You can refer to the table below to see how the EBITDA multiples for the industries available on the Equidam platform will change on February 13rd, 2020. These are applied to compute the Terminal value in the DCF method with Multiple and the potential exit value in the VC method.
The data is based on the early 2020 estimate, published annually by Prof Prof. Aswath Damodaran of New York University.
The effect on the valuation depends on the industry, but in general terms the valuations will increase, reflecting the evolution of the market.
| Industry | EBITDA Multiple | ||
| Old | New | Var % | |
| Advanced Medical Equipment & Technology | 19,85 | 24,81 | ↑25% |
| Advertising & Marketing | 8,64 | 11,10 | ↑28% |
| Aerospace & Defense | 11,97 | 14,69 | ↑23% |
| Agricultural Chemicals | 10,15 | 11,48 | ↑13% |
| Airlines | 6,54 | 8,16 | ↑25% |
| Airport Operators & Services | 6,54 | 8,16 | ↑25% |
| Aluminum | 6,03 | 7,57 | ↑26% |
| Apparel & Accessories | 10,31 | 12,58 | ↑22% |
| Apparel & Accessories Retailers | 7,94 | 10,30 | ↑30% |
| Appliances, Tools & Housewares | 8,65 | 10,36 | ↑20% |
| Auto & Truck Manufacturers | 8,10 | 9,81 | ↑21% |
| Auto Vehicles, Parts & Service Retailers | 9,84 | 12,09 | ↑23% |
| Auto, Truck & Motorcycle Parts | 5,94 | 7,08 | ↑19% |
| Banks* | 18,41 | 20,56 | ↑12% |
| Biotechnology & Medical Research | 13,44 | 16,03 | ↑19% |
| Brewers | 12,39 | 15,54 | ↑25% |
| Broadcasting** | 8,33 | 8,76 | ↑5% |
| Other Broadcasting | 8,28 | 8,46 | ↑2% |
| Cable Service Providers | 8,46 | 9,66 | ↑14% |
| Radio Broadcasting | 8,28 | 8,46 | ↑2% |
| Television Broadcasting | 8,28 | 8,46 | ↑2% |
| Business Support Services** | 11,10 | 10,03 | ↓-10% |
| Call Center Services | 11,07 | 9,73 | ↓-12% |
| Cleaning Services | 11,07 | 9,73 | ↓-12% |
| Commercial Educational Services | 11,52 | 15,17 | ↑32% |
| Corporate Accounting Services | 11,07 | 9,73 | ↓-12% |
| Data Processing Services | 11,07 | 9,73 | ↓-12% |
| Exhibition & Conference Services | 11,07 | 9,73 | ↓-12% |
| Health, Safety & Fire Protection Equipment | 7,37 | 9,29 | ↑26% |
| Industrial Design Services | 11,07 | 9,73 | ↓-12% |
| Industrial Equipment Rental | 11,07 | 9,73 | ↓-12% |
| Legal Services | 11,07 | 9,73 | ↓-12% |
| Maintenance & Repair Services | 11,07 | 9,73 | ↓-12% |
| Management Consulting Services | 11,07 | 9,73 | ↓-12% |
| Office Equipment & Supplies Rental | 11,07 | 9,73 | ↓-12% |
| Office Furniture | 7,37 | 9,29 | ↑26% |
| Office Supplies | 7,37 | 9,29 | ↑26% |
| Office Supplies Wholesale | 7,37 | 9,29 | ↑26% |
| Pest Control Services | 11,07 | 9,73 | ↓-12% |
| Security Services | 11,07 | 9,73 | ↓-12% |
| Testing Laboratories | 11,07 | 9,73 | ↓-12% |
| Transaction & Payment Services | 11,07 | 9,73 | ↓-12% |
| Translation & Interpretation Services | 11,07 | 9,73 | ↓-12% |
| Other Business Support Services | 11,07 | 9,73 | ↓-12% |
| Other Business Support Supplies | 7,37 | 9,29 | ↑26% |
| Business Support Supplies | 7,37 | 9,29 | ↑26% |
| Casinos & Gaming | 10,24 | 12,39 | ↑21% |
| Closed End Funds | 18,25 | 20,14 | ↑10% |
| Coal | 4,51 | 4,53 | ↔0% |
| Commercial Printing Services | 9,02 | 10,07 | ↑12% |
| Commercial REITs | 19,96 | 23,06 | ↑16% |
| Commodity Chemicals | 7,47 | 9,60 | ↑29% |
| Communications & Networking | 14,34 | 14,18 | ↓-1% |
| Computer & Electronics Retailers | 7,94 | 10,30 | ↑30% |
| Computer Hardware | 6,72 | 11,76 | ↑75% |
| Construction & Engineering | 7,83 | 8,22 | ↑5% |
| Construction Materials | 8,58 | 10,75 | ↑25% |
| Construction Supplies & Fixtures | 8,36 | 8,55 | ↑2% |
| Consumer Lending* | 18,41 | 20,56 | ↑12% |
| Consumer Publishing | 9,02 | 10,07 | ↑12% |
| Corporate Financial Services* | 18,41 | 20,56 | ↑12% |
| Courier, Postal, Air Freight & Land-based Logistics | 8,29 | 10,47 | ↑26% |
| Department Stores | 8,99 | 11,22 | ↑25% |
| Discount Stores | 10,03 | 10,90 | ↑9% |
| Distillers & Wineries | 12,39 | 15,54 | ↑25% |
| Diversified Chemicals | 7,01 | 8,19 | ↑17% |
| Diversified Industrial Goods Wholesalers | 8,82 | 9,69 | ↑10% |
| Diversified Investment Services | 18,25 | 20,14 | ↑10% |
| Diversified Mining | 6,03 | 7,57 | ↑26% |
| Diversified REITs | 19,96 | 23,06 | ↑16% |
| Drug Retailers | 7,94 | 10,30 | ↑30% |
| Electric Utilities | 9,43 | 12,58 | ↑33% |
| Electrical Components & Equipment | 8,65 | 10,36 | ↑20% |
| Electronic Equipment & Parts | 8,65 | 10,36 | ↑20% |
| Employment Services | 11,07 | 9,73 | ↓-12% |
| Entertainment Production | 13,85 | 19,03 | ↑37% |
| Environmental Services & Equipment | 11,23 | 13,46 | ↑20% |
| Exchange-Traded Funds | 18,25 | 20,14 | ↑10% |
| Financial & Commodity Market Operators & Service | 19,89 | 24,35 | ↑22% |
| Fishing & Farming** | 11,29 | 13,69 | ↑21% |
| Agricultural Biotechnology | 11,39 | 13,81 | ↑21% |
| Agricultural Consultancy Services | 11,39 | 13,81 | ↑21% |
| Agriculture Support Services | 11,39 | 13,81 | ↑21% |
| Animal Breeding | 11,39 | 13,81 | ↑21% |
| Animal Feed | 11,39 | 13,81 | ↑21% |
| Aquaculture | 11,39 | 13,81 | ↑21% |
| Cattle Farming | 11,39 | 13,81 | ↑21% |
| Coffee, Tea & Cocoa Farming | 11,39 | 13,81 | ↑21% |
| Commercial Fishing | 11,39 | 13,81 | ↑21% |
| Commercial Nurseries | 11,39 | 13,81 | ↑21% |
| Fishing & Farming Wholesale | 9,32 | 11,43 | ↑23% |
| Fur Farming | 11,39 | 13,81 | ↑21% |
| Grain (Crop) Production | 11,39 | 13,81 | ↑21% |
| Hog & Pig Farming | 11,39 | 13,81 | ↑21% |
| Organic Farming | 11,39 | 13,81 | ↑21% |
| Poultry Farming | 11,39 | 13,81 | ↑21% |
| Sheep & Specialty Livestock Farming | 11,39 | 13,81 | ↑21% |
| Sugarcane Farming | 11,39 | 13,81 | ↑21% |
| Vegetable, Fruit & Nut Farming | 11,39 | 13,81 | ↑21% |
| Other Fishing & Farming | 11,39 | 13,81 | ↑21% |
| Food Processing | 11,92 | 13,72 | ↑15% |
| Food Retail & Distribution** | 8,33 | 9,75 | ↑17% |
| Beer, Wine & Liquor Stores | 8,17 | 9,47 | ↑16% |
| Food Markets | 8,17 | 9,47 | ↑16% |
| Food Wholesale | 9,32 | 11,43 | ↑23% |
| Supermarkets & Convenience Stores | 8,17 | 9,47 | ↑16% |
| Tobacco Stores | 8,17 | 9,47 | ↑16% |
| Vending Machine Providers | 8,17 | 9,47 | ↑16% |
| Other Food Retail & Distribution | 8,17 | 9,47 | ↑16% |
| Footwear | 14,50 | 18,84 | ↑30% |
| Forest & Wood Products | 6,70 | 9,42 | ↑41% |
| Gold | 7,53 | 11,00 | ↑46% |
| Ground Freight & Logistics | 8,21 | 8,84 | ↑8% |
| Healthcare Facilities & Services | 10,92 | 12,00 | ↑10% |
| Heavy Electrical Equipment | 8,65 | 10,36 | ↑20% |
| Heavy Machinery & Vehicles | 9,69 | 12,21 | ↑26% |
| Highways & Rail Tracks | 10,20 | 10,91 | ↑7% |
| Home Furnishings | 8,29 | 10,93 | ↑32% |
| Home Furnishings Retailers | 10,32 | 12,88 | ↑25% |
| Home Improvement Products & Services Retailers | 10,32 | 12,88 | ↑25% |
| Homebuilding | 7,39 | 9,29 | ↑26% |
| Hotels, Motels & Cruise Lines | 10,24 | 12,39 | ↑21% |
| Household Electronics | 6,19 | 7,94 | ↑28% |
| Household Products | 14,76 | 16,10 | ↑9% |
| Independent Power Producers | 9,16 | 9,68 | ↑6% |
| Industrial Conglomerates | 8,82 | 9,69 | ↑10% |
| Industrial Machinery & Equipment | 9,69 | 12,21 | ↑26% |
| Insurance Funds | 18,25 | 20,14 | ↑10% |
| Integrated Oil & Gas | 4,91 | 6,77 | ↑38% |
| Integrated Telecommunications Services | 6,19 | 7,06 | ↑14% |
| Investment Banking & Brokerage Services* | 18,41 | 20,56 | ↑12% |
| Investment Holding Companies | 18,25 | 20,14 | ↑10% |
| Investment Management & Fund Operators | 18,25 | 20,14 | ↑10% |
| Iron & Steel | 5,05 | 5,92 | ↑17% |
| IT Services & Consulting | 8,91 | 11,79 | ↑32% |
| Leisure & Recreation** | 11,24 | 13,36 | ↑19% |
| Adventure Sports Facilities & Ski Resorts | 11,61 | 13,36 | ↑15% |
| Amusement Parks and Zoos | 11,61 | 13,36 | ↑15% |
| Golf Courses | 11,61 | 13,36 | ↑15% |
| Guided Tour Operators | 9,00 | 13,36 | ↑48% |
| Gyms, Fitness and Spa Centers | 11,61 | 13,36 | ↑15% |
| Hunting & Fishing | 11,61 | 13,36 | ↑15% |
| Marinas | 11,61 | 13,36 | ↑15% |
| Movie Theaters & Movie Products | 11,61 | 13,36 | ↑15% |
| Museums & Historic Places | 11,61 | 13,36 | ↑15% |
| Professional Sports Venues | 11,61 | 13,36 | ↑15% |
| Public Sport Facilities | 11,61 | 13,36 | ↑15% |
| Theatres & Performing Arts | 11,61 | 13,36 | ↑15% |
| Travel Agents | 9,00 | 13,36 | ↑48% |
| Other Leisure & Recreation | 11,61 | 13,36 | ↑15% |
| Life & Health Insurance | 7,40 | 8,85 | ↑20% |
| Managed Healthcare | 10,33 | 11,55 | ↑12% |
| Marine Freight & Logistics | 9,44 | 9,58 | ↑1% |
| Marine Port Services | 9,44 | 9,58 | ↑1% |
| Medical Equipment, Supplies & Distribution | 17,73 | 21,35 | ↑20% |
| Mining Support Services & Equipment | 6,03 | 7,57 | ↑26% |
| Miscellaneous Specialty Retailers | 7,94 | 10,30 | ↑30% |
| Multiline Insurance & Brokers | 7,52 | 9,05 | ↑20% |
| Multiline Utilities | 9,43 | 12,58 | ↑33% |
| Mutual Funds | 18,25 | 20,14 | ↑10% |
| Natural Gas Utilities | 9,43 | 12,58 | ↑33% |
| Non-Alcoholic Beverages | 16,12 | 17,58 | ↑9% |
| Non-Gold Precious Metals & Minerals | 7,53 | 11,00 | ↑46% |
| Non-Paper Containers & Packaging | 8,09 | 9,33 | ↑15% |
| Office Equipment | 7,37 | 9,29 | ↑26% |
| Oil & Gas Drilling | 7,01 | 9,45 | ↑35% |
| Oil & Gas Exploration and Production | 5,55 | 5,14 | ↓-7% |
| Oil & Gas Refining and Marketing | 11,72 | 12,80 | ↑9% |
| Oil & Gas Transportation Services | 11,72 | 12,80 | ↑9% |
| Oil Related Services and Equipment | 7,01 | 9,45 | ↑35% |
| Online Services** | 16,76 | 19,63 | ↑17% |
| Content & Site Management Services | 17,73 | 19,63 | ↑11% |
| E-commerce & Marketplace Services | 10,97 | 19,63 | ↑79% |
| Internet Gaming | 17,73 | 19,63 | ↑11% |
| Internet Security & Transactions Services | 17,73 | 19,63 | ↑11% |
| Search Engines | 17,73 | 19,63 | ↑11% |
| Social Media & Networking | 17,73 | 19,63 | ↑11% |
| Other Online Services | 17,73 | 19,63 | ↑11% |
| Paper Packaging | 8,09 | 9,33 | ↑15% |
| Paper Products | 6,70 | 9,42 | ↑41% |
| Passenger Transportation, Ground & Sea | 8,29 | 10,47 | ↑26% |
| Pension Funds | 18,25 | 20,14 | ↑10% |
| Personal Products | 17,73 | 21,35 | ↑20% |
| Personal Services** | 11,12 | 10,34 | ↓-7% |
| Accounting & Tax Preparation | 11,07 | 9,73 | ↓-12% |
| Child Care & Family Services | 11,07 | 9,73 | ↓-12% |
| Consumer Goods Rental | 11,07 | 9,73 | ↓-12% |
| Consumer Repair Services | 11,07 | 9,73 | ↓-12% |
| Funeral Services | 11,07 | 9,73 | ↓-12% |
| General Education Services | 11,52 | 15,17 | ↑32% |
| Personal Care Services | 11,07 | 9,73 | ↓-12% |
| Personal Legal Services | 11,07 | 9,73 | ↓-12% |
| Other Personal Services | 11,07 | 9,73 | ↓-12% |
| Pharmaceuticals | 12,93 | 14,50 | ↑12% |
| Phones & Handheld Devices | 8,73 | 13,09 | ↑50% |
| Professional Information Services | 18,34 | 25,30 | ↑38% |
| Property & Casualty Insurance | 9,00 | 10,56 | ↑17% |
| Real Estate Rental, Development & Operations | 9,25 | 9,45 | ↑2% |
| Real Estate Services | 16,87 | 17,02 | ↑1% |
| Recreational Products | 11,61 | 13,36 | ↑15% |
| Reinsurance | 10,04 | 13,22 | ↑32% |
| Renewable Energy Equipment & Services | 10,36 | 11,57 | ↑12% |
| Renewable Fuels | 10,36 | 11,57 | ↑12% |
| Residential REITs | 19,96 | 23,06 | ↑16% |
| Restaurants & Bars | 12,35 | 14,99 | ↑21% |
| Semiconductor Equipment & Testing | 7,71 | 17,31 | ↑125% |
| Semiconductors | 7,64 | 13,11 | ↑72% |
| Shipbuilding | 9,44 | 9,58 | ↑1% |
| Software | 19,89 | 24,35 | ↑22% |
| Specialized REITs | 19,96 | 23,06 | ↑16% |
| Specialty Chemicals | 10,15 | 11,48 | ↑13% |
| Specialty Mining & Metals | 6,03 | 7,57 | ↑26% |
| Textiles & Leather Goods | 10,31 | 12,58 | ↑22% |
| Tires & Rubber Products | 6,13 | 6,63 | ↑8% |
| Tobacco | 10,58 | 11,10 | ↑5% |
| Toys & Children’s Products | 11,61 | 13,36 | ↑15% |
| UK Investment Trusts | 18,25 | 20,14 | ↑10% |
| Uranium | 9,16 | 9,68 | ↑6% |
| Water & Related Utilities | 11,43 | 12,47 | ↑9% |
| Wireless Telecommunications Services | 6,19 | 6,81 | ↑10% |
*For these industries, a higher level business sector multiple is applied
**For these industries, a lower activity-based level is available
is there any update in 2021?
Stay tuned Bibhu, we should be rolling out an update in the near future. Appreciate your patience!