Industry Multiples Global Report - 0606

8/8/2019 Industry Multiples Global Report - 0606

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Copyright 2006 Valmetrics 13 / 71

13. Automobile Manufacturers

Companies that produce mainly passenger automobiles and light trucks. Excludescompanies producing mainly motorcycles and three-wheelers classified in the MotorcycleManufacturers sub-industry and heavy duty trucks classified in the Construction & FarmMachinery & Heavy Trucks sub-industry.

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

Number of observations 42 42 42 42 42Non available multiples 1 3 1 0 0Non meaningful multiples 9 14 16 15 9Short-listed multiples 32 25 25 27 33Minimum 0.18x 3.2x 4.6x 2.9x 0.2x

1st quartile 0.43x 7.0x 8.4x 9.5x 1.0xMedian 0.69x 7.6x 15.8x 11.4x 1.2x3rd quartile 0.86x 11.1x 24.8x 19.6x 1.7xMaximum 1.61x 22.2x 39.1x 44.0x 3.5xMean 0.71x 9.6x 18.7x 16.1x 1.4xStd deviation as % of mean 48% 53% 55% 66% 47%Modal interval [0.35 - 0.62[ [5.7 - 8.5[ [0 - 11.2[ [6.7 - 13.4[ [1 - 1.4[Modal interval frequency 34.4% 48.0% 36.0% 55.6% 33.3%Mode estimate 0.62x 7.2x 9.1x 10.6x 1.2xValmetrics multiple 0.71x 7.6x 15.8x 11.4x 1.4xMultiple rating (10=highest) 8 4 1 2 5

14. Biotechnology

Companies primarily involved in the development, manufacturing or marketing of productsbased on advanced biotechnology research.


Number of observations 184 184 184 184 184Non available multiples 21 15 14 12 11Non meaningful multiples 46 124 133 140 31Short-listed multiples 117 45 37 32 142Minimum 0.44x 0.1x 0.1x 3.5x 0.0x1st quartile 3.17x 11.0x 10.0x 22.4x 1.7xMedian 5.95x 18.1x 23.3x 35.3x 2.9x3rd quartile 10.58x 34.3x 30.6x 67.2x 5.1xMaximum 25.81x 78.9x 73.0x 131.7x 11.3xMean 7.59x 23.1x 23.7x 47.0x 3.6xStd deviation as % of mean 77% 85% 75% 75% 70%Modal interval [3.03 - 6.06[ [13.1 - 26.2[ [24.7 - 37.1[ [0 - 28.2[ [1.3 - 2.6[Modal interval frequency 25.6% 42.2% 32.4% 37.5% 26.8%Mode estimate 3.41x 17.0x 28.8x 24.2x 2.1xValmetrics multiple 5.95x 17.0x 28.8x 24.2x 2.9xMultiple rating (10=highest) 2 4 6 1 4


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15. Brewers

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


Number of observations 48 48 48 48 48Non available multiples 3 3 3 3 3Non meaningful multiples 10 9 10 10 8Short-listed multiples 35 36 35 35 37Minimum 0.20x 1.5x 1.8x 3.6x 0.3x1st quartile 1.11x 6.8x 9.7x 14.5x 1.5xMedian 1.77x 10.0x 14.4x 19.6x 1.9x

3rd quartile 2.09x 11.9x 17.9x 33.3x 2.9xMaximum 4.35x 18.1x 45.1x 74.3x 5.1xMean 1.77x 9.4x 15.7x 26.2x 2.1xStd deviation as % of mean 57% 43% 62% 71% 48%Modal interval [1.38 - 1.98[ [9.8 - 12.9[ [5.9 - 10.9[ [11.5 - 22.9[ [1 - 1.8[Modal interval frequency 31.4% 33.3% 25.7% 45.7% 32.4%Mode estimate 1.53x 10.9x 10.9x 17.4x 1.8xValmetrics multiple 1.77x 9.4x 14.4x 17.4x 2.1xMultiple rating (10=highest) 8 8 4 3 5

16. Broadcasting & Cable TV

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


Number of observations 108 108 108 108 108Non available multiples 12 12 12 12 10Non meaningful multiples 9 24 26 39 23Short-listed multiples 87 72 70 57 75Minimum 0.12x 3.5x 1.4x 0.3x 0.2x1st quartile 1.78x 7.6x 10.6x 12.0x 1.0xMedian 2.71x 10.1x 13.3x 20.6x 1.7x3rd quartile 3.68x 11.7x 18.7x 26.0x 2.9xMaximum 7.11x 18.8x 32.3x 47.6x 6.6xMean 2.84x 9.8x 14.5x 20.6x 2.1xStd deviation as % of mean 53% 35% 43% 51% 71%Modal interval [1.72 - 2.58[ [9.2 - 11.1[ [9 - 12.9[ [14.5 - 21.8[ [0.9 - 1.8[Modal interval frequency 25.3% 23.6% 31.4% 33.3% 32.0%Mode estimate 2.45x 10.3x 11.4x 18.4x 1.3xValmetrics multiple 2.84x 9.8x 14.5x 20.6x 1.3xMultiple rating (10=highest) 8 9 6 8 2


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17. Building Products

Manufacturers of building components and home improvement products and equipment.Excludes lumber and plywood classified under Forest Products and cement and othermaterials classified in the Construction Materials sub-industry.



3rd quartile 1.51x 10.3x 13.6x 18.5x 2.6xMaximum 3.20x 20.8x 24.6x 30.7x 5.3xMean 1.11x 8.4x 11.0x 16.1x 2.0xStd deviation as % of mean 64% 45% 36% 34% 52%Modal interval [0.47 - 0.86[ [6.5 - 8.4[ [9.8 - 12.5[ [14.5 - 16.9[ [1.8 - 2.4[Modal interval frequency 35.7% 24.5% 23.5% 23.5% 24.8%Mode estimate 0.67x 7.7x 11.6x 16.3x 2.1xValmetrics multiple 0.67x 8.4x 11.0x 16.1x 2.0xMultiple rating (10=highest) 3 9 9 8 5

18. Casinos & Gaming

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


Number of observations 44 44 44 44 44Non available multiples 4 3 3 3 3Non meaningful multiples 3 9 12 13 7Short-listed multiples 37 32 29 28 34Minimum 0.03x 0.3x 0.3x 6.5x 0.2x1st quartile 2.24x 11.6x 14.1x 21.6x 2.4xMedian 2.72x 13.3x 19.0x 31.0x 3.4x3rd quartile 4.15x 19.3x 26.3x 39.1x 5.5xMaximum 7.71x 26.3x 31.3x 53.0x 11.7x

Mean 3.02x 14.4x 19.7x 30.8x 4.2xStd deviation as % of mean 62% 40% 37% 37% 72%Modal interval [2.29 - 3.44[ [9.7 - 14.5[ [15.8 - 23.8[ [24 - 35.6[ [2.1 - 4[Modal interval frequency 32.4% 34.4% 34.5% 35.7% 32.4%Mode estimate 2.79x 12.3x 23.8x 31.7x 3.0xValmetrics multiple 2.79x 14.4x 19.7x 30.8x 3.0xMultiple rating (10=highest) 8 8 4 8 5


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19. Catalogue retail

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




20. Commercial Printing

Companies providing commercial printing services. Includes printers primarily serving themedia industry.



Mean 0.87x 7.2x 12.2x 27.8x 1.8xStd deviation as % of mean 51% 38% 47% 85% 49%Modal interval [0.35 - 0.64[ [5.4 - 7.5[ [5.7 - 10[ [2.7 - 26.9[ [1 - 1.7[Modal interval frequency 33.3% 36.4% 40.0% 65.0% 36.4%Mode estimate 0.58x 6.4x 9.0x 16.4x 1.4xValmetrics multiple 0.87x 7.2x 12.2x 16.4x 1.8xMultiple rating (10=highest) 4 8 4 1 5


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21. Commodity Chemicals

Companies that primarily produce industrial chemicals and basic chemicals. Including but notlimited to plastics, synthetic fibbers, films, commodity-based paints & pigments, explosivesand petrochemicals. Excludes chemical companies classified in the Diversified Chemicals,Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries.


Number of observations 187 187 187 187 187Non available multiples 8 8 8 6 6Non meaningful multiples 27 51 67 72 42Short-listed multiples 152 128 112 109 139Minimum 0.08x 0.8x 0.9x 0.6x 0.1x1st quartile 0.69x 5.6x 8.5x 8.8x 0.9x

Median 1.01x 8.9x 12.4x 15.8x 1.4x3rd quartile 1.75x 12.5x 19.8x 29.6x 2.0xMaximum 3.51x 26.9x 39.4x 80.0x 3.7xMean 1.27x 9.7x 15.0x 22.3x 1.5xStd deviation as % of mean 63% 57% 59% 82% 52%Modal interval [0.4 - 0.8[ [5.6 - 8.3[ [4.7 - 9.4[ [8.7 - 17.4[ [0.9 - 1.3[Modal interval frequency 25.0% 23.4% 28.6% 30.3% 19.4%Mode estimate 0.77x 6.5x 8.1x 11.1x 1.3xValmetrics multiple 1.01x 8.9x 12.4x 11.1x 1.5xMultiple rating (10=highest) 4 4 2 1 5

22. Computer & Electronics Retail

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


Number of observations 26 26 26 26 26Non available multiples 4 5 4 3 3Non meaningful multiples 2 5 5 5 2Short-listed multiples 20 16 17 18 21

Minimum 0.13x 3.3x 2.8x 5.2x 0.6x1st quartile 0.36x 7.4x 10.4x 10.8x 1.6xMedian 0.42x 10.7x 13.5x 18.1x 2.6x3rd quartile 0.66x 12.3x 17.3x 28.7x 3.7xMaximum 1.16x 18.8x 26.2x 58.0x 5.6x

Mean 0.49x 10.4x 13.6x 22.0x 2.7xStd deviation as % of mean 58% 41% 46% 67% 57%Modal interval [0.32 - 0.53[ [9.1 - 13[ [11.8 - 17.2[ [4.4 - 18[ [1.6 - 3.1[Modal interval frequency 45.0% 37.5% 29.4% 50.0% 42.9%Mode estimate 0.40x 10.4x 17.2x 13.8x 2.2xValmetrics multiple 0.42x 10.4x 13.6x 18.1x 2.7xMultiple rating (10=highest) 6 9 5 3 5


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23. Computer Hardware

Manufacturers of personal computers, servers, mainframes and workstations. Includesmanufacturers of Automatic Teller Machines (ATMs). Excludes manufacturers of copiers,faxes and related products classified in the Office Electronics sub-industry.



3rd quartile 1.23x 18.4x 25.1x 34.4x 2.5xMaximum 2.99x 26.5x 40.9x 68.9x 7.2xMean 0.97x 13.3x 16.6x 24.1x 2.1xStd deviation as % of mean 71% 54% 58% 75% 72%Modal interval [0 - 0.46[ [6.1 - 12.2[ [9.3 - 18.5[ [0.3 - 14.1[ [0.8 - 1.5[Modal interval frequency 28.3% 36.1% 41.9% 39.5% 24.4%Mode estimate 0.46x 10.3x 15.7x 10.1x 1.3xValmetrics multiple 0.89x 10.3x 15.7x 10.1x 1.8xMultiple rating (10=highest) 3 5 9 1 4

24. Computer Storage & Peripherals

Manufacturers of electronic computer components and peripherals. Includes data storagecomponents, motherboards, audio and video cards, monitors, keyboards, printers and otherperipherals. Excludes semiconductors classified in the Semiconductors sub-industry.



Mean 0.95x 11.1x 12.8x 18.5x 1.8xStd deviation as % of mean 67% 61% 51% 57% 62%Modal interval [0.32 - 0.65[ [3.9 - 7.7[ [4.9 - 9.9[ [3.7 - 10.9[ [0.7 - 1.4[Modal interval frequency 23.5% 30.9% 27.8% 30.6% 31.0%Mode estimate 0.53x 7.3x 9.4x 10.4x 1.1xValmetrics multiple 0.87x 7.3x 11.0x 16.2x 1.1xMultiple rating (10=highest) 4 3 5 3 3


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25. Construction & Engineering

Companies engaged in primarily non-residential construction. Includes civil engineeringcompanies and large-scale contractors. Excludes companies classified in the Homebuildingsub-industry.



3rd quartile 1.20x 15.3x 23.4x 29.1x 3.0xMaximum 3.11x 27.5x 43.3x 55.8x 6.4xMean 0.82x 12.0x 17.6x 21.9x 2.2xStd deviation as % of mean 81% 49% 49% 56% 67%Modal interval [0 - 0.33[ [8.8 - 11.7[ [9.8 - 14.7[ [11.8 - 17.7[ [0.7 - 1.4[Modal interval frequency 28.0% 28.3% 27.0% 27.0% 24.7%Mode estimate 0.30x 10.0x 13.1x 15.3x 1.1xValmetrics multiple 0.61x 12.0x 17.6x 19.1x 1.9xMultiple rating (10=highest) 2 7 5 4 3

26. Construction & Farm Machinery & Heavy Trucks

Manufacturers of heavy duty trucks, rolling machinery, earth-moving and constructionequipment, heavy farm machinery and manufacturers of related parts. Includes non-militaryshipbuilding.



Mean 1.01x 11.7x 16.2x 25.8x 2.5xStd deviation as % of mean 62% 50% 56% 68% 52%Modal interval [0.64 - 0.96[ [4.4 - 8[ [5.2 - 10[ [3 - 13.7[ [1.4 - 2.2[Modal interval frequency 31.9% 32.6% 28.4% 31.7% 25.3%Mode estimate 0.75x 6.9x 9.4x 13.3x 2.0xValmetrics multiple 0.75x 11.7x 14.5x 13.3x 2.5xMultiple rating (10=highest) 5 4 3 1 5


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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 classifiedin the Building Products sub-industry.




28. Consumer Electronics

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



Mean 1.08x 11.9x 18.1x 21.2x 2.1xStd deviation as % of mean 102% 50% 50% 52% 62%Modal interval [0 - 0.96[ [6.6 - 12.3[ [11.6 - 20.7[ [18.1 - 31.1[ [1.3 - 2.3[Modal interval frequency 63.6% 35.7% 33.3% 47.6% 35.3%Mode estimate 0.54x 8.7x 16.2x 19.5x 1.6xValmetrics multiple 0.54x 11.9x 18.1x 23.1x 1.6xMultiple rating (10=highest) 2 4 7 7 5


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29. Data Processing & Outsourced Services

Providers of commercial electronic data processing and/or business process outsourcingservices. Includes companies that provide services for back-office automation.



3rd quartile 3.20x 12.9x 18.7x 30.8x 4.6xMaximum 5.59x 17.6x 22.8x 45.6x 8.5xMean 2.20x 10.0x 14.2x 24.7x 3.2xStd deviation as % of mean 61% 40% 38% 41% 56%Modal interval [1.22 - 2.44[ [6.6 - 9.9[ [9.6 - 14.4[ [17.8 - 25.7[ [0.4 - 2[Modal interval frequency 37.8% 41.7% 34.3% 34.3% 35.1%Mode estimate 1.62x 8.6x 13.4x 21.4x 1.8xValmetrics multiple 1.62x 10.0x 14.2x 24.7x 1.8xMultiple rating (10=highest) 5 9 10 8 3

30. Department Stores

Owners and operators of department stores.


Number of observations 78 78 78 78 78Non available multiples 6 6 6 6 6Non meaningful multiples 12 14 24 25 10Short-listed multiples 60 58 48 47 62Minimum 0.18x 4.4x 5.1x 2.6x 0.2x1st quartile 0.49x 8.3x 11.3x 16.5x 1.5xMedian 0.84x 11.3x 15.8x 22.8x 2.0x3rd quartile 1.31x 17.3x 26.2x 41.9x 2.8xMaximum 2.21x 33.3x 53.2x 116.4x 5.0xMean 0.93x 13.4x 20.1x 34.8x 2.2xStd deviation as % of mean 54% 55% 59% 76% 51%Modal interval [0.56 - 0.98[ [7.2 - 11.9[ [12.7 - 21[ [14 - 28.1[ [1.3 - 2[Modal interval frequency 33.3% 36.2% 33.3% 42.6% 25.8%Mode estimate 0.70x 9.8x 13.7x 21.9x 1.8xValmetrics multiple 0.84x 9.8x 15.8x 21.9x 2.2xMultiple rating (10=highest) 6 5 4 2 5


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31. Distillers & Vintners

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



3rd quartile 5.62x 19.1x 27.5x 53.9x 4.3xMaximum 11.58x 31.6x 49.2x 128.6x 7.3xMean 3.66x 15.8x 22.1x 43.0x 3.2xStd deviation as % of mean 75% 39% 46% 75% 65%Modal interval [0 - 2.52[ [14.7 - 19[ [13.6 - 21[ [3.4 - 25.1[ [1.6 - 3.1[Modal interval frequency 36.8% 27.3% 33.3% 41.9% 36.8%Mode estimate 2.20x 16.1x 18.5x 21.0x 2.2xValmetrics multiple 2.20x 15.8x 22.1x 21.0x 2.2xMultiple rating (10=highest) 3 10 7 2 4

32. Distributors

Distributors and wholesalers of general merchandise not classified elsewhere. Includesvehicle distributors.





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33. Diversified Chemicals

Manufacturers of a diversified range of chemical products not classified in the IndustrialGases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicalssub-industries.




34. Diversified Commercial Services

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


Number of observations 145 145 145 145 145Non available multiples 20 21 20 19 19Non meaningful multiples 15 23 33 40 16Short-listed multiples 110 101 92 86 110Minimum 0.02x 2.1x 2.1x 0.0x 0.0x1st quartile 0.68x 6.8x 9.8x 12.4x 1.4xMedian 1.12x 8.9x 13.5x 18.8x 2.4x3rd quartile 1.86x 11.5x 17.0x 24.5x 3.5xMaximum 4.02x 22.1x 28.8x 51.7x 6.3xMean 1.35x 9.2x 13.5x 18.9x 2.5xStd deviation as % of mean 67% 41% 40% 51% 52%Modal interval [0.49 - 0.98[ [10.1 - 12.1[ [10.7 - 13.8[ [16.4 - 21.9[ [0.8 - 1.7[Modal interval frequency 31.8% 20.8% 26.1% 25.6% 26.4%Mode estimate 0.85x 10.6x 13.0x 17.8x 1.5xValmetrics multiple 0.85x 9.2x 13.5x 18.9x 2.5xMultiple rating (10=highest) 3 8 9 8 5


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35. Diversified Metals & Mining

Companies engaged in diversified production or extraction of metals and minerals notclassified elsewhere. Includes companies that are primarily involved in coal mining orproduction.




36. Drug Retail

Owners and operators of primarily drug retail stores and pharmacies.





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37. Electric Utilities

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




38. Electrical Components & Equipment

Companies that produce electric cables and wires, electrical components or equipment notclassified in the Heavy Electrical Equipment sub-industry.




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39. Electronic Equipment Manufacturers

Producers of electronic equipment, instruments or components. Includes analytical,electronic test and measurement instruments, electronic components, connection devicesand equipment not classified elsewhere. Excludes OEM suppliers classified in the ElectronicManufacturing Services sub-industry.



Median 1.20x 10.5x 14.7x 22.1x 1.7x3rd quartile 1.81x 13.8x 22.8x 31.1x 2.8xMaximum 4.15x 25.4x 51.1x 61.3x 5.6xMean 1.34x 10.8x 18.0x 24.4x 2.1xStd deviation as % of mean 69% 51% 59% 59% 61%Modal interval [0.41 - 0.81[ [11 - 13.7[ [9.5 - 14.3[ [22.1 - 29.1[ [1.1 - 1.7[Modal interval frequency 22.3% 21.1% 25.8% 22.5% 24.6%Mode estimate 0.63x 12.0x 11.6x 22.4x 1.4xValmetrics multiple 1.20x 10.8x 14.7x 22.1x 1.7xMultiple rating (10=highest) 3 8 4 8 5

40. Electronic Manufacturing Services

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



Mean 0.89x 9.3x 14.0x 18.1x 2.1xStd deviation as % of mean 83% 46% 46% 62% 60%Modal interval [0 - 0.56[ [4.9 - 9[ [7.9 - 14.6[ [0.2 - 11.1[ [0.3 - 1.3[Modal interval frequency 47.5% 34.3% 31.3% 37.0% 34.1%Mode estimate 0.37x 7.3x 14.6x 10.1x 1.1xValmetrics multiple 0.37x 9.3x 14.0x 17.0x 1.8xMultiple rating (10=highest) 2 7 9 2 3


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41. Employment Services

Employment agencies and related services.




42. Environmental Services

Providers of environmental services. Includes waste management and pollution controlservices. Excludes large-scale water treatment systems classified in the Water Utilities sub-industry.



Mean 1.87x 10.7x 17.0x 19.6x 2.6xStd deviation as % of mean 83% 42% 44% 39% 61%Modal interval [0 - 1.29[ [5.9 - 10[ [11 - 16.5[ [21.4 - 28.5[ [0 - 1.3[Modal interval frequency 44.7% 39.4% 41.9% 40.7% 29.7%Mode estimate 0.91x 8.6x 14.1x 23.1x 1.2xValmetrics multiple 0.91x 10.7x 14.1x 19.6x 2.6xMultiple rating (10=highest) 2 8 6 6 3


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43. Fertilizers & Agricultural Chemicals

Producers of fertilizers, pesticides, potash or other agriculture-related chemicals notclassified elsewhere.



3rd quartile 2.24x 13.2x 18.4x 29.5x 2.6xMaximum 3.93x 21.7x 30.6x 71.8x 4.2xMean 1.65x 9.9x 13.9x 21.2x 2.1xStd deviation as % of mean 50% 46% 44% 72% 46%Modal interval [0.92 - 1.55[ [6.8 - 10.6[ [9.7 - 15[ [10.9 - 21.8[ [1.7 - 2.4[Modal interval frequency 29.2% 42.2% 42.9% 36.6% 29.4%Mode estimate 1.28x 8.1x 11.7x 13.6x 1.8xValmetrics multiple 1.65x 8.1x 11.7x 13.6x 2.1xMultiple rating (10=highest) 6 6 7 2 5

44. Food Distributors

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



Mean 0.61x 11.9x 14.9x 18.0x 2.3xStd deviation as % of mean 67% 59% 36% 57% 77%Modal interval [0.33 - 0.64[ [6.6 - 13.2[ [8.5 - 13.8[ [0 - 14.2[ [0 - 2[Modal interval frequency 36.8% 52.9% 33.3% 42.1% 55.0%Mode estimate 0.43x 10.2x 13.8x 12.6x 1.3xValmetrics multiple 0.47x 10.8x 14.9x 18.0x 1.7xMultiple rating (10=highest) 4 7 8 5 2


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45. Food Retail

Owners and operators of primarily food retail stores.


Number of observations 55 55 55 55 55Non available multiples 8 8 8 8 8Non meaningful multiples 7 7 11 15 5Short-listed multiples 40 40 36 32 42Minimum 0.02x 2.4x 3.3x 2.7x 0.8x1st quartile 0.28x 6.4x 10.2x 14.8x 1.2xMedian 0.41x 7.7x 12.5x 16.8x 1.8x3rd quartile 0.54x 10.1x 16.1x 20.2x 2.7x

Maximum 0.87x 17.0x 25.4x 27.5x 5.1xMean 0.42x 8.7x 13.3x 17.2x 2.1xStd deviation as % of mean 45% 40% 36% 31% 57%Modal interval [0.31 - 0.46[ [6.4 - 8.6[ [9 - 12.6[ [18.4 - 21.8[ [1.2 - 2.1[Modal interval frequency 30.0% 35.0% 38.9% 28.1% 33.3%Mode estimate 0.40x 7.4x 11.0x 18.9x 1.5xValmetrics multiple 0.42x 8.7x 13.3x 17.2x 1.8xMultiple rating (10=highest) 8 9 8 8 5

46. Footwear

Manufacturers of footwear. Includes sport and leather shoes.





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47. Forest Products

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



Mean 1.89x 12.5x 17.7x 20.4x 1.3xStd deviation as % of mean 81% 78% 66% 74% 53%Modal interval [0 - 1.53[ [7 - 14.1[ [12 - 22.1[ [9.3 - 18.5[ [0.5 - 1[Modal interval frequency 51.7% 44.4% 37.5% 43.5% 37.9%Mode estimate 1.00x 8.9x 13.4x 13.1x 0.9xValmetrics multiple 1.33x 9.3x 14.4x 16.8x 1.3xMultiple rating (10=highest) 2 4 4 3 4

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





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49. General Merchandise Stores

Owners and operators of stores offering diversified general merchandise. Excludeshypermarkets and large-scale super centers classified in the Hypermarkets & SuperCenters sub-industry.



Median 0.84x 9.1x 13.4x 22.7x 2.6x3rd quartile 1.37x 14.5x 21.4x 31.7x 3.0xMaximum 3.67x 21.5x 34.4x 40.6x 3.4xMean 1.23x 11.0x 15.5x 24.0x 2.4xStd deviation as % of mean 83% 51% 53% 40% 29%Modal interval [0.5 - 0.99[ [4.9 - 9.8[ [7.6 - 15.2[ [8.4 - 20[ [2.8 - 3.6[Modal interval frequency 46.2% 42.3% 50.0% 45.5% 44.0%Mode estimate 0.74x 7.9x 11.4x 16.7x 3.0xValmetrics multiple 0.84x 9.1x 13.4x 24.0x 2.4xMultiple rating (10=highest) 2 4 5 5 5

50. Gold

Producers of gold and related products, including companies that mine or process gold andthe South African finance houses which primarily invest in, but do not operate, gold mines.


Number of observations 77 77 77 77 77Non available multiples 31 13 10 9 9Non meaningful multiples 13 41 51 49 9Short-listed multiples 33 23 16 19 59Minimum 0.48x 3.0x 3.1x 5.1x 0.7x1st quartile 2.44x 13.6x 19.6x 11.7x 2.3xMedian 5.04x 20.5x 31.4x 34.5x 3.4x3rd quartile 9.73x 41.0x 35.1x 55.7x 6.0xMaximum 24.12x 84.4x 66.1x 120.4x 12.6xMean 7.29x 29.9x 28.1x 39.5x 4.5xStd deviation as % of mean 96% 83% 55% 77% 63%Modal interval [0 - 4.55[ [0 - 19.2[ [24.7 - 37[ [33 - 65.9[ [1.9 - 3.8[Modal interval frequency 45.5% 47.8% 43.8% 47.4% 39.0%Mode estimate 3.25x 12.5x 30.1x 36.6x 2.9xValmetrics multiple 3.25x 20.5x 31.4x 34.5x 2.9xMultiple rating (10=highest) 2 0 7 7 3


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51. Health Care Services

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




52. Health Care Distributors

Distributors and wholesalers of health care products not classified elsewhere.



Mean 0.98x 13.5x 18.9x 27.2x 2.9xStd deviation as % of mean 96% 44% 50% 58% 66%Modal interval [0 - 0.63[ [10.6 - 15.1[ [13.7 - 20.3[ [13 - 25.9[ [0 - 1.7[Modal interval frequency 50.0% 37.0% 38.5% 40.7% 35.5%Mode estimate 0.40x 12.3x 16.1x 21.2x 1.4xValmetrics multiple 0.62x 13.5x 18.9x 24.7x 1.4xMultiple rating (10=highest) 1 8 8 4 2


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53. Health Care Equipment

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



3rd quartile 3.80x 18.7x 21.4x 38.2x 4.8xMaximum 7.55x 37.2x 45.0x 71.8x 10.3xMean 2.88x 15.1x 18.0x 32.1x 3.7xStd deviation as % of mean 59% 52% 49% 43% 63%Modal interval [1.05 - 2.01[ [11.8 - 15.8[ [15.2 - 19[ [22.4 - 29.9[ [1.2 - 2.3[Modal interval frequency 24.0% 25.6% 26.3% 27.6% 30.6%Mode estimate 1.81x 13.0x 16.4x 25.9x 1.9xValmetrics multiple 2.88x 15.1x 18.0x 32.1x 1.9xMultiple rating (10=highest) 5 8 9 7 2

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.




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55. Health Care Supplies

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



Maximum 6.31x 23.2x 19.9x 52.6x 7.9xMean 2.89x 12.5x 14.9x 26.7x 3.6xStd deviation as % of mean 51% 33% 22% 43% 55%Modal interval [2.59 - 3.84[ [11.7 - 14.6[ [10.3 - 14[ [12.5 - 22.8[ [1.9 - 3.6[Modal interval frequency 43.8% 37.5% 33.3% 40.7% 36.4%Mode estimate 3.18x 12.4x 13.4x 21.2x 2.6xValmetrics multiple 3.18x 12.5x 14.9x 26.7x 2.6xMultiple rating (10=highest) 8 8 7 6 5

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 largeelectrical systems. Excludes cables and wires, classified in the Electrical Components &Equipment sub-industry.



Mean 1.26x 22.3x 28.0x 41.3x 3.1xStd deviation as % of mean 69% 98% 91% 89% 71%Modal interval [0.78 - 1.55[ [0 - 24.6[ [0 - 35.7[ [0 - 44.9[ [1.3 - 2.6[Modal interval frequency 38.9% 68.8% 66.7% 61.5% 42.1%Mode estimate 0.91x 13.5x 23.8x 27.6x 2.0xValmetrics multiple 1.15x 15.7x 18.5x 24.3x 2.5xMultiple rating (10=highest) 5 1 2 1 4


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57. Highways & Railtracks

Owners and operators of roads, tunnels and railtracks.



Maximum 14.91x 21.6x 29.7x 36.6x 3.8xMean 7.54x 10.5x 13.6x 18.1x 1.8xStd deviation as % of mean 46% 41% 36% 44% 39%Modal interval [4.57 - 6.79[ [9.8 - 13.1[ [10.1 - 13.5[ [9.9 - 16.9[ [1.6 - 1.9[Modal interval frequency 25.9% 37.5% 39.1% 30.8% 34.5%Mode estimate 6.79x 10.1x 11.6x 15.5x 1.7xValmetrics multiple 7.54x 10.5x 13.6x 18.1x 1.8xMultiple rating (10=highest) 8 8 7 6 5

58. Home Entertainment Software

Manufacturers of home entertainment software and educational software used primarily inthe home.



Mean 0.85x 6.4x 16.1x 18.3x 1.9xStd deviation as % of mean 65% 63% 61% 60% 65%Modal interval [0.01 - 0.84[ [4.3 - 8.7[ [0 - 13.4[ [7.5 - 21.9[ [0.8 - 1.7[Modal interval frequency 61.5% 41.7% 50.0% 71.4% 42.9%Mode estimate 0.61x 5.4x 11.2x 16.5x 1.4xValmetrics multiple 0.73x 5.8x 16.1x 14.0x 1.6xMultiple rating (10=highest) 5 7 3 4 5


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59. Home Furnishings

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




60. Homebuilding

Residential construction companies. Includes manufacturers of prefabricated houses andsemi-fixed manufactured homes.





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61. Home Improvement Retail

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



Maximum 1.79x 12.1x 18.7x 21.2x 4.3xMean 0.83x 8.6x 11.8x 13.5x 2.1xStd deviation as % of mean 46% 27% 27% 32% 54%Modal interval [0.26 - 0.68[ [6.6 - 8.8[ [8.9 - 11.7[ [13.6 - 16.6[ [0.4 - 1.8[Modal interval frequency 46.7% 41.2% 44.4% 50.0% 46.7%Mode estimate 0.59x 8.2x 10.9x 14.8x 1.5xValmetrics multiple 0.83x 8.6x 11.8x 13.5x 2.1xMultiple rating (10=highest) 5 9 9 7 4

62. Hotels, Resorts & Cruise Lines

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





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63. Household Appliances

Manufacturers of electric household appliances and related products. Includes manufacturersof power and hand tools, including garden improvement tools. Excludes TVs and other audioand video products classified in the Consumer Electronics sub-industry and personalcomputers classified in the Computer Hardware sub-industry.




64. Household Products

Producers of non-durable household products, including detergents, soaps, diapers andother tissue and household paper products not classified in the Paper Products sub-industry.


Number of observations 26 26 26 26 26Non available multiples 3 3 3 3 3Non meaningful multiples 4 5 6 8 6Short-listed multiples 19 18 17 15 17Minimum 0.16x 4.4x 5.7x 11.0x 0.4x1st quartile 0.83x 7.9x 10.0x 16.4x 1.6xMedian 1.24x 9.7x 11.9x 18.5x 2.3x3rd quartile 2.13x 11.4x 12.7x 19.6x 5.0xMaximum 3.18x 14.3x 15.8x 23.0x 7.7xMean 1.49x 9.4x 11.5x 17.6x 3.4xStd deviation as % of mean 61% 28% 22% 18% 77%Modal interval [0 - 0.97[ [9.3 - 12[ [11.8 - 14[ [18.3 - 20.9[ [0.1 - 2.8[Modal interval frequency 36.8% 50.0% 35.3% 40.0% 52.9%Mode estimate 0.85x 10.4x 12.4x 19.2x 1.8xValmetrics multiple 1.24x 9.4x 11.5x 17.6x 2.3xMultiple rating (10=highest) 3 8 8 8 1


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65. Housewares & Specialities

Manufacturers of durable household products, including cutlery, cookware, glassware,crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere.



Maximum 2.51x 16.1x 40.4x 45.0x 5.3xMean 0.92x 7.9x 13.4x 16.4x 1.9xStd deviation as % of mean 65% 45% 72% 65% 74%Modal interval [0.49 - 0.91[ [3.6 - 6.2[ [6.4 - 11.3[ [7.8 - 15.6[ [0 - 1.3[Modal interval frequency 33.3% 28.6% 46.2% 34.8% 39.4%Mode estimate 0.61x 6.2x 8.8x 10.9x 1.1xValmetrics multiple 0.61x 7.9x 9.3x 14.8x 1.1xMultiple rating (10=highest) 3 5 2 3 2

66. Hypermarkets & Super Centers

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




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67. Industrial Conglomerates

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



3rd quartile 2.11x 18.7x 19.8x 22.9x 2.6xMaximum 5.20x 33.5x 47.6x 57.0x 5.0xMean 1.68x 13.5x 15.7x 19.5x 2.0xStd deviation as % of mean 75% 64% 53% 64% 61%Modal interval [0.79 - 1.45[ [7.4 - 12.9[ [9.3 - 14.2[ [17 - 22.7[ [0.7 - 1.4[Modal interval frequency 29.7% 34.7% 37.7% 26.1% 29.5%Mode estimate 0.85x 8.4x 12.0x 18.3x 1.3xValmetrics multiple 1.21x 8.4x 12.0x 17.6x 1.8xMultiple rating (10=highest) 3 3 5 8 5

68. Industrial Gases

Manufacturers of industrial gases.



Mean 1.89x 9.4x 15.7x 20.9x 2.9xStd deviation as % of mean 30% 25% 21% 15% 36%Modal interval [1.47 - 2.18[ [8.8 - 12.1[ [13.2 - 17.1[ [20 - 22.7[ [1.2 - 3.1[Modal interval frequency 57.1% 71.4% 42.9% 50.0% 50.0%Mode estimate 1.90x 10.0x 17.1x 22.0x 3.1xValmetrics multiple 1.89x 9.4x 15.7x 20.9x 2.9xMultiple rating (10=highest) 8 8 8 8 5


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69. Industrial Machinery

Manufacturers of industrial machinery and industrial components. Includes companies thatmanufacture presses, machine tools, compressors, pollution control equipment, elevators,escalators, insulators, pumps, roller bearings and other metal fabrications.



3rd quartile 1.37x 11.9x 16.7x 26.3x 3.4xMaximum 2.97x 24.0x 34.0x 66.4x 6.7xMean 1.07x 9.5x 13.7x 22.0x 2.4xStd deviation as % of mean 61% 48% 46% 59% 62%Modal interval [0.53 - 0.78[ [7 - 8.7[ [11.8 - 14.1[ [12.9 - 17.3[ [1.3 - 2[Modal interval frequency 17.9% 18.8% 21.7% 20.7% 19.1%Mode estimate 0.63x 8.1x 12.4x 16.0x 1.5xValmetrics multiple 0.94x 9.5x 13.7x 18.6x 2.1xMultiple rating (10=highest) 4 8 8 5 5

70. Integrated Oil & Gas

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





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71. Integrated Telecommunication Services

Operators of primarily fixed-line telecommunications networks and companies providing bothwireless and fixed-line telecommunications services not classified elsewhere.



3rd quartile 2.60x 7.1x 13.4x 16.7x 2.7xMaximum 4.53x 10.3x 20.8x 34.3x 4.8xMean 1.87x 5.7x 10.7x 13.0x 2.0xStd deviation as % of mean 54% 36% 40% 56% 55%Modal interval [0.69 - 1.39[ [4.5 - 6[ [10.1 - 13[ [8.7 - 13.1[ [1.5 - 2.2[Modal interval frequency 23.0% 26.2% 26.8% 32.7% 31.9%Mode estimate 1.23x 5.2x 11.6x 11.1x 1.8xValmetrics multiple 1.87x 5.7x 10.7x 13.0x 1.7xMultiple rating (10=highest) 5 9 9 8 5

72. Internet Retail

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


Number of observations 18 18 18 18 18Non available multiples 3 4 3 3 3Non meaningful multiples 3 5 8 8 4Short-listed multiples 12 9 7 7 11Minimum 0.21x 4.6x 7.1x 6.4x 0.8x1st quartile 0.72x 8.3x 12.0x 12.1x 1.0xMedian 1.40x 20.1x 14.8x 21.6x 2.8x3rd quartile 2.25x 29.1x 32.4x 33.1x 4.3xMaximum 3.22x 57.2x 77.1x 66.3x 6.3xMean 1.48x 23.3x 26.8x 26.4x 3.0xStd deviation as % of mean 62% 86% 91% 81% 70%Modal interval [1.34 - 2.67[ [0.9 - 20.9[ [0 - 21.2[ [3.5 - 25.4[ [0.6 - 3.6[Modal interval frequency 50.0% 55.6% 57.1% 71.4% 72.7%Mode estimate 1.56x 13.4x 14.2x 15.7x 2.4xValmetrics multiple 1.40x 20.1x 14.8x 21.6x 2.8xMultiple rating (10=highest) 8 2 0 2 5


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73. Internet Software & Services

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



Median 1.35x 15.2x 19.7x 28.5x 2.5x3rd quartile 2.63x 25.8x 32.8x 42.6x 4.9xMaximum 7.95x 60.3x 70.9x 87.3x 10.4xMean 2.09x 18.0x 23.1x 31.8x 3.2xStd deviation as % of mean 91% 77% 82% 63% 73%Modal interval [0.71 - 1.41[ [7.7 - 15.3[ [0 - 11[ [26 - 38.9[ [1.3 - 2.6[Modal interval frequency 31.2% 26.3% 34.2% 27.0% 30.5%Mode estimate 0.94x 9.4x 8.7x 30.3x 1.8xValmetrics multiple 0.94x 15.2x 8.7x 28.5x 1.8xMultiple rating (10=highest) 2 2 1 8 3

74. IT Consulting & Other Services

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





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75. Leisure Facilities

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




76. Leisure Products

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


Number of observations 62 62 62 62 62Non available multiples 1 1 1 1 1Non meaningful multiples 6 13 16 20 5Short-listed multiples 55 48 45 41 56Minimum 0.06x 2.6x 3.9x 5.5x 0.2x1st quartile 0.51x 6.5x 9.4x 14.1x 1.3xMedian 0.81x 8.9x 11.6x 17.3x 2.4x3rd quartile 1.16x 11.6x 17.3x 30.2x 4.2xMaximum 2.37x 27.6x 38.8x 70.7x 8.3xMean 0.90x 10.6x 14.5x 22.3x 2.7xStd deviation as % of mean 60% 57% 57% 59% 68%Modal interval [0.7 - 1.04[ [8 - 10.9[ [8 - 12.5[ [14.8 - 24.1[ [0 - 1.5[Modal interval frequency 29.1% 33.3% 33.3% 41.5% 32.1%Mode estimate 0.73x 8.7x 9.9x 17.9x 1.4xValmetrics multiple 0.81x 8.9x 11.6x 17.9x 1.4xMultiple rating (10=highest) 7 6 4 5 2


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77. Managed Health Care

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



3rd quartile 1.26x 10.2x 11.4x 20.5x 3.3xMaximum 1.50x 11.2x 12.7x 27.6x 3.4xMean 0.81x 8.1x 9.1x 17.4x 2.6xStd deviation as % of mean 56% 38% 38% 39% 26%Modal interval [0.09 - 0.88[ [7.2 - 11.7[ [8 - 13[ [16.5 - 23.1[ [1.4 - 2.4[Modal interval frequency 66.7% 62.5% 62.5% 50.0% 54.5%Mode estimate 0.62x 8.5x 9.4x 19.8x 2.3xValmetrics multiple 0.67x 8.1x 9.1x 17.4x 2.6xMultiple rating (10=highest) 5 7 7 8 5

78. Marine

Companies providing goods or passenger maritime transportation. Excludes cruise-shipsclassified in the Hotels, Resorts & Cruise Lines sub-industry.


Number of observations 60 60 60 60 60Non available multiples 9 11 9 9 9Non meaningful multiples 7 8 13 9 7Short-listed multiples 44 41 38 42 44Minimum 0.08x 0.6x 0.9x 1.3x 0.4x1st quartile 0.88x 3.7x 4.6x 4.7x 0.9xMedian 1.24x 5.7x 7.1x 8.1x 1.5x3rd quartile 2.15x 12.5x 14.7x 16.4x 1.9xMaximum 4.40x 22.6x 32.0x 33.8x 4.0xMean 1.60x 8.0x 10.4x 11.1x 1.6xStd deviation as % of mean 65% 74% 78% 84% 55%Modal interval [0.8 - 1.52[ [0 - 5.1[ [0 - 6[ [0.7 - 7.5[ [0.8 - 1.3[Modal interval frequency 34.1% 41.5% 34.2% 45.2% 29.5%Mode estimate 1.19x 3.9x 5.6x 5.5x 1.2xValmetrics multiple 1.19x 3.9x 5.6x 5.5x 1.5xMultiple rating (10=highest) 5 2 1 2 5


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79. Marine Ports & Services

Owners and operators of marine ports and related services.




80. Metal & Glass Containers

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



Mean 0.91x 6.3x 10.7x 14.3x 1.4xStd deviation as % of mean 55% 40% 48% 50% 61%Modal interval [0.48 - 0.84[ [5 - 7.2[ [9.2 - 12.2[ [6.3 - 12.6[ [0 - 0.8[Modal interval frequency 32.0% 31.9% 31.8% 29.3% 29.5%Mode estimate 0.62x 6.7x 11.0x 10.3x 0.7xValmetrics multiple 0.77x 6.3x 10.7x 14.3x 1.4xMultiple rating (10=highest) 5 10 9 5 2


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81. Motorcycle Manufacturers

Companies that produce motorcycles, scooters or three-wheelers. Excludes bicyclesclassified in the Leisure Products sub-industry.


Number of observations 16 16 16 16 16Non available multiples 3 3 3 3 2Non meaningful multiples 5 7 8 7 5Short-listed multiples 8 6 5 6 9Minimum 0.38x 8.1x nm 12.5x 1.1x1st quartile 0.73x 9.1x nm 19.8x 1.3xMedian 1.26x 13.1x nm 74.6x 2.1x3rd quartile 1.91x 35.1x nm 162.8x 2.8x

Maximum 3.31x 56.0x nm 213.1x 7.0xMean 1.47x 23.4x nm 94.8x 2.7xStd deviation as % of mean 69% 87% nm 92% 72%Modal interval [0.08 - 1.26[ [3.5 - 32[ nm [0 - 157.4[ [0.6 - 1.9[Modal interval frequency 50.0% 66.7% nm 66.7% 44.4%Mode estimate 0.87x 22.5x nm 104.9x 1.7xValmetrics multiple 1.26x 13.1x nm 74.6x 2.1xMultiple rating (10=highest) 2 0 na 3 2

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 andtelevision shows, producers and distributors of music, entertainment theatres and sportsteams.





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83. Multi-Utilities & Unregulated Power

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




84. Office Electronics

Manufacturers of office electronic equipment including copiers and faxes.



Mean 1.26x 11.3x 13.7x 23.2x 2.4xStd deviation as % of mean 62% 44% 17% 62% 58%Modal interval [0.42 - 1.21[ [6.4 - 9.7[ [9.4 - 13.8[ [12 - 20.7[ [0.5 - 2.2[Modal interval frequency 57.1% 57.1% 50.0% 57.1% 50.0%Mode estimate 0.95x 8.6x 13.8x 17.8x 1.9xValmetrics multiple 1.21x 11.3x 13.7x 17.7x 2.1xMultiple rating (10=highest) 5 5 9 4 5


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85. Office Services & Supplies

Providers of office services and manufacturers of office supplies and equipment not classifiedelsewhere.




86. Oil & Gas Drilling

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



Mean 4.55x 13.3x 21.3x 24.7x 3.6xStd deviation as % of mean 59% 57% 70% 58% 38%Modal interval [0.99 - 3.11[ [8.8 - 17.5[ [1.6 - 17.2[ [1.5 - 16.9[ [1.7 - 3[Modal interval frequency 35.3% 38.9% 50.0% 37.5% 36.8%Mode estimate 3.11x 10.9x 13.3x 16.9x 2.7xValmetrics multiple 3.81x 12.1x 17.1x 22.1x 3.6xMultiple rating (10=highest) 4 7 3 3 5


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87. Oil & Gas Equipment & Services

Manufacturers of equipment, including drilling rigs and equipment, and providers of suppliesand services to companies involved in the drilling, evaluation and completion of oil and gaswells.



3rd quartile 3.86x 16.2x 23.6x 31.8x 4.9xMaximum 6.86x 26.2x 38.8x 52.7x 8.5xMean 2.79x 13.1x 18.8x 25.8x 4.0xStd deviation as % of mean 51% 41% 42% 42% 48%Modal interval [1.05 - 2.11[ [9.9 - 13.2[ [14.9 - 19.9[ [21 - 28.1[ [2.7 - 3.9[Modal interval frequency 27.9% 25.0% 30.3% 28.3% 26.9%Mode estimate 2.03x 12.6x 16.9x 22.6x 3.3xValmetrics multiple 2.79x 13.1x 18.8x 25.8x 4.0xMultiple rating (10=highest) 6 10 9 8 5

88. Oil & Gas Exploration & Production

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





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89. Oil & Gas Refining, Marketing & Transportation

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



Median 0.49x 5.7x 6.7x 9.3x 2.5x3rd quartile 0.74x 7.1x 9.9x 13.5x 3.0xMaximum 1.68x 16.7x 17.5x 29.1x 5.2xMean 0.62x 6.5x 7.6x 11.0x 2.5xStd deviation as % of mean 73% 50% 46% 54% 46%Modal interval [0.08 - 0.35[ [4.2 - 6.1[ [3.1 - 6.2[ [5 - 9[ [2.4 - 3.2[Modal interval frequency 37.9% 45.5% 33.3% 34.8% 32.1%Mode estimate 0.31x 5.5x 6.2x 8.5x 2.7xValmetrics multiple 0.49x 6.5x 7.6x 9.3x 2.5xMultiple rating (10=highest) 1 6 6 4 5

90. Packaged Foods & Meats

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



Mean 1.18x 9.7x 13.5x 18.6x 1.8xStd deviation as % of mean 74% 49% 46% 59% 58%Modal interval [0.35 - 0.69[ [5.9 - 7.9[ [10.5 - 13[ [16.1 - 21.5[ [0.5 - 1.1[Modal interval frequency 24.6% 21.1% 21.3% 20.5% 24.4%Mode estimate 0.57x 7.7x 12.4x 16.5x 1.0xValmetrics multiple 0.93x 9.7x 13.5x 18.6x 1.6xMultiple rating (10=highest) 3 6 9 8 4


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91. Paper Packaging

Manufacturers of paper and cardboard containers and packaging.



Maximum 2.30x 16.1x 53.9x 44.0x 3.2xMean 1.02x 8.8x 20.8x 22.3x 1.6xStd deviation as % of mean 44% 33% 64% 48% 51%Modal interval [0.51 - 0.78[ [5.8 - 7.6[ [6.2 - 13.3[ [15 - 25.1[ [0.8 - 1.7[Modal interval frequency 29.4% 30.3% 37.9% 41.7% 31.4%Mode estimate 0.78x 7.1x 11.7x 20.6x 1.7xValmetrics multiple 1.02x 8.8x 15.9x 22.3x 1.6xMultiple rating (10=highest) 7 6 1 6 5

92. Paper Products

Manufacturers of all grades of paper. Excludes companies specializing in paper packagingclassified in the Paper Packaging sub-industry.


Number of observations 94 94 94 94 94Non available multiples 9 9 9 9 9Non meaningful multiples 12 23 30 43 13Short-listed multiples 73 62 55 42 72Minimum 0.02x 3.5x 5.3x 4.8x 0.0x1st quartile 0.66x 7.1x 11.1x 10.0x 0.7xMedian 1.14x 9.1x 18.0x 14.0x 1.1x3rd quartile 1.74x 11.1x 25.6x 20.1x 1.3xMaximum 3.20x 24.1x 49.7x 58.0x 2.4xMean 1.21x 9.9x 19.3x 18.2x 1.1xStd deviation as % of mean 57% 46% 52% 68% 49%Modal interval [1.56 - 2.07[ [6.6 - 8.7[ [4.6 - 12.2[ [8.2 - 14[ [1 - 1.3[Modal interval frequency 26.0% 27.4% 29.1% 35.7% 27.8%Mode estimate 1.62x 8.2x 11.8x 11.3x 1.1xValmetrics multiple 1.21x 9.9x 19.3x 11.3x 1.1xMultiple rating (10=highest) 5 7 4 2 5


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93. Personal Products

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



Maximum 3.54x 18.9x 23.1x 43.4x 10.6xMean 1.63x 10.7x 13.8x 22.5x 3.6xStd deviation as % of mean 56% 31% 29% 35% 73%Modal interval [1.56 - 2.25[ [7 - 9.4[ [13.3 - 15.8[ [18.5 - 23.8[ [1.9 - 3.8[Modal interval frequency 31.0% 31.3% 32.1% 32.0% 39.5%Mode estimate 1.69x 9.4x 14.0x 21.1x 2.4xValmetrics multiple 1.63x 10.7x 13.8x 22.5x 2.4xMultiple rating (10=highest) 8 8 8 8 3

94. Pharmaceuticals

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





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95. Photographic Products

Manufacturers of photographic equipment and related products.



Maximum 5.68x 15.4x 27.2x 45.8x 4.0xMean 1.92x 8.2x 12.7x 23.1x 2.3xStd deviation as % of mean 69% 49% 54% 53% 50%Modal interval [0.49 - 1.56[ [4.2 - 8[ [14.6 - 19.4[ [5.3 - 20.1[ [1.1 - 2.1[Modal interval frequency 50.0% 45.5% 36.4% 50.0% 31.3%Mode estimate 1.20x 6.8x 15.5x 15.9x 1.8xValmetrics multiple 1.67x 8.2x 11.3x 19.7x 2.3xMultiple rating (10=highest) 4 6 3 3 5

96. Precious Metals & Minerals

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





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IMGR SE JUNE 2006


97. Publishing

Publishers of newspapers, magazines and books, and providers of information in print orelectronic formats.



3rd quartile 2.20x 12.3x 15.5x 21.8x 3.6xMaximum 4.56x 20.0x 27.3x 39.5x 6.4xMean 1.76x 9.8x 12.8x 17.8x 2.6xStd deviation as % of mean 59% 38% 39% 40% 56%Modal interval [0.68 - 1.25[ [7.5 - 9.7[ [10.2 - 13.1[ [11.5 - 15.7[ [1 - 2[Modal interval frequency 23.9% 27.7% 28.4% 27.6% 32.2%Mode estimate 1.16x 8.6x 11.3x 14.3x 1.6xValmetrics multiple 1.59x 9.8x 12.8x 17.8x 2.3xMultiple rating (10=highest) 5 9 8 6 5

98. Railroads

Companies providing primarily goods and passenger rail transportation.





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IMGR SE JUNE 2006


99. Restaurants

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



3rd quartile 1.43x 10.0x 15.3x 26.4x 3.0xMaximum 3.27x 13.0x 23.1x 47.7x 5.1xMean 1.19x 8.4x 13.2x 21.5x 2.3xStd deviation as % of mean 60% 26% 27% 44% 45%Modal interval [0.46 - 0.83[ [7.5 - 9[ [12.7 - 15[ [14.7 - 20.6[ [1.2 - 2[Modal interval frequency 31.3% 32.8% 29.3% 38.6% 29.5%Mode estimate 0.75x 8.2x 13.3x 17.7x 1.7xValmetrics multiple 1.02x 8.4x 13.2x 21.5x 2.3xMultiple rating (10=highest) 5 10 10 8 5

100. Semiconductor Equipment

Manufacturers of semiconductor equipment.





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101. Semiconductors

Manufacturers of semiconductors and related products.



Maximum 8.15x 32.0x 64.3x 106.4x 7.1xMean 2.49x 12.8x 20.9x 32.4x 2.4xStd deviation as % of mean 72% 58% 62% 74% 65%Modal interval [0.9 - 1.81[ [7.6 - 11.4[ [6.7 - 13.2[ [13 - 26[ [0.8 - 1.6[Modal interval frequency 26.2% 27.8% 29.3% 32.9% 30.1%Mode estimate 1.47x 8.6x 12.3x 19.8x 1.3xValmetrics multiple 2.18x 10.7x 18.3x 19.8x 1.3xMultiple rating (10=highest) 4 4 3 2 2

102. Soft Drink

Producers of non-alcoholic beverages including mineral waters. Excludes producers of milkclassified in the Packaged Foods sub-industry.


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Documents

Industry Multiples Global Report - 0606