FCF Fox Corporate Finance GmbH is delighted to publish the new “FCF Valuation Monitor – Q3 2023”.
The FCF Valuation Monitor is a comprehensive valuation analysis for the German small / midcap market segment and is published by FCF on a quarterly basis.
Key insights of Q3 2023 are:
- Over the past quarter, all four major German indices showed a negative performance of -4.0% (SDAX), -4.3% (DAX), -5.0% (TecDAX) and -5.8% (MDAX) as rising interest rates and high inflation continue to harm the global economy
- The highest valuations in 2022 were achieved by companies in the Software (20.3x), Internet Products / Services (17.3x) and IT Services (13.4x) sectors (basis: EV / EBITDA multiple). Considering the forecasts for 2023, the Software (15.5x) and Internet Products / Services (16.2x) sectors show once again the highest valuations, followed by the Renewable Products / Services (13.7x) peer group
- Meanwhile, the Industrial Materials and Communications Services sectors show the lowest valuations at 6.2x and 6.5x in 2022 and 6.7x and 6.7x in 2023, respectively