Industry Multiples Global Report

Industry Multiples Global Report
Standard Edition
June 2006
IMGR SE – JUNE 2006
The Industry Multiples Global Report (IMGR) Standard Edition is a quarterly publication
delivering valuation multiples for main industries to help both investors and entrepreneurs
approximate the value of a company.
The IMGR SE covers 114 industries, 27 countries, 8,000 public companies and includes
calculations of 5 different market multiples (EV/sales, EV/EBITDA, EV/EBIT, PER, PBR),
descriptive statistics at the industry level, best multiples selection, multiple rating and a text
description of each industry.
In the appendices section, Valmetrics also provides the information you need to understand and
interpret data displayed in this document, including: data source and coverage, date schedule,
multiples selection, multiples rating, glossary, adjustments / possible biases, and references. Any
comments or suggestions to improve the IMGR are very welcome.
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Copyright © 2006 Valmetrics 2 / 71

LAUNCH OF IMGR v1
From September 2006, the IMGR Standard and Professional Editions will merge to
form a new improved service, IMGR v1.
IMGR v1 will be delivered both as a web-based application and as a printed report.
• The web-based application will be available continuously on Internet and

updated on a monthly basis. This online database will include individual
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and graphs. Additional marketing materials will be emailed end of July.
• The printed report will be delivered by post mail on a quarterly basis. It will
include all the main contents from the web-based application with one page of
statistical and graph analysis for each industry (130 pages). The printed report
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IMGR v1 annual subscription fee:
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BANQUE PRIVÉE IMGR SE – JUNE 2006
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LIST OF INDUSTRIES
1. Advertising........................................................................................................................................................ 7
2. Aerospace & Defense....................................................................................................................................... 7
3. Agricultural Products........................................................................................................................................ 8
4. Air Freight & Logistics...................................................................................................................................... 8
5. Airlines .............................................................................................................................................................. 9
6. Airport Services ................................................................................................................................................ 9
7. Alternative Carriers ........................................................................................................................................ 10
8. Aluminium....................................................................................................................................................... 10
9. Apparel Retail ................................................................................................................................................. 11
10. Apparel, Accessories & Luxury Goods .......................................................................................................... 11
11. Application Software ...................................................................................................................................... 12
12. Auto Parts & Equipment ................................................................................................................................ 12
13. Automobile Manufacturers............................................................................................................................. 13
14. Biotechnology................................................................................................................................................. 13
15. Brewers........................................................................................................................................................... 14
16. Broadcasting & Cable TV............................................................................................................................... 14
17. Building Products............................................................................................................................................ 15
18. Casinos & Gaming.......................................................................................................................................... 15
19. Catalogue retail .............................................................................................................................................. 16
20. Commercial Printing....................................................................................................................................... 16
21. Commodity Chemicals.................................................................................................................................... 17
22. Computer & Electronics Retail....................................................................................................................... 17
23. Computer Hardware....................................................................................................................................... 18
24. Computer Storage & Peripherals................................................................................................................... 18
25. Construction & Engineering........................................................................................................................... 19
26. Construction & Farm Machinery & Heavy Trucks ........................................................................................ 19
27. Construction Materials ................................................................................................................................... 20
28. Consumer Electronics..................................................................................................................................... 20
29. Data Processing & Outsourced Services....................................................................................................... 21
30. Department Stores......................................................................................................................................... 21
31. Distillers & Vintners........................................................................................................................................ 22
32. Distributors ..................................................................................................................................................... 22
33. Diversified Chemicals ..................................................................................................................................... 23
34. Diversified Commercial Services ................................................................................................................... 23
35. Diversified Metals & Mining ........................................................................................................................... 24
36. Drug Retail...................................................................................................................................................... 24
37. Electric Utilities............................................................................................................................................... 25
38. Electrical Components & Equipment............................................................................................................. 25
39. Electronic Equipment Manufacturers ............................................................................................................ 26
40. Electronic Manufacturing Services ................................................................................................................ 26
41. Employment Services..................................................................................................................................... 27
42. Environmental Services.................................................................................................................................. 27
43. Fertilizers & Agricultural Chemicals............................................................................................................... 28
44. Food Distributors............................................................................................................................................ 28
45. Food Retail...................................................................................................................................................... 29
46. Footwear......................................................................................................................................................... 29
47. Forest Products .............................................................................................................................................. 30
48. Gas Utilities..................................................................................................................................................... 30
49. General Merchandise Stores.......................................................................................................................... 31
50. Gold................................................................................................................................................................. 31
51. Health Care Services...................................................................................................................................... 32
52. Health Care Distributors ................................................................................................................................ 32
53. Health Care Equipment.................................................................................................................................. 33
54. Health Care Facilities ..................................................................................................................................... 33
55. Health Care Supplies...................................................................................................................................... 34

56. Heavy Electrical Equipment........................................................................................................................... 34

57. Highways & Railtracks ................................................................................................................................... 35
58. Home Entertainment Software...................................................................................................................... 35
59. Home Furnishings .......................................................................................................................................... 36
60. Homebuilding ................................................................................................................................................. 36
61. Home Improvement Retail ............................................................................................................................ 37
62. Hotels, Resorts & Cruise Lines ...................................................................................................................... 37
63. Household Appliances.................................................................................................................................... 38
64. Household Products ....................................................................................................................................... 38
65. Housewares & Specialities............................................................................................................................. 39
66. Hypermarkets & Super Centers..................................................................................................................... 39
67. Industrial Conglomerates .............................................................................................................................. 40
68. Industrial Gases.............................................................................................................................................. 40
69. Industrial Machinery ...................................................................................................................................... 41
70. Integrated Oil & Gas ...................................................................................................................................... 41
71. Integrated Telecommunication Services ...................................................................................................... 42
72. Internet Retail ................................................................................................................................................ 42
73. Internet Software & Services ........................................................................................................................ 43
74. IT Consulting & Other Services..................................................................................................................... 43
75. Leisure Facilities ............................................................................................................................................. 44
76. Leisure Products............................................................................................................................................. 44
77. Managed Health Care .................................................................................................................................... 45
78. Marine ............................................................................................................................................................. 45
79. Marine Ports & Services................................................................................................................................. 46
80. Metal & Glass Containers............................................................................................................................... 46
81. Motorcycle Manufacturers ............................................................................................................................. 47
82. Movies & Entertainment ................................................................................................................................ 47
83. Multi-Utilities & Unregulated Power.............................................................................................................. 48
84. Office Electronics............................................................................................................................................ 48
85. Office Services & Supplies ............................................................................................................................. 49
86. Oil & Gas Drilling ............................................................................................................................................ 49
87. Oil & Gas Equipment & Services ................................................................................................................... 50
88. Oil & Gas Exploration & Production .............................................................................................................. 50
89. Oil & Gas Refining, Marketing & Transportation.......................................................................................... 51
90. Packaged Foods & Meats............................................................................................................................... 51
91. Paper Packaging............................................................................................................................................. 52
92. Paper Products ............................................................................................................................................... 52
93. Personal Products........................................................................................................................................... 53
94. Pharmaceuticals ............................................................................................................................................. 53
95. Photographic Products................................................................................................................................... 54
96. Precious Metals & Minerals............................................................................................................................ 54
97. Publishing ....................................................................................................................................................... 55
98. Railroads ......................................................................................................................................................... 55
99. Restaurants..................................................................................................................................................... 56
100. Semiconductor Equipment............................................................................................................................. 56
101. Semiconductors.............................................................................................................................................. 57
102. Soft Drink........................................................................................................................................................ 57
103. Specialty Chemicals........................................................................................................................................ 58
104. Specialty Stores.............................................................................................................................................. 58
105. Steel ................................................................................................................................................................ 59
106. Systems Software........................................................................................................................................... 59
107. Technology Distributors................................................................................................................................. 60
108. Textiles............................................................................................................................................................ 60
109. Tires & Rubber ............................................................................................................................................... 61
110. Tobacco .......................................................................................................................................................... 61
111. Trading Companies & Distributors................................................................................................................ 62
112. Trucking.......................................................................................................................................................... 62
113. Water Utilities................................................................................................................................................. 63
114. Wireless Telecommunication Services.......................................................................................................... 63

1. Advertising
Companies providing advertising, marketing or public relations services.
Table 1 EV / Sales EV / EBITDA EV / EBIT PER PBR
Number of observations 55 55 55 55 55
Non available multiples 12 11 11 10 10
Non meaningful multiples 5 10 13 15 5
Short-listed multiples 38 34 31 30 40
Minimum 0.04x 1.5x 2.8x 3.3x 0.2x
1st quartile 0.63x 5.2x 6.3x 13.9x 1.3x
Median 0.95x 9.6x 12.1x 18.3x 2.6x
3rd quartile 1.66x 12.0x 13.7x 22.4x 3.9x
Maximum 3.85x 21.5x 24.2x 42.7x 11.0x
Mean 1.27x 9.0x 10.9x 18.6x 3.1x
Std deviation as % of mean 76% 55% 46% 45% 79%
Modal interval [0.62 - 1.23[ [9.4 - 13.6[ [11.2 - 15.9[ [17.5 - 23[ [1.5 - 3[
Modal interval frequency 31.6% 38.2% 48.4% 30.0% 35.0%
Mode estimate 0.93x 10.6x 13.4x 18.4x 1.6x
Valmetrics multiple 0.93x 10.6x 13.4x 18.6x 1.6x
Multiple rating (10=highest) 5 9 7 8 2
2. Aerospace & Defense
Manufacturers of civil or military aerospace and defense equipment, parts or products.

Includes defense electronics and space equipment.
Minimum 0.05x 3.2x 3.9x 1.3x 0.1x
Median 1.25x 10.9x 13.3x 20.9x 2.5x
Maximum 3.82x 19.4x 25.0x 43.1x 5.7x
Mean 1.43x 11.0x 13.7x 21.7x 2.6x
Modal interval [1.07 - 1.6[ [8.4 - 10.4[ [11.5 - 13.5[ [20.2 - 24.2[ [1.7 - 2.5[

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

companies that produce and process foods but do not package and market them. Excludes
companies classified in the Forest Products sub-industry and those that package and market
the food products classified in the Packaged Foods sub-industry.
Minimum 0.23x 3.0x 4.1x 4.9x 0.1x
Median 1.00x 10.6x 15.6x 19.4x 1.6x
Maximum 5.60x 25.2x 46.2x 91.2x 4.2x
Mean 1.47x 11.6x 17.5x 28.1x 1.7x
Modal interval [0.19 - 0.97[ [6.3 - 10.2[ [13.2 - 18[ [14.3 - 23.9[ [1.5 - 1.9[
4. Air Freight & Logistics
Companies providing air freight transportation, courier and logistics services, including
package and mail delivery and customs agents. Excludes those companies classified in the
Airlines, Marine or Trucking sub-industries.
Minimum 0.26x 3.4x 5.0x 5.5x 0.6x
Median 0.73x 9.5x 13.4x 18.1x 2.6x
Maximum 3.42x 26.9x 33.0x 42.8x 7.0x
Mean 1.08x 11.1x 15.7x 19.0x 3.0x
Modal interval [0.03 - 0.63[ [0.6 - 6.4[ [9.2 - 15.7[ [3 - 11.5[ [0.5 - 1.8[

5. Airlines
Companies providing primarily passenger air transportation.
Minimum 0.00x 2.3x 0.8x 0.0x 0.0x
Median 0.72x 8.5x 17.3x 13.5x 1.3x
Maximum 2.14x 21.0x 94.0x 62.5x 3.6x
Mean 0.82x 8.5x 26.4x 19.3x 1.4x
Modal interval [0 - 0.45[ [1.7 - 5.7[ [0 - 16.6[ [7.6 - 15.2[ [0.7 - 1.3[
6. Airport Services
Operators of airports and companies providing related services.
Minimum 0.26x 3.7x 5.0x 6.3x 0.6x
Median 4.31x 12.2x 16.4x 20.6x 1.7x
Maximum 10.14x 18.5x 26.0x 35.3x 3.8x
Mean 4.52x 11.5x 16.6x 19.6x 1.8x
Modal interval [0 - 3.23[ [11.1 - 16[ [13.8 - 17.2[ [20.8 - 30[ [1.8 - 2.6[

7. Alternative Carriers
Providers of communications and high-density data transmission services primarily through a

high bandwidth/fibber-optic cable network.
Minimum 0.57x 1.6x nm nm 0.2x
1st quartile 0.72x 5.6x nm nm 1.0x
Median 1.17x 7.1x nm nm 1.6x
3rd quartile 2.31x 10.8x nm nm 2.5x
Maximum 3.70x 18.5x nm nm 5.8x
Mean 1.52x 8.8x nm nm 1.9x
Std deviation as % of mean 66% 59% nm nm 80%
Modal interval [0.1 - 1.46[ [5.5 - 10.1[ nm nm [0 - 1.3[
Modal interval frequency 69.2% 41.7% nm nm 36.4%
Mode estimate 0.86x 7.4x nm nm 1.3x
Valmetrics multiple 1.17x 7.1x nm nm 1.6x
Multiple rating (10=highest) 2 5 na na 4
8. Aluminium
Producers of aluminium and related products, including companies that mine or process
bauxite and companies that recycle aluminium to produce finished or semi-finished products.
Excludes companies that primarily produce aluminium building materials classified in the
Building Products sub-industry.
Minimum 0.22x 2.5x 3.2x 2.6x 0.2x
Median 1.17x 10.1x 16.8x 20.6x 2.0x
Maximum 2.78x 32.3x 47.9x 54.4x 8.1x
Mean 1.24x 11.4x 18.8x 22.0x 2.7x
Modal interval [0.68 - 1.22[ [5.4 - 10.2[ [0 - 10.7[ [12.7 - 23.2[ [0.1 - 1.7[

9. Apparel Retail
Retailers specialized mainly in apparel and accessories.
Minimum 0.13x 3.1x 1.0x 3.8x 0.0x
Median 0.83x 7.9x 9.9x 16.5x 2.9x
Maximum 2.63x 19.7x 26.7x 41.4x 7.4x
Mean 1.03x 8.9x 11.2x 19.1x 3.2x
Modal interval [0.4 - 0.8[ [4.8 - 7[ [6.4 - 9.4[ [13.6 - 19.6[ [1.3 - 2.5[
10. Apparel, Accessories & Luxury Goods
Manufacturers of apparel, accessories & luxury goods. Includes companies primarily

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

Minimum 0.06x 1.4x 1.6x 2.7x 0.2x
Median 0.87x 8.6x 11.6x 17.7x 1.6x
Maximum 3.73x 28.3x 42.7x 68.4x 6.1x
Mean 1.15x 10.7x 14.2x 20.3x 2.0x
Modal interval [0.39 - 0.78[ [4.2 - 7.8[ [8.7 - 12.5[ [7 - 13.4[ [0.7 - 1.5[

11. Application Software
Companies engaged in developing and producing software designed for specialized

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

Minimum 0.02x 0.0x 0.0x 0.9x 0.2x
Median 1.70x 12.6x 16.8x 26.4x 2.7x
Maximum 5.24x 33.9x 48.0x 72.3x 8.2x
Mean 1.87x 13.6x 18.0x 28.9x 3.1x
Modal interval [1.55 - 2.07[ [10.4 - 13.1[ [13 - 17.3[ [14.7 - 22[ [1.7 - 2.6[
12. Auto Parts & Equipment
Manufacturers of parts and accessories for automobiles and motorcycles. Excludes

companies classified in the Tires & Rubber sub-industry.

Minimum 0.11x 0.7x 0.9x 0.1x 0.0x
Median 0.70x 6.7x 12.1x 16.6x 1.6x
Maximum 3.27x 17.3x 33.3x 44.4x 4.4x
Mean 1.03x 7.6x 13.5x 19.4x 1.7x
Modal interval [0.45 - 0.87[ [5.3 - 7.8[ [10.7 - 14.3[ [10.8 - 16.1[ [1.1 - 1.6[

13. Automobile Manufacturers
Companies that produce mainly passenger automobiles and light trucks. Excludes
companies producing mainly motorcycles and three-wheelers classified in the Motorcycle
Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm
Machinery & Heavy Trucks sub-industry.
Minimum 0.18x 3.2x 4.6x 2.9x 0.2x
Median 0.69x 7.6x 15.8x 11.4x 1.2x
Maximum 1.61x 22.2x 39.1x 44.0x 3.5x
Mean 0.71x 9.6x 18.7x 16.1x 1.4x
Modal interval [0.35 - 0.62[ [5.7 - 8.5[ [0 - 11.2[ [6.7 - 13.4[ [1 - 1.4[
14. Biotechnology
Companies primarily involved in the development, manufacturing or marketing of products

based on advanced biotechnology research.

Minimum 0.44x 0.1x 0.1x 3.5x 0.0x
Median 5.95x 18.1x 23.3x 35.3x 2.9x
Maximum 25.81x 78.9x 73.0x 131.7x 11.3x
Mean 7.59x 23.1x 23.7x 47.0x 3.6x
Modal interval [3.03 - 6.06[ [13.1 - 26.2[ [24.7 - 37.1[ [0 - 28.2[ [1.3 - 2.6[

15. Brewers
Producers of beer and malt liquors. Includes breweries not classified in the Restaurants sub-
industry.
Minimum 0.20x 1.5x 1.8x 3.6x 0.3x
Median 1.77x 10.0x 14.4x 19.6x 1.9x
Maximum 4.35x 18.1x 45.1x 74.3x 5.1x
Mean 1.77x 9.4x 15.7x 26.2x 2.1x
Modal interval [1.38 - 1.98[ [9.8 - 12.9[ [5.9 - 10.9[ [11.5 - 22.9[ [1 - 1.8[
16. Broadcasting & Cable TV
Owners and operators of television or radio broadcasting systems and providers of cable or
satellite television services, including programming.

Minimum 0.12x 3.5x 1.4x 0.3x 0.2x
Median 2.71x 10.1x 13.3x 20.6x 1.7x
Maximum 7.11x 18.8x 32.3x 47.6x 6.6x
Mean 2.84x 9.8x 14.5x 20.6x 2.1x
Modal interval [1.72 - 2.58[ [9.2 - 11.1[ [9 - 12.9[ [14.5 - 21.8[ [0.9 - 1.8[

17. Building Products
Manufacturers of building components and home improvement products and equipment.

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

Minimum 0.09x 1.7x 3.0x 3.0x 0.2x
Median 0.86x 7.9x 11.2x 16.2x 2.0x
Maximum 3.20x 20.8x 24.6x 30.7x 5.3x
Mean 1.11x 8.4x 11.0x 16.1x 2.0x
Modal interval [0.47 - 0.86[ [6.5 - 8.4[ [9.8 - 12.5[ [14.5 - 16.9[ [1.8 - 2.4[
18. Casinos & Gaming
Owners and operators of casinos and gaming facilities. Includes companies providing lottery
and betting services.
Minimum 0.03x 0.3x 0.3x 6.5x 0.2x
Median 2.72x 13.3x 19.0x 31.0x 3.4x
Maximum 7.71x 26.3x 31.3x 53.0x 11.7x
Mean 3.02x 14.4x 19.7x 30.8x 4.2x
Modal interval [2.29 - 3.44[ [9.7 - 14.5[ [15.8 - 23.8[ [24 - 35.6[ [2.1 - 4[

19. Catalogue retail
Mail order and TV home shopping retailers. Includes companies that provide door-to-door
retail.
Minimum 0.13x 2.9x 3.9x 3.0x 1.1x
Median 0.95x 8.9x 10.9x 18.2x 2.9x
Maximum 1.77x 17.3x 17.0x 27.4x 3.9x
Mean 0.89x 9.7x 11.3x 17.3x 2.7x
Modal interval [0.64 - 1.26[ [7.3 - 10.1[ [6.7 - 10.4[ [10.5 - 19.9[ [1.8 - 3.2[
20. Commercial Printing
Companies providing commercial printing services. Includes printers primarily serving the
media industry.
Minimum 0.13x 1.8x 3.5x 4.7x 0.4x
Median 0.88x 6.9x 10.7x 16.4x 1.6x
Maximum 2.31x 13.2x 25.0x 73.2x 3.7x
Mean 0.87x 7.2x 12.2x 27.8x 1.8x
Modal interval [0.35 - 0.64[ [5.4 - 7.5[ [5.7 - 10[ [2.7 - 26.9[ [1 - 1.7[

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

Minimum 0.08x 0.8x 0.9x 0.6x 0.1x
Median 1.01x 8.9x 12.4x 15.8x 1.4x
Maximum 3.51x 26.9x 39.4x 80.0x 3.7x
Mean 1.27x 9.7x 15.0x 22.3x 1.5x
Modal interval [0.4 - 0.8[ [5.6 - 8.3[ [4.7 - 9.4[ [8.7 - 17.4[ [0.9 - 1.3[
22. Computer & Electronics Retail
Owners and operators of consumer electronics, computers, video and related products retail
stores.
Minimum 0.13x 3.3x 2.8x 5.2x 0.6x
Median 0.42x 10.7x 13.5x 18.1x 2.6x
Maximum 1.16x 18.8x 26.2x 58.0x 5.6x
Mean 0.49x 10.4x 13.6x 22.0x 2.7x
Modal interval [0.32 - 0.53[ [9.1 - 13[ [11.8 - 17.2[ [4.4 - 18[ [1.6 - 3.1[

23. Computer Hardware
Manufacturers of personal computers, servers, mainframes and workstations. Includes

manufacturers of Automatic Teller Machines (ATMs). Excludes manufacturers of copiers,
faxes and related products classified in the Office Electronics sub-industry.
Minimum 0.01x 0.0x 0.0x 0.7x 0.3x
Median 0.89x 12.8x 16.2x 19.0x 1.8x
Maximum 2.99x 26.5x 40.9x 68.9x 7.2x
Mean 0.97x 13.3x 16.6x 24.1x 2.1x
Modal interval [0 - 0.46[ [6.1 - 12.2[ [9.3 - 18.5[ [0.3 - 14.1[ [0.8 - 1.5[
24. Computer Storage & Peripherals
Manufacturers of electronic computer components and peripherals. Includes data storage

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

Minimum 0.07x 0.8x 0.6x 6.4x 0.0x
Median 0.87x 9.2x 11.0x 16.2x 1.6x
Maximum 2.76x 29.6x 30.9x 51.1x 5.1x
Mean 0.95x 11.1x 12.8x 18.5x 1.8x
Modal interval [0.32 - 0.65[ [3.9 - 7.7[ [4.9 - 9.9[ [3.7 - 10.9[ [0.7 - 1.4[

25. Construction & Engineering
Companies engaged in primarily non-residential construction. Includes civil engineering

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

Minimum 0.03x 0.5x 0.6x 0.2x 0.0x
Median 0.61x 10.9x 16.6x 19.1x 1.9x
Maximum 3.11x 27.5x 43.3x 55.8x 6.4x
Mean 0.82x 12.0x 17.6x 21.9x 2.2x
Modal interval [0 - 0.33[ [8.8 - 11.7[ [9.8 - 14.7[ [11.8 - 17.7[ [0.7 - 1.4[
26. Construction & Farm Machinery & Heavy Trucks
Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction

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

Minimum 0.05x 1.7x 1.9x 4.7x 0.1x
Median 0.80x 10.8x 14.5x 20.3x 2.3x
Maximum 2.69x 28.7x 42.3x 76.3x 6.1x
Mean 1.01x 11.7x 16.2x 25.8x 2.5x
Modal interval [0.64 - 0.96[ [4.4 - 8[ [5.2 - 10[ [3 - 13.7[ [1.4 - 2.2[

27. Construction Materials
Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates,

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

Minimum 0.18x 2.8x 5.3x 6.3x 0.3x
Median 1.69x 9.1x 11.9x 14.1x 1.6x
Maximum 4.55x 22.2x 47.0x 44.5x 3.7x
Mean 1.83x 10.2x 15.3x 17.5x 1.7x
Modal interval [1.19 - 1.78[ [5.2 - 8.1[ [7.9 - 11.9[ [5.6 - 12.2[ [1.1 - 1.5[
28. Consumer Electronics
Manufacturers of consumer electronics products including TVs, VCRs, hi-fi equipment, game
consoles and related products. Excludes personal home computer manufacturers classified
in the Computer Hardware sub-industry, and electric household appliances classified in the
Household Appliances sub-industry.
Minimum 0.09x 3.0x 4.0x 6.4x 0.3x
Median 0.52x 10.4x 17.0x 23.1x 1.8x
Maximum 4.16x 27.2x 37.5x 42.8x 5.3x
Mean 1.08x 11.9x 18.1x 21.2x 2.1x
Modal interval [0 - 0.96[ [6.6 - 12.3[ [11.6 - 20.7[ [18.1 - 31.1[ [1.3 - 2.3[

29. Data Processing & Outsourced Services
Providers of commercial electronic data processing and/or business process outsourcing

services. Includes companies that provide services for back-office automation.
Minimum 0.21x 0.4x 0.6x 5.8x 0.6x
Median 2.03x 9.5x 14.2x 22.5x 2.8x
Maximum 5.59x 17.6x 22.8x 45.6x 8.5x
Mean 2.20x 10.0x 14.2x 24.7x 3.2x
Modal interval [1.22 - 2.44[ [6.6 - 9.9[ [9.6 - 14.4[ [17.8 - 25.7[ [0.4 - 2[
30. Department Stores
Owners and operators of department stores.
Minimum 0.18x 4.4x 5.1x 2.6x 0.2x
Median 0.84x 11.3x 15.8x 22.8x 2.0x
Maximum 2.21x 33.3x 53.2x 116.4x 5.0x
Mean 0.93x 13.4x 20.1x 34.8x 2.2x
Modal interval [0.56 - 0.98[ [7.2 - 11.9[ [12.7 - 21[ [14 - 28.1[ [1.3 - 2[

31. Distillers & Vintners
Distillers, vintners and producers of alcoholic beverages not classified in the Brewers sub-
industry.
Minimum 0.23x 6.4x 7.7x 8.4x 0.4x
Median 3.03x 15.2x 20.3x 30.1x 2.5x
Maximum 11.58x 31.6x 49.2x 128.6x 7.3x
Mean 3.66x 15.8x 22.1x 43.0x 3.2x
Modal interval [0 - 2.52[ [14.7 - 19[ [13.6 - 21[ [3.4 - 25.1[ [1.6 - 3.1[
32. Distributors
Distributors and wholesalers of general merchandise not classified elsewhere. Includes

vehicle distributors.
Minimum 0.05x 0.1x 0.1x 0.5x 0.2x
Median 0.43x 8.9x 12.1x 12.6x 1.2x
Maximum 1.85x 24.1x 28.6x 40.9x 4.2x
Mean 0.55x 8.9x 12.4x 15.0x 1.4x
Modal interval [0.25 - 0.5[ [7.8 - 10.4[ [4.4 - 8.8[ [8.4 - 12.6[ [0.9 - 1.3[

33. Diversified Chemicals
Manufacturers of a diversified range of chemical products not classified in the Industrial

Gases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicals
sub-industries.
Minimum 0.17x 2.8x 6.0x 2.3x 1.0x
Median 0.99x 8.0x 12.2x 13.5x 2.5x
Maximum 1.67x 14.2x 22.6x 33.9x 5.7x
Mean 0.92x 8.1x 12.3x 14.6x 2.6x
Modal interval [0.92 - 1.31[ [4.4 - 7.2[ [5.2 - 9.8[ [2.2 - 10.2[ [2.5 - 3.4[
34. Diversified Commercial Services
Companies providing commercial and consumer services not classified elsewhere. Includes
commercial cleaning services, education services and security services.

Minimum 0.02x 2.1x 2.1x 0.0x 0.0x
Median 1.12x 8.9x 13.5x 18.8x 2.4x
Maximum 4.02x 22.1x 28.8x 51.7x 6.3x
Mean 1.35x 9.2x 13.5x 18.9x 2.5x
Modal interval [0.49 - 0.98[ [10.1 - 12.1[ [10.7 - 13.8[ [16.4 - 21.9[ [0.8 - 1.7[

35. Diversified Metals & Mining
Companies engaged in diversified production or extraction of metals and minerals not

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

Minimum 0.14x 1.3x 1.5x 1.3x 0.0x
Median 2.02x 9.1x 12.1x 14.3x 2.5x
Maximum 5.24x 25.0x 45.8x 61.7x 7.1x
Mean 2.02x 10.8x 14.3x 19.1x 2.7x
Modal interval [0.1 - 1.13[ [4.5 - 8.8[ [6.5 - 12.2[ [13.3 - 19.4[ [1.7 - 2.5[
36. Drug Retail
Owners and operators of primarily drug retail stores and pharmacies.
Minimum 0.24x 8.8x 10.9x 1.9x 1.0x
Median 0.59x 9.9x 15.9x 18.6x 2.6x
Maximum 1.52x 13.9x 30.1x 26.4x 4.6x
Mean 0.76x 10.8x 17.5x 17.3x 2.6x
Modal interval [0.17 - 0.88[ [8.2 - 11.3[ [14.6 - 18.5[ [11.2 - 22.3[ [1.9 - 3.7[

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

Minimum 0.24x 0.9x 1.8x 3.5x 0.2x
Median 2.20x 9.1x 13.5x 17.7x 1.7x
Maximum 5.83x 22.0x 31.0x 39.5x 4.0x
Mean 2.39x 9.9x 14.9x 18.7x 1.8x
Modal interval [2.05 - 2.73[ [5.9 - 7.8[ [10.1 - 13.2[ [11.8 - 16.7[ [1.3 - 1.7[
38. Electrical Components & Equipment
Companies that produce electric cables and wires, electrical components or equipment not
classified in the Heavy Electrical Equipment sub-industry.

Minimum 0.07x 1.4x 3.2x 2.8x 0.0x
Median 1.26x 10.9x 15.9x 22.8x 1.9x
Maximum 4.77x 26.1x 52.4x 68.9x 6.0x
Mean 1.51x 11.4x 18.3x 24.7x 2.2x
Modal interval [0.57 - 1.1[ [6.2 - 9.3[ [11.7 - 17.1[ [19.7 - 26.2[ [1.3 - 1.9[

39. Electronic Equipment Manufacturers
Producers of electronic equipment, instruments or components. Includes analytical,

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

Minimum 0.04x 0.5x 0.6x 3.9x 0.1x
Median 1.20x 10.5x 14.7x 22.1x 1.7x
Maximum 4.15x 25.4x 51.1x 61.3x 5.6x
Mean 1.34x 10.8x 18.0x 24.4x 2.1x
Modal interval [0.41 - 0.81[ [11 - 13.7[ [9.5 - 14.3[ [22.1 - 29.1[ [1.1 - 1.7[
40. Electronic Manufacturing Services
Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers)
markets.
Minimum 0.05x 1.1x 1.4x 3.6x 0.4x
Median 0.69x 8.7x 14.6x 17.0x 1.8x
Maximum 2.72x 16.9x 27.8x 40.5x 5.1x
Mean 0.89x 9.3x 14.0x 18.1x 2.1x
Modal interval [0 - 0.56[ [4.9 - 9[ [7.9 - 14.6[ [0.2 - 11.1[ [0.3 - 1.3[

41. Employment Services
Employment agencies and related services.
Minimum 0.04x 3.5x 3.8x 7.0x 0.0x
Median 0.52x 9.9x 12.3x 21.6x 2.8x
Maximum 2.44x 21.6x 27.0x 41.8x 7.7x
Mean 0.74x 10.8x 13.1x 21.8x 3.1x
Modal interval [0.38 - 0.76[ [8.1 - 11.1[ [10.2 - 13.7[ [15.9 - 21.6[ [2.7 - 4.1[
42. Environmental Services
Providers of environmental services. Includes waste management and pollution control

services. Excludes large-scale water treatment systems classified in the Water Utilities sub-
industry.
Minimum 0.08x 2.0x 2.1x 1.3x 0.2x
Median 1.54x 10.0x 15.1x 20.4x 2.5x
Maximum 5.69x 22.0x 36.5x 34.5x 6.1x
Mean 1.87x 10.7x 17.0x 19.6x 2.6x
Modal interval [0 - 1.29[ [5.9 - 10[ [11 - 16.5[ [21.4 - 28.5[ [0 - 1.3[

43. Fertilizers & Agricultural Chemicals
Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not

classified elsewhere.
Minimum 0.44x 3.1x 4.6x 3.3x 0.5x
Median 1.48x 8.9x 12.6x 15.6x 2.0x
Maximum 3.93x 21.7x 30.6x 71.8x 4.2x
Mean 1.65x 9.9x 13.9x 21.2x 2.1x
Modal interval [0.92 - 1.55[ [6.8 - 10.6[ [9.7 - 15[ [10.9 - 21.8[ [1.7 - 2.4[
44. Food Distributors
Distributors of food products to other companies and not directly to the consumer.
Minimum 0.08x 1.4x 4.3x 2.0x 0.3x
Median 0.47x 10.8x 13.9x 17.0x 1.7x
Maximum 1.53x 30.7x 23.4x 35.0x 7.0x
Mean 0.61x 11.9x 14.9x 18.0x 2.3x
Modal interval [0.33 - 0.64[ [6.6 - 13.2[ [8.5 - 13.8[ [0 - 14.2[ [0 - 2[

45. Food Retail
Owners and operators of primarily food retail stores.
Minimum 0.02x 2.4x 3.3x 2.7x 0.8x
Median 0.41x 7.7x 12.5x 16.8x 1.8x
Maximum 0.87x 17.0x 25.4x 27.5x 5.1x
Mean 0.42x 8.7x 13.3x 17.2x 2.1x
Modal interval [0.31 - 0.46[ [6.4 - 8.6[ [9 - 12.6[ [18.4 - 21.8[ [1.2 - 2.1[
46. Footwear
Manufacturers of footwear. Includes sport and leather shoes.
Minimum 0.13x 2.3x 2.4x 5.5x 0.6x
Median 0.55x 7.1x 8.6x 14.1x 2.1x
Maximum 1.57x 15.5x 17.9x 34.8x 6.0x
Mean 0.70x 7.3x 8.6x 15.9x 2.3x
Modal interval [0.29 - 0.57[ [4.4 - 7.4[ [8.6 - 11.7[ [4.9 - 12.5[ [1.4 - 2.6[

47. Forest Products
Manufacturers of timber and related wood products. Includes lumber for the building industry.
Minimum 0.35x 2.4x 3.9x 0.2x 0.0x
Median 1.33x 9.3x 14.4x 16.8x 1.3x
Maximum 5.31x 38.8x 40.4x 52.8x 3.2x
Mean 1.89x 12.5x 17.7x 20.4x 1.3x
Modal interval [0 - 1.53[ [7 - 14.1[ [12 - 22.1[ [9.3 - 18.5[ [0.5 - 1[
48. Gas Utilities
Companies whose main charter is to distribute and transmit natural and manufactured gas.
Excludes companies primarily involved in gas exploration or production classified in the Oil &
Gas Exploration & Production sub-industry. Also excludes diversified midstream natural gas
companies classified in the Oil & Gas Refining, Marketing & Transportation sub-industry.
Minimum 0.43x 4.5x 6.6x 4.5x 0.1x
Median 1.49x 9.0x 12.9x 16.0x 1.8x
Maximum 4.06x 14.8x 20.0x 27.7x 3.6x
Mean 1.62x 9.3x 13.8x 16.0x 1.8x
Modal interval [1.17 - 1.6[ [8.2 - 9.6[ [10.8 - 13.3[ [12.9 - 16.1[ [1.7 - 2.1[

49. General Merchandise Stores
Owners and operators of stores offering diversified general merchandise. Excludes

hypermarkets and large-scale super centers classified in the “Hypermarkets & Super
Centers” sub-industry.
Minimum 0.12x 0.6x 0.3x 10.9x 0.7x
Median 0.84x 9.1x 13.4x 22.7x 2.6x
Maximum 3.67x 21.5x 34.4x 40.6x 3.4x
Mean 1.23x 11.0x 15.5x 24.0x 2.4x
Modal interval [0.5 - 0.99[ [4.9 - 9.8[ [7.6 - 15.2[ [8.4 - 20[ [2.8 - 3.6[
50. Gold
Producers of gold and related products, including companies that mine or process gold and
the South African finance houses which primarily invest in, but do not operate, gold mines.
Minimum 0.48x 3.0x 3.1x 5.1x 0.7x
Median 5.04x 20.5x 31.4x 34.5x 3.4x
Maximum 24.12x 84.4x 66.1x 120.4x 12.6x
Mean 7.29x 29.9x 28.1x 39.5x 4.5x
Modal interval [0 - 4.55[ [0 - 19.2[ [24.7 - 37[ [33 - 65.9[ [1.9 - 3.8[

51. Health Care Services
Providers of health care services not classified elsewhere. Includes dialysis centers and lab
testing services.
Minimum 0.18x 0.9x 1.2x 2.0x 0.0x
Median 1.54x 11.9x 13.6x 23.2x 2.5x
Maximum 4.77x 24.6x 32.8x 37.1x 4.7x
Mean 1.72x 12.0x 16.1x 22.5x 2.7x
Modal interval [0.13 - 1.07[ [9.6 - 12.8[ [8.7 - 13.1[ [22.3 - 27.9[ [1.9 - 2.6[
52. Health Care Distributors
Distributors and wholesalers of health care products not classified elsewhere.
Minimum 0.06x 3.2x 3.6x 2.6x 0.2x
Median 0.62x 11.7x 17.3x 24.7x 2.6x
Maximum 3.31x 27.1x 43.7x 67.7x 7.5x
Mean 0.98x 13.5x 18.9x 27.2x 2.9x
Modal interval [0 - 0.63[ [10.6 - 15.1[ [13.7 - 20.3[ [13 - 25.9[ [0 - 1.7[

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

Minimum 0.30x 0.1x 0.1x 10.3x 0.1x
Median 2.71x 14.1x 16.5x 29.1x 3.2x
Maximum 7.55x 37.2x 45.0x 71.8x 10.3x
Mean 2.88x 15.1x 18.0x 32.1x 3.7x
Modal interval [1.05 - 2.01[ [11.8 - 15.8[ [15.2 - 19[ [22.4 - 29.9[ [1.2 - 2.3[
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.
Minimum 0.17x 1.5x 2.0x 0.0x 0.0x
Median 1.36x 10.5x 15.5x 21.0x 2.1x
Maximum 4.07x 24.6x 41.5x 53.5x 5.5x
Mean 1.58x 11.7x 18.1x 21.7x 2.2x
Modal interval [0.74 - 1.43[ [4.6 - 8.9[ [7.5 - 13.2[ [16.3 - 24.5[ [0.9 - 1.9[

55. Health Care Supplies
Manufacturers of health care supplies and medical products not classified elsewhere.
Includes eye care products.
Minimum 0.11x 6.1x 8.0x 13.5x 0.8x
Median 3.03x 12.5x 14.9x 24.8x 3.2x
Maximum 6.31x 23.2x 19.9x 52.6x 7.9x
Mean 2.89x 12.5x 14.9x 26.7x 3.6x
Modal interval [2.59 - 3.84[ [11.7 - 14.6[ [10.3 - 14[ [12.5 - 22.8[ [1.9 - 3.6[
56. Heavy Electrical Equipment
Manufacturers of power-generating equipment and other heavy electrical equipment,

including power turbines, heavy electrical machinery intended for fixed-use and large
electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment sub-industry.
Minimum 0.08x 0.1x 0.1x 1.8x 0.2x
Median 1.15x 15.7x 18.5x 24.3x 2.5x
Maximum 2.88x 69.6x 68.1x 112.1x 8.5x
Mean 1.26x 22.3x 28.0x 41.3x 3.1x
Modal interval [0.78 - 1.55[ [0 - 24.6[ [0 - 35.7[ [0 - 44.9[ [1.3 - 2.6[

57. Highways & Railtracks
Owners and operators of roads, tunnels and railtracks.
Minimum 0.90x 4.5x 7.4x 4.3x 0.2x
Median 7.85x 10.0x 12.2x 18.2x 1.7x
Maximum 14.91x 21.6x 29.7x 36.6x 3.8x
Mean 7.54x 10.5x 13.6x 18.1x 1.8x
Modal interval [4.57 - 6.79[ [9.8 - 13.1[ [10.1 - 13.5[ [9.9 - 16.9[ [1.6 - 1.9[
58. Home Entertainment Software
Manufacturers of home entertainment software and educational software used primarily in

the home.
Minimum 0.03x 0.4x 4.3x 7.8x 0.0x
Median 0.73x 5.8x 15.8x 14.0x 1.6x
Maximum 1.65x 14.4x 33.4x 36.1x 4.6x
Mean 0.85x 6.4x 16.1x 18.3x 1.9x
Modal interval [0.01 - 0.84[ [4.3 - 8.7[ [0 - 13.4[ [7.5 - 21.9[ [0.8 - 1.7[

59. Home Furnishings
Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-
coverings.
Minimum 0.09x 0.1x 4.1x 0.0x 0.0x
Median 0.63x 7.2x 10.7x 14.1x 1.5x
Maximum 1.82x 12.9x 19.4x 27.5x 4.0x
Mean 0.68x 7.2x 10.8x 14.0x 1.6x
Modal interval [0.3 - 0.56[ [4.2 - 6.2[ [6.5 - 9.1[ [5.5 - 10.9[ [1.3 - 1.9[
60. Homebuilding
Residential construction companies. Includes manufacturers of prefabricated houses and

semi-fixed manufactured homes.
Minimum 0.23x 3.2x 3.2x 2.6x 0.5x
Median 0.77x 5.9x 6.0x 6.8x 1.4x
Maximum 2.05x 13.1x 15.3x 22.3x 3.1x
Mean 0.90x 6.4x 6.8x 8.4x 1.4x
Modal interval [0.61 - 0.82[ [4.1 - 5.7[ [5.1 - 7.2[ [5.1 - 8.1[ [1.6 - 1.9[

61. Home Improvement Retail
Owners and operators of home and garden improvement retail stores. Includes stores
offering building materials and supplies.
Minimum 0.42x 3.3x 4.6x 3.1x 0.6x
Median 0.70x 8.7x 11.0x 14.3x 2.1x
Maximum 1.79x 12.1x 18.7x 21.2x 4.3x
Mean 0.83x 8.6x 11.8x 13.5x 2.1x
Modal interval [0.26 - 0.68[ [6.6 - 8.8[ [8.9 - 11.7[ [13.6 - 16.6[ [0.4 - 1.8[
62. Hotels, Resorts & Cruise Lines
Owners and operators of hotels, resorts and cruise-ships. Includes travel agencies, tour
operators and related services not classified elsewhere. Excludes casino-hotels classified in
the Casinos & Gaming sub-industry.

Minimum 0.05x 2.2x 3.0x 1.4x 0.1x
Median 2.52x 12.0x 18.3x 23.7x 1.6x
Maximum 8.84x 37.3x 50.4x 66.1x 5.6x
Mean 2.92x 14.2x 20.8x 25.7x 1.9x
Modal interval [1.14 - 2.28[ [6.6 - 11.9[ [8.5 - 15.8[ [15.4 - 23.2[ [0.8 - 1.6[

63. Household Appliances
Manufacturers of electric household appliances and related products. Includes manufacturers

of power and hand tools, including garden improvement tools. Excludes TVs and other audio
and video products classified in the Consumer Electronics sub-industry and personal
computers classified in the Computer Hardware sub-industry.
Minimum 0.02x 0.1x 0.1x 4.7x 0.3x
Median 0.48x 6.9x 9.6x 15.2x 1.6x
Maximum 1.77x 21.2x 28.6x 39.4x 4.5x
Mean 0.62x 8.0x 11.6x 17.3x 1.7x
Modal interval [0.28 - 0.56[ [4.5 - 6.7[ [8.7 - 11.6[ [11.3 - 18.5[ [1.6 - 2.4[
64. Household Products
Producers of non-durable household products, including detergents, soaps, diapers and

other tissue and household paper products not classified in the Paper Products sub-industry.
Minimum 0.16x 4.4x 5.7x 11.0x 0.4x
Median 1.24x 9.7x 11.9x 18.5x 2.3x
Maximum 3.18x 14.3x 15.8x 23.0x 7.7x
Mean 1.49x 9.4x 11.5x 17.6x 3.4x
Modal interval [0 - 0.97[ [9.3 - 12[ [11.8 - 14[ [18.3 - 20.9[ [0.1 - 2.8[

65. Housewares & Specialities
Manufacturers of durable household products, including cutlery, cookware, glassware,

crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere.
Minimum 0.13x 1.5x 1.9x 0.0x 0.0x
Median 0.67x 7.0x 9.3x 14.8x 1.4x
Maximum 2.51x 16.1x 40.4x 45.0x 5.3x
Mean 0.92x 7.9x 13.4x 16.4x 1.9x
Modal interval [0.49 - 0.91[ [3.6 - 6.2[ [6.4 - 11.3[ [7.8 - 15.6[ [0 - 1.3[
66. Hypermarkets & Super Centers
Owners and operators of hypermarkets and super centers selling food and a wide-range of
consumer staple products. Excludes Food and Drug Retailers classified in the Food Retail
and Drug Retail sub-industries, respectively.
Minimum 0.08x 1.8x 4.2x 8.2x 0.5x
Median 0.51x 7.8x 13.5x 20.2x 2.2x
Maximum 0.98x 15.8x 22.4x 40.8x 4.9x
Mean 0.51x 8.6x 14.1x 21.6x 2.5x
Modal interval [0.22 - 0.43[ [6.1 - 8.8[ [7.5 - 13.3[ [13.7 - 24.5[ [2.7 - 4.1[

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

Minimum 0.32x 3.3x 5.0x 0.1x 0.0x
Median 1.21x 10.6x 13.2x 17.6x 1.8x
Maximum 5.20x 33.5x 47.6x 57.0x 5.0x
Mean 1.68x 13.5x 15.7x 19.5x 2.0x
Modal interval [0.79 - 1.45[ [7.4 - 12.9[ [9.3 - 14.2[ [17 - 22.7[ [0.7 - 1.4[
68. Industrial Gases
Manufacturers of industrial gases.
Minimum 0.98x 5.7x 10.1x 15.4x 1.8x
Median 2.08x 10.1x 15.9x 21.1x 3.1x
Maximum 2.67x 11.9x 20.2x 24.6x 4.4x
Mean 1.89x 9.4x 15.7x 20.9x 2.9x
Modal interval [1.47 - 2.18[ [8.8 - 12.1[ [13.2 - 17.1[ [20 - 22.7[ [1.2 - 3.1[

69. Industrial Machinery
Manufacturers of industrial machinery and industrial components. Includes companies that

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

Minimum 0.09x 0.4x 0.1x 0.4x 0.0x
Median 0.94x 8.7x 12.6x 18.6x 2.1x
Maximum 2.97x 24.0x 34.0x 66.4x 6.7x
Mean 1.07x 9.5x 13.7x 22.0x 2.4x
Modal interval [0.53 - 0.78[ [7 - 8.7[ [11.8 - 14.1[ [12.9 - 17.3[ [1.3 - 2[
70. Integrated Oil & Gas
Integrated oil companies engaged in the exploration & production of oil and gas, as well as at
least one other significant activity in either refining, marketing and transportation, or
chemicals.
Minimum 0.20x 1.0x 1.3x 6.4x 1.0x
Median 1.04x 5.0x 6.6x 10.6x 2.6x
Maximum 2.84x 11.9x 16.9x 16.5x 4.1x
Mean 1.20x 5.7x 7.5x 10.7x 2.6x
Modal interval [0.63 - 1.08[ [4.5 - 6.4[ [5.5 - 7.9[ [10.7 - 12.2[ [2.6 - 3.1[

71. Integrated Telecommunication Services
Operators of primarily fixed-line telecommunications networks and companies providing both

wireless and fixed-line telecommunications services not classified elsewhere.
Minimum 0.05x 1.6x 2.3x 0.2x 0.2x
Median 1.86x 5.6x 11.3x 12.1x 1.7x
Maximum 4.53x 10.3x 20.8x 34.3x 4.8x
Mean 1.87x 5.7x 10.7x 13.0x 2.0x
Modal interval [0.69 - 1.39[ [4.5 - 6[ [10.1 - 13[ [8.7 - 13.1[ [1.5 - 2.2[
72. Internet Retail
Companies providing retail services primarily on the internet, not classified elsewhere.
Minimum 0.21x 4.6x 7.1x 6.4x 0.8x
Median 1.40x 20.1x 14.8x 21.6x 2.8x
Maximum 3.22x 57.2x 77.1x 66.3x 6.3x
Mean 1.48x 23.3x 26.8x 26.4x 3.0x
Modal interval [1.34 - 2.67[ [0.9 - 20.9[ [0 - 21.2[ [3.5 - 25.4[ [0.6 - 3.6[

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

Minimum 0.00x 0.2x 0.2x 0.5x 0.0x
Median 1.35x 15.2x 19.7x 28.5x 2.5x
Maximum 7.95x 60.3x 70.9x 87.3x 10.4x
Mean 2.09x 18.0x 23.1x 31.8x 3.2x
Modal interval [0.71 - 1.41[ [7.7 - 15.3[ [0 - 11[ [26 - 38.9[ [1.3 - 2.6[
74. IT Consulting & Other Services
Providers of information technology and systems integration services not classified in the
Data Processing & Outsourced Services or Internet Software & Services sub-industries.
Includes information technology consulting and information management services.

Minimum 0.08x 0.6x 4.7x 1.9x 0.2x
Median 0.73x 10.9x 15.1x 22.9x 2.3x
Maximum 2.65x 27.8x 52.2x 78.4x 6.8x
Mean 0.86x 11.7x 18.0x 27.3x 2.6x
Modal interval [0.06 - 0.35[ [6.4 - 9.5[ [13 - 17.4[ [16.4 - 24.6[ [1.5 - 2.2[

75. Leisure Facilities
Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf
courses and amusement parks not classified in the Movies & Entertainment sub-industry.
Minimum 0.30x 4.1x 2.7x 8.8x 0.4x
Median 2.52x 10.9x 16.0x 22.2x 1.5x
Maximum 7.08x 34.2x 56.8x 60.8x 6.1x
Mean 2.88x 13.5x 18.6x 26.3x 2.1x
Modal interval [2.48 - 3.69[ [3.1 - 9.5[ [13.3 - 18.8[ [7.6 - 18.5[ [1.4 - 2.6[
76. Leisure Products
Manufacturers of leisure products and equipment including sports equipment, bicycles and
toys.
Minimum 0.06x 2.6x 3.9x 5.5x 0.2x
Median 0.81x 8.9x 11.6x 17.3x 2.4x
Maximum 2.37x 27.6x 38.8x 70.7x 8.3x
Mean 0.90x 10.6x 14.5x 22.3x 2.7x
Modal interval [0.7 - 1.04[ [8 - 10.9[ [8 - 12.5[ [14.8 - 24.1[ [0 - 1.5[

77. Managed Health Care
Owners and operators of Health Maintenance Organizations (HMOs) and other managed
plans.
Minimum 0.27x 3.1x 3.2x 5.4x 1.4x
Median 0.67x 9.4x 10.7x 18.6x 2.3x
Maximum 1.50x 11.2x 12.7x 27.6x 3.4x
Mean 0.81x 8.1x 9.1x 17.4x 2.6x
Modal interval [0.09 - 0.88[ [7.2 - 11.7[ [8 - 13[ [16.5 - 23.1[ [1.4 - 2.4[
78. Marine
Companies providing goods or passenger maritime transportation. Excludes cruise-ships

classified in the Hotels, Resorts & Cruise Lines sub-industry.
Minimum 0.08x 0.6x 0.9x 1.3x 0.4x
Median 1.24x 5.7x 7.1x 8.1x 1.5x
Maximum 4.40x 22.6x 32.0x 33.8x 4.0x
Mean 1.60x 8.0x 10.4x 11.1x 1.6x
Modal interval [0.8 - 1.52[ [0 - 5.1[ [0 - 6[ [0.7 - 7.5[ [0.8 - 1.3[

79. Marine Ports & Services
Owners and operators of marine ports and related services.
Minimum 0.46x 2.2x 2.5x 6.6x 0.6x
Median 4.11x 10.4x 15.4x 19.0x 2.2x
Maximum 11.54x 23.1x 34.4x 26.3x 4.5x
Mean 4.23x 11.0x 15.2x 18.1x 2.3x
Modal interval [2.74 - 5.49[ [12.7 - 16.5[ [14.5 - 18.5[ [18.8 - 23.4[ [2.5 - 3.3[
80. Metal & Glass Containers
Manufacturers of metal, glass or plastic containers. Includes corks and caps.
Minimum 0.21x 1.0x 1.1x 0.5x 0.0x
Median 0.77x 6.5x 10.7x 13.5x 1.4x
Maximum 2.20x 11.2x 23.2x 29.5x 3.8x
Mean 0.91x 6.3x 10.7x 14.3x 1.4x
Modal interval [0.48 - 0.84[ [5 - 7.2[ [9.2 - 12.2[ [6.3 - 12.6[ [0 - 0.8[

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

classified in the Leisure Products sub-industry.
Minimum 0.38x 8.1x nm 12.5x 1.1x
1st quartile 0.73x 9.1x nm 19.8x 1.3x
Median 1.26x 13.1x nm 74.6x 2.1x
3rd quartile 1.91x 35.1x nm 162.8x 2.8x
Maximum 3.31x 56.0x nm 213.1x 7.0x
Mean 1.47x 23.4x nm 94.8x 2.7x
Std 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 1.7x
Valmetrics multiple 1.26x 13.1x nm 74.6x 2.1x
Multiple 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 and
television shows, producers and distributors of music, entertainment theatres and sports
teams.
Minimum 0.03x 0.2x 0.2x 0.5x 0.1x
Median 1.06x 6.5x 13.2x 15.4x 1.6x
Maximum 4.08x 20.3x 41.3x 52.8x 3.3x
Mean 1.28x 7.1x 14.7x 18.1x 1.6x
Modal interval [0.65 - 1.3[ [2.8 - 5.5[ [6.6 - 13.3[ [8.4 - 16.7[ [1.7 - 2.3[

83. Multi-Utilities & Unregulated Power
Utility companies with significantly diversified activities in the Electric Utilities, Gas Utilities
and/or Water Utilities sub-industries not classified elsewhere. Includes unregulated
independent power producers and distributors.
Minimum 0.44x 5.6x 8.0x 9.0x 1.0x
Median 1.71x 8.7x 13.0x 15.5x 1.7x
Maximum 3.61x 13.8x 22.9x 36.4x 2.9x
Mean 1.78x 8.9x 14.1x 18.0x 1.7x
Modal interval [1.28 - 1.78[ [8.6 - 9.7[ [11.3 - 13.4[ [14.5 - 17.8[ [1.6 - 1.8[
84. Office Electronics
Manufacturers of office electronic equipment including copiers and faxes.
Minimum 0.43x 7.3x 11.1x 13.1x 1.0x
Median 1.21x 9.1x 13.6x 17.7x 2.1x
Maximum 2.77x 21.9x 16.5x 54.3x 5.1x
Mean 1.26x 11.3x 13.7x 23.2x 2.4x
Modal interval [0.42 - 1.21[ [6.4 - 9.7[ [9.4 - 13.8[ [12 - 20.7[ [0.5 - 2.2[

85. Office Services & Supplies
Providers of office services and manufacturers of office supplies and equipment not classified
elsewhere.
Minimum 0.16x 1.7x 1.9x 7.2x 0.0x
Median 0.56x 9.3x 13.8x 18.0x 1.6x
Maximum 1.84x 16.0x 28.2x 38.0x 4.6x
Mean 0.68x 8.8x 14.0x 19.3x 1.8x
Modal interval [0.43 - 0.71[ [8.9 - 10.8[ [13.1 - 17.1[ [17.2 - 22.6[ [0.8 - 1.7[
86. Oil & Gas Drilling
Drilling contractors or owners of drilling rigs that contract their services for drilling wells
Minimum 1.11x 3.3x 6.3x 7.3x 0.8x
Median 3.81x 12.1x 17.1x 22.1x 3.3x
Maximum 9.34x 30.5x 59.2x 57.5x 6.5x
Mean 4.55x 13.3x 21.3x 24.7x 3.6x
Modal interval [0.99 - 3.11[ [8.8 - 17.5[ [1.6 - 17.2[ [1.5 - 16.9[ [1.7 - 3[

87. Oil & Gas Equipment & Services
Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies
and services to companies involved in the drilling, evaluation and completion of oil and gas
wells.
Minimum 0.03x 0.2x 0.2x 2.7x 0.6x
Median 2.62x 12.7x 17.4x 25.0x 3.6x
Maximum 6.86x 26.2x 38.8x 52.7x 8.5x
Mean 2.79x 13.1x 18.8x 25.8x 4.0x
Modal interval [1.05 - 2.11[ [9.9 - 13.2[ [14.9 - 19.9[ [21 - 28.1[ [2.7 - 3.9[
88. Oil & Gas Exploration & Production
Companies engaged in the exploration and production of oil and gas not classified
elsewhere.

Minimum 0.05x 2.2x 3.2x 3.6x 0.6x
Median 4.50x 6.9x 11.3x 15.5x 2.9x
Maximum 10.41x 15.9x 29.4x 48.4x 7.0x
Mean 4.63x 7.3x 12.4x 18.9x 3.1x
Modal interval [3.04 - 4.05[ [5.8 - 7.1[ [7.7 - 10.6[ [12.1 - 16.8[ [1.8 - 2.6[

89. Oil & Gas Refining, Marketing & Transportation
Companies engaged in the refining, marketing, processing and/or transportation of oil, gas
and/or refined products not classified in the Integrated Oil & Gas sub-industry. Includes
diversified midstream natural gas companies facing competitive markets.
Minimum 0.11x 0.9x 1.0x 1.2x 0.4x
Median 0.49x 5.7x 6.7x 9.3x 2.5x
Maximum 1.68x 16.7x 17.5x 29.1x 5.2x
Mean 0.62x 6.5x 7.6x 11.0x 2.5x
Modal interval [0.08 - 0.35[ [4.2 - 6.1[ [3.1 - 6.2[ [5 - 9[ [2.4 - 3.2[
90. Packaged Foods & Meats
Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and
pet foods.

Minimum 0.07x 0.2x 0.2x 0.1x 0.0x
Median 0.93x 8.7x 12.9x 17.6x 1.6x
Maximum 3.89x 24.0x 36.2x 54.0x 5.7x
Mean 1.18x 9.7x 13.5x 18.6x 1.8x
Modal interval [0.35 - 0.69[ [5.9 - 7.9[ [10.5 - 13[ [16.1 - 21.5[ [0.5 - 1.1[

91. Paper Packaging
Manufacturers of paper and cardboard containers and packaging.
Minimum 0.35x 4.5x 8.0x 6.2x 0.0x
Median 0.91x 8.5x 15.9x 18.3x 1.4x
Maximum 2.30x 16.1x 53.9x 44.0x 3.2x
Mean 1.02x 8.8x 20.8x 22.3x 1.6x
Modal interval [0.51 - 0.78[ [5.8 - 7.6[ [6.2 - 13.3[ [15 - 25.1[ [0.8 - 1.7[
92. Paper Products
Manufacturers of all grades of paper. Excludes companies specializing in paper packaging

classified in the Paper Packaging sub-industry.
Minimum 0.02x 3.5x 5.3x 4.8x 0.0x
Median 1.14x 9.1x 18.0x 14.0x 1.1x
Maximum 3.20x 24.1x 49.7x 58.0x 2.4x
Mean 1.21x 9.9x 19.3x 18.2x 1.1x
Modal interval [1.56 - 2.07[ [6.6 - 8.7[ [4.6 - 12.2[ [8.2 - 14[ [1 - 1.3[

93. Personal Products
Manufacturers of personal and beauty care products, including cosmetics and perfumes.
Minimum 0.28x 4.8x 6.1x 9.4x 0.4x
Median 1.68x 10.6x 13.5x 22.2x 2.8x
Maximum 3.54x 18.9x 23.1x 43.4x 10.6x
Mean 1.63x 10.7x 13.8x 22.5x 3.6x
Modal interval [1.56 - 2.25[ [7 - 9.4[ [13.3 - 15.8[ [18.5 - 23.8[ [1.9 - 3.8[
94. Pharmaceuticals
Companies engaged in the research, development or production of pharmaceuticals.

Includes veterinary drugs.

Minimum 0.13x 0.0x 0.0x 0.8x 0.1x
Median 2.52x 12.4x 15.3x 23.7x 2.6x
Maximum 7.80x 32.8x 50.3x 66.1x 7.3x
Mean 2.83x 13.3x 18.6x 26.4x 2.7x
Modal interval [0.91 - 1.83[ [9.1 - 12.2[ [9.9 - 14.9[ [12.7 - 19.1[ [1.5 - 2.3[

95. Photographic Products
Manufacturers of photographic equipment and related products.
Minimum 0.62x 0.7x 0.5x 9.1x 0.2x
Median 1.67x 7.9x 11.3x 19.7x 2.2x
Maximum 5.68x 15.4x 27.2x 45.8x 4.0x
Mean 1.92x 8.2x 12.7x 23.1x 2.3x
Modal interval [0.49 - 1.56[ [4.2 - 8[ [14.6 - 19.4[ [5.3 - 20.1[ [1.1 - 2.1[
96. Precious Metals & Minerals
Companies mining precious metals and minerals not classified in the Gold sub-industry.
Includes companies primarily mining platinum.
Minimum 0.43x 7.8x 9.1x 16.3x 1.4x
Median 4.48x 17.9x 21.4x 36.6x 3.3x
Maximum 9.62x 46.7x 58.1x 107.1x 5.8x
Mean 4.39x 21.1x 26.3x 44.0x 3.5x
Modal interval [2.67 - 5.33[ [4.6 - 19.7[ [0 - 23.2[ [13.7 - 45.7[ [2.2 - 3.2[

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

electronic formats.

Minimum 0.24x 1.6x 1.6x 4.6x 0.3x
Median 1.59x 9.4x 12.1x 16.8x 2.3x
Maximum 4.56x 20.0x 27.3x 39.5x 6.4x
Mean 1.76x 9.8x 12.8x 17.8x 2.6x
Modal interval [0.68 - 1.25[ [7.5 - 9.7[ [10.2 - 13.1[ [11.5 - 15.7[ [1 - 2[
98. Railroads
Companies providing primarily goods and passenger rail transportation.
Minimum 0.27x 7.6x 5.1x 6.9x 0.4x
Median 2.57x 9.1x 14.1x 19.3x 2.0x
Maximum 5.77x 15.1x 31.4x 38.0x 4.1x
Mean 2.51x 9.9x 16.5x 21.3x 2.2x
Modal interval [1.59 - 3.02[ [7.5 - 8.8[ [10.1 - 18.2[ [11.7 - 18.9[ [1.2 - 2.4[

99. Restaurants
Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes
companies that provide food catering services.
Minimum 0.23x 3.6x 4.6x 5.2x 0.5x
Median 1.02x 8.5x 13.1x 19.8x 2.2x
Maximum 3.27x 13.0x 23.1x 47.7x 5.1x
Mean 1.19x 8.4x 13.2x 21.5x 2.3x
Modal interval [0.46 - 0.83[ [7.5 - 9[ [12.7 - 15[ [14.7 - 20.6[ [1.2 - 2[
100. Semiconductor Equipment
Manufacturers of semiconductor equipment.
Minimum 0.24x 4.2x 7.3x 4.2x 0.7x
Median 1.87x 13.8x 19.1x 22.5x 1.8x
Maximum 4.02x 44.5x 66.7x 56.4x 4.6x
Mean 1.97x 16.8x 23.3x 23.7x 2.1x
Modal interval [0.8 - 1.46[ [3.7 - 11.9[ [5.4 - 15.9[ [24.4 - 36.2[ [1.2 - 1.8[

101. Semiconductors
Manufacturers of semiconductors and related products.

Minimum 0.01x 1.0x 1.1x 0.1x 0.0x
Median 2.18x 10.7x 18.3x 25.2x 2.1x
Maximum 8.15x 32.0x 64.3x 106.4x 7.1x
Mean 2.49x 12.8x 20.9x 32.4x 2.4x
Modal interval [0.9 - 1.81[ [7.6 - 11.4[ [6.7 - 13.2[ [13 - 26[ [0.8 - 1.6[
102. Soft Drink
Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk

classified in the Packaged Foods sub-industry.
Minimum 0.28x 2.5x 3.3x 2.1x 0.3x
Median 1.14x 7.5x 11.9x 16.3x 2.2x
Maximum 3.08x 15.2x 27.0x 53.2x 6.4x
Mean 1.28x 8.2x 12.9x 20.8x 2.6x
Modal interval [0.75 - 1.22[ [6.6 - 8.1[ [11.2 - 15.2[ [12.4 - 18.6[ [1.4 - 2.7[

103. Specialty Chemicals
Companies that primarily produce high value-added chemicals used in the manufacture of a
wide variety of products, including but not limited to fine chemicals, additives, advanced
polymers, adhesives, sealants and specialty paints, pigments and coatings.
Minimum 0.16x 2.0x 3.2x 3.9x 0.3x
Median 1.09x 9.2x 13.5x 19.3x 1.8x
Maximum 3.88x 19.3x 29.7x 43.7x 4.6x
Mean 1.31x 9.2x 14.2x 20.2x 2.1x
Modal interval [0.52 - 1.02[ [8.2 - 9.8[ [12.6 - 15.2[ [18.2 - 22[ [1.5 - 2.1[
104. Specialty Stores
Owners and operators of specialty retail stores not classified elsewhere. Includes toy stores,
office supply stores and automotive retail.
Minimum 0.01x 0.2x 2.0x 2.1x 0.4x
Median 0.53x 7.0x 11.7x 17.0x 1.7x
Maximum 2.07x 17.1x 30.0x 39.4x 5.6x
Mean 0.75x 7.6x 12.4x 17.4x 2.2x
Modal interval [0.35 - 0.7[ [5.8 - 8.7[ [5.8 - 9.9[ [12.7 - 18.1[ [1 - 2.1[

105. Steel
Producers of iron and steel and related products

Minimum 0.01x 0.3x 0.0x 0.0x 0.0x
Median 0.75x 5.5x 7.4x 8.8x 1.6x
Maximum 2.25x 14.7x 24.1x 24.1x 4.6x
Mean 0.84x 6.1x 9.0x 10.0x 1.7x
Modal interval [0.29 - 0.58[ [4.1 - 5.5[ [5 - 7.5[ [5.2 - 7.8[ [1.2 - 1.7[
106. Systems Software
Companies engaged in developing and producing systems and database management

software.
Minimum 0.08x 5.5x 7.4x 7.9x 0.8x
Median 1.94x 11.9x 20.4x 26.0x 2.7x
Maximum 8.05x 32.0x 51.0x 76.0x 8.8x
Mean 2.56x 14.6x 21.7x 31.2x 3.4x
Modal interval [1.08 - 2.16[ [8.6 - 13.7[ [7 - 15.9[ [17.3 - 29.6[ [1.6 - 2.9[

107. Technology Distributors
Distributors of technology hardware and equipment. Includes distributors of communications

equipment, computers & peripherals, semiconductors, and electronic equipment and
components.
Minimum 0.03x 0.4x 0.4x 4.0x 0.4x
Median 0.33x 8.8x 10.2x 13.5x 1.4x
Maximum 1.31x 22.2x 27.0x 35.9x 6.7x
Mean 0.41x 9.1x 11.0x 15.3x 2.1x
Modal interval [0 - 0.2[ [3.5 - 7.1[ [8.6 - 12.9[ [12.8 - 17.5[ [0.3 - 1.4[
108. Textiles
Manufacturers of textile and related products not classified in the Apparel, Accessories &
Luxury Goods, Footwear or Home Furnishings sub-industries.

Minimum 0.07x 2.3x 5.0x 2.3x 0.0x
Median 0.78x 9.7x 15.5x 13.8x 1.0x
Maximum 2.71x 31.9x 83.0x 99.7x 3.2x
Mean 0.93x 11.3x 23.2x 25.3x 1.1x
Modal interval [0.31 - 0.62[ [4.5 - 7.6[ [12.1 - 21.2[ [0 - 12.9[ [0.5 - 0.9[

109. Tires & Rubber
Manufacturers of tires and rubber.
Minimum 0.24x 3.5x 4.0x 5.7x 0.3x
Median 0.63x 6.0x 9.1x 12.0x 1.4x
Maximum 1.74x 12.2x 16.9x 23.7x 3.5x
Mean 0.76x 6.6x 10.1x 12.5x 1.6x
Modal interval [0.5 - 0.83[ [3 - 5.4[ [6.4 - 10.5[ [7.9 - 11.3[ [1.1 - 1.5[
110. Tobacco
Manufacturers of cigarettes and other tobacco products.
Minimum 0.66x 7.8x 3.2x 9.9x 0.5x
Median 2.59x 9.7x 10.4x 14.4x 4.2x
Maximum 4.83x 11.1x 13.8x 20.9x 11.7x
Mean 2.54x 9.7x 9.9x 14.8x 4.7x
Modal interval [2.29 - 3.21[ [7.7 - 9.5[ [8.5 - 11.9[ [14.2 - 16.6[ [3.4 - 6.8[

111. Trading Companies & Distributors
Trading companies and other distributors of industrial equipment and products.

Minimum 0.02x 0.6x 0.6x 1.9x 0.3x
Median 0.63x 9.3x 12.2x 16.8x 1.8x
Maximum 2.39x 23.4x 30.9x 57.4x 5.1x
Mean 0.73x 9.8x 13.2x 18.9x 2.0x
Modal interval [0.42 - 0.64[ [7.3 - 9.7[ [9.5 - 12.6[ [6 - 12[ [0.8 - 1.4[
112. Trucking
Companies providing primarily goods and passenger land transportation. Includes vehicle
rental and taxi companies.
Minimum 0.19x 1.7x 6.1x 5.2x 0.5x
Median 1.24x 6.5x 13.6x 17.9x 2.4x
Maximum 3.79x 16.2x 29.6x 34.2x 6.5x
Mean 1.42x 7.3x 14.4x 18.8x 2.8x
Modal interval [0.7 - 1.41[ [5 - 7[ [10 - 13.9[ [12.6 - 17.3[ [1.4 - 2.5[

113. Water Utilities
Companies that purchase and redistribute water to the end-consumer. Includes large-scale
water treatment systems.
Minimum 0.91x 2.2x 2.8x 1.4x 0.1x
Median 3.91x 9.8x 15.2x 22.4x 1.9x
Maximum 9.44x 16.1x 34.3x 38.7x 3.8x
Mean 4.38x 9.7x 15.3x 21.6x 1.9x
Modal interval [2.37 - 4.24[ [9.2 - 10.7[ [13.2 - 16.8[ [10.5 - 21[ [1.5 - 2.2[
114. Wireless Telecommunication Services
Providers of primarily cellular or wireless telecommunication services, including paging

services.
Minimum 0.28x 0.4x 0.3x 0.0x 0.0x
Median 2.22x 6.6x 13.0x 15.4x 1.8x
Maximum 3.75x 13.4x 30.7x 34.4x 7.3x
Mean 2.05x 7.0x 14.3x 16.4x 2.4x
Modal interval [1.01 - 2.01[ [5.9 - 7.9[ [9.3 - 14[ [13.9 - 18.6[ [1.1 - 2.2[

APPENDICES

DATA SOURCE
Valmetrics uses the Compustat database (provided by Standard & Poor’s) as the source for most
individual company data. Valmetrics makes no statement regarding the quality of information
received from Compustat but assumes that the data are accurate, consistent and reliable. Missing
data are either excluded or substituted by Valmetrics’ own data.
To comply with the authorized licence granted by Standard & Poor’s, Valmetrics does not provide
IMGR users with any access to Compustat content or services and only publishes its own
proprietary industry valuation analysis. If you wish to access Compustat data or learn about the
line of Compustat products and services, please visit www.compustat.com.
DATA COVERAGE
Valmetrics IMGR Standard Edition supports:
• 114 Industries: all main sub-industries - according to the Global Industry Classification
Standard - are covered (see “List of Industries” page: 5). Industries related to Finance,
Banking, Insurance and Real Estate are excluded in this edition.
• 27 countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, China (including

Hong-Kong), Denmark, France, Germany, India, Indonesia, Ireland, Israel, Italy, Mexico,
Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, Taiwan,
Thailand, United Kingdom, USA.
DATE SCHEDULE
All multiple calculations are based on historical data. The table below shows the IMGR release
dates and related market and financial data schedule.
IMGR SE Release Market data Financial data (last fiscal year available)
December 15th 05 November 30th 05 June 04 ../.. December 04* ../.. March 05 or later
th th
March 15 06 February 29 06 December 04* ../.. March 05 ../.. June 05 or later
th st
June 15 06 May 31 06 March 05 ../.. June 05 ../.. December 05*
(*) Closing of the fiscal year is most likely to be December.
Example:
IMGR Release June 15th 06

Market capitalisation (P) May 31st 06
Earnings (E) March 05 or June 05 or December 05
st
P/E Ratio => May 31 06 / most likely December 05

MULTIPLES PRINCIPLE
Market multiples are valuation ratios (for example market value of a company over its net income)
that are widely used by the investment community to value businesses. Assuming that industry
peers all have the same valuation multiples, business appraisers can then apply the appropriate
industry multiple to the company’s revenues in order to ascertain its value.
There are five main multiples used in finance – EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR – and
many more in the industrial world (Price/Number of beds for hotels, Price/Number of tables for
restaurants, Price/Number of clients, etc….).
The following table shows the two types of market multiples available in the IMGR:
EV Multiples Price Multiples
EV / Sales P/E (Price / Earnings Ratio)

EV / EBITDA P/B (Price / Book Ratio)
EV / EBIT
EV = Enterprise Value P = Price
Market capitalization Market capitalization

+ Minority interests
+ Financial debt
- Cash & cash equivalents
= Enterprise Value = Price
Once you have the right multiple, you can apply it to the related company financial data requiring
valuation, i.e. Sales, EBITDA, EBIT, Earnings or Shareholders’ Equity.
With EV Multiples, you must deduct minority interests and the net financial debt to derive equity
value. With Price Multiples you acquire direct equity value.
Multiples cannot be applied to companies that do not have significant revenues (start-ups).
Therefore, Valmetrics advises the use of those multiples with companies that have already
recorded significant sales (for at least three years).

GLOSSARY
Number of observations: number of companies that constitute the sample on which all the
calculations are based. If the number of observations is insufficient, multiples calculations are
considered arbitrary and are substituted by “nm” (= non meaningful).
Non available (“na”) multiples: data non available in the databases.
Non meaningful (“nm”) multiples: negative multiples or excluded set outliers.
Minimum & maximum: respectively the lowest and highest multiple of the set.
1st, 2nd (median) and 3rd quartiles: a quartile is a statistical term describing a division of
observations into four defined intervals based on the values of the data. Each quartile contains
25% of the total observations. The quartiles are determined by sorting the data from the lowest to
the highest values and taking the data point at ¼ (1st quartile), the middle (median) or the ¾ of the
sequence. E.g. For the median, there is an equal number of points above and below the median.
Unlike the mean, the median is not influenced by outliers at the extremes of the data set.
Mean: simply the sum of the values divided by the total number of items in the set. The mean is the
most commonly-used measure of central tendency and is the preferred tool to calculate multiples.
The mean is an example of an estimator that is the best we can do if the underlying distribution is
normal. However, it lacks robustness of validity. That is, the confidence intervals based on the
mean tend not to be precise if the underlying distribution is indeed not normal.
Standard Deviation as a % of mean: a measure of the dispersion of a set of data from its mean.
The more spread-out the data, the higher the deviation. If the standard deviation is too high, the
mean multiple is not a relevant multiple.
Modal interval & Mode: The modal interval is the histogram interval with the greatest density. The
mode is the most frequently occurring value in the data set. As data are continuous, the mode is
estimated through an interpolation calculation based on modal interval boundaries.
Modal interval frequency: The number of multiples recorded within the modal interval divided by
the total number of multiples.
Valmetrics multiple: Valmetrics selects the best indicator among the median, the mean and the
mode according to dispersion and significance tests. See the “Multiple Selection” section below for
more details.
Rating: Valmetrics rates (on a scale from 0 to 10, with 10 the highest) the “Valmetrics multiple” to
help you select the most relevant multiple. See the “Multiple Rating” section below for more details.

MULTIPLES SELECTION
A major issue in using multiples concerns the choice of a fair and robust multiple. While most
appraisers defend either a buy- or a sell-side position and therefore choose the multiple according to
their target price (backward valuation), Valmetrics is dedicated to finding the multiple that best
represents the industry.
The selection of a multiple estimator is closely linked to the assumption of the data distribution. For
a Normal Distribution, the median, mean and mode are actually equivalent and the mean is a good
location estimator. For skewed distributions (e.g. Lognormal) it is not obvious whether the mean,
the median or the mode is the most meaningful measure. For heavy tails distributions (e.g. Gauchy),
the median provides a useful measure of the typical value, whereas the mean is useless.
Valmetrics does not make any distribution assumption in the IMGR Standard Edition but calculates
all the main estimators – quartiles, mean and mode – that feature the shape of the distribution. The
mean multiple remains the favourite estimator when the dispersion of the set (standard deviation as
% of the mean) is low. If this is not the case, Valmetrics also considers the mode and the median
estimators as shown in the diagram below.
yes
Size of the set <= 5 "nm" (1) SD: Standard Deviation in % of mean
(2) MF: Modal Frequency
no
yes (3) MM: (Mean-Median) / Median
(1)
SD < 41% Mean multiple
no
yes yes
(1) (2)
41% <= SD < 51% 40% <= MF Mode multiple
no
no
Mean mutliple
yes yes
(1) (2)
51% <= SD < 61% 35% <= MF Mode multiple
no
(3)
yes
no MM <= 8% Mean multiple
no
Median multiple
yes yes
(1) (2)
61% <= SD 30% <= MF Mode multiple
no
Median mutliple
CAUTION! Valmetrics selects the best estimator for each market multiple series, but to compare
each multiples series (i.e. EV/Sales, EV/EBITDA, EV/EBIT, PER, PBR) make sure that you
compare them on the basis of the same estimator. For example, you cannot compare an EV/sales
mean multiple with an EV/EBITDA median multiple.

MULTIPLES RATING
How reliable is the multiple estimator selected by Valmetrics? Is it a robust measure of the typical
value? Even if calculated correctly, some multiples can not be considered robust measures because
of a lack of information or analysis. That is why Valmetrics has added a multiple rating line in all
tables to enable users to check the validity of the selected multiples.
The rating system set up by Valmetrics does not indicate whether a multiple is right or wrong, but
rather if it is robust or not. An average rated multiple can be a good and fair multiple but further
analysis is required to confirm its robustness. A highly rated multiple does not necessarily require
further analysis and can be used directly with a high level of confidence.
Rating’s range
Valmetrics proposes a rating scale of 10, 0 being the worst rating and 10 the best. Some multiples
series culminate at a maximum of 8 or 5 because of intrinsic drawbacks.
Multiples Highest rate Explanations

EV/Sales 8 Doesn’t take into account sales growth and operating margins
EV/EBITDA 10 Robust, especially when evaluating cash flow
EV/EBIT 10 Robust
The PER is subject to accounting window dressing. Non-operating items
PER 8 (extraordinary and financial items) can impact the PER.
The PBR is more often used to monitor whether the company creates
PBR 5 (PBR>1) or erodes (PBR<1) value than to compare valuation between
peers.
Rating points
The rating system is based on a proximity analysis between the median, mean and mode estimators.
If those three estimators are numerically close, then the “Valmetrics multiple” gathers a maximum
of points as presented below:
• 8 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 5%
• 1 point if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 40%
• 1 point if Number of “Short-listed multiples” >= 30
• 1 point if Number of “nm multiples” / “Number of observations” <= 20%

ADJUSTMENTS AND POSSIBLE BIASES
Valmetrics calculations are based on consistent, standardized and comparable data from company
to company and from industry to industry. Even so, appraisers may have to adjust the valuation
results depending of the company and the context.
• Illiquidity risk premium: to approximate the value of a privately held company, the
illiquidity risk premium of the company must be taken into consideration. In the IMGR
Standard Edition, Valmetrics gives market multiples which do not take into account the risk
premium related to the illiquidity of a private business. Illiquidity risk premium usually
ranges from a discount of 10% to 30% as compared to the public peer companies.
• Accountancy adjustment: all the market multiples are based on international accounting
standards (US GAAP / IFRS). If the company you wish to value does not use such an
accounting standard, some accountancy adjustments may be necessary to match the
financial data (especially EBIT, EBITDA) used to calculate the multiples.
• Strategic value: the market multiple reflects the “average” market price of the industry,
including both a fundamental value and a speculative value, but excludes the strategic
value of the business (control premium, synergies with another business, etc.).
Other possible biases
Date schedule: fiscal year closing dates (e.g. March ‘04, June ‘04, December ‘04) and financial
data communication dates differ among companies and among countries. Valmetrics uses the last
data available and mixes multiples with different date schedules. The only way to overcome this
bias is to select companies that have the same date schedule and then calculate their multiples.
Country / regional breakdown: two highly comparable companies in Europe and in the US may
have slightly different valuation results because of macroeconomic factors inherent to the country
where the company is listed (regulations, tax policy, business culture, domestic market potential,
innovation dynamic, etc ….). To improve calculation accuracy, a regional analysis is required.
Quasi-Equity: stock options, convertible bonds and other quasi-equity securities are financial
options and should be considered in the calculation of the enterprise value. If options are in the
money, they are equity, if not they are debt. Valmetrics does not take stock options into
consideration and includes convertible bonds in the financial debt.
Company size effect: within the same sector, there may be large companies and mid-sized
companies with different fixed cost- or productivity-thresholds. Big companies are also generally
less risky than small ones, and therefore should be characterized by higher multiples. IMGR does
not take into account this size effect.
Industry classification: Valmetrics uses the Global Industrial Classification Standards, which is
considered by some research papers as the best representative of each sector. Using another
industrial classification (SIC for instance) may have an impact on industry multiples.

REFERENCES
AFIC, BVCA, EVCA, International Private Equity And Venture Capital Valuation Guidelines,
2005 (www.privateequityvaluation.com).
Free research papers available on scholar.google.com
Baker M., Ruback R. S., Estimating Industry Multiples; 1999. Harvard University
Bhojraj S., Lee C. M. C., Ng D. T., International Valuation Using Smart Multiples, 2003, Johnson
Graduate School of Management
Bonadurer W., Valuation by Multiples, 2003, University of St. Gallen
Dittmann I, Weiner C., Selecting Comparables for the Valuation of European Firms, 2005
Humboldt-Universitat zu Berlin.
Fernandez P., Valuation Using Multiples. How Do Analysts Reach Their Conclusions?, 2002, IESE.
Lie E., Lie H. J., Multiples Used to Estimate Corporate Value, 2002, College of William & Mary
Liu, J., D. Nissim, and J. Thomas. 2000. Equity valuation using multiples. Working paper, UCLA
and Columbia University.
Thomas J. K., Zhang H., 2004, Another look at P/E ratios, Yale School of Management, University
of Hong-Kong.
Other research papers
Alford, A., 1992. The effect of the set of comparable firms on the accuracy of the price-earnings
valuation method. Journal of Accounting Research 30, 94-108
Bhojraj S., Lee C. M. C., Who is my Peer? A Valuation-Based Approach to the Selection of
Comparable Firms, 2002, Journal of Accounting Research, Vol. 40, n°2, 407-439.
Cheng, C.S.A. and R. McNamara. “The valuation Accuracy of the price-earnings and price-book
benchmark valuation methods. Working paper, university of Houston, Houston, TX 1996.
Leibowitz, M. L. and Krogelman, S. Inside the P/E ratio: the franchise factor. Financial Analysts
Journal, pp. 43 -53. 1990
Liu, Jing, Doron Nissim and Jacob Thomas (2002b): International equity valuation using multiples,
working paper, University of California at Los Angeles.
Tasker, S. C. Industry preferred multiples in acquisition valuation, working paper, Cornell

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IMGR v1 will be delivered both as a web-based application and as a printed report.

• The web-based application will be available continuously on Internet and

IMGR v1 annual subscription fee:

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56. Heavy Electrical Equipment........................................................................................................................... 34

Copyright © 2006 Valmetrics 6 / 71

Companies providing advertising, marketing or public relations services.

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

2. Aerospace & Defense

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

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

Copyright © 2006 Valmetrics 7 / 71

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

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

4. Air Freight & Logistics

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

Copyright © 2006 Valmetrics 8 / 71

Companies providing primarily passenger air transportation.

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

Operators of airports and companies providing related services.

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

Copyright © 2006 Valmetrics 9 / 71

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

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

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

Copyright © 2006 Valmetrics 10 / 71

Retailers specialized mainly in apparel and accessories.

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

10. Apparel, Accessories & Luxury Goods

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

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

Number of observations 139 139 139 139 139

Copyright © 2006 Valmetrics 11 / 71

11. Application Software

Companies engaged in developing and producing software designed for specialized

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

Number of observations 258 258 258 258 258

12. Auto Parts & Equipment

Manufacturers of parts and accessories for automobiles and motorcycles. Excludes

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

Number of observations 141 141 141 141 141

Copyright © 2006 Valmetrics 12 / 71

13. Automobile Manufacturers

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

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

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

Number of observations 184 184 184 184 184

Copyright © 2006 Valmetrics 13 / 71

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

16. Broadcasting & Cable TV

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