FCF regularly engages in research on the TMT sector based on available data from European TMT companies. The findings are regularly published in the
FCF TMT MARKET STUDY
The FCF TMT Market Study includes:
Market Fundamentals: Development of key P&L metrics (revenue, EBITDA, EBIT) and profitability metrics (EBITDA-/ EBIT margin)
Market Valuation: Development of valuation multiples (EV / EBITDA, EV / EBIT)
Credit Statistics: Development of relevant credit metrics (net leverage ratio, equity ratio, EBITDA interest cover ratio and loan-to-value ratios), market rating and implied cost of capital (WACC)
Key findings of the FCF TMT Market Study (October 2023):
- Revenue Development ’22: +17.1%
- EBITDA Development ’22: +6.9%
- EBITDA Margin ‘22: 16.2%
- EV / EBITDA-Multiple ‘22: 12.8x
- Net Leverage ’22: 2.5x
- Equity Ratio ’22: 49.7%
- Rating ’22: BXX-
- WACC ’22: 6.3%
- Revenue is expected to increase by 14.6% from ’20 to ’21 after a decrease of 7.4% in ’20
- EBITDA is expected to increase by 63.2% from ’20 to ’21 after a decrease of 18.5% in ’20
- EBIT is expected to increase by 56.4% from ’20 to ’21 after a decrease of 24.7% in ’20
- EBITDA margin decreased from 18.0% in ’19 to 15.8% in ’20
- EV / EBITDA valuation increased from 13.3x in ’19 to 15.6x in ’20
- EV / EBIT valuation increased from 20.2x in ’19 to 23.3x in ’20
- Net leverage increased from 2.6x in ’19 to 2.7x in ’20
- Implied Credit Rating decreased by 1 Rating-Notch from BXX+ in ’19 to BXX in ’20
- The number of Private Equity deals increased from 668 in ’19 to 760 in ’20 and the number of M&A deals decreased from 879 in ’19 to 762 in ’20
MIDCAP RESEARCH SERIES
Market Research
Bank Monitor
Analysis of the historic and current spreads of credit default swaps for banks most active in the German corporate lending market.
Valuation MonitorThe FCF Valuation Monitor is a comprehensive quarterly valuation analysis (e.g. ratios and multiples) for the German small / midcap market segment of selected industry sectors.
Credit MonitorComprehensive analysis of the interest rate environment and loan market for corporates in Germany.
Sector MonitorResearch on European listed companies from selected sectors (Automotive Suppliers, Construction Materials, Forestry, Paper & Packaging, Food & Beverages, Logistic & Transportation, Industrial Machinery, Pharma, Recycling, Software, TMT)
NEWS & PRESS
FCF Bank Monitor – Q3 2024 published
On a biannual basis, FCF publishes its FCF Bank-Monitor. The FCF Bank-Monitor is a research report, based on publicly available data, on the most active and largest 22 banking institutions addressing the German and Austrian
FCF Interest & Corporate Loan Monitor Q1/2024 published
FCF Fox Corporate Finance GmbH is pleased to publish the new “FCF Interest & Corporate Loan Monitor Q1/2024”. FCF regularly conducts comprehensive research regarding the German corporate loan and interest market, based on publically available
FCF Automotive Supplier Market Study – 2024 published
FCF Fox Corporate Finance GmbH is pleased to publish the new “FCF AUTOMOTIVE SUPPLIER MARKET STUDY – 04/2024”. Based on available data from European automotive suppliers, the FCF AUTOMOTIVE SUPPLIER MARKET STUDY is a detailed
FCF Bank Monitor – Q1 2024 published
On a quarterly basis, FCF publishes its FCF Bank Monitor. The FCF Bank-Monitor is a research report, based on publicly available data, on the most active and largest 22 banking institutions addressing the German and
FCF Valuation Monitor – Q1 2024 published
FCF Fox Corporate Finance GmbH is delighted to publish the new “FCF Valuation Monitor – Q1 2024”. The FCF Valuation Monitor is a comprehensive valuation analysis for the German small / midcap market segment and
