EGM Analysis

Update 1H2023

The key points of the EGM Analysis update are:

In 2Q23 there have been 4 new listings totalling 11 in 1H23 (vs 26 in FY22)
The average market capitalization is now close to €50mln
38 M&A deals have been filed in 1H23 (vs 65 in FY22)
Our coverage shows an average revenue of €84mln (vs EGM at €52mln) with 22% EBITDA margin (vs EGM at 15%)
Over the past 12 months, Consumer Discretionary confirmed as the “cheapest” sector with an average EV/EBITDA 2022 at 5.4x, while Consumer Staples remained the most “expensive” sector in the EGM with an average EV/EBITDA 2022 of 10.9x.
Over the past 12 months, there has been a general multiples re-rating with Utilities showing the largest increase of EV/EBITDA (from 6.8x in 2H22 to 8.4x in 1H23) followed by Basic Materials (from 4.8x in 2H22 to 6.0x respectively).