x
Mean 13.08x 13.10x 13.20x 13.06x
Median 12.98x 13.12x 13.13x 13.11x
High 16.15x 16.15x 16.15x 16.15x
Ticker
NYSE: JNJ Johnson & Johnson 432,685
NYSE: UNH UnitedHealth Group Incorporated 351,725
NYSE: MRK Merck & Co., Inc. 195,062
NYSE: PFE Pfizer Inc. 202,097
NYSE: ABBV AbbVie Inc. 190,989
NASDAQGS: AMGN Amgen Inc. 143,704
NASDAQGS: GILD Gilead Sciences, Inc. 81,373
4.70x
12.55x
Company Name Market Cap (US$M)
0.00
3.00
6.00
9.00
12.00
15.00
1.00
2.00
3.00
4.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
3.00
6.00
9.00
12.00
15.00
2.00
3.00
4.00
5.00
6.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 9 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Information Technology
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.20x 0.18x 0.18x 0.14x
Mean 5.82x 5.58x 5.53x 5.37x
Median 6.06x 5.25x 4.84x 4.74x
High 14.37x 14.37x 14.37x 14.37x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 4.59x 3.95x 3.95x 3.61x
Mean 23.31x 22.05x 22.20x 21.98x
Median 20.16x 19.91x 21.67x 22.24x
High 45.34x 45.34x 45.34x 45.34x
Ticker
TSX: CSU Constellation Software Inc. 37,192
TSX: GIB.A CGI Inc. 25,935
NASDAQGS: OTEX Open Text Corporation 16,311
TSX: DSG The Descartes Systems Group Inc 6,478
TSX: BB BlackBerry Limited 5,961
TSX: ENGH Enghouse Systems Limited 3,227
TSX: CLS Celestica Inc. 1,353
5.76x
22.19x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 3.07x 2.64x 2.64x 2.64x
Mean 6.36x 6.29x 6.24x 6.02x
Median 6.17x 5.77x 5.59x 5.31x
High 11.49x 11.49x 11.49x 11.49x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 6.50x 5.56x 5.56x 5.56x
Mean 18.83x 18.80x 18.68x 17.97x
Median 21.72x 21.51x 20.12x 18.20x
High 33.15x 36.36x 37.37x 37.37x
Ticker
NASDAQGS: AAPL Apple Inc. 2,050,666
NASDAQGS: MSFT Microsoft Corporation 1,778,228
NASDAQ: AMZN Amazon.com, Inc. 1,558,070
NASDAQGS: GOOG.L Alphabet Inc. 1,392,422
NASDAQ: FB Facebook, Inc. 838,724
NASDAQGS: INTC Intel Corporation 260,630
NYSE: ORCL Oracle Corporation 202,338
NASDAQGS: CSCO Cisco Systems, Inc. 218,309
6.34x
18.43x
Company Name Market Cap (US$M)
5.00
10.00
15.00
20.00
25.00
30.00
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
10.00
12.00
14.00
16.00
18.00
20.00
22.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 10 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Mining & Metal
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 2.34x 1.79x 1.41x 1.03x
Mean 8.41x 9.08x 9.81x 9.95x
Median 4.59x 4.82x 5.37x 5.65x
High 23.00x 27.25x 29.86x 30.50x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 4.82x 4.82x 3.24x 1.07x
Mean 13.81x 14.77x 15.67x 15.55x
Median 11.26x 10.57x 10.43x 10.37x
High 28.36x 34.35x 37.62x 37.99x
Ticker
TSX: ABX Barrick Gold Corporation 44,332
TSX: FNV Franco-Nevada Corporation 30,074
TSX: WPM Wheaton Precious Metals Corp. 21,589
NYSE: AEM Agnico Eagle Mines Limited 17,721
TSX: FM First Quantum Minerals Ltd. 16,483
TSX: KL Kirkland Lake Gold Ltd. 11,334
TSX: TECK.B Teck Resources Limited 12,841
7.95x
13.02x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.72x 0.51x 0.50x 0.40x
Mean 2.71x 2.55x 2.43x 2.29x
Median 1.19x 1.06x 1.03x 0.98x
High 7.76x 7.76x 7.76x 7.76x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 6.21x 5.00x 4.28x 2.86x
Mean 10.53x 10.13x 9.90x 9.42x
Median 9.05x 8.88x 8.82x 8.45x
High 18.30x 18.30x 20.51x 20.51x
Ticker
NYSE: SCCO Southern Copper Corporation 52,468
NYSE: NEM Newmont Corporation 48,235
NYSE: FCX Freeport-McMoRan Inc. 48,028
NYSE: NUE Nucor Corporation 23,976
NASDAQGS: STLD Steel Dynamics, Inc. 10,721
NYSE: RS Reliance Steel & Aluminum Co. 9,686
NYSE: AA Alcoa Corporation 6,054
NYSE: WOR Worthington Industries, Inc. 3,476
2.78x
10.87x
Company Name Market Cap (US$M)
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
0.00
2.00
4.00
6.00
8.00
10.00
12.00
0.40
0.90
1.40
1.90
2.40
2.90
3.40
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 11 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Oil & Gas
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.98x 0.64x 0.62x 0.50x
Mean 4.14x 3.95x 3.86x 3.77x
Median 4.01x 3.64x 3.54x 3.40x
High 8.48x 8.48x 8.87x 8.91x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 7.77x 6.50x 5.03x 3.98x
Mean 13.69x 13.00x 12.54x 11.64x
Median 12.02x 11.70x 11.65x 11.59x
High 31.57x 31.57x 31.57x 31.57x
Ticker
TSX: ENB Enbridge Inc. 92,729
NYSE: TRP TC Energy Corporation 56,354
TSX: CNQ Canadian Natural Resources Limited 46,086
TSX: SU Suncor Energy Inc. 39,987
TSX: IMO Imperial Oil Limited 22,345
TSX: PPL Pembina Pipeline Corporation 19,963
4.35x
14.26x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 0.62x 0.42x 0.41x 0.37x
Mean 3.06x 2.71x 2.53x 2.42x
Median 2.89x 2.57x 2.26x 2.10x
High 6.08x 6.08x 6.08x 6.08x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 7.79x 4.48x 3.77x 3.13x
Mean 12.50x 10.82x 9.66x 8.86x
Median 10.75x 9.69x 8.68x 8.26x
High 22.73x 22.73x 22.73x 22.73x
Ticker
NYSE: XOM Exxon Mobil Corporation 236,358
NYSE: CVX Chevron Corporation 202,030
NYSE: EPD Enterprise Products Partners L.P. 48,039
NYSE: COP ConocoPhillips 71,623
NYSE: KMI Kinder Morgan, Inc. 37,703
NYSE: PSX Phillips 66 35,627
NYSE: EOG EOG Resources, Inc. 42,332
NYSE: OXY Occidental Petroleum Corporation 24,849
3.41x
13.62x
Company Name Market Cap (US$M)
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
1.50
2.50
3.50
4.50
5.50
6.50
7.50
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 12 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Power & Utilities
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 4.08x 3.94x 3.83x 3.54x
Mean 7.34x 7.22x 7.05x 6.91x
Median 5.85x 5.87x 5.93x 5.94x
High 16.15x 16.15x 16.15x 16.15x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 9.55x 9.29x 9.22x 8.53x
Mean 15.54x 15.33x 15.01x 14.74x
Median 13.30x 13.50x 13.48x 13.50x
High 26.15x 26.15x 26.15x 26.15x
Ticker
TSX: FTS Fortis Inc. 25,574
NYSE: BIP Brookfield Infrastructure Partners L.P. 19,790
TSX: EMA Emera Incorporated 14,174
TSX: AQN Algonquin Power & Utilities Corp. 11,920
TSX: CU Canadian Utilities Limited 9,210
TSX: ACO.X ATCO Ltd. 4,780
TSX: RNW TransAlta Renewables Inc. 5,489
7.11x
15.22x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 2.43x 2.37x 2.26x 2.23x
Mean 5.93x 5.88x 5.76x 5.65x
Median 5.71x 5.70x 5.60x 5.41x
High 11.82x 11.82x 11.82x 11.82x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 8.48x 8.48x 8.35x 7.69x
Mean 13.74x 13.55x 13.28x 13.00x
Median 12.56x 12.66x 12.57x 12.57x
High 26.22x 26.22x 26.22x 26.22x
Ticker
NYSE: NEE NextEra Energy, Inc. 148,305
NYSE: DUK Duke Energy Corporation 74,252
NYSE: SO The Southern Company 65,679
NYSE: D Dominion Energy, Inc. 61,224
NasdaqGS:AEP American Electric Power Company, Inc. 42,067
NasdaqGS:EXC Exelon Corporation 42,723
NYSE: SRE Sempra Energy 40,133
NYSE: PEG Public Service Enterprise Group Incorporated 30,412
6.00x
14.00x
Company Name Market Cap (US$M)
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 13 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Real Estate
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 8.40x 7.57x 7.25x 6.82x
Mean 14.71x 14.40x 14.20x 14.08x
Median 14.84x 14.84x 13.99x 13.76x
High 20.94x 22.37x 23.26x 23.70x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 14.01x 10.56x 9.67x 9.08x
Mean 22.10x 21.45x 21.12x 20.91x
Median 21.66x 21.55x 21.29x 20.77x
High 30.69x 32.73x 34.75x 35.57x
Ticker
NYSE: AMT American Tower Corporation (REIT) 106,235
NYSE: PLD Prologis, Inc. 78,387
NYSE: CCI Crown Castle International Corp. (REIT) 74,392
NYSE: PSA Public Storage 43,131
NYSE: SPG Simon Property Group, Inc. 37,338
NYSE: WELL Welltower Inc. 29,897
NYSE: AVB AvalonBay Communities, Inc. 25,693
NYSE: EQR Equity Residential 26,694
15.13x
23.09x
Company Name Market Cap (US$M)
9.00
11.00
13.00
15.00
17.00
19.00
21.00
23.00
25.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
0.00
5.00
10.00
15.00
20.00
25.00
30.00
7.00
9.00
11.00
13.00
15.00
17.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 7.31x 6.99x 6.93x 6.93x
Mean 11.61x 11.39x 11.20x 11.11x
Median 11.89x 11.70x 11.66x 11.01x
High 16.66x 16.66x 16.66x 16.66x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 15.34x 14.36x 14.17x 14.01x
Mean 20.85x 20.58x 20.33x 20.21x
Median 20.25x 19.33x 18.72x 18.35x
High 27.15x 27.15x 27.15x 28.18x
Ticker
TSX: CAR.UN Canadian Apartment Properties REIT 9,292
TSX: REI.UN RioCan Real Estate Investment Trust 6,183
TSX: AP.UN Allied Properties REIT 5,172
TSX: CHP.UN Choice Properties REIT 4,433
TSX: HR.UN H&R Real Estate Investment Trust 4,091
TSX: FCR.UN First Capital REIT 3,618
TSX: CUF.UN Cominar Real Estate Investment Trust 1,702
11.93x
21.35x
Company Name Market Cap (CA$M)
First Quarter of 2021
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation
Source: Capital IQ
CA
NA
DA
UN
IT
ED
S
TA
TE
S
Page 14 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada
Telecommunications
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 3.45x 3.27x 3.23x 3.22x
Mean 3.51x 3.46x 3.43x 3.40x
Median 3.53x 3.49x 3.46x 3.44x
High 3.58x 3.58x 3.58x 3.58x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 8.21x 8.13x 7.99x 7.99x
Mean 9.60x 9.56x 9.41x 9.27x
Median 8.92x 8.94x 8.92x 8.92x
High 12.08x 12.08x 12.08x 12.08x
Ticker
TSX: BCE BCE Inc. 51,316
TSX: T TELUS Corporation 33,761
TSX: RCI.B Rogers Communications Inc. 29,489
3.55x
9.51x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 1.23x 1.19x 1.19x 1.19x
Mean 5.48x 5.65x 5.75x 5.76x
Median 2.57x 2.58x 2.57x 2.58x
High 20.75x 23.22x 23.33x 23.33x
TEV/EBITDA Multiples
Average as of Last 3 Last 6 Last 9 Last 12
March 31, 2021 Months Months Months Months
Low 4.03x 3.94x 3.94x 3.94x
Mean 9.64x 9.90x 10.09x 10.12x
Median 6.98x 6.98x 7.00x 6.99x
High 25.80x 28.47x 28.61x 28.61x
Ticker
NYSE: VZ Verizon Communications Inc. 240,633
NYSE: T AT&T Inc. 216,081
NASDAQGS: TMUS T-Mobile US, Inc. 155,711
NASDAQGS: SBAC SBA Communications Corporation 30,343
NYSE:LUMN Lumen Technologies, Inc. 14,643
NYSE: USM United States Cellular Corporation 3,141
5.42x
9.48x
Company Name Market Cap (US$M)
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
2.50
3.00
3.50
4.00
4.50
5.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
2017 2018 2019 2020 2021
TE
V/E
BIT
DA
TE
V/R
eve
nu
e
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