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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.

The IMGR SE is free for subscribers until September 2006 and it is easy to sign up for the service!
Simply email “subscribe IMGR” with your contact details to research@valmetrics.com. Your
personal data will not be transmitted to any third party and you maintain the option of
unsubscribing whenever you wish (email: “unsubscribe IMGR”).

Readers agree that: i) the contents of this report are communicated on a purely informative basis
ii) Information appearing in this report does not constitute an instruction or advice to acquire,
dispose, transfer or manage a company.

This service is brought to you by Valmetrics Research, a service of Valmetrics. Valmetrics is a


Swiss-based corporation delivering comprehensive and authoritative financial metrics for business
valuation without incurring extensive costs. To find out more about us, visit our website
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with us, please email us at partners@valmetrics.com.

Tables, data, logos, trademark included in this report are the property of Valmetrics and are
protected by international copyright laws.

Copyright © 2006 Valmetrics 2 / 71


IMGR SE – JUNE 2006

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
multiples, estimators of central tendency, numerous industry multiple analytics
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
is very convenient to use and to read even if you do not have access to
Internet.

IMGR v1 annual subscription fee:

Schedule Annual fee* Discount


Pre-register now, upgrade in September EUR 2’500 -50% (early subscriber discount)
Wait for September to upgrade EUR 3’000 -40% (Launch discount)
From January 2007 EUR 5’000 No discount
(*) currencies also available: USD, GBP and CHF.

To benefit from the early subscriber discount (-50%), you must pre-register before
end of August 2006. To do so, send an email entitled “Pre-register for IMGR v1” to
research@valmetrics.com with your full contact details: names, company, position,
phone/fax numbers, email and mail addresses. Pre-registration is not binding but
contact details must be complete to be taken into consideration.

The current free version of the IMGR SE will be discontinued next September and be
replaced by another free valuation tool. We are thinking of illiquidity risk premium,
operational metrics or start-up metrics for each industry. Please feel free to share
your preferences with us.

Copyright © 2006 Valmetrics 3 / 71


BANQUE PRIVÉE IMGR SE – JUNE 2006
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Copyright © 2006 Valmetrics 4 / 71


IMGR SE – JUNE 2006

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

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IMGR SE – JUNE 2006

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

Copyright © 2006 Valmetrics 6 / 71


IMGR SE – JUNE 2006

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.

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

Number of observations 88 88 88 88 88
Non available multiples 3 3 3 3 3
Non meaningful multiples 8 15 22 21 13
Short-listed multiples 77 70 63 64 72
Minimum 0.05x 3.2x 3.9x 1.3x 0.1x
1st quartile 0.85x 9.0x 11.8x 17.2x 1.8x
Median 1.25x 10.9x 13.3x 20.9x 2.5x
3rd quartile 1.98x 12.9x 15.8x 25.1x 3.5x
Maximum 3.82x 19.4x 25.0x 43.1x 5.7x
Mean 1.43x 11.0x 13.7x 21.7x 2.6x
Std deviation as % of mean 56% 32% 30% 35% 46%
Modal interval [1.07 - 1.6[ [8.4 - 10.4[ [11.5 - 13.5[ [20.2 - 24.2[ [1.7 - 2.5[
Modal interval frequency 31.2% 24.3% 31.7% 26.6% 30.6%
Mode estimate 1.09x 10.0x 12.8x 21.3x 2.2x
Valmetrics multiple 1.25x 11.0x 13.7x 21.7x 2.6x
Multiple rating (10=highest) 6 9 9 8 5

Copyright © 2006 Valmetrics 7 / 71


IMGR SE – JUNE 2006

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.

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

Number of observations 75 75 75 75 75
Non available multiples 7 8 7 5 5
Non meaningful multiples 18 25 29 25 17
Short-listed multiples 50 42 39 45 53
Minimum 0.23x 3.0x 4.1x 4.9x 0.1x
1st quartile 0.60x 8.1x 12.4x 14.5x 1.0x
Median 1.00x 10.6x 15.6x 19.4x 1.6x
3rd quartile 2.03x 14.8x 20.4x 31.7x 2.0x
Maximum 5.60x 25.2x 46.2x 91.2x 4.2x
Mean 1.47x 11.6x 17.5x 28.1x 1.7x
Std deviation as % of mean 88% 44% 50% 77% 52%
Modal interval [0.19 - 0.97[ [6.3 - 10.2[ [13.2 - 18[ [14.3 - 23.9[ [1.5 - 1.9[
Modal interval frequency 44.0% 33.3% 41.0% 35.6% 30.2%
Mode estimate 0.75x 9.6x 15.1x 18.8x 1.6x
Valmetrics multiple 0.75x 11.6x 15.1x 18.8x 1.7x
Multiple rating (10=highest) 1 7 7 2 5

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.

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

Number of observations 42 42 42 42 42
Non available multiples 6 6 6 5 4
Non meaningful multiples 6 5 8 5 4
Short-listed multiples 30 31 28 32 34
Minimum 0.26x 3.4x 5.0x 5.5x 0.6x
1st quartile 0.49x 5.7x 10.7x 11.1x 1.7x
Median 0.73x 9.5x 13.4x 18.1x 2.6x
3rd quartile 1.43x 14.8x 20.6x 24.5x 3.8x
Maximum 3.42x 26.9x 33.0x 42.8x 7.0x
Mean 1.08x 11.1x 15.7x 19.0x 3.0x
Std deviation as % of mean 79% 55% 49% 53% 62%
Modal interval [0.03 - 0.63[ [0.6 - 6.4[ [9.2 - 15.7[ [3 - 11.5[ [0.5 - 1.8[
Modal interval frequency 43.3% 29.0% 46.4% 31.3% 35.3%
Mode estimate 0.44x 6.4x 12.8x 10.1x 1.7x
Valmetrics multiple 0.73x 9.5x 15.7x 19.0x 1.7x
Multiple rating (10=highest) 2 4 7 4 2

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IMGR SE – JUNE 2006

5. Airlines

Companies providing primarily passenger air transportation.

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

Number of observations 49 49 49 49 49
Non available multiples 7 8 7 6 5
Non meaningful multiples 3 11 17 23 9
Short-listed multiples 39 30 25 20 35
Minimum 0.00x 2.3x 0.8x 0.0x 0.0x
1st quartile 0.39x 4.7x 8.3x 10.6x 0.9x
Median 0.72x 8.5x 17.3x 13.5x 1.3x
3rd quartile 1.15x 10.9x 32.5x 20.9x 2.0x
Maximum 2.14x 21.0x 94.0x 62.5x 3.6x
Mean 0.82x 8.5x 26.4x 19.3x 1.4x
Std deviation as % of mean 69% 50% 100% 87% 57%
Modal interval [0 - 0.45[ [1.7 - 5.7[ [0 - 16.6[ [7.6 - 15.2[ [0.7 - 1.3[
Modal interval frequency 30.8% 33.3% 48.0% 45.0% 40.0%
Mode estimate 0.45x 5.3x 11.7x 11.4x 1.1x
Valmetrics multiple 0.45x 8.5x 17.3x 13.5x 1.1x
Multiple rating (10=highest) 2 4 0 1 5

6. Airport Services

Operators of airports and companies providing related services.

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

Number of observations 27 27 27 27 27
Non available multiples 8 8 8 3 3
Non meaningful multiples 3 3 5 6 4
Short-listed multiples 16 16 14 18 20
Minimum 0.26x 3.7x 5.0x 6.3x 0.6x
1st quartile 2.39x 8.4x 14.5x 12.5x 1.2x
Median 4.31x 12.2x 16.4x 20.6x 1.7x
3rd quartile 6.46x 14.5x 18.6x 24.6x 2.2x
Maximum 10.14x 18.5x 26.0x 35.3x 3.8x
Mean 4.52x 11.5x 16.6x 19.6x 1.8x
Std deviation as % of mean 58% 39% 33% 44% 42%
Modal interval [0 - 3.23[ [11.1 - 16[ [13.8 - 17.2[ [20.8 - 30[ [1.8 - 2.6[
Modal interval frequency 37.5% 37.5% 35.7% 33.3% 35.0%
Mode estimate 3.23x 12.3x 15.8x 24.5x 1.9x
Valmetrics multiple 4.52x 11.5x 16.6x 19.6x 1.8x
Multiple rating (10=highest) 5 9 9 4 5

Copyright © 2006 Valmetrics 9 / 71


IMGR SE – JUNE 2006

7. Alternative Carriers

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


high bandwidth/fibber-optic cable network.

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

Number of observations 27 27 27 27 27
Non available multiples 12 12 12 12 12
Non meaningful multiples 2 3 11 13 4
Short-listed multiples 13 12 4 2 11
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.

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

Number of observations 34 34 34 34 34
Non available multiples 3 3 2 2 2
Non meaningful multiples 7 10 12 14 8
Short-listed multiples 24 21 20 18 24
Minimum 0.22x 2.5x 3.2x 2.6x 0.2x
1st quartile 0.74x 6.4x 10.4x 13.3x 1.3x
Median 1.17x 10.1x 16.8x 20.6x 2.0x
3rd quartile 1.53x 13.1x 24.9x 27.1x 3.6x
Maximum 2.78x 32.3x 47.9x 54.4x 8.1x
Mean 1.24x 11.4x 18.8x 22.0x 2.7x
Std deviation as % of mean 60% 63% 60% 68% 76%
Modal interval [0.68 - 1.22[ [5.4 - 10.2[ [0 - 10.7[ [12.7 - 23.2[ [0.1 - 1.7[
Modal interval frequency 29.2% 38.1% 30.0% 33.3% 37.5%
Mode estimate 1.22x 8.4x 10.7x 19.7x 1.6x
Valmetrics multiple 1.24x 10.1x 16.8x 20.6x 2.0x
Multiple rating (10=highest) 8 4 2 7 1

Copyright © 2006 Valmetrics 10 / 71


IMGR SE – JUNE 2006

9. Apparel Retail

Retailers specialized mainly in apparel and accessories.

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

Number of observations 73 73 73 73 73
Non available multiples 3 3 3 3 3
Non meaningful multiples 6 13 18 18 5
Short-listed multiples 64 57 52 52 65
Minimum 0.13x 3.1x 1.0x 3.8x 0.0x
1st quartile 0.61x 6.4x 8.3x 13.9x 1.8x
Median 0.83x 7.9x 9.9x 16.5x 2.9x
3rd quartile 1.41x 10.7x 13.9x 25.1x 4.3x
Maximum 2.63x 19.7x 26.7x 41.4x 7.4x
Mean 1.03x 8.9x 11.2x 19.1x 3.2x
Std deviation as % of mean 58% 44% 48% 41% 58%
Modal interval [0.4 - 0.8[ [4.8 - 7[ [6.4 - 9.4[ [13.6 - 19.6[ [1.3 - 2.5[
Modal interval frequency 37.5% 28.1% 34.6% 36.5% 26.2%
Mode estimate 0.65x 7.0x 8.5x 16.6x 2.1x
Valmetrics multiple 0.65x 8.9x 11.2x 19.1x 2.9x
Multiple rating (10=highest) 3 7 5 8 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.

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

Number of observations 139 139 139 139 139


Non available multiples 11 14 11 12 11
Non meaningful multiples 19 25 38 43 17
Short-listed multiples 109 100 90 84 111
Minimum 0.06x 1.4x 1.6x 2.7x 0.2x
1st quartile 0.44x 6.3x 8.2x 11.0x 1.0x
Median 0.87x 8.6x 11.6x 17.7x 1.6x
3rd quartile 1.36x 14.5x 16.8x 24.9x 2.7x
Maximum 3.73x 28.3x 42.7x 68.4x 6.1x
Mean 1.15x 10.7x 14.2x 20.3x 2.0x
Std deviation as % of mean 84% 63% 67% 68% 70%
Modal interval [0.39 - 0.78[ [4.2 - 7.8[ [8.7 - 12.5[ [7 - 13.4[ [0.7 - 1.5[
Modal interval frequency 26.6% 27.0% 22.2% 26.2% 29.7%
Mode estimate 0.60x 7.3x 9.5x 12.3x 1.1x
Valmetrics multiple 0.87x 8.6x 11.6x 17.7x 1.6x
Multiple rating (10=highest) 3 5 4 3 3

Copyright © 2006 Valmetrics 11 / 71


IMGR SE – JUNE 2006

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.

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

Number of observations 258 258 258 258 258


Non available multiples 27 27 26 25 24
Non meaningful multiples 21 80 110 108 39
Short-listed multiples 210 151 122 125 195
Minimum 0.02x 0.0x 0.0x 0.9x 0.2x
1st quartile 0.95x 9.8x 12.6x 18.8x 1.7x
Median 1.70x 12.6x 16.8x 26.4x 2.7x
3rd quartile 2.49x 16.7x 23.3x 37.1x 4.1x
Maximum 5.24x 33.9x 48.0x 72.3x 8.2x
Mean 1.87x 13.6x 18.0x 28.9x 3.1x
Std deviation as % of mean 62% 51% 48% 52% 59%
Modal interval [1.55 - 2.07[ [10.4 - 13.1[ [13 - 17.3[ [14.7 - 22[ [1.7 - 2.6[
Modal interval frequency 19.5% 22.5% 24.6% 23.2% 21.5%
Mode estimate 1.83x 11.9x 14.2x 20.7x 2.2x
Valmetrics multiple 1.70x 13.6x 18.0x 26.4x 2.7x
Multiple rating (10=highest) 8 8 6 5 5

12. Auto Parts & Equipment

Manufacturers of parts and accessories for automobiles and motorcycles. Excludes


companies classified in the Tires & Rubber sub-industry.

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

Number of observations 141 141 141 141 141


Non available multiples 12 12 12 12 12
Non meaningful multiples 25 41 47 59 32
Short-listed multiples 104 88 82 70 97
Minimum 0.11x 0.7x 0.9x 0.1x 0.0x
1st quartile 0.45x 4.8x 8.8x 12.0x 1.0x
Median 0.70x 6.7x 12.1x 16.6x 1.6x
3rd quartile 1.42x 10.3x 16.6x 23.1x 2.3x
Maximum 3.27x 17.3x 33.3x 44.4x 4.4x
Mean 1.03x 7.6x 13.5x 19.4x 1.7x
Std deviation as % of mean 75% 49% 53% 54% 58%
Modal interval [0.45 - 0.87[ [5.3 - 7.8[ [10.7 - 14.3[ [10.8 - 16.1[ [1.1 - 1.6[
Modal interval frequency 28.8% 28.4% 24.4% 32.9% 22.7%
Mode estimate 0.48x 6.1x 11.8x 14.1x 1.3x
Valmetrics multiple 0.70x 7.6x 12.1x 16.6x 1.7x
Multiple rating (10=highest) 3 7 8 5 5

Copyright © 2006 Valmetrics 12 / 71


IMGR SE – JUNE 2006

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.

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

Number of observations 42 42 42 42 42
Non available multiples 1 3 1 0 0
Non meaningful multiples 9 14 16 15 9
Short-listed multiples 32 25 25 27 33
Minimum 0.18x 3.2x 4.6x 2.9x 0.2x
1st quartile 0.43x 7.0x 8.4x 9.5x 1.0x
Median 0.69x 7.6x 15.8x 11.4x 1.2x
3rd quartile 0.86x 11.1x 24.8x 19.6x 1.7x
Maximum 1.61x 22.2x 39.1x 44.0x 3.5x
Mean 0.71x 9.6x 18.7x 16.1x 1.4x
Std deviation as % of mean 48% 53% 55% 66% 47%
Modal interval [0.35 - 0.62[ [5.7 - 8.5[ [0 - 11.2[ [6.7 - 13.4[ [1 - 1.4[
Modal interval frequency 34.4% 48.0% 36.0% 55.6% 33.3%
Mode estimate 0.62x 7.2x 9.1x 10.6x 1.2x
Valmetrics multiple 0.71x 7.6x 15.8x 11.4x 1.4x
Multiple rating (10=highest) 8 4 1 2 5

14. Biotechnology

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


based on advanced biotechnology research.

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

Number of observations 184 184 184 184 184


Non available multiples 21 15 14 12 11
Non meaningful multiples 46 124 133 140 31
Short-listed multiples 117 45 37 32 142
Minimum 0.44x 0.1x 0.1x 3.5x 0.0x
1st quartile 3.17x 11.0x 10.0x 22.4x 1.7x
Median 5.95x 18.1x 23.3x 35.3x 2.9x
3rd quartile 10.58x 34.3x 30.6x 67.2x 5.1x
Maximum 25.81x 78.9x 73.0x 131.7x 11.3x
Mean 7.59x 23.1x 23.7x 47.0x 3.6x
Std deviation as % of mean 77% 85% 75% 75% 70%
Modal interval [3.03 - 6.06[ [13.1 - 26.2[ [24.7 - 37.1[ [0 - 28.2[ [1.3 - 2.6[
Modal interval frequency 25.6% 42.2% 32.4% 37.5% 26.8%
Mode estimate 3.41x 17.0x 28.8x 24.2x 2.1x
Valmetrics multiple 5.95x 17.0x 28.8x 24.2x 2.9x
Multiple rating (10=highest) 2 4 6 1 4

Copyright © 2006 Valmetrics 13 / 71


IMGR SE – JUNE 2006

15. Brewers

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

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

Number of observations 48 48 48 48 48
Non available multiples 3 3 3 3 3
Non meaningful multiples 10 9 10 10 8
Short-listed multiples 35 36 35 35 37
Minimum 0.20x 1.5x 1.8x 3.6x 0.3x
1st quartile 1.11x 6.8x 9.7x 14.5x 1.5x
Median 1.77x 10.0x 14.4x 19.6x 1.9x
3rd quartile 2.09x 11.9x 17.9x 33.3x 2.9x
Maximum 4.35x 18.1x 45.1x 74.3x 5.1x
Mean 1.77x 9.4x 15.7x 26.2x 2.1x
Std deviation as % of mean 57% 43% 62% 71% 48%
Modal interval [1.38 - 1.98[ [9.8 - 12.9[ [5.9 - 10.9[ [11.5 - 22.9[ [1 - 1.8[
Modal interval frequency 31.4% 33.3% 25.7% 45.7% 32.4%
Mode estimate 1.53x 10.9x 10.9x 17.4x 1.8x
Valmetrics multiple 1.77x 9.4x 14.4x 17.4x 2.1x
Multiple rating (10=highest) 8 8 4 3 5

16. Broadcasting & Cable TV

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

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

Number of observations 108 108 108 108 108


Non available multiples 12 12 12 12 10
Non meaningful multiples 9 24 26 39 23
Short-listed multiples 87 72 70 57 75
Minimum 0.12x 3.5x 1.4x 0.3x 0.2x
1st quartile 1.78x 7.6x 10.6x 12.0x 1.0x
Median 2.71x 10.1x 13.3x 20.6x 1.7x
3rd quartile 3.68x 11.7x 18.7x 26.0x 2.9x
Maximum 7.11x 18.8x 32.3x 47.6x 6.6x
Mean 2.84x 9.8x 14.5x 20.6x 2.1x
Std deviation as % of mean 53% 35% 43% 51% 71%
Modal interval [1.72 - 2.58[ [9.2 - 11.1[ [9 - 12.9[ [14.5 - 21.8[ [0.9 - 1.8[
Modal interval frequency 25.3% 23.6% 31.4% 33.3% 32.0%
Mode estimate 2.45x 10.3x 11.4x 18.4x 1.3x
Valmetrics multiple 2.84x 9.8x 14.5x 20.6x 1.3x
Multiple rating (10=highest) 8 9 6 8 2

Copyright © 2006 Valmetrics 14 / 71


IMGR SE – JUNE 2006

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.

Table 17 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 139 139 139 139 139


Non available multiples 13 14 13 13 13
Non meaningful multiples 14 31 45 45 21
Short-listed multiples 112 94 81 81 105
Minimum 0.09x 1.7x 3.0x 3.0x 0.2x
1st quartile 0.57x 5.9x 7.9x 13.4x 1.2x
Median 0.86x 7.9x 11.2x 16.2x 2.0x
3rd quartile 1.51x 10.3x 13.6x 18.5x 2.6x
Maximum 3.20x 20.8x 24.6x 30.7x 5.3x
Mean 1.11x 8.4x 11.0x 16.1x 2.0x
Std deviation as % of mean 64% 45% 36% 34% 52%
Modal interval [0.47 - 0.86[ [6.5 - 8.4[ [9.8 - 12.5[ [14.5 - 16.9[ [1.8 - 2.4[
Modal interval frequency 35.7% 24.5% 23.5% 23.5% 24.8%
Mode estimate 0.67x 7.7x 11.6x 16.3x 2.1x
Valmetrics multiple 0.67x 8.4x 11.0x 16.1x 2.0x
Multiple rating (10=highest) 3 9 9 8 5

18. Casinos & Gaming

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

Table 18 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 44 44 44 44 44
Non available multiples 4 3 3 3 3
Non meaningful multiples 3 9 12 13 7
Short-listed multiples 37 32 29 28 34
Minimum 0.03x 0.3x 0.3x 6.5x 0.2x
1st quartile 2.24x 11.6x 14.1x 21.6x 2.4x
Median 2.72x 13.3x 19.0x 31.0x 3.4x
3rd quartile 4.15x 19.3x 26.3x 39.1x 5.5x
Maximum 7.71x 26.3x 31.3x 53.0x 11.7x
Mean 3.02x 14.4x 19.7x 30.8x 4.2x
Std deviation as % of mean 62% 40% 37% 37% 72%
Modal interval [2.29 - 3.44[ [9.7 - 14.5[ [15.8 - 23.8[ [24 - 35.6[ [2.1 - 4[
Modal interval frequency 32.4% 34.4% 34.5% 35.7% 32.4%
Mode estimate 2.79x 12.3x 23.8x 31.7x 3.0x
Valmetrics multiple 2.79x 14.4x 19.7x 30.8x 3.0x
Multiple rating (10=highest) 8 8 4 8 5

Copyright © 2006 Valmetrics 15 / 71


IMGR SE – JUNE 2006

19. Catalogue retail

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

Table 19 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 20 20 20 20 20
Non available multiples 5 5 5 5 5
Non meaningful multiples 1 4 5 5 4
Short-listed multiples 14 11 10 10 11
Minimum 0.13x 2.9x 3.9x 3.0x 1.1x
1st quartile 0.47x 7.9x 9.7x 13.8x 2.0x
Median 0.95x 8.9x 10.9x 18.2x 2.9x
3rd quartile 1.21x 11.0x 13.7x 24.0x 3.5x
Maximum 1.77x 17.3x 17.0x 27.4x 3.9x
Mean 0.89x 9.7x 11.3x 17.3x 2.7x
Std deviation as % of mean 58% 39% 32% 49% 37%
Modal interval [0.64 - 1.26[ [7.3 - 10.1[ [6.7 - 10.4[ [10.5 - 19.9[ [1.8 - 3.2[
Modal interval frequency 42.9% 36.4% 30.0% 40.0% 45.5%
Mode estimate 0.80x 9.4x 10.4x 19.9x 2.8x
Valmetrics multiple 0.89x 9.7x 11.3x 17.3x 2.7x
Multiple rating (10=highest) 7 9 8 7 5

20. Commercial Printing

Companies providing commercial printing services. Includes printers primarily serving the
media industry.

Table 20 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 33 33 33 33 33
Non available multiples 3 4 3 3 3
Non meaningful multiples 6 7 10 10 8
Short-listed multiples 24 22 20 20 22
Minimum 0.13x 1.8x 3.5x 4.7x 0.4x
1st quartile 0.61x 5.6x 8.3x 12.1x 1.3x
Median 0.88x 6.9x 10.7x 16.4x 1.6x
3rd quartile 1.02x 8.6x 14.1x 44.9x 2.2x
Maximum 2.31x 13.2x 25.0x 73.2x 3.7x
Mean 0.87x 7.2x 12.2x 27.8x 1.8x
Std deviation as % of mean 51% 38% 47% 85% 49%
Modal interval [0.35 - 0.64[ [5.4 - 7.5[ [5.7 - 10[ [2.7 - 26.9[ [1 - 1.7[
Modal interval frequency 33.3% 36.4% 40.0% 65.0% 36.4%
Mode estimate 0.58x 6.4x 9.0x 16.4x 1.4x
Valmetrics multiple 0.87x 7.2x 12.2x 16.4x 1.8x
Multiple rating (10=highest) 4 8 4 1 5

Copyright © 2006 Valmetrics 16 / 71


IMGR SE – JUNE 2006

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.

Table 21 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 187 187 187 187 187


Non available multiples 8 8 8 6 6
Non meaningful multiples 27 51 67 72 42
Short-listed multiples 152 128 112 109 139
Minimum 0.08x 0.8x 0.9x 0.6x 0.1x
1st quartile 0.69x 5.6x 8.5x 8.8x 0.9x
Median 1.01x 8.9x 12.4x 15.8x 1.4x
3rd quartile 1.75x 12.5x 19.8x 29.6x 2.0x
Maximum 3.51x 26.9x 39.4x 80.0x 3.7x
Mean 1.27x 9.7x 15.0x 22.3x 1.5x
Std deviation as % of mean 63% 57% 59% 82% 52%
Modal interval [0.4 - 0.8[ [5.6 - 8.3[ [4.7 - 9.4[ [8.7 - 17.4[ [0.9 - 1.3[
Modal interval frequency 25.0% 23.4% 28.6% 30.3% 19.4%
Mode estimate 0.77x 6.5x 8.1x 11.1x 1.3x
Valmetrics multiple 1.01x 8.9x 12.4x 11.1x 1.5x
Multiple rating (10=highest) 4 4 2 1 5

22. Computer & Electronics Retail

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

Table 22 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 26 26 26 26 26
Non available multiples 4 5 4 3 3
Non meaningful multiples 2 5 5 5 2
Short-listed multiples 20 16 17 18 21
Minimum 0.13x 3.3x 2.8x 5.2x 0.6x
1st quartile 0.36x 7.4x 10.4x 10.8x 1.6x
Median 0.42x 10.7x 13.5x 18.1x 2.6x
3rd quartile 0.66x 12.3x 17.3x 28.7x 3.7x
Maximum 1.16x 18.8x 26.2x 58.0x 5.6x
Mean 0.49x 10.4x 13.6x 22.0x 2.7x
Std deviation as % of mean 58% 41% 46% 67% 57%
Modal interval [0.32 - 0.53[ [9.1 - 13[ [11.8 - 17.2[ [4.4 - 18[ [1.6 - 3.1[
Modal interval frequency 45.0% 37.5% 29.4% 50.0% 42.9%
Mode estimate 0.40x 10.4x 17.2x 13.8x 2.2x
Valmetrics multiple 0.42x 10.4x 13.6x 18.1x 2.7x
Multiple rating (10=highest) 6 9 5 3 5

Copyright © 2006 Valmetrics 17 / 71


IMGR SE – JUNE 2006

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.

Table 23 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 58 58 58 58 58
Non available multiples 3 3 3 3 3
Non meaningful multiples 9 19 24 17 10
Short-listed multiples 46 36 31 38 45
Minimum 0.01x 0.0x 0.0x 0.7x 0.3x
1st quartile 0.40x 8.4x 10.6x 11.2x 1.1x
Median 0.89x 12.8x 16.2x 19.0x 1.8x
3rd quartile 1.23x 18.4x 25.1x 34.4x 2.5x
Maximum 2.99x 26.5x 40.9x 68.9x 7.2x
Mean 0.97x 13.3x 16.6x 24.1x 2.1x
Std deviation as % of mean 71% 54% 58% 75% 72%
Modal interval [0 - 0.46[ [6.1 - 12.2[ [9.3 - 18.5[ [0.3 - 14.1[ [0.8 - 1.5[
Modal interval frequency 28.3% 36.1% 41.9% 39.5% 24.4%
Mode estimate 0.46x 10.3x 15.7x 10.1x 1.3x
Valmetrics multiple 0.89x 10.3x 15.7x 10.1x 1.8x
Multiple rating (10=highest) 3 5 9 1 4

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.

Table 24 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 112 112 112 112 112


Non available multiples 12 12 12 12 12
Non meaningful multiples 15 32 46 51 16
Short-listed multiples 85 68 54 49 84
Minimum 0.07x 0.8x 0.6x 6.4x 0.0x
1st quartile 0.49x 6.4x 8.1x 10.2x 1.0x
Median 0.87x 9.2x 11.0x 16.2x 1.6x
3rd quartile 1.21x 14.3x 17.4x 23.2x 2.6x
Maximum 2.76x 29.6x 30.9x 51.1x 5.1x
Mean 0.95x 11.1x 12.8x 18.5x 1.8x
Std deviation as % of mean 67% 61% 51% 57% 62%
Modal interval [0.32 - 0.65[ [3.9 - 7.7[ [4.9 - 9.9[ [3.7 - 10.9[ [0.7 - 1.4[
Modal interval frequency 23.5% 30.9% 27.8% 30.6% 31.0%
Mode estimate 0.53x 7.3x 9.4x 10.4x 1.1x
Valmetrics multiple 0.87x 7.3x 11.0x 16.2x 1.1x
Multiple rating (10=highest) 4 3 5 3 3

Copyright © 2006 Valmetrics 18 / 71


IMGR SE – JUNE 2006

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.

Table 25 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 201 201 201 201 201


Non available multiples 26 27 25 22 22
Non meaningful multiples 32 54 61 53 17
Short-listed multiples 143 120 115 126 162
Minimum 0.03x 0.5x 0.6x 0.2x 0.0x
1st quartile 0.32x 8.1x 11.5x 14.3x 1.1x
Median 0.61x 10.9x 16.6x 19.1x 1.9x
3rd quartile 1.20x 15.3x 23.4x 29.1x 3.0x
Maximum 3.11x 27.5x 43.3x 55.8x 6.4x
Mean 0.82x 12.0x 17.6x 21.9x 2.2x
Std deviation as % of mean 81% 49% 49% 56% 67%
Modal interval [0 - 0.33[ [8.8 - 11.7[ [9.8 - 14.7[ [11.8 - 17.7[ [0.7 - 1.4[
Modal interval frequency 28.0% 28.3% 27.0% 27.0% 24.7%
Mode estimate 0.30x 10.0x 13.1x 15.3x 1.1x
Valmetrics multiple 0.61x 12.0x 17.6x 19.1x 1.9x
Multiple rating (10=highest) 2 7 5 4 3

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.

Table 26 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 113 113 113 113 113


Non available multiples 7 7 7 7 7
Non meaningful multiples 15 20 25 24 11
Short-listed multiples 91 86 81 82 95
Minimum 0.05x 1.7x 1.9x 4.7x 0.1x
1st quartile 0.58x 6.7x 9.9x 12.3x 1.6x
Median 0.80x 10.8x 14.5x 20.3x 2.3x
3rd quartile 1.30x 14.7x 20.3x 35.5x 3.3x
Maximum 2.69x 28.7x 42.3x 76.3x 6.1x
Mean 1.01x 11.7x 16.2x 25.8x 2.5x
Std deviation as % of mean 62% 50% 56% 68% 52%
Modal interval [0.64 - 0.96[ [4.4 - 8[ [5.2 - 10[ [3 - 13.7[ [1.4 - 2.2[
Modal interval frequency 31.9% 32.6% 28.4% 31.7% 25.3%
Mode estimate 0.75x 6.9x 9.4x 13.3x 2.0x
Valmetrics multiple 0.75x 11.7x 14.5x 13.3x 2.5x
Multiple rating (10=highest) 5 4 3 1 5

Copyright © 2006 Valmetrics 19 / 71


IMGR SE – JUNE 2006

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.

Table 27 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 115 115 115 115 115


Non available multiples 11 11 11 11 11
Non meaningful multiples 19 32 44 40 21
Short-listed multiples 85 72 60 64 83
Minimum 0.18x 2.8x 5.3x 6.3x 0.3x
1st quartile 1.16x 6.6x 9.2x 9.8x 1.1x
Median 1.69x 9.1x 11.9x 14.1x 1.6x
3rd quartile 2.44x 12.7x 17.1x 23.1x 2.1x
Maximum 4.55x 22.2x 47.0x 44.5x 3.7x
Mean 1.83x 10.2x 15.3x 17.5x 1.7x
Std deviation as % of mean 55% 45% 57% 55% 49%
Modal interval [1.19 - 1.78[ [5.2 - 8.1[ [7.9 - 11.9[ [5.6 - 12.2[ [1.1 - 1.5[
Modal interval frequency 25.9% 29.2% 38.3% 39.1% 22.9%
Mode estimate 1.55x 7.2x 10.3x 10.4x 1.5x
Valmetrics multiple 1.83x 10.2x 10.3x 10.4x 1.7x
Multiple rating (10=highest) 8 5 3 2 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.

Table 28 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 41 41 41 41 41
Non available multiples 4 4 4 4 3
Non meaningful multiples 4 9 13 16 4
Short-listed multiples 33 28 24 21 34
Minimum 0.09x 3.0x 4.0x 6.4x 0.3x
1st quartile 0.32x 7.4x 11.3x 10.0x 1.2x
Median 0.52x 10.4x 17.0x 23.1x 1.8x
3rd quartile 1.86x 16.0x 24.5x 28.0x 2.9x
Maximum 4.16x 27.2x 37.5x 42.8x 5.3x
Mean 1.08x 11.9x 18.1x 21.2x 2.1x
Std deviation as % of mean 102% 50% 50% 52% 62%
Modal interval [0 - 0.96[ [6.6 - 12.3[ [11.6 - 20.7[ [18.1 - 31.1[ [1.3 - 2.3[
Modal interval frequency 63.6% 35.7% 33.3% 47.6% 35.3%
Mode estimate 0.54x 8.7x 16.2x 19.5x 1.6x
Valmetrics multiple 0.54x 11.9x 18.1x 23.1x 1.6x
Multiple rating (10=highest) 2 4 7 7 5

Copyright © 2006 Valmetrics 20 / 71


IMGR SE – JUNE 2006

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.

Table 29 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 43 43 43 43 43
Non available multiples 4 4 4 4 4
Non meaningful multiples 2 3 4 4 2
Short-listed multiples 37 36 35 35 37
Minimum 0.21x 0.4x 0.6x 5.8x 0.6x
1st quartile 1.17x 7.5x 10.9x 18.0x 1.8x
Median 2.03x 9.5x 14.2x 22.5x 2.8x
3rd quartile 3.20x 12.9x 18.7x 30.8x 4.6x
Maximum 5.59x 17.6x 22.8x 45.6x 8.5x
Mean 2.20x 10.0x 14.2x 24.7x 3.2x
Std deviation as % of mean 61% 40% 38% 41% 56%
Modal interval [1.22 - 2.44[ [6.6 - 9.9[ [9.6 - 14.4[ [17.8 - 25.7[ [0.4 - 2[
Modal interval frequency 37.8% 41.7% 34.3% 34.3% 35.1%
Mode estimate 1.62x 8.6x 13.4x 21.4x 1.8x
Valmetrics multiple 1.62x 10.0x 14.2x 24.7x 1.8x
Multiple rating (10=highest) 5 9 10 8 3

30. Department Stores

Owners and operators of department stores.

Table 30 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 78 78 78 78 78
Non available multiples 6 6 6 6 6
Non meaningful multiples 12 14 24 25 10
Short-listed multiples 60 58 48 47 62
Minimum 0.18x 4.4x 5.1x 2.6x 0.2x
1st quartile 0.49x 8.3x 11.3x 16.5x 1.5x
Median 0.84x 11.3x 15.8x 22.8x 2.0x
3rd quartile 1.31x 17.3x 26.2x 41.9x 2.8x
Maximum 2.21x 33.3x 53.2x 116.4x 5.0x
Mean 0.93x 13.4x 20.1x 34.8x 2.2x
Std deviation as % of mean 54% 55% 59% 76% 51%
Modal interval [0.56 - 0.98[ [7.2 - 11.9[ [12.7 - 21[ [14 - 28.1[ [1.3 - 2[
Modal interval frequency 33.3% 36.2% 33.3% 42.6% 25.8%
Mode estimate 0.70x 9.8x 13.7x 21.9x 1.8x
Valmetrics multiple 0.84x 9.8x 15.8x 21.9x 2.2x
Multiple rating (10=highest) 6 5 4 2 5

Copyright © 2006 Valmetrics 21 / 71


IMGR SE – JUNE 2006

31. Distillers & Vintners

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

Table 31 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 43 43 43 43 43
Non available multiples 4 4 4 4 3
Non meaningful multiples 1 6 9 8 2
Short-listed multiples 38 33 30 31 38
Minimum 0.23x 6.4x 7.7x 8.4x 0.4x
1st quartile 1.38x 12.2x 15.9x 19.9x 1.6x
Median 3.03x 15.2x 20.3x 30.1x 2.5x
3rd quartile 5.62x 19.1x 27.5x 53.9x 4.3x
Maximum 11.58x 31.6x 49.2x 128.6x 7.3x
Mean 3.66x 15.8x 22.1x 43.0x 3.2x
Std deviation as % of mean 75% 39% 46% 75% 65%
Modal interval [0 - 2.52[ [14.7 - 19[ [13.6 - 21[ [3.4 - 25.1[ [1.6 - 3.1[
Modal interval frequency 36.8% 27.3% 33.3% 41.9% 36.8%
Mode estimate 2.20x 16.1x 18.5x 21.0x 2.2x
Valmetrics multiple 2.20x 15.8x 22.1x 21.0x 2.2x
Multiple rating (10=highest) 3 10 7 2 4

32. Distributors

Distributors and wholesalers of general merchandise not classified elsewhere. Includes


vehicle distributors.

Table 32 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 87 87 87 87 87
Non available multiples 11 11 10 10 10
Non meaningful multiples 9 18 19 19 11
Short-listed multiples 67 58 58 58 66
Minimum 0.05x 0.1x 0.1x 0.5x 0.2x
1st quartile 0.25x 6.1x 7.6x 9.4x 0.8x
Median 0.43x 8.9x 12.1x 12.6x 1.2x
3rd quartile 0.76x 11.1x 16.1x 17.5x 1.7x
Maximum 1.85x 24.1x 28.6x 40.9x 4.2x
Mean 0.55x 8.9x 12.4x 15.0x 1.4x
Std deviation as % of mean 75% 51% 50% 57% 61%
Modal interval [0.25 - 0.5[ [7.8 - 10.4[ [4.4 - 8.8[ [8.4 - 12.6[ [0.9 - 1.3[
Modal interval frequency 31.3% 25.9% 25.9% 34.5% 31.8%
Mode estimate 0.33x 8.4x 8.8x 10.6x 1.1x
Valmetrics multiple 0.33x 8.9x 12.4x 12.6x 1.1x
Multiple rating (10=highest) 3 9 5 4 5

Copyright © 2006 Valmetrics 22 / 71


IMGR SE – JUNE 2006

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.

Table 33 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 34 34 34 34 34
Non available multiples 4 4 4 4 4
Non meaningful multiples 4 5 7 12 7
Short-listed multiples 26 25 23 18 23
Minimum 0.17x 2.8x 6.0x 2.3x 1.0x
1st quartile 0.58x 6.1x 8.9x 8.7x 1.9x
Median 0.99x 8.0x 12.2x 13.5x 2.5x
3rd quartile 1.16x 10.0x 15.3x 19.0x 3.1x
Maximum 1.67x 14.2x 22.6x 33.9x 5.7x
Mean 0.92x 8.1x 12.3x 14.6x 2.6x
Std deviation as % of mean 45% 35% 36% 57% 44%
Modal interval [0.92 - 1.31[ [4.4 - 7.2[ [5.2 - 9.8[ [2.2 - 10.2[ [2.5 - 3.4[
Modal interval frequency 38.5% 36.0% 34.8% 33.3% 30.4%
Mode estimate 1.12x 6.6x 9.3x 10.2x 2.6x
Valmetrics multiple 0.92x 8.1x 12.3x 14.6x 2.6x
Multiple rating (10=highest) 6 6 4 4 5

34. Diversified Commercial Services

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

Table 34 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 145 145 145 145 145


Non available multiples 20 21 20 19 19
Non meaningful multiples 15 23 33 40 16
Short-listed multiples 110 101 92 86 110
Minimum 0.02x 2.1x 2.1x 0.0x 0.0x
1st quartile 0.68x 6.8x 9.8x 12.4x 1.4x
Median 1.12x 8.9x 13.5x 18.8x 2.4x
3rd quartile 1.86x 11.5x 17.0x 24.5x 3.5x
Maximum 4.02x 22.1x 28.8x 51.7x 6.3x
Mean 1.35x 9.2x 13.5x 18.9x 2.5x
Std deviation as % of mean 67% 41% 40% 51% 52%
Modal interval [0.49 - 0.98[ [10.1 - 12.1[ [10.7 - 13.8[ [16.4 - 21.9[ [0.8 - 1.7[
Modal interval frequency 31.8% 20.8% 26.1% 25.6% 26.4%
Mode estimate 0.85x 10.6x 13.0x 17.8x 1.5x
Valmetrics multiple 0.85x 9.2x 13.5x 18.9x 2.5x
Multiple rating (10=highest) 3 8 9 8 5

Copyright © 2006 Valmetrics 23 / 71


IMGR SE – JUNE 2006

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.

Table 35 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 104 104 104 104 104


Non available multiples 19 13 9 7 7
Non meaningful multiples 12 24 28 29 16
Short-listed multiples 73 67 67 68 81
Minimum 0.14x 1.3x 1.5x 1.3x 0.0x
1st quartile 0.82x 6.6x 7.5x 10.5x 1.6x
Median 2.02x 9.1x 12.1x 14.3x 2.5x
3rd quartile 2.99x 15.3x 19.1x 22.8x 3.5x
Maximum 5.24x 25.0x 45.8x 61.7x 7.1x
Mean 2.02x 10.8x 14.3x 19.1x 2.7x
Std deviation as % of mean 64% 56% 62% 73% 56%
Modal interval [0.1 - 1.13[ [4.5 - 8.8[ [6.5 - 12.2[ [13.3 - 19.4[ [1.7 - 2.5[
Modal interval frequency 31.5% 38.8% 32.8% 27.9% 23.5%
Mode estimate 0.92x 7.5x 9.5x 15.5x 2.4x
Valmetrics multiple 0.92x 7.5x 9.5x 14.3x 2.5x
Multiple rating (10=highest) 2 4 3 4 5

36. Drug Retail

Owners and operators of primarily drug retail stores and pharmacies.

Table 36 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 12 12 12 12 12
Non available multiples 2 2 2 2 2
Non meaningful multiples 0 2 2 3 0
Short-listed multiples 10 8 8 7 10
Minimum 0.24x 8.8x 10.9x 1.9x 1.0x
1st quartile 0.38x 9.2x 14.4x 13.2x 1.7x
Median 0.59x 9.9x 15.9x 18.6x 2.6x
3rd quartile 1.14x 12.4x 18.3x 23.9x 3.6x
Maximum 1.52x 13.9x 30.1x 26.4x 4.6x
Mean 0.76x 10.8x 17.5x 17.3x 2.6x
Std deviation as % of mean 63% 20% 36% 50% 47%
Modal interval [0.17 - 0.88[ [8.2 - 11.3[ [14.6 - 18.5[ [11.2 - 22.3[ [1.9 - 3.7[
Modal interval frequency 60.0% 62.5% 50.0% 42.9% 40.0%
Mode estimate 0.70x 10.4x 15.9x 22.3x 2.8x
Valmetrics multiple 0.59x 10.8x 17.5x 17.3x 2.6x
Multiple rating (10=highest) 5 9 8 4 5

Copyright © 2006 Valmetrics 24 / 71


IMGR SE – JUNE 2006

37. Electric Utilities

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

Table 37 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 117 117 117 117 117


Non available multiples 22 23 21 19 19
Non meaningful multiples 9 11 16 21 11
Short-listed multiples 86 83 80 77 87
Minimum 0.24x 0.9x 1.8x 3.5x 0.2x
1st quartile 1.61x 7.2x 11.1x 13.6x 1.4x
Median 2.20x 9.1x 13.5x 17.7x 1.7x
3rd quartile 3.12x 11.2x 18.0x 23.9x 2.3x
Maximum 5.83x 22.0x 31.0x 39.5x 4.0x
Mean 2.39x 9.9x 14.9x 18.7x 1.8x
Std deviation as % of mean 53% 41% 39% 41% 43%
Modal interval [2.05 - 2.73[ [5.9 - 7.8[ [10.1 - 13.2[ [11.8 - 16.7[ [1.3 - 1.7[
Modal interval frequency 26.7% 26.5% 31.3% 28.6% 26.4%
Mode estimate 2.43x 7.7x 12.0x 14.9x 1.6x
Valmetrics multiple 2.20x 9.9x 14.9x 18.7x 1.8x
Multiple rating (10=highest) 8 7 8 7 5

38. Electrical Components & Equipment

Companies that produce electric cables and wires, electrical components or equipment not
classified in the Heavy Electrical Equipment sub-industry.

Table 38 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 168 168 168 168 168


Non available multiples 14 12 12 12 13
Non meaningful multiples 22 50 55 64 30
Short-listed multiples 132 106 101 92 125
Minimum 0.07x 1.4x 3.2x 2.8x 0.0x
1st quartile 0.73x 7.0x 11.2x 16.0x 1.3x
Median 1.26x 10.9x 15.9x 22.8x 1.9x
3rd quartile 2.07x 14.3x 23.7x 30.6x 2.9x
Maximum 4.77x 26.1x 52.4x 68.9x 6.0x
Mean 1.51x 11.4x 18.3x 24.7x 2.2x
Std deviation as % of mean 70% 48% 56% 55% 57%
Modal interval [0.57 - 1.1[ [6.2 - 9.3[ [11.7 - 17.1[ [19.7 - 26.2[ [1.3 - 1.9[
Modal interval frequency 25.0% 24.5% 28.7% 22.8% 28.8%
Mode estimate 1.05x 8.8x 12.9x 20.8x 1.6x
Valmetrics multiple 1.26x 11.4x 15.9x 24.7x 1.9x
Multiple rating (10=highest) 5 6 4 8 5

Copyright © 2006 Valmetrics 25 / 71


IMGR SE – JUNE 2006

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.

Table 39 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 249 249 249 249 249


Non available multiples 22 21 21 20 20
Non meaningful multiples 25 67 77 87 26
Short-listed multiples 202 161 151 142 203
Minimum 0.04x 0.5x 0.6x 3.9x 0.1x
1st quartile 0.61x 6.4x 10.1x 12.8x 1.1x
Median 1.20x 10.5x 14.7x 22.1x 1.7x
3rd quartile 1.81x 13.8x 22.8x 31.1x 2.8x
Maximum 4.15x 25.4x 51.1x 61.3x 5.6x
Mean 1.34x 10.8x 18.0x 24.4x 2.1x
Std deviation as % of mean 69% 51% 59% 59% 61%
Modal interval [0.41 - 0.81[ [11 - 13.7[ [9.5 - 14.3[ [22.1 - 29.1[ [1.1 - 1.7[
Modal interval frequency 22.3% 21.1% 25.8% 22.5% 24.6%
Mode estimate 0.63x 12.0x 11.6x 22.4x 1.4x
Valmetrics multiple 1.20x 10.8x 14.7x 22.1x 1.7x
Multiple rating (10=highest) 3 8 4 8 5

40. Electronic Manufacturing Services

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

Table 40 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 47 47 47 47 47
Non available multiples 5 6 5 5 5
Non meaningful multiples 2 6 10 15 1
Short-listed multiples 40 35 32 27 41
Minimum 0.05x 1.1x 1.4x 3.6x 0.4x
1st quartile 0.28x 6.4x 8.7x 8.7x 1.2x
Median 0.69x 8.7x 14.6x 17.0x 1.8x
3rd quartile 1.25x 13.2x 19.3x 25.1x 2.9x
Maximum 2.72x 16.9x 27.8x 40.5x 5.1x
Mean 0.89x 9.3x 14.0x 18.1x 2.1x
Std deviation as % of mean 83% 46% 46% 62% 60%
Modal interval [0 - 0.56[ [4.9 - 9[ [7.9 - 14.6[ [0.2 - 11.1[ [0.3 - 1.3[
Modal interval frequency 47.5% 34.3% 31.3% 37.0% 34.1%
Mode estimate 0.37x 7.3x 14.6x 10.1x 1.1x
Valmetrics multiple 0.37x 9.3x 14.0x 17.0x 1.8x
Multiple rating (10=highest) 2 7 9 2 3

Copyright © 2006 Valmetrics 26 / 71


IMGR SE – JUNE 2006

41. Employment Services

Employment agencies and related services.

Table 41 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 58 58 58 58 58
Non available multiples 7 7 7 7 7
Non meaningful multiples 3 14 18 17 6
Short-listed multiples 48 37 33 34 45
Minimum 0.04x 3.5x 3.8x 7.0x 0.0x
1st quartile 0.33x 8.0x 10.3x 16.9x 1.6x
Median 0.52x 9.9x 12.3x 21.6x 2.8x
3rd quartile 1.02x 13.0x 15.9x 26.1x 4.0x
Maximum 2.44x 21.6x 27.0x 41.8x 7.7x
Mean 0.74x 10.8x 13.1x 21.8x 3.1x
Std deviation as % of mean 84% 41% 37% 36% 60%
Modal interval [0.38 - 0.76[ [8.1 - 11.1[ [10.2 - 13.7[ [15.9 - 21.6[ [2.7 - 4.1[
Modal interval frequency 35.4% 29.7% 39.4% 32.4% 33.3%
Mode estimate 0.40x 9.8x 11.8x 21.6x 3.0x
Valmetrics multiple 0.40x 10.8x 13.1x 21.8x 2.8x
Multiple rating (10=highest) 2 9 9 8 5

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.

Table 42 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 48 48 48 48 48
Non available multiples 7 7 7 7 7
Non meaningful multiples 3 8 10 14 4
Short-listed multiples 38 33 31 27 37
Minimum 0.08x 2.0x 2.1x 1.3x 0.2x
1st quartile 0.62x 7.7x 12.9x 14.8x 1.2x
Median 1.54x 10.0x 15.1x 20.4x 2.5x
3rd quartile 2.79x 14.3x 21.5x 25.4x 3.4x
Maximum 5.69x 22.0x 36.5x 34.5x 6.1x
Mean 1.87x 10.7x 17.0x 19.6x 2.6x
Std deviation as % of mean 83% 42% 44% 39% 61%
Modal interval [0 - 1.29[ [5.9 - 10[ [11 - 16.5[ [21.4 - 28.5[ [0 - 1.3[
Modal interval frequency 44.7% 39.4% 41.9% 40.7% 29.7%
Mode estimate 0.91x 8.6x 14.1x 23.1x 1.2x
Valmetrics multiple 0.91x 10.7x 14.1x 19.6x 2.6x
Multiple rating (10=highest) 2 8 6 6 3

Copyright © 2006 Valmetrics 27 / 71


IMGR SE – JUNE 2006

43. Fertilizers & Agricultural Chemicals

Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not


classified elsewhere.

Table 43 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 65 65 65 65 65
Non available multiples 1 1 0 0 0
Non meaningful multiples 16 19 23 24 14
Short-listed multiples 48 45 42 41 51
Minimum 0.44x 3.1x 4.6x 3.3x 0.5x
1st quartile 1.09x 6.4x 9.2x 10.7x 1.3x
Median 1.48x 8.9x 12.6x 15.6x 2.0x
3rd quartile 2.24x 13.2x 18.4x 29.5x 2.6x
Maximum 3.93x 21.7x 30.6x 71.8x 4.2x
Mean 1.65x 9.9x 13.9x 21.2x 2.1x
Std deviation as % of mean 50% 46% 44% 72% 46%
Modal interval [0.92 - 1.55[ [6.8 - 10.6[ [9.7 - 15[ [10.9 - 21.8[ [1.7 - 2.4[
Modal interval frequency 29.2% 42.2% 42.9% 36.6% 29.4%
Mode estimate 1.28x 8.1x 11.7x 13.6x 1.8x
Valmetrics multiple 1.65x 8.1x 11.7x 13.6x 2.1x
Multiple rating (10=highest) 6 6 7 2 5

44. Food Distributors

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

Table 44 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 27 27 27 27 27
Non available multiples 4 4 4 4 4
Non meaningful multiples 4 6 8 4 3
Short-listed multiples 19 17 15 19 20
Minimum 0.08x 1.4x 4.3x 2.0x 0.3x
1st quartile 0.33x 7.6x 11.8x 9.0x 0.9x
Median 0.47x 10.8x 13.9x 17.0x 1.7x
3rd quartile 0.75x 16.1x 18.4x 27.9x 3.5x
Maximum 1.53x 30.7x 23.4x 35.0x 7.0x
Mean 0.61x 11.9x 14.9x 18.0x 2.3x
Std deviation as % of mean 67% 59% 36% 57% 77%
Modal interval [0.33 - 0.64[ [6.6 - 13.2[ [8.5 - 13.8[ [0 - 14.2[ [0 - 2[
Modal interval frequency 36.8% 52.9% 33.3% 42.1% 55.0%
Mode estimate 0.43x 10.2x 13.8x 12.6x 1.3x
Valmetrics multiple 0.47x 10.8x 14.9x 18.0x 1.7x
Multiple rating (10=highest) 4 7 8 5 2

Copyright © 2006 Valmetrics 28 / 71


IMGR SE – JUNE 2006

45. Food Retail

Owners and operators of primarily food retail stores.

Table 45 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 55 55 55 55 55
Non available multiples 8 8 8 8 8
Non meaningful multiples 7 7 11 15 5
Short-listed multiples 40 40 36 32 42
Minimum 0.02x 2.4x 3.3x 2.7x 0.8x
1st quartile 0.28x 6.4x 10.2x 14.8x 1.2x
Median 0.41x 7.7x 12.5x 16.8x 1.8x
3rd quartile 0.54x 10.1x 16.1x 20.2x 2.7x
Maximum 0.87x 17.0x 25.4x 27.5x 5.1x
Mean 0.42x 8.7x 13.3x 17.2x 2.1x
Std deviation as % of mean 45% 40% 36% 31% 57%
Modal interval [0.31 - 0.46[ [6.4 - 8.6[ [9 - 12.6[ [18.4 - 21.8[ [1.2 - 2.1[
Modal interval frequency 30.0% 35.0% 38.9% 28.1% 33.3%
Mode estimate 0.40x 7.4x 11.0x 18.9x 1.5x
Valmetrics multiple 0.42x 8.7x 13.3x 17.2x 1.8x
Multiple rating (10=highest) 8 9 8 8 5

46. Footwear

Manufacturers of footwear. Includes sport and leather shoes.

Table 46 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 29 29 29 29 29
Non available multiples 1 1 1 1 1
Non meaningful multiples 6 5 9 6 5
Short-listed multiples 22 23 19 22 23
Minimum 0.13x 2.3x 2.4x 5.5x 0.6x
1st quartile 0.46x 4.6x 6.5x 8.8x 1.1x
Median 0.55x 7.1x 8.6x 14.1x 2.1x
3rd quartile 0.85x 8.9x 10.7x 19.4x 3.0x
Maximum 1.57x 15.5x 17.9x 34.8x 6.0x
Mean 0.70x 7.3x 8.6x 15.9x 2.3x
Std deviation as % of mean 57% 52% 42% 56% 63%
Modal interval [0.29 - 0.57[ [4.4 - 7.4[ [8.6 - 11.7[ [4.9 - 12.5[ [1.4 - 2.6[
Modal interval frequency 45.5% 43.5% 42.1% 40.9% 39.1%
Mode estimate 0.45x 6.2x 9.5x 11.8x 2.0x
Valmetrics multiple 0.55x 7.3x 8.6x 14.1x 2.1x
Multiple rating (10=highest) 2 7 7 4 5

Copyright © 2006 Valmetrics 29 / 71


IMGR SE – JUNE 2006

47. Forest Products

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

Table 47 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 46 46 46 46 46
Non available multiples 10 11 10 8 8
Non meaningful multiples 7 8 12 15 9
Short-listed multiples 29 27 24 23 29
Minimum 0.35x 2.4x 3.9x 0.2x 0.0x
1st quartile 0.63x 5.7x 9.4x 11.0x 0.9x
Median 1.33x 9.3x 14.4x 16.8x 1.3x
3rd quartile 2.98x 16.2x 24.0x 24.1x 1.7x
Maximum 5.31x 38.8x 40.4x 52.8x 3.2x
Mean 1.89x 12.5x 17.7x 20.4x 1.3x
Std deviation as % of mean 81% 78% 66% 74% 53%
Modal interval [0 - 1.53[ [7 - 14.1[ [12 - 22.1[ [9.3 - 18.5[ [0.5 - 1[
Modal interval frequency 51.7% 44.4% 37.5% 43.5% 37.9%
Mode estimate 1.00x 8.9x 13.4x 13.1x 0.9x
Valmetrics multiple 1.33x 9.3x 14.4x 16.8x 1.3x
Multiple rating (10=highest) 2 4 4 3 4

48. Gas Utilities

Companies whose main charter is to distribute and transmit natural and manufactured gas.
Excludes companies primarily involved in gas exploration or production classified in the Oil &
Gas Exploration & Production sub-industry. Also excludes diversified midstream natural gas
companies classified in the Oil & Gas Refining, Marketing & Transportation sub-industry.

Table 48 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 52 52 52 52 52
Non available multiples 6 6 6 6 6
Non meaningful multiples 10 8 9 10 9
Short-listed multiples 36 38 37 36 37
Minimum 0.43x 4.5x 6.6x 4.5x 0.1x
1st quartile 1.14x 8.0x 11.8x 13.2x 1.5x
Median 1.49x 9.0x 12.9x 16.0x 1.8x
3rd quartile 1.85x 10.4x 16.1x 18.6x 2.2x
Maximum 4.06x 14.8x 20.0x 27.7x 3.6x
Mean 1.62x 9.3x 13.8x 16.0x 1.8x
Std deviation as % of mean 49% 27% 24% 34% 39%
Modal interval [1.17 - 1.6[ [8.2 - 9.6[ [10.8 - 13.3[ [12.9 - 16.1[ [1.7 - 2.1[
Modal interval frequency 25.0% 23.7% 40.5% 33.3% 29.7%
Mode estimate 1.60x 9.3x 12.3x 15.4x 1.7x
Valmetrics multiple 1.62x 9.3x 13.8x 16.0x 1.8x
Multiple rating (10=highest) 8 10 9 8 5

Copyright © 2006 Valmetrics 30 / 71


IMGR SE – JUNE 2006

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.

Table 49 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 31 31 31 31 31
Non available multiples 3 3 3 3 3
Non meaningful multiples 2 2 4 6 3
Short-listed multiples 26 26 24 22 25
Minimum 0.12x 0.6x 0.3x 10.9x 0.7x
1st quartile 0.63x 7.3x 10.4x 15.4x 1.8x
Median 0.84x 9.1x 13.4x 22.7x 2.6x
3rd quartile 1.37x 14.5x 21.4x 31.7x 3.0x
Maximum 3.67x 21.5x 34.4x 40.6x 3.4x
Mean 1.23x 11.0x 15.5x 24.0x 2.4x
Std deviation as % of mean 83% 51% 53% 40% 29%
Modal interval [0.5 - 0.99[ [4.9 - 9.8[ [7.6 - 15.2[ [8.4 - 20[ [2.8 - 3.6[
Modal interval frequency 46.2% 42.3% 50.0% 45.5% 44.0%
Mode estimate 0.74x 7.9x 11.4x 16.7x 3.0x
Valmetrics multiple 0.84x 9.1x 13.4x 24.0x 2.4x
Multiple rating (10=highest) 2 4 5 5 5

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.

Table 50 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 77 77 77 77 77
Non available multiples 31 13 10 9 9
Non meaningful multiples 13 41 51 49 9
Short-listed multiples 33 23 16 19 59
Minimum 0.48x 3.0x 3.1x 5.1x 0.7x
1st quartile 2.44x 13.6x 19.6x 11.7x 2.3x
Median 5.04x 20.5x 31.4x 34.5x 3.4x
3rd quartile 9.73x 41.0x 35.1x 55.7x 6.0x
Maximum 24.12x 84.4x 66.1x 120.4x 12.6x
Mean 7.29x 29.9x 28.1x 39.5x 4.5x
Std deviation as % of mean 96% 83% 55% 77% 63%
Modal interval [0 - 4.55[ [0 - 19.2[ [24.7 - 37[ [33 - 65.9[ [1.9 - 3.8[
Modal interval frequency 45.5% 47.8% 43.8% 47.4% 39.0%
Mode estimate 3.25x 12.5x 30.1x 36.6x 2.9x
Valmetrics multiple 3.25x 20.5x 31.4x 34.5x 2.9x
Multiple rating (10=highest) 2 0 7 7 3

Copyright © 2006 Valmetrics 31 / 71


IMGR SE – JUNE 2006

51. Health Care Services

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

Table 51 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 51 51 51 51 51
Non available multiples 3 2 2 2 3
Non meaningful multiples 2 7 9 15 9
Short-listed multiples 46 42 40 34 39
Minimum 0.18x 0.9x 1.2x 2.0x 0.0x
1st quartile 0.80x 8.6x 11.7x 18.2x 2.1x
Median 1.54x 11.9x 13.6x 23.2x 2.5x
3rd quartile 2.47x 14.1x 19.2x 27.2x 3.2x
Maximum 4.77x 24.6x 32.8x 37.1x 4.7x
Mean 1.72x 12.0x 16.1x 22.5x 2.7x
Std deviation as % of mean 66% 42% 44% 36% 37%
Modal interval [0.13 - 1.07[ [9.6 - 12.8[ [8.7 - 13.1[ [22.3 - 27.9[ [1.9 - 2.6[
Modal interval frequency 37.0% 33.3% 35.0% 32.4% 30.8%
Mode estimate 0.86x 10.8x 12.5x 23.0x 2.4x
Valmetrics multiple 0.86x 12.0x 16.1x 22.5x 2.7x
Multiple rating (10=highest) 2 9 7 8 5

52. Health Care Distributors

Distributors and wholesalers of health care products not classified elsewhere.

Table 52 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 38 38 38 38 38
Non available multiples 5 5 5 3 3
Non meaningful multiples 5 6 7 8 4
Short-listed multiples 28 27 26 27 31
Minimum 0.06x 3.2x 3.6x 2.6x 0.2x
1st quartile 0.36x 10.2x 13.3x 17.1x 1.2x
Median 0.62x 11.7x 17.3x 24.7x 2.6x
3rd quartile 1.31x 17.0x 23.1x 36.5x 3.9x
Maximum 3.31x 27.1x 43.7x 67.7x 7.5x
Mean 0.98x 13.5x 18.9x 27.2x 2.9x
Std deviation as % of mean 96% 44% 50% 58% 66%
Modal interval [0 - 0.63[ [10.6 - 15.1[ [13.7 - 20.3[ [13 - 25.9[ [0 - 1.7[
Modal interval frequency 50.0% 37.0% 38.5% 40.7% 35.5%
Mode estimate 0.40x 12.3x 16.1x 21.2x 1.4x
Valmetrics multiple 0.62x 13.5x 18.9x 24.7x 1.4x
Multiple rating (10=highest) 1 8 8 4 2

Copyright © 2006 Valmetrics 32 / 71


IMGR SE – JUNE 2006

53. Health Care Equipment

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

Table 53 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 133 133 133 133 133


Non available multiples 14 11 11 11 11
Non meaningful multiples 15 32 42 46 11
Short-listed multiples 104 90 80 76 111
Minimum 0.30x 0.1x 0.1x 10.3x 0.1x
1st quartile 1.54x 9.9x 13.2x 22.5x 2.0x
Median 2.71x 14.1x 16.5x 29.1x 3.2x
3rd quartile 3.80x 18.7x 21.4x 38.2x 4.8x
Maximum 7.55x 37.2x 45.0x 71.8x 10.3x
Mean 2.88x 15.1x 18.0x 32.1x 3.7x
Std deviation as % of mean 59% 52% 49% 43% 63%
Modal interval [1.05 - 2.01[ [11.8 - 15.8[ [15.2 - 19[ [22.4 - 29.9[ [1.2 - 2.3[
Modal interval frequency 24.0% 25.6% 26.3% 27.6% 30.6%
Mode estimate 1.81x 13.0x 16.4x 25.9x 1.9x
Valmetrics multiple 2.88x 15.1x 18.0x 32.1x 1.9x
Multiple rating (10=highest) 5 8 9 7 2

54. Health Care Facilities

Owners and operators of health care facilities, including hospitals, nursing homes,
rehabilitation and retirement centers, animal hospitals, cemeteries and funeral homes.

Table 54 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 61 61 61 61 61
Non available multiples 1 1 1 2 1
Non meaningful multiples 7 6 10 13 12
Short-listed multiples 53 54 50 46 48
Minimum 0.17x 1.5x 2.0x 0.0x 0.0x
1st quartile 0.85x 7.4x 10.7x 13.0x 1.3x
Median 1.36x 10.5x 15.5x 21.0x 2.1x
3rd quartile 2.15x 15.5x 21.2x 27.7x 3.0x
Maximum 4.07x 24.6x 41.5x 53.5x 5.5x
Mean 1.58x 11.7x 18.1x 21.7x 2.2x
Std deviation as % of mean 58% 46% 57% 56% 59%
Modal interval [0.74 - 1.43[ [4.6 - 8.9[ [7.5 - 13.2[ [16.3 - 24.5[ [0.9 - 1.9[
Modal interval frequency 34.0% 29.6% 34.0% 30.4% 29.2%
Mode estimate 1.11x 8.6x 11.0x 18.0x 1.9x
Valmetrics multiple 1.36x 11.7x 15.5x 21.7x 2.2x
Multiple rating (10=highest) 5 6 4 7 5

Copyright © 2006 Valmetrics 33 / 71


IMGR SE – JUNE 2006

55. Health Care Supplies

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

Table 55 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 44 44 44 44 44
Non available multiples 9 9 9 9 9
Non meaningful multiples 3 11 14 8 2
Short-listed multiples 32 24 21 27 33
Minimum 0.11x 6.1x 8.0x 13.5x 0.8x
1st quartile 1.80x 9.9x 12.8x 17.0x 2.1x
Median 3.03x 12.5x 14.9x 24.8x 3.2x
3rd quartile 3.78x 14.1x 17.9x 32.4x 4.7x
Maximum 6.31x 23.2x 19.9x 52.6x 7.9x
Mean 2.89x 12.5x 14.9x 26.7x 3.6x
Std deviation as % of mean 51% 33% 22% 43% 55%
Modal interval [2.59 - 3.84[ [11.7 - 14.6[ [10.3 - 14[ [12.5 - 22.8[ [1.9 - 3.6[
Modal interval frequency 43.8% 37.5% 33.3% 40.7% 36.4%
Mode estimate 3.18x 12.4x 13.4x 21.2x 2.6x
Valmetrics multiple 3.18x 12.5x 14.9x 26.7x 2.6x
Multiple rating (10=highest) 8 8 7 6 5

56. Heavy Electrical Equipment

Manufacturers of power-generating equipment and other heavy electrical equipment,


including power turbines, heavy electrical machinery intended for fixed-use and large
electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment sub-industry.

Table 56 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 30 30 30 30 30
Non available multiples 6 5 5 4 5
Non meaningful multiples 6 9 10 13 6
Short-listed multiples 18 16 15 13 19
Minimum 0.08x 0.1x 0.1x 1.8x 0.2x
1st quartile 0.58x 5.8x 8.4x 12.9x 1.9x
Median 1.15x 15.7x 18.5x 24.3x 2.5x
3rd quartile 1.60x 36.8x 52.4x 65.7x 3.6x
Maximum 2.88x 69.6x 68.1x 112.1x 8.5x
Mean 1.26x 22.3x 28.0x 41.3x 3.1x
Std deviation as % of mean 69% 98% 91% 89% 71%
Modal interval [0.78 - 1.55[ [0 - 24.6[ [0 - 35.7[ [0 - 44.9[ [1.3 - 2.6[
Modal interval frequency 38.9% 68.8% 66.7% 61.5% 42.1%
Mode estimate 0.91x 13.5x 23.8x 27.6x 2.0x
Valmetrics multiple 1.15x 15.7x 18.5x 24.3x 2.5x
Multiple rating (10=highest) 5 1 2 1 4

Copyright © 2006 Valmetrics 34 / 71


IMGR SE – JUNE 2006

57. Highways & Railtracks

Owners and operators of roads, tunnels and railtracks.

Table 57 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 38 38 38 38 38
Non available multiples 6 6 6 4 4
Non meaningful multiples 5 8 9 8 5
Short-listed multiples 27 24 23 26 29
Minimum 0.90x 4.5x 7.4x 4.3x 0.2x
1st quartile 5.65x 7.8x 10.8x 13.5x 1.5x
Median 7.85x 10.0x 12.2x 18.2x 1.7x
3rd quartile 8.99x 12.6x 15.7x 23.8x 2.0x
Maximum 14.91x 21.6x 29.7x 36.6x 3.8x
Mean 7.54x 10.5x 13.6x 18.1x 1.8x
Std deviation as % of mean 46% 41% 36% 44% 39%
Modal interval [4.57 - 6.79[ [9.8 - 13.1[ [10.1 - 13.5[ [9.9 - 16.9[ [1.6 - 1.9[
Modal interval frequency 25.9% 37.5% 39.1% 30.8% 34.5%
Mode estimate 6.79x 10.1x 11.6x 15.5x 1.7x
Valmetrics multiple 7.54x 10.5x 13.6x 18.1x 1.8x
Multiple rating (10=highest) 8 8 7 6 5

58. Home Entertainment Software

Manufacturers of home entertainment software and educational software used primarily in


the home.

Table 58 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 22 22 22 22 22
Non available multiples 5 6 5 5 5
Non meaningful multiples 4 4 7 10 3
Short-listed multiples 13 12 10 7 14
Minimum 0.03x 0.4x 4.3x 7.8x 0.0x
1st quartile 0.53x 3.7x 8.2x 10.7x 1.2x
Median 0.73x 5.8x 15.8x 14.0x 1.6x
3rd quartile 1.50x 8.6x 22.7x 24.5x 2.3x
Maximum 1.65x 14.4x 33.4x 36.1x 4.6x
Mean 0.85x 6.4x 16.1x 18.3x 1.9x
Std deviation as % of mean 65% 63% 61% 60% 65%
Modal interval [0.01 - 0.84[ [4.3 - 8.7[ [0 - 13.4[ [7.5 - 21.9[ [0.8 - 1.7[
Modal interval frequency 61.5% 41.7% 50.0% 71.4% 42.9%
Mode estimate 0.61x 5.4x 11.2x 16.5x 1.4x
Valmetrics multiple 0.73x 5.8x 16.1x 14.0x 1.6x
Multiple rating (10=highest) 5 7 3 4 5

Copyright © 2006 Valmetrics 35 / 71


IMGR SE – JUNE 2006

59. Home Furnishings

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

Table 59 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 61 61 61 61 61
Non available multiples 2 2 2 2 2
Non meaningful multiples 8 17 21 22 8
Short-listed multiples 51 42 38 37 51
Minimum 0.09x 0.1x 4.1x 0.0x 0.0x
1st quartile 0.42x 5.4x 8.1x 9.3x 0.9x
Median 0.63x 7.2x 10.7x 14.1x 1.5x
3rd quartile 0.91x 9.0x 12.6x 18.4x 2.1x
Maximum 1.82x 12.9x 19.4x 27.5x 4.0x
Mean 0.68x 7.2x 10.8x 14.0x 1.6x
Std deviation as % of mean 55% 37% 32% 45% 59%
Modal interval [0.3 - 0.56[ [4.2 - 6.2[ [6.5 - 9.1[ [5.5 - 10.9[ [1.3 - 1.9[
Modal interval frequency 27.5% 28.6% 31.6% 29.7% 27.5%
Mode estimate 0.47x 6.1x 8.3x 9.8x 1.5x
Valmetrics multiple 0.68x 7.2x 10.8x 14.0x 1.6x
Multiple rating (10=highest) 6 7 5 4 5

60. Homebuilding

Residential construction companies. Includes manufacturers of prefabricated houses and


semi-fixed manufactured homes.

Table 60 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 62 62 62 62 62
Non available multiples 14 14 14 6 6
Non meaningful multiples 6 7 8 10 11
Short-listed multiples 42 41 40 46 45
Minimum 0.23x 3.2x 3.2x 2.6x 0.5x
1st quartile 0.67x 4.8x 4.9x 5.1x 1.1x
Median 0.77x 5.9x 6.0x 6.8x 1.4x
3rd quartile 1.04x 7.6x 8.5x 10.4x 1.6x
Maximum 2.05x 13.1x 15.3x 22.3x 3.1x
Mean 0.90x 6.4x 6.8x 8.4x 1.4x
Std deviation as % of mean 47% 35% 42% 55% 36%
Modal interval [0.61 - 0.82[ [4.1 - 5.7[ [5.1 - 7.2[ [5.1 - 8.1[ [1.6 - 1.9[
Modal interval frequency 42.9% 34.1% 35.0% 37.0% 24.4%
Mode estimate 0.73x 5.2x 5.6x 6.2x 1.7x
Valmetrics multiple 0.73x 6.4x 6.8x 6.2x 1.4x
Multiple rating (10=highest) 7 8 8 5 5

Copyright © 2006 Valmetrics 36 / 71


IMGR SE – JUNE 2006

61. Home Improvement Retail

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

Table 61 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 19 19 19 19 19
Non available multiples 1 1 1 1 1
Non meaningful multiples 3 1 0 4 3
Short-listed multiples 15 17 18 14 15
Minimum 0.42x 3.3x 4.6x 3.1x 0.6x
1st quartile 0.53x 7.5x 9.9x 11.5x 1.2x
Median 0.70x 8.7x 11.0x 14.3x 2.1x
3rd quartile 1.05x 10.2x 13.5x 15.1x 2.9x
Maximum 1.79x 12.1x 18.7x 21.2x 4.3x
Mean 0.83x 8.6x 11.8x 13.5x 2.1x
Std deviation as % of mean 46% 27% 27% 32% 54%
Modal interval [0.26 - 0.68[ [6.6 - 8.8[ [8.9 - 11.7[ [13.6 - 16.6[ [0.4 - 1.8[
Modal interval frequency 46.7% 41.2% 44.4% 50.0% 46.7%
Mode estimate 0.59x 8.2x 10.9x 14.8x 1.5x
Valmetrics multiple 0.83x 8.6x 11.8x 13.5x 2.1x
Multiple rating (10=highest) 5 9 9 7 4

62. Hotels, Resorts & Cruise Lines

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

Table 62 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 106 106 106 106 106


Non available multiples 19 20 19 15 16
Non meaningful multiples 24 24 29 29 20
Short-listed multiples 63 62 58 62 70
Minimum 0.05x 2.2x 3.0x 1.4x 0.1x
1st quartile 1.46x 8.1x 12.2x 15.6x 1.0x
Median 2.52x 12.0x 18.3x 23.7x 1.6x
3rd quartile 3.73x 18.5x 26.3x 30.9x 2.6x
Maximum 8.84x 37.3x 50.4x 66.1x 5.6x
Mean 2.92x 14.2x 20.8x 25.7x 1.9x
Std deviation as % of mean 70% 60% 57% 56% 65%
Modal interval [1.14 - 2.28[ [6.6 - 11.9[ [8.5 - 15.8[ [15.4 - 23.2[ [0.8 - 1.6[
Modal interval frequency 27.0% 32.3% 27.6% 25.8% 30.0%
Mode estimate 1.77x 9.7x 13.9x 23.2x 1.2x
Valmetrics multiple 2.52x 12.0x 18.3x 25.7x 1.2x
Multiple rating (10=highest) 3 4 4 8 4

Copyright © 2006 Valmetrics 37 / 71


IMGR SE – JUNE 2006

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.

Table 63 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 66 66 66 66 66
Non available multiples 4 5 4 4 4
Non meaningful multiples 11 14 18 19 11
Short-listed multiples 51 47 44 43 51
Minimum 0.02x 0.1x 0.1x 4.7x 0.3x
1st quartile 0.36x 5.1x 8.0x 10.3x 0.8x
Median 0.48x 6.9x 9.6x 15.2x 1.6x
3rd quartile 0.88x 9.1x 13.1x 22.9x 2.3x
Maximum 1.77x 21.2x 28.6x 39.4x 4.5x
Mean 0.62x 8.0x 11.6x 17.3x 1.7x
Std deviation as % of mean 61% 56% 56% 54% 64%
Modal interval [0.28 - 0.56[ [4.5 - 6.7[ [8.7 - 11.6[ [11.3 - 18.5[ [1.6 - 2.4[
Modal interval frequency 43.1% 29.8% 29.5% 37.2% 31.4%
Mode estimate 0.43x 6.0x 10.3x 13.4x 1.8x
Valmetrics multiple 0.43x 6.9x 9.6x 13.4x 1.8x
Multiple rating (10=highest) 4 5 6 5 5

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.

Table 64 EV / Sales EV / EBITDA EV / EBIT PER PBR

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

Copyright © 2006 Valmetrics 38 / 71


IMGR SE – JUNE 2006

65. Housewares & Specialities

Manufacturers of durable household products, including cutlery, cookware, glassware,


crystal, silverware, utensils, kitchenware and consumer specialties not classified elsewhere.

Table 65 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 43 43 43 43 43
Non available multiples 5 5 5 5 5
Non meaningful multiples 5 10 12 15 5
Short-listed multiples 33 28 26 23 33
Minimum 0.13x 1.5x 1.9x 0.0x 0.0x
1st quartile 0.48x 5.7x 8.0x 8.0x 0.9x
Median 0.67x 7.0x 9.3x 14.8x 1.4x
3rd quartile 1.15x 9.6x 15.3x 19.1x 3.0x
Maximum 2.51x 16.1x 40.4x 45.0x 5.3x
Mean 0.92x 7.9x 13.4x 16.4x 1.9x
Std deviation as % of mean 65% 45% 72% 65% 74%
Modal interval [0.49 - 0.91[ [3.6 - 6.2[ [6.4 - 11.3[ [7.8 - 15.6[ [0 - 1.3[
Modal interval frequency 33.3% 28.6% 46.2% 34.8% 39.4%
Mode estimate 0.61x 6.2x 8.8x 10.9x 1.1x
Valmetrics multiple 0.61x 7.9x 9.3x 14.8x 1.1x
Multiple rating (10=highest) 3 5 2 3 2

66. Hypermarkets & Super Centers

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

Table 66 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 23 23 23 23 23
Non available multiples 0 0 0 0 0
Non meaningful multiples 2 4 4 5 3
Short-listed multiples 21 19 19 18 20
Minimum 0.08x 1.8x 4.2x 8.2x 0.5x
1st quartile 0.37x 7.0x 10.8x 14.8x 1.5x
Median 0.51x 7.8x 13.5x 20.2x 2.2x
3rd quartile 0.67x 10.6x 18.6x 28.8x 3.4x
Maximum 0.98x 15.8x 22.4x 40.8x 4.9x
Mean 0.51x 8.6x 14.1x 21.6x 2.5x
Std deviation as % of mean 43% 37% 35% 43% 48%
Modal interval [0.22 - 0.43[ [6.1 - 8.8[ [7.5 - 13.3[ [13.7 - 24.5[ [2.7 - 4.1[
Modal interval frequency 33.3% 57.9% 42.1% 38.9% 40.0%
Mode estimate 0.43x 7.6x 12.0x 21.8x 3.0x
Valmetrics multiple 0.51x 8.6x 14.1x 21.6x 2.5x
Multiple rating (10=highest) 7 8 8 8 5

Copyright © 2006 Valmetrics 39 / 71


IMGR SE – JUNE 2006

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.

Table 67 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 105 105 105 105 105


Non available multiples 14 14 13 8 8
Non meaningful multiples 17 19 31 28 9
Short-listed multiples 74 72 61 69 88
Minimum 0.32x 3.3x 5.0x 0.1x 0.0x
1st quartile 0.73x 7.3x 10.2x 11.3x 1.1x
Median 1.21x 10.6x 13.2x 17.6x 1.8x
3rd quartile 2.11x 18.7x 19.8x 22.9x 2.6x
Maximum 5.20x 33.5x 47.6x 57.0x 5.0x
Mean 1.68x 13.5x 15.7x 19.5x 2.0x
Std deviation as % of mean 75% 64% 53% 64% 61%
Modal interval [0.79 - 1.45[ [7.4 - 12.9[ [9.3 - 14.2[ [17 - 22.7[ [0.7 - 1.4[
Modal interval frequency 29.7% 34.7% 37.7% 26.1% 29.5%
Mode estimate 0.85x 8.4x 12.0x 18.3x 1.3x
Valmetrics multiple 1.21x 8.4x 12.0x 17.6x 1.8x
Multiple rating (10=highest) 3 3 5 8 5

68. Industrial Gases

Manufacturers of industrial gases.

Table 68 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 9 9 9 9 9
Non available multiples 1 0 0 0 0
Non meaningful multiples 1 2 2 3 1
Short-listed multiples 7 7 7 6 8
Minimum 0.98x 5.7x 10.1x 15.4x 1.8x
1st quartile 1.53x 7.9x 14.1x 20.3x 1.8x
Median 2.08x 10.1x 15.9x 21.1x 3.1x
3rd quartile 2.22x 11.1x 17.8x 22.8x 3.7x
Maximum 2.67x 11.9x 20.2x 24.6x 4.4x
Mean 1.89x 9.4x 15.7x 20.9x 2.9x
Std deviation as % of mean 30% 25% 21% 15% 36%
Modal interval [1.47 - 2.18[ [8.8 - 12.1[ [13.2 - 17.1[ [20 - 22.7[ [1.2 - 3.1[
Modal interval frequency 57.1% 71.4% 42.9% 50.0% 50.0%
Mode estimate 1.90x 10.0x 17.1x 22.0x 3.1x
Valmetrics multiple 1.89x 9.4x 15.7x 20.9x 2.9x
Multiple rating (10=highest) 8 8 8 8 5

Copyright © 2006 Valmetrics 40 / 71


IMGR SE – JUNE 2006

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.

Table 69 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 337 337 337 337 337


Non available multiples 37 37 37 37 37
Non meaningful multiples 43 71 83 92 33
Short-listed multiples 257 229 217 208 267
Minimum 0.09x 0.4x 0.1x 0.4x 0.0x
1st quartile 0.58x 6.5x 9.6x 13.5x 1.2x
Median 0.94x 8.7x 12.6x 18.6x 2.1x
3rd quartile 1.37x 11.9x 16.7x 26.3x 3.4x
Maximum 2.97x 24.0x 34.0x 66.4x 6.7x
Mean 1.07x 9.5x 13.7x 22.0x 2.4x
Std deviation as % of mean 61% 48% 46% 59% 62%
Modal interval [0.53 - 0.78[ [7 - 8.7[ [11.8 - 14.1[ [12.9 - 17.3[ [1.3 - 2[
Modal interval frequency 17.9% 18.8% 21.7% 20.7% 19.1%
Mode estimate 0.63x 8.1x 12.4x 16.0x 1.5x
Valmetrics multiple 0.94x 9.5x 13.7x 18.6x 2.1x
Multiple rating (10=highest) 4 8 8 5 5

70. Integrated Oil & Gas

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

Table 70 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 34 34 34 34 34
Non available multiples 0 0 0 0 0
Non meaningful multiples 3 4 4 6 4
Short-listed multiples 31 30 30 28 30
Minimum 0.20x 1.0x 1.3x 6.4x 1.0x
1st quartile 0.77x 4.5x 5.9x 9.0x 2.2x
Median 1.04x 5.0x 6.6x 10.6x 2.6x
3rd quartile 1.46x 7.5x 9.6x 11.4x 3.0x
Maximum 2.84x 11.9x 16.9x 16.5x 4.1x
Mean 1.20x 5.7x 7.5x 10.7x 2.6x
Std deviation as % of mean 53% 40% 41% 23% 31%
Modal interval [0.63 - 1.08[ [4.5 - 6.4[ [5.5 - 7.9[ [10.7 - 12.2[ [2.6 - 3.1[
Modal interval frequency 48.4% 43.3% 50.0% 28.6% 30.0%
Mode estimate 0.87x 5.5x 6.7x 11.0x 2.6x
Valmetrics multiple 0.87x 5.7x 7.5x 10.7x 2.6x
Multiple rating (10=highest) 5 9 9 8 5

Copyright © 2006 Valmetrics 41 / 71


IMGR SE – JUNE 2006

71. Integrated Telecommunication Services

Operators of primarily fixed-line telecommunications networks and companies providing both


wireless and fixed-line telecommunications services not classified elsewhere.

Table 71 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 92 92 92 92 92
Non available multiples 11 8 8 7 7
Non meaningful multiples 7 19 28 30 16
Short-listed multiples 74 65 56 55 69
Minimum 0.05x 1.6x 2.3x 0.2x 0.2x
1st quartile 1.15x 4.1x 7.8x 8.4x 1.3x
Median 1.86x 5.6x 11.3x 12.1x 1.7x
3rd quartile 2.60x 7.1x 13.4x 16.7x 2.7x
Maximum 4.53x 10.3x 20.8x 34.3x 4.8x
Mean 1.87x 5.7x 10.7x 13.0x 2.0x
Std deviation as % of mean 54% 36% 40% 56% 55%
Modal interval [0.69 - 1.39[ [4.5 - 6[ [10.1 - 13[ [8.7 - 13.1[ [1.5 - 2.2[
Modal interval frequency 23.0% 26.2% 26.8% 32.7% 31.9%
Mode estimate 1.23x 5.2x 11.6x 11.1x 1.8x
Valmetrics multiple 1.87x 5.7x 10.7x 13.0x 1.7x
Multiple rating (10=highest) 5 9 9 8 5

72. Internet Retail

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

Table 72 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 18 18 18 18 18
Non available multiples 3 4 3 3 3
Non meaningful multiples 3 5 8 8 4
Short-listed multiples 12 9 7 7 11
Minimum 0.21x 4.6x 7.1x 6.4x 0.8x
1st quartile 0.72x 8.3x 12.0x 12.1x 1.0x
Median 1.40x 20.1x 14.8x 21.6x 2.8x
3rd quartile 2.25x 29.1x 32.4x 33.1x 4.3x
Maximum 3.22x 57.2x 77.1x 66.3x 6.3x
Mean 1.48x 23.3x 26.8x 26.4x 3.0x
Std deviation as % of mean 62% 86% 91% 81% 70%
Modal interval [1.34 - 2.67[ [0.9 - 20.9[ [0 - 21.2[ [3.5 - 25.4[ [0.6 - 3.6[
Modal interval frequency 50.0% 55.6% 57.1% 71.4% 72.7%
Mode estimate 1.56x 13.4x 14.2x 15.7x 2.4x
Valmetrics multiple 1.40x 20.1x 14.8x 21.6x 2.8x
Multiple rating (10=highest) 8 2 0 2 5

Copyright © 2006 Valmetrics 42 / 71


IMGR SE – JUNE 2006

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.

Table 73 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 201 201 201 201 201


Non available multiples 35 32 31 30 31
Non meaningful multiples 25 70 91 97 19
Short-listed multiples 141 99 79 74 151
Minimum 0.00x 0.2x 0.2x 0.5x 0.0x
1st quartile 0.79x 8.0x 9.2x 15.3x 1.4x
Median 1.35x 15.2x 19.7x 28.5x 2.5x
3rd quartile 2.63x 25.8x 32.8x 42.6x 4.9x
Maximum 7.95x 60.3x 70.9x 87.3x 10.4x
Mean 2.09x 18.0x 23.1x 31.8x 3.2x
Std deviation as % of mean 91% 77% 82% 63% 73%
Modal interval [0.71 - 1.41[ [7.7 - 15.3[ [0 - 11[ [26 - 38.9[ [1.3 - 2.6[
Modal interval frequency 31.2% 26.3% 34.2% 27.0% 30.5%
Mode estimate 0.94x 9.4x 8.7x 30.3x 1.8x
Valmetrics multiple 0.94x 15.2x 8.7x 28.5x 1.8x
Multiple rating (10=highest) 2 2 1 8 3

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.

Table 74 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 225 225 225 225 225


Non available multiples 29 29 28 27 27
Non meaningful multiples 33 72 86 102 45
Short-listed multiples 163 124 111 96 153
Minimum 0.08x 0.6x 4.7x 1.9x 0.2x
1st quartile 0.40x 7.2x 10.7x 16.6x 1.4x
Median 0.73x 10.9x 15.1x 22.9x 2.3x
3rd quartile 1.19x 15.0x 21.3x 35.3x 3.3x
Maximum 2.65x 27.8x 52.2x 78.4x 6.8x
Mean 0.86x 11.7x 18.0x 27.3x 2.6x
Std deviation as % of mean 69% 49% 58% 56% 57%
Modal interval [0.06 - 0.35[ [6.4 - 9.5[ [13 - 17.4[ [16.4 - 24.6[ [1.5 - 2.2[
Modal interval frequency 22.1% 26.6% 26.1% 29.2% 20.9%
Mode estimate 0.32x 8.6x 13.6x 20.0x 1.7x
Valmetrics multiple 0.73x 11.7x 15.1x 22.9x 2.3x
Multiple rating (10=highest) 3 5 5 5 5

Copyright © 2006 Valmetrics 43 / 71


IMGR SE – JUNE 2006

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.

Table 75 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 41 41 41 41 41
Non available multiples 1 1 1 0 0
Non meaningful multiples 5 8 15 15 6
Short-listed multiples 35 32 25 26 35
Minimum 0.30x 4.1x 2.7x 8.8x 0.4x
1st quartile 1.68x 8.1x 12.6x 15.7x 1.2x
Median 2.52x 10.9x 16.0x 22.2x 1.5x
3rd quartile 3.66x 18.2x 20.7x 31.8x 3.3x
Maximum 7.08x 34.2x 56.8x 60.8x 6.1x
Mean 2.88x 13.5x 18.6x 26.3x 2.1x
Std deviation as % of mean 58% 60% 63% 60% 65%
Modal interval [2.48 - 3.69[ [3.1 - 9.5[ [13.3 - 18.8[ [7.6 - 18.5[ [1.4 - 2.6[
Modal interval frequency 31.4% 43.8% 36.0% 42.3% 37.1%
Mode estimate 2.70x 7.8x 15.7x 16.1x 1.5x
Valmetrics multiple 2.52x 7.8x 16.0x 22.2x 1.5x
Multiple rating (10=highest) 8 3 6 2 4

76. Leisure Products

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

Table 76 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 62 62 62 62 62
Non available multiples 1 1 1 1 1
Non meaningful multiples 6 13 16 20 5
Short-listed multiples 55 48 45 41 56
Minimum 0.06x 2.6x 3.9x 5.5x 0.2x
1st quartile 0.51x 6.5x 9.4x 14.1x 1.3x
Median 0.81x 8.9x 11.6x 17.3x 2.4x
3rd quartile 1.16x 11.6x 17.3x 30.2x 4.2x
Maximum 2.37x 27.6x 38.8x 70.7x 8.3x
Mean 0.90x 10.6x 14.5x 22.3x 2.7x
Std deviation as % of mean 60% 57% 57% 59% 68%
Modal interval [0.7 - 1.04[ [8 - 10.9[ [8 - 12.5[ [14.8 - 24.1[ [0 - 1.5[
Modal interval frequency 29.1% 33.3% 33.3% 41.5% 32.1%
Mode estimate 0.73x 8.7x 9.9x 17.9x 1.4x
Valmetrics multiple 0.81x 8.9x 11.6x 17.9x 1.4x
Multiple rating (10=highest) 7 6 4 5 2

Copyright © 2006 Valmetrics 44 / 71


IMGR SE – JUNE 2006

77. Managed Health Care

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

Table 77 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 14 14 14 14 14
Non available multiples 4 4 4 0 0
Non meaningful multiples 1 2 2 2 3
Short-listed multiples 9 8 8 12 11
Minimum 0.27x 3.1x 3.2x 5.4x 1.4x
1st quartile 0.43x 5.7x 6.3x 12.9x 2.1x
Median 0.67x 9.4x 10.7x 18.6x 2.3x
3rd quartile 1.26x 10.2x 11.4x 20.5x 3.3x
Maximum 1.50x 11.2x 12.7x 27.6x 3.4x
Mean 0.81x 8.1x 9.1x 17.4x 2.6x
Std deviation as % of mean 56% 38% 38% 39% 26%
Modal interval [0.09 - 0.88[ [7.2 - 11.7[ [8 - 13[ [16.5 - 23.1[ [1.4 - 2.4[
Modal interval frequency 66.7% 62.5% 62.5% 50.0% 54.5%
Mode estimate 0.62x 8.5x 9.4x 19.8x 2.3x
Valmetrics multiple 0.67x 8.1x 9.1x 17.4x 2.6x
Multiple rating (10=highest) 5 7 7 8 5

78. Marine

Companies providing goods or passenger maritime transportation. Excludes cruise-ships


classified in the Hotels, Resorts & Cruise Lines sub-industry.

Table 78 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 60 60 60 60 60
Non available multiples 9 11 9 9 9
Non meaningful multiples 7 8 13 9 7
Short-listed multiples 44 41 38 42 44
Minimum 0.08x 0.6x 0.9x 1.3x 0.4x
1st quartile 0.88x 3.7x 4.6x 4.7x 0.9x
Median 1.24x 5.7x 7.1x 8.1x 1.5x
3rd quartile 2.15x 12.5x 14.7x 16.4x 1.9x
Maximum 4.40x 22.6x 32.0x 33.8x 4.0x
Mean 1.60x 8.0x 10.4x 11.1x 1.6x
Std deviation as % of mean 65% 74% 78% 84% 55%
Modal interval [0.8 - 1.52[ [0 - 5.1[ [0 - 6[ [0.7 - 7.5[ [0.8 - 1.3[
Modal interval frequency 34.1% 41.5% 34.2% 45.2% 29.5%
Mode estimate 1.19x 3.9x 5.6x 5.5x 1.2x
Valmetrics multiple 1.19x 3.9x 5.6x 5.5x 1.5x
Multiple rating (10=highest) 5 2 1 2 5

Copyright © 2006 Valmetrics 45 / 71


IMGR SE – JUNE 2006

79. Marine Ports & Services

Owners and operators of marine ports and related services.

Table 79 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 35 35 35 35 35
Non available multiples 1 1 1 0 0
Non meaningful multiples 2 5 6 7 0
Short-listed multiples 32 29 28 28 35
Minimum 0.46x 2.2x 2.5x 6.6x 0.6x
1st quartile 1.96x 8.3x 11.5x 14.8x 1.7x
Median 4.11x 10.4x 15.4x 19.0x 2.2x
3rd quartile 6.32x 14.3x 17.6x 21.8x 2.9x
Maximum 11.54x 23.1x 34.4x 26.3x 4.5x
Mean 4.23x 11.0x 15.2x 18.1x 2.3x
Std deviation as % of mean 67% 44% 42% 29% 38%
Modal interval [2.74 - 5.49[ [12.7 - 16.5[ [14.5 - 18.5[ [18.8 - 23.4[ [2.5 - 3.3[
Modal interval frequency 40.6% 31.0% 39.3% 35.7% 31.4%
Mode estimate 3.57x 13.1x 15.7x 20.3x 2.7x
Valmetrics multiple 3.57x 11.0x 15.2x 18.1x 2.3x
Multiple rating (10=highest) 8 5 9 8 5

80. Metal & Glass Containers

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

Table 80 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 61 61 61 61 61
Non available multiples 2 2 2 2 2
Non meaningful multiples 9 12 15 18 15
Short-listed multiples 50 47 44 41 44
Minimum 0.21x 1.0x 1.1x 0.5x 0.0x
1st quartile 0.52x 4.4x 7.6x 8.6x 0.6x
Median 0.77x 6.5x 10.7x 13.5x 1.4x
3rd quartile 1.19x 8.3x 12.9x 19.5x 2.0x
Maximum 2.20x 11.2x 23.2x 29.5x 3.8x
Mean 0.91x 6.3x 10.7x 14.3x 1.4x
Std deviation as % of mean 55% 40% 48% 50% 61%
Modal interval [0.48 - 0.84[ [5 - 7.2[ [9.2 - 12.2[ [6.3 - 12.6[ [0 - 0.8[
Modal interval frequency 32.0% 31.9% 31.8% 29.3% 29.5%
Mode estimate 0.62x 6.7x 11.0x 10.3x 0.7x
Valmetrics multiple 0.77x 6.3x 10.7x 14.3x 1.4x
Multiple rating (10=highest) 5 10 9 5 2

Copyright © 2006 Valmetrics 46 / 71


IMGR SE – JUNE 2006

81. Motorcycle Manufacturers

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


classified in the Leisure Products sub-industry.

Table 81 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 16 16 16 16 16
Non available multiples 3 3 3 3 2
Non meaningful multiples 5 7 8 7 5
Short-listed multiples 8 6 5 6 9
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.

Table 82 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 96 96 96 96 96
Non available multiples 11 10 10 9 9
Non meaningful multiples 9 21 43 40 20
Short-listed multiples 76 65 43 47 67
Minimum 0.03x 0.2x 0.2x 0.5x 0.1x
1st quartile 0.62x 4.3x 7.6x 9.8x 1.0x
Median 1.06x 6.5x 13.2x 15.4x 1.6x
3rd quartile 1.99x 9.8x 19.3x 24.9x 2.2x
Maximum 4.08x 20.3x 41.3x 52.8x 3.3x
Mean 1.28x 7.1x 14.7x 18.1x 1.6x
Std deviation as % of mean 71% 63% 66% 65% 46%
Modal interval [0.65 - 1.3[ [2.8 - 5.5[ [6.6 - 13.3[ [8.4 - 16.7[ [1.7 - 2.3[
Modal interval frequency 35.5% 29.2% 30.2% 31.9% 26.9%
Mode estimate 0.80x 5.1x 11.1x 11.7x 1.8x
Valmetrics multiple 0.80x 6.5x 11.1x 11.7x 1.6x
Multiple rating (10=highest) 3 5 5 2 5

Copyright © 2006 Valmetrics 47 / 71


IMGR SE – JUNE 2006

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.

Table 83 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 58 58 58 58 58
Non available multiples 7 7 7 5 4
Non meaningful multiples 3 7 9 8 6
Short-listed multiples 48 44 42 45 48
Minimum 0.44x 5.6x 8.0x 9.0x 1.0x
1st quartile 1.34x 7.7x 12.3x 14.3x 1.4x
Median 1.71x 8.7x 13.0x 15.5x 1.7x
3rd quartile 2.24x 9.6x 15.9x 20.1x 1.9x
Maximum 3.61x 13.8x 22.9x 36.4x 2.9x
Mean 1.78x 8.9x 14.1x 18.0x 1.7x
Std deviation as % of mean 37% 21% 22% 38% 26%
Modal interval [1.28 - 1.78[ [8.6 - 9.7[ [11.3 - 13.4[ [14.5 - 17.8[ [1.6 - 1.8[
Modal interval frequency 35.4% 29.5% 40.5% 42.2% 27.1%
Mode estimate 1.62x 8.7x 12.5x 15.9x 1.6x
Valmetrics multiple 1.78x 8.9x 14.1x 18.0x 1.7x
Multiple rating (10=highest) 8 10 9 8 5

84. Office Electronics

Manufacturers of office electronic equipment including copiers and faxes.

Table 84 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 11 11 11 11 11
Non available multiples 3 3 3 3 3
Non meaningful multiples 1 1 2 1 0
Short-listed multiples 7 7 6 7 8
Minimum 0.43x 7.3x 11.1x 13.1x 1.0x
1st quartile 0.72x 8.6x 11.8x 15.1x 1.3x
Median 1.21x 9.1x 13.6x 17.7x 2.1x
3rd quartile 1.47x 11.7x 15.8x 23.4x 3.0x
Maximum 2.77x 21.9x 16.5x 54.3x 5.1x
Mean 1.26x 11.3x 13.7x 23.2x 2.4x
Std deviation as % of mean 62% 44% 17% 62% 58%
Modal interval [0.42 - 1.21[ [6.4 - 9.7[ [9.4 - 13.8[ [12 - 20.7[ [0.5 - 2.2[
Modal interval frequency 57.1% 57.1% 50.0% 57.1% 50.0%
Mode estimate 0.95x 8.6x 13.8x 17.8x 1.9x
Valmetrics multiple 1.21x 11.3x 13.7x 17.7x 2.1x
Multiple rating (10=highest) 5 5 9 4 5

Copyright © 2006 Valmetrics 48 / 71


IMGR SE – JUNE 2006

85. Office Services & Supplies

Providers of office services and manufacturers of office supplies and equipment not classified
elsewhere.

Table 85 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 56 56 56 56 56
Non available multiples 6 6 6 6 6
Non meaningful multiples 9 12 15 26 11
Short-listed multiples 41 38 35 24 39
Minimum 0.16x 1.7x 1.9x 7.2x 0.0x
1st quartile 0.39x 7.2x 11.0x 14.9x 1.0x
Median 0.56x 9.3x 13.8x 18.0x 1.6x
3rd quartile 0.88x 10.5x 17.6x 22.6x 2.5x
Maximum 1.84x 16.0x 28.2x 38.0x 4.6x
Mean 0.68x 8.8x 14.0x 19.3x 1.8x
Std deviation as % of mean 62% 36% 44% 37% 60%
Modal interval [0.43 - 0.71[ [8.9 - 10.8[ [13.1 - 17.1[ [17.2 - 22.6[ [0.8 - 1.7[
Modal interval frequency 36.6% 31.6% 25.7% 33.3% 35.9%
Mode estimate 0.51x 9.4x 13.9x 18.1x 1.3x
Valmetrics multiple 0.51x 8.8x 14.0x 19.3x 1.3x
Multiple rating (10=highest) 5 9 9 8 5

86. Oil & Gas Drilling

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

Table 86 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 25 25 25 25 25
Non available multiples 4 4 3 3 3
Non meaningful multiples 4 3 4 6 3
Short-listed multiples 17 18 18 16 19
Minimum 1.11x 3.3x 6.3x 7.3x 0.8x
1st quartile 2.63x 6.5x 9.1x 12.9x 2.7x
Median 3.81x 12.1x 17.1x 22.1x 3.3x
3rd quartile 5.35x 18.0x 29.5x 32.4x 4.4x
Maximum 9.34x 30.5x 59.2x 57.5x 6.5x
Mean 4.55x 13.3x 21.3x 24.7x 3.6x
Std deviation as % of mean 59% 57% 70% 58% 38%
Modal interval [0.99 - 3.11[ [8.8 - 17.5[ [1.6 - 17.2[ [1.5 - 16.9[ [1.7 - 3[
Modal interval frequency 35.3% 38.9% 50.0% 37.5% 36.8%
Mode estimate 3.11x 10.9x 13.3x 16.9x 2.7x
Valmetrics multiple 3.81x 12.1x 17.1x 22.1x 3.6x
Multiple rating (10=highest) 4 7 3 3 5

Copyright © 2006 Valmetrics 49 / 71


IMGR SE – JUNE 2006

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.

Table 87 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 88 88 88 88 88
Non available multiples 18 18 17 17 17
Non meaningful multiples 2 2 5 11 4
Short-listed multiples 68 68 66 60 67
Minimum 0.03x 0.2x 0.2x 2.7x 0.6x
1st quartile 1.70x 9.6x 13.5x 18.0x 2.4x
Median 2.62x 12.7x 17.4x 25.0x 3.6x
3rd quartile 3.86x 16.2x 23.6x 31.8x 4.9x
Maximum 6.86x 26.2x 38.8x 52.7x 8.5x
Mean 2.79x 13.1x 18.8x 25.8x 4.0x
Std deviation as % of mean 51% 41% 42% 42% 48%
Modal interval [1.05 - 2.11[ [9.9 - 13.2[ [14.9 - 19.9[ [21 - 28.1[ [2.7 - 3.9[
Modal interval frequency 27.9% 25.0% 30.3% 28.3% 26.9%
Mode estimate 2.03x 12.6x 16.9x 22.6x 3.3x
Valmetrics multiple 2.79x 13.1x 18.8x 25.8x 4.0x
Multiple rating (10=highest) 6 10 9 8 5

88. Oil & Gas Exploration & Production

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

Table 88 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 177 177 177 177 177


Non available multiples 48 44 42 42 42
Non meaningful multiples 19 32 37 34 10
Short-listed multiples 110 101 98 101 125
Minimum 0.05x 2.2x 3.2x 3.6x 0.6x
1st quartile 3.39x 5.5x 8.8x 12.6x 2.0x
Median 4.50x 6.9x 11.3x 15.5x 2.9x
3rd quartile 5.82x 8.5x 15.4x 23.4x 3.9x
Maximum 10.41x 15.9x 29.4x 48.4x 7.0x
Mean 4.63x 7.3x 12.4x 18.9x 3.1x
Std deviation as % of mean 44% 40% 42% 51% 48%
Modal interval [3.04 - 4.05[ [5.8 - 7.1[ [7.7 - 10.6[ [12.1 - 16.8[ [1.8 - 2.6[
Modal interval frequency 25.5% 30.7% 29.6% 36.6% 22.4%
Mode estimate 3.62x 6.5x 9.7x 14.1x 2.1x
Valmetrics multiple 4.63x 7.3x 12.4x 18.9x 3.1x
Multiple rating (10=highest) 7 9 6 6 5

Copyright © 2006 Valmetrics 50 / 71


IMGR SE – JUNE 2006

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.

Table 89 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 42 42 42 42 42
Non available multiples 2 2 2 2 2
Non meaningful multiples 11 18 19 17 12
Short-listed multiples 29 22 21 23 28
Minimum 0.11x 0.9x 1.0x 1.2x 0.4x
1st quartile 0.32x 4.6x 5.6x 7.8x 1.9x
Median 0.49x 5.7x 6.7x 9.3x 2.5x
3rd quartile 0.74x 7.1x 9.9x 13.5x 3.0x
Maximum 1.68x 16.7x 17.5x 29.1x 5.2x
Mean 0.62x 6.5x 7.6x 11.0x 2.5x
Std deviation as % of mean 73% 50% 46% 54% 46%
Modal interval [0.08 - 0.35[ [4.2 - 6.1[ [3.1 - 6.2[ [5 - 9[ [2.4 - 3.2[
Modal interval frequency 37.9% 45.5% 33.3% 34.8% 32.1%
Mode estimate 0.31x 5.5x 6.2x 8.5x 2.7x
Valmetrics multiple 0.49x 6.5x 7.6x 9.3x 2.5x
Multiple rating (10=highest) 1 6 6 4 5

90. Packaged Foods & Meats

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

Table 90 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 263 263 263 263 263


Non available multiples 24 25 23 23 19
Non meaningful multiples 40 67 85 79 51
Short-listed multiples 199 171 155 161 193
Minimum 0.07x 0.2x 0.2x 0.1x 0.0x
1st quartile 0.50x 6.5x 9.4x 10.2x 0.9x
Median 0.93x 8.7x 12.9x 17.6x 1.6x
3rd quartile 1.51x 12.0x 16.3x 24.9x 2.5x
Maximum 3.89x 24.0x 36.2x 54.0x 5.7x
Mean 1.18x 9.7x 13.5x 18.6x 1.8x
Std deviation as % of mean 74% 49% 46% 59% 58%
Modal interval [0.35 - 0.69[ [5.9 - 7.9[ [10.5 - 13[ [16.1 - 21.5[ [0.5 - 1.1[
Modal interval frequency 24.6% 21.1% 21.3% 20.5% 24.4%
Mode estimate 0.57x 7.7x 12.4x 16.5x 1.0x
Valmetrics multiple 0.93x 9.7x 13.5x 18.6x 1.6x
Multiple rating (10=highest) 3 6 9 8 4

Copyright © 2006 Valmetrics 51 / 71


IMGR SE – JUNE 2006

91. Paper Packaging

Manufacturers of paper and cardboard containers and packaging.

Table 91 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 45 45 45 45 45
Non available multiples 2 1 1 1 1
Non meaningful multiples 9 11 15 20 9
Short-listed multiples 34 33 29 24 35
Minimum 0.35x 4.5x 8.0x 6.2x 0.0x
1st quartile 0.71x 6.8x 11.3x 15.3x 0.9x
Median 0.91x 8.5x 15.9x 18.3x 1.4x
3rd quartile 1.15x 9.7x 22.1x 30.0x 2.3x
Maximum 2.30x 16.1x 53.9x 44.0x 3.2x
Mean 1.02x 8.8x 20.8x 22.3x 1.6x
Std deviation as % of mean 44% 33% 64% 48% 51%
Modal interval [0.51 - 0.78[ [5.8 - 7.6[ [6.2 - 13.3[ [15 - 25.1[ [0.8 - 1.7[
Modal interval frequency 29.4% 30.3% 37.9% 41.7% 31.4%
Mode estimate 0.78x 7.1x 11.7x 20.6x 1.7x
Valmetrics multiple 1.02x 8.8x 15.9x 22.3x 1.6x
Multiple rating (10=highest) 7 6 1 6 5

92. Paper Products

Manufacturers of all grades of paper. Excludes companies specializing in paper packaging


classified in the Paper Packaging sub-industry.

Table 92 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 94 94 94 94 94
Non available multiples 9 9 9 9 9
Non meaningful multiples 12 23 30 43 13
Short-listed multiples 73 62 55 42 72
Minimum 0.02x 3.5x 5.3x 4.8x 0.0x
1st quartile 0.66x 7.1x 11.1x 10.0x 0.7x
Median 1.14x 9.1x 18.0x 14.0x 1.1x
3rd quartile 1.74x 11.1x 25.6x 20.1x 1.3x
Maximum 3.20x 24.1x 49.7x 58.0x 2.4x
Mean 1.21x 9.9x 19.3x 18.2x 1.1x
Std deviation as % of mean 57% 46% 52% 68% 49%
Modal interval [1.56 - 2.07[ [6.6 - 8.7[ [4.6 - 12.2[ [8.2 - 14[ [1 - 1.3[
Modal interval frequency 26.0% 27.4% 29.1% 35.7% 27.8%
Mode estimate 1.62x 8.2x 11.8x 11.3x 1.1x
Valmetrics multiple 1.21x 9.9x 19.3x 11.3x 1.1x
Multiple rating (10=highest) 5 7 4 2 5

Copyright © 2006 Valmetrics 52 / 71


IMGR SE – JUNE 2006

93. Personal Products

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

Table 93 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 53 53 53 53 53
Non available multiples 3 3 3 3 3
Non meaningful multiples 8 18 22 25 12
Short-listed multiples 42 32 28 25 38
Minimum 0.28x 4.8x 6.1x 9.4x 0.4x
1st quartile 0.93x 8.4x 11.7x 17.7x 1.8x
Median 1.68x 10.6x 13.5x 22.2x 2.8x
3rd quartile 2.13x 12.2x 15.6x 25.4x 5.0x
Maximum 3.54x 18.9x 23.1x 43.4x 10.6x
Mean 1.63x 10.7x 13.8x 22.5x 3.6x
Std deviation as % of mean 56% 31% 29% 35% 73%
Modal interval [1.56 - 2.25[ [7 - 9.4[ [13.3 - 15.8[ [18.5 - 23.8[ [1.9 - 3.8[
Modal interval frequency 31.0% 31.3% 32.1% 32.0% 39.5%
Mode estimate 1.69x 9.4x 14.0x 21.1x 2.4x
Valmetrics multiple 1.63x 10.7x 13.8x 22.5x 2.4x
Multiple rating (10=highest) 8 8 8 8 3

94. Pharmaceuticals

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


Includes veterinary drugs.

Table 94 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 200 200 200 200 200


Non available multiples 11 9 8 8 9
Non meaningful multiples 39 65 74 87 50
Short-listed multiples 150 126 118 105 141
Minimum 0.13x 0.0x 0.0x 0.8x 0.1x
1st quartile 1.42x 9.3x 11.9x 17.9x 1.6x
Median 2.52x 12.4x 15.3x 23.7x 2.6x
3rd quartile 3.85x 16.9x 24.0x 32.8x 3.6x
Maximum 7.80x 32.8x 50.3x 66.1x 7.3x
Mean 2.83x 13.3x 18.6x 26.4x 2.7x
Std deviation as % of mean 62% 49% 57% 48% 54%
Modal interval [0.91 - 1.83[ [9.1 - 12.2[ [9.9 - 14.9[ [12.7 - 19.1[ [1.5 - 2.3[
Modal interval frequency 22.0% 25.4% 33.9% 25.7% 20.6%
Mode estimate 1.64x 11.2x 13.2x 19.1x 2.2x
Valmetrics multiple 2.52x 13.3x 15.3x 26.4x 2.7x
Multiple rating (10=highest) 4 7 4 5 5

Copyright © 2006 Valmetrics 53 / 71


IMGR SE – JUNE 2006

95. Photographic Products

Manufacturers of photographic equipment and related products.

Table 95 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 20 20 20 20 20
Non available multiples 0 0 0 0 0
Non meaningful multiples 4 9 9 10 4
Short-listed multiples 16 11 11 10 16
Minimum 0.62x 0.7x 0.5x 9.1x 0.2x
1st quartile 0.98x 6.2x 9.6x 14.5x 1.6x
Median 1.67x 7.9x 11.3x 19.7x 2.2x
3rd quartile 2.32x 10.4x 15.0x 30.4x 3.0x
Maximum 5.68x 15.4x 27.2x 45.8x 4.0x
Mean 1.92x 8.2x 12.7x 23.1x 2.3x
Std deviation as % of mean 69% 49% 54% 53% 50%
Modal interval [0.49 - 1.56[ [4.2 - 8[ [14.6 - 19.4[ [5.3 - 20.1[ [1.1 - 2.1[
Modal interval frequency 50.0% 45.5% 36.4% 50.0% 31.3%
Mode estimate 1.20x 6.8x 15.5x 15.9x 1.8x
Valmetrics multiple 1.67x 8.2x 11.3x 19.7x 2.3x
Multiple rating (10=highest) 4 6 3 3 5

96. Precious Metals & Minerals

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

Table 96 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 27 27 27 27 27
Non available multiples 9 6 5 5 5
Non meaningful multiples 4 12 15 14 3
Short-listed multiples 14 9 7 8 19
Minimum 0.43x 7.8x 9.1x 16.3x 1.4x
1st quartile 2.65x 9.7x 12.8x 22.5x 2.9x
Median 4.48x 17.9x 21.4x 36.6x 3.3x
3rd quartile 5.86x 25.3x 35.0x 54.5x 4.2x
Maximum 9.62x 46.7x 58.1x 107.1x 5.8x
Mean 4.39x 21.1x 26.3x 44.0x 3.5x
Std deviation as % of mean 56% 63% 72% 69% 33%
Modal interval [2.67 - 5.33[ [4.6 - 19.7[ [0 - 23.2[ [13.7 - 45.7[ [2.2 - 3.2[
Modal interval frequency 35.7% 66.7% 71.4% 62.5% 36.8%
Mode estimate 4.00x 12.8x 11.6x 33.7x 2.9x
Valmetrics multiple 4.39x 17.9x 21.4x 36.6x 3.5x
Multiple rating (10=highest) 8 2 1 4 5

Copyright © 2006 Valmetrics 54 / 71


IMGR SE – JUNE 2006

97. Publishing

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


electronic formats.

Table 97 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 123 123 123 123 123


Non available multiples 21 21 20 18 18
Non meaningful multiples 14 19 29 29 18
Short-listed multiples 88 83 74 76 87
Minimum 0.24x 1.6x 1.6x 4.6x 0.3x
1st quartile 0.92x 7.5x 9.5x 13.0x 1.4x
Median 1.59x 9.4x 12.1x 16.8x 2.3x
3rd quartile 2.20x 12.3x 15.5x 21.8x 3.6x
Maximum 4.56x 20.0x 27.3x 39.5x 6.4x
Mean 1.76x 9.8x 12.8x 17.8x 2.6x
Std deviation as % of mean 59% 38% 39% 40% 56%
Modal interval [0.68 - 1.25[ [7.5 - 9.7[ [10.2 - 13.1[ [11.5 - 15.7[ [1 - 2[
Modal interval frequency 23.9% 27.7% 28.4% 27.6% 32.2%
Mode estimate 1.16x 8.6x 11.3x 14.3x 1.6x
Valmetrics multiple 1.59x 9.8x 12.8x 17.8x 2.3x
Multiple rating (10=highest) 5 9 8 6 5

98. Railroads

Companies providing primarily goods and passenger rail transportation.

Table 98 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 22 22 22 22 22
Non available multiples 3 3 3 3 3
Non meaningful multiples 4 7 3 2 2
Short-listed multiples 15 12 16 17 17
Minimum 0.27x 7.6x 5.1x 6.9x 0.4x
1st quartile 1.25x 8.4x 12.0x 16.8x 1.5x
Median 2.57x 9.1x 14.1x 19.3x 2.0x
3rd quartile 3.01x 9.9x 22.1x 26.1x 3.0x
Maximum 5.77x 15.1x 31.4x 38.0x 4.1x
Mean 2.51x 9.9x 16.5x 21.3x 2.2x
Std deviation as % of mean 61% 24% 44% 38% 51%
Modal interval [1.59 - 3.02[ [7.5 - 8.8[ [10.1 - 18.2[ [11.7 - 18.9[ [1.2 - 2.4[
Modal interval frequency 40.0% 41.7% 56.3% 41.2% 47.1%
Mode estimate 1.88x 8.6x 14.5x 16.5x 1.8x
Valmetrics multiple 2.57x 9.9x 16.5x 21.3x 2.2x
Multiple rating (10=highest) 5 7 8 6 5

Copyright © 2006 Valmetrics 55 / 71


IMGR SE – JUNE 2006

99. Restaurants

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

Table 99 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 78 78 78 78 78
Non available multiples 9 9 9 9 9
Non meaningful multiples 5 8 11 12 8
Short-listed multiples 64 61 58 57 61
Minimum 0.23x 3.6x 4.6x 5.2x 0.5x
1st quartile 0.69x 7.0x 11.0x 15.1x 1.4x
Median 1.02x 8.5x 13.1x 19.8x 2.2x
3rd quartile 1.43x 10.0x 15.3x 26.4x 3.0x
Maximum 3.27x 13.0x 23.1x 47.7x 5.1x
Mean 1.19x 8.4x 13.2x 21.5x 2.3x
Std deviation as % of mean 60% 26% 27% 44% 45%
Modal interval [0.46 - 0.83[ [7.5 - 9[ [12.7 - 15[ [14.7 - 20.6[ [1.2 - 2[
Modal interval frequency 31.3% 32.8% 29.3% 38.6% 29.5%
Mode estimate 0.75x 8.2x 13.3x 17.7x 1.7x
Valmetrics multiple 1.02x 8.4x 13.2x 21.5x 2.3x
Multiple rating (10=highest) 5 10 10 8 5

100. Semiconductor Equipment

Manufacturers of semiconductor equipment.

Table 100 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 64 64 64 64 64
Non available multiples 8 8 8 8 8
Non meaningful multiples 4 14 24 29 8
Short-listed multiples 52 42 32 27 48
Minimum 0.24x 4.2x 7.3x 4.2x 0.7x
1st quartile 1.28x 8.7x 12.4x 14.4x 1.4x
Median 1.87x 13.8x 19.1x 22.5x 1.8x
3rd quartile 2.52x 23.1x 29.1x 32.1x 2.5x
Maximum 4.02x 44.5x 66.7x 56.4x 4.6x
Mean 1.97x 16.8x 23.3x 23.7x 2.1x
Std deviation as % of mean 46% 61% 63% 51% 47%
Modal interval [0.8 - 1.46[ [3.7 - 11.9[ [5.4 - 15.9[ [24.4 - 36.2[ [1.2 - 1.8[
Modal interval frequency 26.9% 38.1% 37.5% 37.0% 41.7%
Mode estimate 1.46x 10.0x 14.4x 27.6x 1.5x
Valmetrics multiple 1.97x 10.0x 14.4x 23.7x 1.5x
Multiple rating (10=highest) 6 2 2 5 5

Copyright © 2006 Valmetrics 56 / 71


IMGR SE – JUNE 2006

101. Semiconductors

Manufacturers of semiconductors and related products.

Table 101 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 143 143 143 143 143


Non available multiples 10 12 10 10 10
Non meaningful multiples 7 34 58 54 10
Short-listed multiples 126 97 75 79 123
Minimum 0.01x 1.0x 1.1x 0.1x 0.0x
1st quartile 1.18x 7.3x 12.1x 15.4x 1.2x
Median 2.18x 10.7x 18.3x 25.2x 2.1x
3rd quartile 3.45x 16.1x 25.8x 43.3x 3.2x
Maximum 8.15x 32.0x 64.3x 106.4x 7.1x
Mean 2.49x 12.8x 20.9x 32.4x 2.4x
Std deviation as % of mean 72% 58% 62% 74% 65%
Modal interval [0.9 - 1.81[ [7.6 - 11.4[ [6.7 - 13.2[ [13 - 26[ [0.8 - 1.6[
Modal interval frequency 26.2% 27.8% 29.3% 32.9% 30.1%
Mode estimate 1.47x 8.6x 12.3x 19.8x 1.3x
Valmetrics multiple 2.18x 10.7x 18.3x 19.8x 1.3x
Multiple rating (10=highest) 4 4 3 2 2

102. Soft Drink

Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk


classified in the Packaged Foods sub-industry.

Table 102 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 28 28 28 28 28
Non available multiples 0 0 0 0 0
Non meaningful multiples 6 6 9 9 5
Short-listed multiples 22 22 19 19 23
Minimum 0.28x 2.5x 3.3x 2.1x 0.3x
1st quartile 0.87x 7.2x 9.7x 14.7x 1.7x
Median 1.14x 7.5x 11.9x 16.3x 2.2x
3rd quartile 1.53x 9.3x 15.0x 23.0x 3.5x
Maximum 3.08x 15.2x 27.0x 53.2x 6.4x
Mean 1.28x 8.2x 12.9x 20.8x 2.6x
Std deviation as % of mean 54% 37% 47% 57% 58%
Modal interval [0.75 - 1.22[ [6.6 - 8.1[ [11.2 - 15.2[ [12.4 - 18.6[ [1.4 - 2.7[
Modal interval frequency 40.9% 50.0% 31.6% 42.1% 52.2%
Mode estimate 1.06x 7.3x 12.2x 16.1x 2.1x
Valmetrics multiple 1.14x 8.2x 12.9x 16.3x 2.2x
Multiple rating (10=highest) 6 7 8 4 5

Copyright © 2006 Valmetrics 57 / 71


IMGR SE – JUNE 2006

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.

Table 103 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 97 97 97 97 97
Non available multiples 6 5 5 5 5
Non meaningful multiples 16 22 25 31 22
Short-listed multiples 75 70 67 61 70
Minimum 0.16x 2.0x 3.2x 3.9x 0.3x
1st quartile 0.72x 7.3x 11.7x 15.3x 1.4x
Median 1.09x 9.2x 13.5x 19.3x 1.8x
3rd quartile 1.77x 10.7x 16.9x 22.7x 2.7x
Maximum 3.88x 19.3x 29.7x 43.7x 4.6x
Mean 1.31x 9.2x 14.2x 20.2x 2.1x
Std deviation as % of mean 64% 36% 39% 40% 49%
Modal interval [0.52 - 1.02[ [8.2 - 9.8[ [12.6 - 15.2[ [18.2 - 22[ [1.5 - 2.1[
Modal interval frequency 32.0% 25.7% 23.9% 27.9% 27.1%
Mode estimate 0.83x 8.8x 13.3x 19.3x 1.8x
Valmetrics multiple 0.83x 9.2x 14.2x 20.2x 2.1x
Multiple rating (10=highest) 3 9 9 8 5

104. Specialty Stores

Owners and operators of specialty retail stores not classified elsewhere. Includes toy stores,
office supply stores and automotive retail.

Table 104 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 64 64 64 64 64
Non available multiples 8 8 8 8 8
Non meaningful multiples 4 10 12 14 7
Short-listed multiples 52 46 44 42 49
Minimum 0.01x 0.2x 2.0x 2.1x 0.4x
1st quartile 0.36x 5.0x 8.5x 11.4x 1.2x
Median 0.53x 7.0x 11.7x 17.0x 1.7x
3rd quartile 1.02x 10.1x 15.7x 20.8x 3.1x
Maximum 2.07x 17.1x 30.0x 39.4x 5.6x
Mean 0.75x 7.6x 12.4x 17.4x 2.2x
Std deviation as % of mean 70% 51% 49% 50% 61%
Modal interval [0.35 - 0.7[ [5.8 - 8.7[ [5.8 - 9.9[ [12.7 - 18.1[ [1 - 2.1[
Modal interval frequency 40.4% 30.4% 31.8% 28.6% 38.8%
Mode estimate 0.50x 6.9x 9.2x 15.4x 1.5x
Valmetrics multiple 0.50x 7.6x 12.4x 17.4x 1.5x
Multiple rating (10=highest) 3 9 6 8 4

Copyright © 2006 Valmetrics 58 / 71


IMGR SE – JUNE 2006

105. Steel

Producers of iron and steel and related products

Table 105 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 168 168 168 168 168


Non available multiples 19 19 18 17 17
Non meaningful multiples 21 35 34 44 22
Short-listed multiples 128 114 116 107 129
Minimum 0.01x 0.3x 0.0x 0.0x 0.0x
1st quartile 0.43x 4.1x 5.4x 6.2x 1.0x
Median 0.75x 5.5x 7.4x 8.8x 1.6x
3rd quartile 1.17x 7.4x 11.4x 12.4x 2.4x
Maximum 2.25x 14.7x 24.1x 24.1x 4.6x
Mean 0.84x 6.1x 9.0x 10.0x 1.7x
Std deviation as % of mean 62% 49% 58% 51% 59%
Modal interval [0.29 - 0.58[ [4.1 - 5.5[ [5 - 7.5[ [5.2 - 7.8[ [1.2 - 1.7[
Modal interval frequency 28.9% 22.8% 28.4% 29.0% 27.1%
Mode estimate 0.50x 5.0x 6.1x 6.8x 1.3x
Valmetrics multiple 0.75x 6.1x 7.4x 8.8x 1.6x
Multiple rating (10=highest) 4 7 4 4 5

106. Systems Software

Companies engaged in developing and producing systems and database management


software.

Table 106 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 68 68 68 68 68
Non available multiples 11 11 11 11 11
Non meaningful multiples 6 17 19 21 10
Short-listed multiples 51 40 38 36 47
Minimum 0.08x 5.5x 7.4x 7.9x 0.8x
1st quartile 1.17x 9.6x 12.2x 19.7x 1.9x
Median 1.94x 11.9x 20.4x 26.0x 2.7x
3rd quartile 3.18x 18.2x 27.1x 40.0x 4.2x
Maximum 8.05x 32.0x 51.0x 76.0x 8.8x
Mean 2.56x 14.6x 21.7x 31.2x 3.4x
Std deviation as % of mean 80% 47% 51% 53% 59%
Modal interval [1.08 - 2.16[ [8.6 - 13.7[ [7 - 15.9[ [17.3 - 29.6[ [1.6 - 2.9[
Modal interval frequency 35.3% 42.5% 39.5% 50.0% 38.3%
Mode estimate 1.55x 11.8x 13.7x 23.2x 2.2x
Valmetrics multiple 1.55x 11.8x 21.7x 23.2x 2.2x
Multiple rating (10=highest) 3 5 4 4 4

Copyright © 2006 Valmetrics 59 / 71


IMGR SE – JUNE 2006

107. Technology Distributors

Distributors of technology hardware and equipment. Includes distributors of communications


equipment, computers & peripherals, semiconductors, and electronic equipment and
components.

Table 107 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 73 73 73 73 73
Non available multiples 7 7 7 7 7
Non meaningful multiples 11 15 16 21 7
Short-listed multiples 55 51 50 45 59
Minimum 0.03x 0.4x 0.4x 4.0x 0.4x
1st quartile 0.16x 5.7x 6.3x 9.2x 0.9x
Median 0.33x 8.8x 10.2x 13.5x 1.4x
3rd quartile 0.54x 12.2x 14.3x 17.6x 3.0x
Maximum 1.31x 22.2x 27.0x 35.9x 6.7x
Mean 0.41x 9.1x 11.0x 15.3x 2.1x
Std deviation as % of mean 79% 53% 54% 52% 77%
Modal interval [0 - 0.2[ [3.5 - 7.1[ [8.6 - 12.9[ [12.8 - 17.5[ [0.3 - 1.4[
Modal interval frequency 32.7% 29.4% 30.0% 35.6% 50.8%
Mode estimate 0.16x 7.1x 9.9x 14.6x 1.0x
Valmetrics multiple 0.16x 9.1x 11.0x 14.6x 1.0x
Multiple rating (10=highest) 2 6 8 8 2

108. Textiles

Manufacturers of textile and related products not classified in the Apparel, Accessories &
Luxury Goods, Footwear or Home Furnishings sub-industries.

Table 108 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 138 138 138 138 138


Non available multiples 9 9 7 7 7
Non meaningful multiples 25 39 62 65 25
Short-listed multiples 104 90 69 66 106
Minimum 0.07x 2.3x 5.0x 2.3x 0.0x
1st quartile 0.50x 6.5x 10.8x 9.0x 0.5x
Median 0.78x 9.7x 15.5x 13.8x 1.0x
3rd quartile 1.23x 13.6x 29.6x 35.0x 1.6x
Maximum 2.71x 31.9x 83.0x 99.7x 3.2x
Mean 0.93x 11.3x 23.2x 25.3x 1.1x
Std deviation as % of mean 63% 60% 76% 90% 67%
Modal interval [0.31 - 0.62[ [4.5 - 7.6[ [12.1 - 21.2[ [0 - 12.9[ [0.5 - 0.9[
Modal interval frequency 27.9% 27.8% 33.3% 42.4% 24.5%
Mode estimate 0.61x 6.6x 14.2x 8.4x 0.6x
Valmetrics multiple 0.78x 9.7x 14.2x 8.4x 1.0x
Multiple rating (10=highest) 5 3 2 1 3

Copyright © 2006 Valmetrics 60 / 71


IMGR SE – JUNE 2006

109. Tires & Rubber

Manufacturers of tires and rubber.

Table 109 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 31 31 31 31 31
Non available multiples 0 0 0 0 0
Non meaningful multiples 10 12 13 14 10
Short-listed multiples 21 19 18 17 21
Minimum 0.24x 3.5x 4.0x 5.7x 0.3x
1st quartile 0.50x 5.0x 7.5x 9.4x 1.1x
Median 0.63x 6.0x 9.1x 12.0x 1.4x
3rd quartile 0.95x 8.2x 12.8x 13.8x 1.7x
Maximum 1.74x 12.2x 16.9x 23.7x 3.5x
Mean 0.76x 6.6x 10.1x 12.5x 1.6x
Std deviation as % of mean 54% 35% 40% 38% 55%
Modal interval [0.5 - 0.83[ [3 - 5.4[ [6.4 - 10.5[ [7.9 - 11.3[ [1.1 - 1.5[
Modal interval frequency 42.9% 36.8% 61.1% 35.3% 28.6%
Mode estimate 0.61x 5.4x 8.3x 10.6x 1.5x
Valmetrics multiple 0.63x 6.6x 10.1x 12.5x 1.4x
Multiple rating (10=highest) 4 6 6 7 5

110. Tobacco

Manufacturers of cigarettes and other tobacco products.

Table 110 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 22 22 22 22 22
Non available multiples 1 2 1 1 1
Non meaningful multiples 8 10 8 10 12
Short-listed multiples 13 10 13 11 9
Minimum 0.66x 7.8x 3.2x 9.9x 0.5x
1st quartile 1.85x 8.8x 8.8x 13.4x 2.5x
Median 2.59x 9.7x 10.4x 14.4x 4.2x
3rd quartile 2.93x 10.8x 12.7x 16.1x 6.0x
Maximum 4.83x 11.1x 13.8x 20.9x 11.7x
Mean 2.54x 9.7x 9.9x 14.8x 4.7x
Std deviation as % of mean 49% 12% 35% 23% 72%
Modal interval [2.29 - 3.21[ [7.7 - 9.5[ [8.5 - 11.9[ [14.2 - 16.6[ [3.4 - 6.8[
Modal interval frequency 38.5% 50.0% 38.5% 36.4% 44.4%
Mode estimate 2.60x 9.5x 11.9x 14.7x 4.3x
Valmetrics multiple 2.54x 9.7x 9.9x 14.8x 4.2x
Multiple rating (10=highest) 8 8 5 8 5

Copyright © 2006 Valmetrics 61 / 71


IMGR SE – JUNE 2006

111. Trading Companies & Distributors

Trading companies and other distributors of industrial equipment and products.

Table 111 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 119 119 119 119 119


Non available multiples 14 14 13 13 13
Non meaningful multiples 18 24 27 28 14
Short-listed multiples 87 81 79 78 92
Minimum 0.02x 0.6x 0.6x 1.9x 0.3x
1st quartile 0.41x 7.1x 9.5x 10.6x 1.3x
Median 0.63x 9.3x 12.2x 16.8x 1.8x
3rd quartile 0.88x 12.1x 16.2x 23.5x 2.7x
Maximum 2.39x 23.4x 30.9x 57.4x 5.1x
Mean 0.73x 9.8x 13.2x 18.9x 2.0x
Std deviation as % of mean 69% 46% 48% 64% 54%
Modal interval [0.42 - 0.64[ [7.3 - 9.7[ [9.5 - 12.6[ [6 - 12[ [0.8 - 1.4[
Modal interval frequency 25.3% 24.7% 29.1% 25.6% 27.2%
Mode estimate 0.59x 8.4x 11.3x 11.2x 1.3x
Valmetrics multiple 0.63x 9.8x 13.2x 16.8x 1.8x
Multiple rating (10=highest) 7 8 8 3 5

112. Trucking

Companies providing primarily goods and passenger land transportation. Includes vehicle
rental and taxi companies.

Table 112 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 59 59 59 59 59
Non available multiples 8 7 7 8 7
Non meaningful multiples 6 12 13 11 7
Short-listed multiples 45 40 39 40 45
Minimum 0.19x 1.7x 6.1x 5.2x 0.5x
1st quartile 0.80x 5.1x 11.3x 14.2x 1.8x
Median 1.24x 6.5x 13.6x 17.9x 2.4x
3rd quartile 2.05x 8.5x 17.9x 22.3x 3.6x
Maximum 3.79x 16.2x 29.6x 34.2x 6.5x
Mean 1.42x 7.3x 14.4x 18.8x 2.8x
Std deviation as % of mean 60% 41% 36% 36% 52%
Modal interval [0.7 - 1.41[ [5 - 7[ [10 - 13.9[ [12.6 - 17.3[ [1.4 - 2.5[
Modal interval frequency 35.6% 30.0% 35.9% 27.5% 35.6%
Mode estimate 1.14x 6.3x 11.8x 16.5x 2.0x
Valmetrics multiple 1.14x 7.3x 14.4x 18.8x 2.0x
Multiple rating (10=highest) 6 8 7 8 5

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113. Water Utilities

Companies that purchase and redistribute water to the end-consumer. Includes large-scale
water treatment systems.

Table 113 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 33 33 33 33 33
Non available multiples 3 3 3 3 3
Non meaningful multiples 1 8 8 8 4
Short-listed multiples 29 22 22 22 26
Minimum 0.91x 2.2x 2.8x 1.4x 0.1x
1st quartile 2.74x 8.7x 12.0x 13.2x 1.3x
Median 3.91x 9.8x 15.2x 22.4x 1.9x
3rd quartile 5.61x 10.8x 16.9x 28.0x 2.3x
Maximum 9.44x 16.1x 34.3x 38.7x 3.8x
Mean 4.38x 9.7x 15.3x 21.6x 1.9x
Std deviation as % of mean 59% 34% 44% 49% 52%
Modal interval [2.37 - 4.24[ [9.2 - 10.7[ [13.2 - 16.8[ [10.5 - 21[ [1.5 - 2.2[
Modal interval frequency 34.5% 31.8% 36.4% 31.8% 38.5%
Mode estimate 3.44x 9.8x 14.4x 21.0x 1.8x
Valmetrics multiple 3.91x 9.7x 15.3x 21.6x 1.9x
Multiple rating (10=highest) 5 8 8 8 5

114. Wireless Telecommunication Services

Providers of primarily cellular or wireless telecommunication services, including paging


services.

Table 114 EV / Sales EV / EBITDA EV / EBIT PER PBR

Number of observations 55 55 55 55 55
Non available multiples 7 6 6 6 6
Non meaningful multiples 9 15 19 21 9
Short-listed multiples 39 34 30 28 40
Minimum 0.28x 0.4x 0.3x 0.0x 0.0x
1st quartile 1.31x 5.3x 9.7x 11.9x 1.2x
Median 2.22x 6.6x 13.0x 15.4x 1.8x
3rd quartile 3.02x 8.5x 16.9x 18.9x 3.1x
Maximum 3.75x 13.4x 30.7x 34.4x 7.3x
Mean 2.05x 7.0x 14.3x 16.4x 2.4x
Std deviation as % of mean 49% 40% 46% 48% 72%
Modal interval [1.01 - 2.01[ [5.9 - 7.9[ [9.3 - 14[ [13.9 - 18.6[ [1.1 - 2.2[
Modal interval frequency 30.8% 32.4% 33.3% 39.3% 47.5%
Mode estimate 1.87x 6.6x 12.6x 15.6x 1.6x
Valmetrics multiple 2.05x 7.0x 14.3x 16.4x 1.6x
Multiple rating (10=highest) 8 9 8 8 4

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APPENDICES

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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

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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).

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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.

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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.

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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%
• 7 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 8%
• 6 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 10%
• 5 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 12%
• 4 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 17%
• 3 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 22%
• 2 points if Median-Mean-Mode Standard Deviation / “Valmetrics multiple” <= 27%
• 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%

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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.

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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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