FCF Valuation Monitor

FCF regularly engages in comprehensive research on the public German midcap market segment based on publicly available data. The findings are published quarterly in the

FCF VALUATION MONITOR

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EBITDA Multiples (1)
Sector Indices (1)
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The FCF Valuation Monitor for the German mid-cap market includes:

Comprehensive Sector Coverage:

  • Automotive Supply
  • Communications Services
  • Construction Products / Services
  • Consumer Products / Services
  • Hightech / Advanced Machinery
  • Industrial / Business Services
  • Industrial Machinery
  • Industrial Materials
  • Industrial Products
  • Internet Products / Services
  • IT Services
  • Media & Entertainment
  • Pharma & Healthcare
  • Renewable Products / Services
  • Software
  • Technology
  • Transportation & Logistics

Market Fundamentals: Development of market indices and sector indices

Market Valuation: Development of valuation multiples (EV/EBITDA, EV/EBIT, P/E)

Sector Comparisons: Analysis and comparison of sectors across key financial metrics (Sales- & EBITDA growth rates, Margins, Leverage, Valuation)

Key findings of the FCF Valuation Monitor:

  • Over the past quarter, the DAX, MDAX and TecDAX showed positive performances of 3.7%, 2.6% and 1.3%, respectively. The SDAX had a negative performance of 2.9% over the past three months.
  • Based on 2024 and 2025 EBITDA Multiples, the Software (dt. Software), Internet Products / Services (dt. Onlinedienste) and Renewable Products / Services (dt. Erneuerbare Energien / Dienstl.) peer groups show the highest valuations at 16.5x, 15.0x and 14.2x in 2024 and 14.8x, 10.6x and 9.1x in 2025, respectively 
  • Meanwhile, the Automotive Supply (dt. Automobilzulieferer), Consumer Products / Services (dt. Konsumgüter / B2C Dienstl.) and Construction Products / Services (dt. Bauprodukte / -wesen) peer groups show the lowest valuations at 5.0x, 5.6x and 5.6x in 2024 and 4.3x, 5.2x and 5.3x in 2025, respectively 
  • Meanwhile, the Automotive Supply (dt. Automobilzulieferer), Consumer Products / Services (dt. Konsumgüter / B2C Dienstl.) and Construction Products / Services (dt. Bauprodukte / -wesen) peer groups show the lowest valuations at 5.0x, 5.6x and 5.6x in 2024 and 4.3x, 5.2x and 5.3x in 2025, respectively 

To access the full report, please click here.