Argos Index® mid-market

Evolution of Euro Zone Mid-Market Private Company Prices – Quarterly Index carried out by Epsilon Research

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Argos Mid Market Index - Methodology

The Argos Mid-Market Index measures the evolution of euro zone private mid market company valuations.

Carried out by Epsilon Research for Argos Soditic and published every quarter, it reflects median EV/EBITDA multiples, on a six-month rolling basis, of mid market M&A transactions in the euro zone.

The preparation of the Argos Mid-Market Index is based on a rigorous methodology and in-depth scrutiny of M&A transactions making up the sample :

  • Choice of the relevant multiple: the EV/EBITDA multiple is the most suitable for a European index as it is not impacted by the target’s financial structure nor by its policies regarding depreciation and provisioning (which vary in time and between countries). It is also the closest readily available proxy for operating cash flow.
  • Sample of M&A transactions analysed , using the following criteria :
    • acquisition of a majority stake,
    • target based in a euro zone country,
    • mid market : equity value in the €15-500m range (€15-150m up to H1 2013; €15-500m from H2 2013 onwards),
    • certain activities excluded (financial services, real estate, high-tech),
    • availability of relevant target financial data.
  • Information sources are those used by Epsilon Research to prepare analysis reports on transactions available in its EMAT Database
    • Professional partner databases such as: CorpfinDeals (transactions), CompanyQuery (company accounts),
    • Publicly available information: company accounts, press releases, annual reports (buyers / sellers), press articles, etc..
  • Comprehensive analysis of each transaction identified: research covering all available information; verifying, cross-checking, restating financial data; analysis of target activity and of the context of the deal; calculating and analysing acquisition multiples; rating the reliability of multiples.

The Index in perspective:

Following its launch in December 2006, the Argos Mid-Market Index has become a leading reference for private transactions, used by private equity funds, M&A advisors, investment banks, and accountants.

The strict methodology followed guarantees that the index is rigorous, relevant, stable and transparent. The goal is to offer market professionals and company managers a reference tool for understanding the evolution of acquisition prices in private company transactions.

The Index is only an indication of the evolution of private company prices. It is relevant in relative, not absolute, value.

The Index was not designed as a business valuation tool and cannot be used directly to value a company.

What do they think of the Index?

  • Professor Reiner Braun, Technical University of Munich (March 2020)
  • Éric de Montgolfier, CEO of Invest Europe (Dec. 2019)

“The Argos Index® is an important benchmark for valuing unlisted European companies and is based on very reliable data", Éric de Montgolfier, CEO of Invest Europe"

Read the interview

Data publication

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Detailed Data on Euro Zone Multiples

Index source of info

EMAT – Epsilon Multiple Analysis Tool™

The Reference Source for Private Company Acquisition Multiples

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