219 views

Uploaded by David Park

- Chapter 1 Solutions to Practice Problems
- I'll Buy! Is Private Equity Coming Back? - September M&A Flash Report
- Solutions - Sec 2 Challenging Maths Lesson 30
- 6sigma
- Statictics Q&A
- Math 4th Grading
- STA1610_201_2015_2
- Hasil KTI Periode 1
- CCP303
- New
- maths prac wk 2
- 1 the Study of Private Equity in India
- Entrance Test Sample Questions
- Ujian Tengah Semester Ahmad Muzakki Setiawan (160536612008)
- 14 RX Quality Statistics Measurement
- Private Equity Trinidad Presentation
- Math s Paper 2 Stpm 2011 Trial Sabah
- Case 1 Sample
- 2_Coal Combustion by-Products in Mine Backfill
- TFG Asia-Investments Copy

You are on page 1of 71

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.

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

www.valmetrics.com. If you are interested in advertising in our research publications or partnering

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.

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.

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.

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.

BANQUE PRIVÉE IMGR SE – JUNE 2006

EDMOND DE ROTHSCHILD

EUROPE

GROUPE

LCF ROTHSCHILD

PRIVATE EQUITY FUND ADMINISTRATION?

For over fifteen years, Banque Privée Edmond de Rothschild Europe has acquired

considerable experience in servicing private equity and venture capital funds; thus, the bank

can provide services suitable for the needs of general partners, and the daily commitment

and flexible solutions they require.

The Private Equity Desk undertakes to combine close and continuous client relationships

with customisation of services, offering tailor-made solutions. A one-stop shopping solution

is provided thanks to the highly competent staff, boasting multi-lingual skills:

procedures

q Full handling of capital calls & return of capital

q Full accounting and book-keeping services

q Full custody and general banking services

q Full reporting services including EVCA Level II standards

more than a service provider: we are your partner.

Eric Feyereisen Christoph Lanz

Vice-President Deputy Vice-President

Tel: +352 24 88 24 28 Tel: +352 24 88 22 56

e.feyereisen@lcf-rothschild.lu c.lanz@lcf-rothschild.lu

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

IMGR SE – JUNE 2006

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

IMGR SE – JUNE 2006

1. Advertising

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

Includes defense electronics and space equipment.

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

IMGR SE – JUNE 2006

3. Agricultural Products

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.

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

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.

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

IMGR SE – JUNE 2006

5. Airlines

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

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

IMGR SE – JUNE 2006

7. Alternative Carriers

high bandwidth/fibber-optic cable network.

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.

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

IMGR SE – JUNE 2006

9. Apparel Retail

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

producing designer handbags, wallets, luggage, jewellery and watches. Excludes shoes

classified in the Footwear sub-industry.

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

IMGR SE – JUNE 2006

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.

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

companies classified in the Tires & Rubber sub-industry.

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

IMGR SE – JUNE 2006

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.

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

based on advanced biotechnology research.

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

IMGR SE – JUNE 2006

15. Brewers

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

industry.

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

Owners and operators of television or radio broadcasting systems and providers of cable or

satellite television services, including programming.

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

IMGR SE – JUNE 2006

Excludes lumber and plywood classified under Forest Products and cement and other

materials classified in the Construction Materials sub-industry.

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

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

and betting services.

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

IMGR SE – JUNE 2006

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

retail.

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

Companies providing commercial printing services. Includes printers primarily serving the

media industry.

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

IMGR SE – JUNE 2006

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.

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

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

stores.

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

IMGR SE – JUNE 2006

manufacturers of Automatic Teller Machines (ATMs). Excludes manufacturers of copiers,

faxes and related products classified in the Office Electronics sub-industry.

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

components, motherboards, audio and video cards, monitors, keyboards, printers and other

peripherals. Excludes semiconductors classified in the Semiconductors sub-industry.

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

IMGR SE – JUNE 2006

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

sub-industry.

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

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

shipbuilding.

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

IMGR SE – JUNE 2006

cement, concrete and bricks. Other finished or semi-finished building materials are classified

in the Building Products sub-industry.

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

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.

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

IMGR SE – JUNE 2006

services. Includes companies that provide services for back-office automation.

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

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

IMGR SE – JUNE 2006

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

industry.

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

vehicle distributors.

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

IMGR SE – JUNE 2006

Gases, Commodity Chemicals, Specialty Chemicals or Fertilizers & Agricultural Chemicals

sub-industries.

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

Companies providing commercial and consumer services not classified elsewhere. Includes

commercial cleaning services, education services and security services.

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

IMGR SE – JUNE 2006

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

production.

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

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

IMGR SE – JUNE 2006

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

facilities.

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

Companies that produce electric cables and wires, electrical components or equipment not

classified in the Heavy Electrical Equipment sub-industry.

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

IMGR SE – JUNE 2006

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.

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

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

markets.

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

IMGR SE – JUNE 2006

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

services. Excludes large-scale water treatment systems classified in the Water Utilities sub-

industry.

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

IMGR SE – JUNE 2006

classified elsewhere.

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

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

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

IMGR SE – JUNE 2006

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

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

IMGR SE – JUNE 2006

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

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

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.

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

IMGR SE – JUNE 2006

hypermarkets and large-scale super centers classified in the “Hypermarkets & Super

Centers” sub-industry.

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.

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

IMGR SE – JUNE 2006

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

testing services.

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

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

IMGR SE – JUNE 2006

Manufacturers of health care equipment and devices. Includes medical electronic precision

instruments. Includes drug delivery systems.

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

Owners and operators of health care facilities, including hospitals, nursing homes,

rehabilitation and retirement centers, animal hospitals, cemeteries and funeral homes.

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

IMGR SE – JUNE 2006

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

Includes eye care products.

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

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.

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

IMGR SE – JUNE 2006

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

the home.

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

IMGR SE – JUNE 2006

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

coverings.

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

semi-fixed manufactured homes.

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

IMGR SE – JUNE 2006

Owners and operators of home and garden improvement retail stores. Includes stores

offering building materials and supplies.

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

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.

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

IMGR SE – JUNE 2006

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.

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

other tissue and household paper products not classified in the Paper Products sub-industry.

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

IMGR SE – JUNE 2006

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

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

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.

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

IMGR SE – JUNE 2006

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.

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

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

IMGR SE – JUNE 2006

manufacture presses, machine tools, compressors, pollution control equipment, elevators,

escalators, insulators, pumps, roller bearings and other metal fabrications.

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

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.

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

IMGR SE – JUNE 2006

wireless and fixed-line telecommunications services not classified elsewhere.

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

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

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

IMGR SE – JUNE 2006

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.

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

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.

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

IMGR SE – JUNE 2006

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.

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

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

toys.

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

IMGR SE – JUNE 2006

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

plans.

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

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

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

IMGR SE – JUNE 2006

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

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

IMGR SE – JUNE 2006

classified in the Leisure Products sub-industry.

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

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.

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

IMGR SE – JUNE 2006

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.

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

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

IMGR SE – JUNE 2006

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

elsewhere.

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

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

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

IMGR SE – JUNE 2006

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.

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

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

elsewhere.

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

IMGR SE – JUNE 2006

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.

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

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

pet foods.

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

IMGR SE – JUNE 2006

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

classified in the Paper Packaging sub-industry.

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

IMGR SE – JUNE 2006

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

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

Includes veterinary drugs.

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

IMGR SE – JUNE 2006

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

Companies mining precious metals and minerals not classified in the Gold sub-industry.

Includes companies primarily mining platinum.

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

IMGR SE – JUNE 2006

97. Publishing

electronic formats.

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

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

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.

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

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

IMGR SE – JUNE 2006

101. Semiconductors

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

classified in the Packaged Foods sub-industry.

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

IMGR SE – JUNE 2006

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.

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

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

office supply stores and automotive retail.

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

IMGR SE – JUNE 2006

105. Steel

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

software.

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

IMGR SE – JUNE 2006

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

components.

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.

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

IMGR SE – JUNE 2006

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

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

IMGR SE – JUNE 2006

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.

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

IMGR SE – JUNE 2006

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

water treatment systems.

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

services.

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

IMGR SE – JUNE 2006

APPENDICES

IMGR SE – JUNE 2006

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

• 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.

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:

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

IMGR SE – JUNE 2006

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 / EBITDA P/B (Price / Book Ratio)

EV / EBIT

+ 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).

IMGR SE – JUNE 2006

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).

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.

IMGR SE – JUNE 2006

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.

IMGR SE – JUNE 2006

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.

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%

IMGR SE – JUNE 2006

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.).

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.

IMGR SE – JUNE 2006

REFERENCES

AFIC, BVCA, EVCA, International Private Equity And Venture Capital Valuation Guidelines,

2005 (www.privateequityvaluation.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

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.

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.

- Chapter 1 Solutions to Practice ProblemsUploaded byVictor Chan
- I'll Buy! Is Private Equity Coming Back? - September M&A Flash ReportUploaded byelong3102
- Solutions - Sec 2 Challenging Maths Lesson 30Uploaded bylaipinglum
- 6sigmaUploaded byAlvino Yeo
- Statictics Q&AUploaded byRitesh Solanki
- Math 4th GradingUploaded byDawn Razonable
- STA1610_201_2015_2Uploaded byFrancois
- Hasil KTI Periode 1Uploaded byRahayu Prasetyo
- CCP303Uploaded byapi-3849444
- NewUploaded byVinit Singh
- maths prac wk 2Uploaded byapi-300378200
- 1 the Study of Private Equity in IndiaUploaded byAnubhav Gupta
- Entrance Test Sample QuestionsUploaded byAbhyudaya Rajpurohit
- Ujian Tengah Semester Ahmad Muzakki Setiawan (160536612008)Uploaded byIhsan Saputra Mifta Huda
- 14 RX Quality Statistics MeasurementUploaded byRio Mulyono
- Private Equity Trinidad PresentationUploaded bywwdouglas
- Math s Paper 2 Stpm 2011 Trial SabahUploaded bySifu K
- Case 1 SampleUploaded byNoman
- 2_Coal Combustion by-Products in Mine BackfillUploaded byJulius Ccori Apaza
- TFG Asia-Investments CopyUploaded byDick Yff
- Types of ExitUploaded byNelly D'Silva
- MB0040Uploaded bykarkika9235
- Capital CodeUploaded byKiran Mali
- Ash Craft 2012Uploaded byEcker Hernández
- Merger & Acquisition Dell.docxUploaded bynaveed
- Ninth African Development Forum (ADF IX) Newsletter - October 13 2014Uploaded byAllAfrica
- Introduction to Kaizen & Basics of Six SigmaUploaded byJuned Hamid Khan
- Vault CatalogUploaded bybodong408
- CS EDM PresentationUploaded byJim Yang
- Measures of Central Tendancy Theory Spring 2014Uploaded byNick254

- HP Photosmart 420Uploaded bySici0001
- OS Chapter6Uploaded byAnsor Nt
- CCP NotesUploaded bySujesh P Lal
- 43770829-ORKINUploaded bylavanaya_864036000
- A Complete Survey on Onborad Computers Microcontroller Selection for iCube2 CUBESATUploaded byZammad Ahmad
- Advance Computer ArchitectureUploaded bySatanu Maity
- Bautista ResumeUploaded byUbrAlfred
- Computer Hardware Servicing NC IIUploaded byEmAySiOh
- COSC 1301 - Review for Final ExamUploaded byGaurav Shrimali
- Chapter 17Uploaded bysvhanu4010
- Petition, Unified Patents Inc. v. MyMail, Ltd., IPR2017-00967Uploaded byJon Str
- Information and Communication TechnologyUploaded byRed Wyne
- Production and Operation Magt SystemUploaded byUtkarsh Sethi
- Blue Tooth Based Security Enabled Powered Devices Control SystemUploaded byRaj Kamal
- SparGauge Version HistoryUploaded byFabiolita Vargas
- Assignment 2 Format Baru 17042011Uploaded byNoor Zilawati Sabtu
- Winac Mp Update 4 ReadmeUploaded byzaib005
- Arm Assembly Language ProgrammingUploaded byAnup Kumar Yadav
- btech_03_nov2010_3Uploaded byGaurav Dureja
- CodesUploaded byChiara Olivo
- On_the_soul - Ed FredkinUploaded byDJSeidel
- Computer FundamentalsUploaded byThompson E Ighalo
- Market KeywordsUploaded byAleksandar Pokrajac
- Magistere Lamia BENMIHOUBUploaded byouael
- 1011csim4c02 Case Study ImUploaded byYunitaNita
- chapter 4Uploaded byerma
- B.G. resumeUploaded byBrian Golden
- A History of Computer Programming LanguagesUploaded byaugemgailXD
- UAM English Courses 17-18Uploaded bymajami
- CLIENT SERVER APPLICATION FOR SERVER FARM PERFORMANCE MONITORINGUploaded byStephen Leow