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![Page 1: Templates-industry Multiples -Canada US - Oaklins - EN€¦ · MX`] qqq ¶iXdebhm ¶[ig ][XFh\omnls QlX\bh` Joenbje]m N à LXdebhmA ¶ ?XhX\X LXdebhmA ¶ ?XhX\X Fh[ ¶ >Xm]\ bh Jihnl]Xe](https://reader036.dokumen.tips/reader036/viewer/2022081522/5fbb28de33e52f1e900d2f14/html5/thumbnails/1.jpg)
@ 2019 Oaklins. All rights reserved. www.oaklins.com/eca
Industry Trading Multiples
CANADA & UNITED STATES Q3 2019
![Page 2: Templates-industry Multiples -Canada US - Oaklins - EN€¦ · MX`] qqq ¶iXdebhm ¶[ig ][XFh\omnls QlX\bh` Joenbje]m N à LXdebhmA ¶ ?XhX\X LXdebhmA ¶ ?XhX\X Fh[ ¶ >Xm]\ bh Jihnl]Xe](https://reader036.dokumen.tips/reader036/viewer/2022081522/5fbb28de33e52f1e900d2f14/html5/thumbnails/2.jpg)
Page 2 | www.oaklins.com/eca Industry Trading Multiples Q3 – 2019 | Oaklins E. Canada
Oaklins E. Canada Inc.
Based in Montreal, Oaklins E. Canada is the largest independentinvestment bank in Eastern Canada specializing in mergers & acquisitionsand corporate finance in the mid-market. Oaklins E. Canada is theexclusive Canadian member of Oaklins, a global investment bank with 700professionals in 40 countries that have completed over 1,500 transactionsover the past 5 years. Oaklins E. Canada is a Canadian one-stop-shop tohelp clients achieve their goal to sell, acquire or finance their business inCanada and internationally.
Experience & Expertise: Our team consists of highly qualified professionalsand a talented back office. Our partners have accumulated extensivetransactional experience within different prestigious institutions in variousindustries. Our team also has strong business relations with industryleaders, 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
![Page 3: Templates-industry Multiples -Canada US - Oaklins - EN€¦ · MX`] qqq ¶iXdebhm ¶[ig ][XFh\omnls QlX\bh` Joenbje]m N à LXdebhmA ¶ ?XhX\X LXdebhmA ¶ ?XhX\X Fh[ ¶ >Xm]\ bh Jihnl]Xe](https://reader036.dokumen.tips/reader036/viewer/2022081522/5fbb28de33e52f1e900d2f14/html5/thumbnails/3.jpg)
Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
NA
DA
UN
ITE
D S
TA
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S
Page 3 | www.oaklins.com/eca Industry Trading Multiples Q3 – 2019 | Oaklins E. Canada
Aerospace & DefenseTrading Multiples
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2.20
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
0.40
0.90
1.40
1.90
2.40
2.90
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.78x 0.75x 0.75x 0.75x
Mean 1.77x 1.75x 1.69x 1.66x
Median 1.74x 1.75x 1.63x 1.61x
High 3.48x 3.48x 3.48x 3.48x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 6.09x 6.09x 6.09x 6.09x
Mean 11.74x 11.69x 11.31x 11.15x
Median 11.51x 11.39x 11.31x 11.26x
High 18.25x 18.25x 18.25x 18.25x
Ticker
TSX:CAE CAE Inc. 8,961TSX:BBD.B Bombardier Inc. 4,263TSX:MAL Magellan Aerospace Corporation 867TSX: HRX Héroux-Devtek Inc. 625TSX:MAXR Maxar Technologies Inc. 600
1.72x
11.39x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 1.78x 1.67x 1.66x 1.66x
Mean 2.28x 2.23x 2.18x 2.16x
Median 2.14x 2.12x 2.08x 2.07x
High 3.37x 3.37x 3.37x 3.37x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 11.95x 11.77x 11.42x 11.42x
Mean 15.27x 14.37x 13.93x 13.84x
Median 13.66x 13.58x 13.29x 13.31x
High 30.39x 30.39x 30.39x 30.39x
TickerNYSE: BA The Boeing Company 214,094NYSE:HON Honeywell International Inc. 121,741NYSE: UTX United Technologies Corporation 116,510NYSE: LMT Lockheed Martin Corporation 110,152NYSE: NOC Northrop Grumman Corporation 63,414NYSE: RTN Raytheon Company 54,646NYSE: GD General Dynamics Corporation 52,655
2.33x
16.10x
Company Name Market Cap (US$M)
![Page 4: Templates-industry Multiples -Canada US - Oaklins - EN€¦ · MX`] qqq ¶iXdebhm ¶[ig ][XFh\omnls QlX\bh` Joenbje]m N à LXdebhmA ¶ ?XhX\X LXdebhmA ¶ ?XhX\X Fh[ ¶ >Xm]\ bh Jihnl]Xe](https://reader036.dokumen.tips/reader036/viewer/2022081522/5fbb28de33e52f1e900d2f14/html5/thumbnails/4.jpg)
Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
NA
DA
UN
ITE
D S
TA
TE
S
Page 4 | www.oaklins.com/eca Industry Trading Multiples Q3 – 2019 | Oaklins E. Canada
AutomotiveTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.47x 0.47x 0.45x 0.42xMean 0.56x 0.57x 0.57x 0.58xMedian 0.57x 0.57x 0.57x 0.57xHigh 0.66x 0.71x 0.72x 0.81x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 3.86x 3.86x 3.65x 3.41xMean 4.45x 4.49x 4.52x 4.54xMedian 4.47x 4.48x 4.53x 4.53xHigh 5.00x 5.50x 5.56x 5.62x
Ticker
TSX:MG Magna International Inc. 22,052TSX:LNR Linamar Corporation 2,810TSX:MRE Martinrea International Inc. 945TSX:XTC Exco Technologies Limited 302
Market Cap (CA$M)Company Name
0.56x
4.54x
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.44x 0.44x 0.44x 0.42x
Mean 1.06x 1.07x 1.06x 1.05x
Median 0.99x 0.99x 0.97x 0.96x
High 2.25x 2.30x 2.30x 2.31x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 4.29x 4.29x 4.29x 3.91x
Mean 8.95x 8.90x 8.64x 8.32x
Median 7.93x 7.93x 6.21x 6.11x
High 14.13x 14.13x 14.13x 14.13x
TickerNYSE:GM General Motors Company 53,511NYSE:F Ford Motor Company 36,547NYSE:BWA BorgWarner Inc. 7,575NYSE:LEA Lear Corporation 7,197NYSE:HOG Harley-Davidson, Inc. 5,570NasdaqGS:GT The Goodyear Tire & Rubber Company 3,349
Market Cap (US$M)
1.06x
8.99x
Company Name
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
2015 2016 2017 2018 2019
TE
V/E
BIT
DA
TE
V/R
even
ue
5.00
5.50
6.00
6.50
7.00
7.50
8.00
8.50
9.00
9.50
10.00
0.90
0.95
1.00
1.05
1.10
1.15
1.20
1.25
1.30
1.35
2015 2016 2017 2018 2019
TE
V/E
BIT
DA
TE
V/R
even
ue
![Page 5: Templates-industry Multiples -Canada US - Oaklins - EN€¦ · MX`] qqq ¶iXdebhm ¶[ig ][XFh\omnls QlX\bh` Joenbje]m N à LXdebhmA ¶ ?XhX\X LXdebhmA ¶ ?XhX\X Fh[ ¶ >Xm]\ bh Jihnl]Xe](https://reader036.dokumen.tips/reader036/viewer/2022081522/5fbb28de33e52f1e900d2f14/html5/thumbnails/5.jpg)
Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
NA
DA
UN
ITE
D S
TA
TE
S
Page 5 | www.oaklins.com/eca Industry Trading Multiples Q3 – 2019 | Oaklins E. Canada
Construction & EngineeringTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.15x 0.15x 0.15x 0.15xMean 1.03x 1.04x 1.02x 1.00xMedian 0.76x 0.81x 0.85x 0.88xHigh 2.84x 2.84x 2.84x 2.84x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 6.68x 5.76x 5.76x 5.76xMean 18.20x 15.85x 14.87x 14.39xMedian 12.10x 14.60x 12.46x 12.01xHigh 61.05x 61.05x 61.05x 61.05x
Ticker
TSX: WSP WSP Global Inc. 8,156TSX: SNC SNC-Lavalin Group Inc. 3,276TSX: BAD Badger Daylighting Ltd. 1,451TSX: ARE Aecon Group Inc. 1,108TSX: BDT Bird Construction Inc. 241
1.00x
20.78x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.16x 0.16x 0.16x 0.16xMean 0.56x 0.56x 0.55x 0.56xMedian 0.60x 0.59x 0.58x 0.56xHigh 0.84x 0.84x 0.92x 1.11x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.00x 0.00x 0.00x 0.00xMean 8.64x 8.85x 8.89x 9.05xMedian 9.02x 8.90x 8.78x 8.78xHigh 13.36x 13.36x 13.36x 13.36x
TickerNYSE: JEC Jacobs Engineering Group Inc. 12,398NYSE: ACM AECOM 5,924NYSE: PWR Quanta Services, Inc. 5,376NYSE: EME EMCOR Group, Inc. 4,834NYSE: FLR Fluor Corporation 2,677NYSE: DY Dycom Industries, Inc. 1,608
0.56x
7.93x
Company Name Market Cap (US$M)
0.00
5.00
10.00
15.00
20.00
25.00
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
1.30
1.40
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
0.40
0.45
0.50
0.55
0.60
0.65
0.70
0.75
0.80
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
![Page 6: Templates-industry Multiples -Canada US - Oaklins - EN€¦ · MX`] qqq ¶iXdebhm ¶[ig ][XFh\omnls QlX\bh` Joenbje]m N à LXdebhmA ¶ ?XhX\X LXdebhmA ¶ ?XhX\X Fh[ ¶ >Xm]\ bh Jihnl]Xe](https://reader036.dokumen.tips/reader036/viewer/2022081522/5fbb28de33e52f1e900d2f14/html5/thumbnails/6.jpg)
Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
NA
DA
UN
ITE
D S
TA
TE
S
Page 6 | www.oaklins.com/eca Industry Trading Multiples Q3 – 2019 | Oaklins E. Canada
Consumer & RetailTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 1.46x 1.32x 1.28x 1.22xMean 4.14x 4.05x 3.97x 3.92xMedian 3.88x 4.12x 3.88x 3.87xHigh 7.18x 7.18x 7.18x 7.18x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 12.03x 10.90x 10.87x 10.87xMean 18.04x 17.45x 16.79x 16.37xMedian 16.04x 15.82x 15.65x 15.44xHigh 28.61x 28.61x 28.61x 28.61x
Ticker
NASDAQGS: LULU Lululemon Athletica Inc. 33,205TSX: QSR Restaurant Brands International Inc. 28,055TSX: DOL Dollarama Inc. 14,931TSX: CTC.A Canadian Tire Corporation, Limited 10,956TSX: GIL Gildan Activewear Inc. 9,577TSX: TSGI The Stars Group Inc. 5,706TSX: TOY Spin Master Corp. 4,133
4.14x
18.11x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 1.84x 1.68x 1.50x 1.42xMean 3.81x 3.75x 3.67x 3.63xMedian 3.65x 3.92x 3.68x 3.67xHigh 6.05x 6.05x 6.28x 6.51x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 14.48x 13.02x 11.50x 10.89xMean 19.09x 18.77x 18.41x 18.29xMedian 16.78x 16.24x 15.58x 15.43xHigh 31.44x 32.70x 32.70x 41.55x
TickerNASDAQGS: AMZN Amazon.com, Inc. 858,678NYSE: PG The Procter & Gamble Company 311,278NYSE: HD The Home Depot, Inc. 254,097NYSE: NKE NIKE, Inc. 147,162NASDAQGS: BKNG Booking Holdings Inc. 83,434NYSE: TJX The TJX Companies, Inc. 67,386NYSE: CL Colgate-Palmolive Company 63,072
3.85x
19.27x
Company Name Market Cap (US$M)
5.00
7.00
9.00
11.00
13.00
15.00
17.00
19.00
21.00
23.00
25.00
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
5.00
7.00
9.00
11.00
13.00
15.00
17.00
19.00
21.00
23.00
2.50
2.70
2.90
3.10
3.30
3.50
3.70
3.90
4.10
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
![Page 7: Templates-industry Multiples -Canada US - Oaklins - EN€¦ · MX`] qqq ¶iXdebhm ¶[ig ][XFh\omnls QlX\bh` Joenbje]m N à LXdebhmA ¶ ?XhX\X LXdebhmA ¶ ?XhX\X Fh[ ¶ >Xm]\ bh Jihnl]Xe](https://reader036.dokumen.tips/reader036/viewer/2022081522/5fbb28de33e52f1e900d2f14/html5/thumbnails/7.jpg)
Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
NA
DA
UN
ITE
D S
TA
TE
S
Page 7 | www.oaklins.com/eca Industry Trading Multiples Q3 – 2019 | Oaklins E. Canada
Food & BeverageTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.42x 0.39x 0.37x 0.30xMean 0.94x 0.93x 0.91x 0.89xMedian 0.88x 0.87x 0.86x 0.86xHigh 1.52x 1.55x 1.55x 1.55x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 9.38x 8.81x 8.59x 8.59xMean 12.65x 12.44x 12.18x 11.98xMedian 12.32x 12.12x 12.00x 11.75xHigh 17.23x 17.23x 17.23x 17.23x
Ticker
TSX: ATD.B Alimentation Couche-Tard Inc. 45,748TSX: L Loblaw Companies Limited 27,371TSX: WN George Weston Limited 17,108TSX: SAP Saputo Inc. 16,601TSX: MRU Metro Inc. 14,817TSX: EMP.A Empire Company Limited 9,727TSX: MFI Maple Leaf Foods Inc. 3,673
0.98x
13.27x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.47x 0.47x 0.47x 0.47xMean 3.48x 3.48x 3.41x 3.39xMedian 3.27x 3.26x 3.20x 3.00xHigh 8.18x 8.18x 8.18x 8.18x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 8.62x 8.48x 8.48x 8.48xMean 14.70x 14.40x 13.99x 13.85xMedian 12.74x 12.93x 12.74x 12.53xHigh 22.87x 22.87x 22.87x 22.87x
TickerNYSE: WMT Walmart Inc. 337,560NYSE: KO The Coca-Cola Company 232,787NASDAQGS: PEP PepsiCo, Inc. 191,689NASDAQGS: COST Costco Wholesale Corporation 126,708NYSE: PM Philip Morris International Inc. 118,135NYSE: MO Altria Group, Inc. 76,405NASDAQGS: WBA Walgreens Boots Alliance, Inc. 49,953
3.41x
14.75x
Company Name Market Cap (US$M)
6.00
8.00
10.00
12.00
14.00
16.00
18.00
0.70
0.75
0.80
0.85
0.90
0.95
1.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2.00
2.50
3.00
3.50
4.00
4.50
5.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
![Page 8: Templates-industry Multiples -Canada US - Oaklins - EN€¦ · MX`] qqq ¶iXdebhm ¶[ig ][XFh\omnls QlX\bh` Joenbje]m N à LXdebhmA ¶ ?XhX\X LXdebhmA ¶ ?XhX\X Fh[ ¶ >Xm]\ bh Jihnl]Xe](https://reader036.dokumen.tips/reader036/viewer/2022081522/5fbb28de33e52f1e900d2f14/html5/thumbnails/8.jpg)
Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
NA
DA
UN
ITE
D S
TA
TE
S
Page 8 | www.oaklins.com/eca Industry Trading Multiples Q3 – 2019 | Oaklins E. Canada
Health & PharmaceuticalsTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.98x 0.98x 0.97x 0.93xMean 2.43x 2.45x 2.47x 2.49xMedian 2.79x 2.78x 2.82x 2.86xHigh 3.84x 3.85x 3.85x 3.88x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 4.73x 4.73x 4.73x 4.73xMean 10.25x 10.22x 10.18x 10.16xMedian 9.41x 9.54x 9.62x 9.62xHigh 17.34x 17.34x 17.41x 18.66x
Ticker
TSX: BHC Bausch Health Companies Inc. 10,190TSX: SIA Sienna Senior Living Inc. 1,267TSX: EXE Extendicare Inc. 761TSX: CRH CRH Medical Corporation 293TSX: DR Medical Facilities Corporation 250
2.40x
10.21x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 1.06x 1.06x 1.06x 1.06x
Mean 4.08x 4.11x 4.15x 4.23x
Median 4.40x 4.57x 4.63x 4.67x
High 5.44x 5.44x 5.56x 5.75x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 7.49x 7.49x 7.49x 7.49xMean 11.11x 11.33x 11.54x 11.81xMedian 10.59x 11.56x 11.90x 12.24xHigh 14.31x 15.43x 16.11x 17.30x
TickerNYSE: JNJ Johnson & Johnson 341,455NYSE: MRK Merck & Co., Inc. 215,532NYSE: UNH UnitedHealth Group Incorporated 205,950NYSE: PFE Pfizer Inc. 198,731NASDAQGS: AMGN Amgen Inc. 116,048NYSE: ABBV AbbVie Inc. 111,951NASDAQGS: GILD Gilead Sciences, Inc. 80,268
4.06x
10.93x
Company Name Market Cap (US$M)
0.00
5.00
10.00
15.00
20.00
25.00
30.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
3.00
3.20
3.40
3.60
3.80
4.00
4.20
4.40
4.60
4.80
5.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
![Page 9: Templates-industry Multiples -Canada US - Oaklins - EN€¦ · MX`] qqq ¶iXdebhm ¶[ig ][XFh\omnls QlX\bh` Joenbje]m N à LXdebhmA ¶ ?XhX\X LXdebhmA ¶ ?XhX\X Fh[ ¶ >Xm]\ bh Jihnl]Xe](https://reader036.dokumen.tips/reader036/viewer/2022081522/5fbb28de33e52f1e900d2f14/html5/thumbnails/9.jpg)
Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
NA
DA
UN
ITE
D S
TA
TE
S
Page 9 | www.oaklins.com/eca Industry Trading Multiples Q3 – 2019 | Oaklins E. Canada
Information TechnologyTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.19x 0.18x 0.18x 0.18x
Mean 4.83x 4.86x 4.66x 4.52x
Median 4.43x 4.66x 4.46x 4.41x
High 11.42x 11.67x 11.67x 11.67x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 4.99x 4.79x 4.79x 4.79xMean 23.49x 23.20x 23.02x 23.45xMedian 17.87x 17.28x 17.87x 18.03xHigh 42.07x 45.08x 50.61x 68.00x
Ticker
TSX: GIB.A CGI Inc. 28,135TSX: CSU Constellation Software Inc. 28,040NASDAQGS: OTEX Open Text Corporation 14,544TSX: DSG The Descartes Systems Group Inc 4,499TSX: BB BlackBerry Limited 3,805TSX: ENGH Enghouse Systems Limited 1,996TSX: CLS Celestica Inc. 1,220
4.88x
23.88x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 3.20x 3.17x 2.93x 2.93xMean 6.93x 6.87x 6.68x 6.57xMedian 4.99x 5.01x 4.99x 4.95xHigh 18.40x 18.40x 18.40x 18.40x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 6.94x 6.92x 6.92x 6.92xMean 15.82x 15.68x 15.19x 14.90xMedian 15.71x 15.41x 14.82x 14.56xHigh 27.28x 27.28x 27.28x 27.28x
TickerNASDAQGS: MSFT Microsoft Corporation 1,061,551NASDAQGS: AAPL Apple Inc. 1,012,161NASDAQGS: GOOG.L Alphabet Inc. 845,993NASDAQ: FB Facebook, Inc. 508,053NYSE: V Visa Inc. 373,748NASDAQGS: INTC Intel Corporation 228,278NASDAQGS: CSCO Cisco Systems, Inc. 209,760NYSE: ORCL Oracle Corporation 180,637
6.85x
15.68x
Company Name Market Cap (US$M)
5.00
10.00
15.00
20.00
25.00
30.00
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
5.00
5.50
6.00
6.50
7.00
7.50
8.00
8.50
9.00
9.50
10.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
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Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
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Mining & MetalTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 1.40x 1.40x 1.40x 1.40x
Mean 9.73x 8.95x 8.63x 8.14x
Median 7.28x 6.22x 5.28x 5.06x
High 26.84x 26.84x 26.84x 26.84x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 4.16x 4.16x 4.08x 3.84x
Mean 16.82x 15.54x 14.73x 13.77x
Median 13.49x 12.88x 12.64x 11.58x
High 33.85x 33.85x 33.85x 33.85x
Ticker
TSX: ABX Barrick Gold Corporation 40,744TSX: FNV Franco-Nevada Corporation 22,624NYSE: AEM Agnico Eagle Mines Limited 16,848TSX: WPM Wheaton Precious Metals Corp. 15,480TSX: KL Kirkland Lake Gold Ltd. 12,475TSX: TECK.B Teck Resources Limited 11,980TSX: FM First Quantum Minerals Ltd. 7,627
10.02x
17.25x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.54x 0.54x 0.54x 0.54xMean 1.85x 1.80x 1.73x 1.69xMedian 0.76x 0.76x 0.78x 0.81xHigh 5.01x 5.11x 5.11x 5.11x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 3.05x 2.81x 2.76x 2.76xMean 7.28x 6.89x 6.57x 6.44xMedian 7.45x 6.81x 6.71x 6.70xHigh 13.32x 13.32x 13.32x 13.32x
TickerNYSE: NEM Newmont Goldcorp Corporation 31,082NYSE: SCCO Southern Copper Corporation 26,384NYSE: NUE Nucor Corporation 15,434NYSE: FCX Freeport-McMoRan Inc. 13,885NYSE: RS Reliance Steel & Aluminum Co. 6,643NASDAQGS: STLD Steel Dynamics, Inc. 6,544NYSE: AA Alcoa Corporation 3,724NYSE: WOR Worthington Industries, Inc. 1,978
1.87x
7.45x
Company Name Market Cap (US$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
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
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
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
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Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
NA
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Oil & GasTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.72x 0.72x 0.72x 0.72xMean 3.35x 3.40x 3.36x 3.32xMedian 3.03x 3.13x 3.03x 3.03xHigh 8.49x 8.49x 8.49x 8.49x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 3.91x 3.91x 3.91x 3.91xMean 8.98x 9.25x 9.29x 9.37xMedian 6.59x 7.48x 7.48x 7.49xHigh 14.37x 14.96x 15.01x 15.53x
Ticker
TSX: ENB Enbridge Inc. 94,109TSX: SU Suncor Energy Inc. 65,009NYSE: TRP TransCanada Corporation 63,989TSX: CNQ Canadian Natural Resources Limited 41,895TSX: IMO Imperial Oil Limited 26,197TSX: PPL Pembina Pipeline Corporation 25,126TSX: HSE Husky Energy Inc. 9,368
3.38x
8.93x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.52x 0.48x 0.48x 0.48x
Mean 2.46x 2.48x 2.51x 2.57x
Median 2.27x 2.32x 2.36x 2.36x
High 6.07x 6.07x 6.07x 6.07x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 4.28x 4.28x 4.28x 4.28x
Mean 7.53x 7.63x 7.74x 8.01x
Median 6.73x 6.73x 6.80x 7.32x
High 11.91x 12.44x 12.78x 14.90x
TickerNYSE: XOM Exxon Mobil Corporation 298,758NYSE: CVX Chevron Corporation 225,152NYSE: COP ConocoPhillips 63,256NYSE: EPD Enterprise Products Partners L.P. 62,562NYSE: KMI Kinder Morgan, Inc. 46,657NYSE: PSX Phillips 66 45,931NYSE: EOG EOG Resources, Inc. 43,074NYSE: OXY Occidental Petroleum Corporation 39,778
2.45x
7.49x
Company Name Market Cap (US$M)
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
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
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
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Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
NA
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Power & UtilitiesTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 3.88x 3.88x 3.71x 3.57xMean 6.22x 6.22x 6.11x 5.99xMedian 5.86x 5.85x 5.82x 5.68xHigh 10.27x 10.27x 10.27x 10.27x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 9.11x 9.11x 9.11x 9.11xMean 13.66x 13.73x 13.62x 13.42xMedian 13.75x 13.70x 13.61x 13.36xHigh 18.33x 18.33x 18.33x 18.33x
Ticker
TSX: FTS Fortis Inc. 24,463NYSE: BIP Brookfield Infrastructure Partners L.P. 19,266TSX: EMA Emera Incorporated 13,877TSX: CU Canadian Utilities Limited 10,645TSX: AQN Algonquin Power & Utilities Corp. 8,990TSX: ACO.X ATCO Ltd. 5,548TSX: RNW TransAlta Renewables Inc. 3,608
6.23x
13.68x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 2.38x 2.38x 2.29x 2.27x
Mean 5.42x 5.35x 5.24x 5.15x
Median 5.17x 5.10x 5.00x 4.94x
High 8.49x 8.49x 8.49x 8.49x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 9.04x 9.04x 8.08x 7.83x
Mean 13.62x 13.54x 13.40x 13.26x
Median 14.06x 13.82x 13.63x 13.47x
High 16.73x 16.73x 16.73x 16.73x
TickerNYSE: NEE NextEra Energy, Inc. 111,626NYSE: DUK Duke Energy Corporation 69,844NYSE: D Dominion Energy, Inc. 66,608NYSE: SO The Southern Company 64,550NasdaqGS:EXC Exelon Corporation 46,937NYSE: AEP American Electric Power Company, Inc. 46,264NYSE: SRE Sempra Energy 40,526NYSE: PEG Public Service Enterprise Group Incorporated 31,390
5.51x
13.70x
Company Name Market Cap (US$M)
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
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Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
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Real EstateTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 3.78x 3.76x 3.74x 3.31xMean 11.11x 11.05x 11.01x 10.92xMedian 12.28x 11.78x 11.76x 11.58xHigh 17.54x 17.54x 17.54x 17.54x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 0.00x 0.00x 0.00x 0.00xMean 17.12x 17.09x 17.19x 17.24xMedian 16.88x 18.06x 18.66x 18.68xHigh 29.53x 29.53x 29.53x 29.53x
Ticker
TSX: BAM.A Brookfield Asset Management Inc. 70,943TSX: REI.UN RioCan Real Estate Investment Trust 8,144TSX: HR.UN H&R Real Estate Investment Trust 6,616TSX: AP.UN Allied Properties Real Estate Investment Trust 6,229TSX: FCR First Capital Realty Inc. 4,835TSX: CHP.UN Choice Properties Real Estate Investment Trust 4,471TSX: CUF.UN Cominar Real Estate Investment Trust 2,398
11.20x
17.26x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 10.07x 9.52x 9.46x 8.44x
Mean 15.27x 15.00x 14.66x 14.43x
Median 15.71x 15.18x 14.53x 14.35x
High 20.42x 20.42x 20.42x 20.42x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 15.20x 15.20x 15.20x 15.20x
Mean 24.33x 23.88x 23.34x 22.99x
Median 24.54x 24.12x 23.42x 22.87x
High 30.70x 30.70x 30.70x 30.70x
TickerNYSE: AMT American Tower Corporation (REIT) 97,891NYSE: CCI Crown Castle International Corp. (REIT) 57,794NYSE: PLD Prologis, Inc. 53,785NYSE: SPG Simon Property Group, Inc. 47,946NYSE: PSA Public Storage 42,824NYSE: WELL Welltower Inc. 36,736NYSE: EQR Equity Residential 31,990NYSE: AVB AvalonBay Communities, Inc. 30,001
15.46x
24.63x
Company Name Market Cap (US$M)
0.00
5.00
10.00
15.00
20.00
25.00
5.00
7.00
9.00
11.00
13.00
15.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
9.00
11.00
13.00
15.00
17.00
19.00
21.00
23.00
25.00
27.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
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Third Quarter of 2019
* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation Source: Capital IQ
CA
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Page 14 | www.oaklins.com/eca Industry Trading Multiples Q3 – 2019 | Oaklins E. Canada
TelecommunicationsTrading Multiples
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 3.15x 3.10x 2.99x 2.99xMean 3.46x 3.44x 3.40x 3.37xMedian 3.58x 3.54x 3.50x 3.45xHigh 3.72x 3.72x 3.72x 3.72x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 8.87x 8.83x 8.67x 8.67xMean 9.56x 9.50x 9.41x 9.41xMedian 9.61x 9.59x 9.43x 9.21xHigh 10.18x 10.18x 10.30x 10.41x
Ticker
TSX: BCE BCE Inc. 57,677TSX: RCI.B Rogers Communications Inc. 33,112TSX: T TELUS Corporation 28,377
3.48x
9.61x
Company Name Market Cap (CA$M)
TEV/Revenue Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 1.31x 1.30x 1.28x 1.28x
Mean 4.51x 4.35x 4.18x 4.09x
Median 2.32x 2.17x 2.15x 2.15x
High 21.14x 21.14x 21.14x 21.14x
TEV/EBITDA Multiples
As of Last 3 Last 6 Last 9 Last 12 September 30, 2019 Months Months Months Months
Low 4.87x 4.55x 4.55x 4.55x
Mean 9.69x 9.39x 9.11x 9.01x
Median 6.85x 6.74x 6.72x 7.13x
High 32.38x 32.38x 32.38x 32.38x
TickerNYSE: T AT&T Inc. 276,497NYSE: VZ Verizon Communications Inc. 249,649NASDAQGS: TMUS T-Mobile US, Inc. 67,306NASDAQGS: SBAC SBA Communications Corporation 27,275NYSE: S Sprint Corporation 25,253NYSE: CTL CenturyLink, Inc. 13,613NYSE: USM United States Cellular Corporation 3,259NASDAQGS: FTR Frontier Communications Corporation 91
4.55x
9.79x
Company Name Market Cap (US$M)
7.50
8.00
8.50
9.00
9.50
10.00
10.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
2.00
2.50
3.00
3.50
4.00
4.50
5.00
2015 2016 2017 2018 2019
TEV/EB
ITDA
TEV/Re
venu
e
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