FCF Fox Corporate Finance GmbH is delighted to publish the new “FCF Valuation Monitor – Q4 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 Q4 2023 are:
- Over the past quarter, all four major German indices showed a very strong performance of +12.6% (TecDAX), +11.2% (SDAX), +11.0% (DAX) and +7.3% (MDAX) as central banks kept interest rates on hold and most investors expected interest rate cuts in 2024
- The highest valuations in 2023 were achieved by companies in the Software (17.2x), Internet Products / Services (15.2x) and Hightech / Advanced Machinery (11.7x) sectors (basis: EV / EBITDA multiple). Considering the forecasts for 2024, the Software (14.7x) and Internet Products / Services (13.8x) sectors show once again the highest valuations, followed by the Pharma & Healthcare (12.0x) peer group
- Meanwhile, the Automotive Supply and Construction Products / Services sectors show the lowest valuations at 4.6x and 6.2x in 2023 and 3.8x and 5.5x in 2024, respectively
To access the full report, please click here.
By Arno Fuchs, Tristan Blümli, Yasmin Herrmann and Florian Hoch
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