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
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
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 (Q1 2024):
- Over the past quarter, all four major German indices showed positive performances between +10.3% and +0.5%. The DAX outperformed significantly all other German indices, reaching one record high after another over the past few weeks
- Based on 2024 and 2025 EBITDA-multiples, the Software, Internet Products / Services and Pharma & Healthcare peer groups show the highest valuations at 15.7x, 13.5x and 12.3x in 2024 and 14.4x, 8.6x and 9.3x in 2025, respectively
- Meanwhile, the Consumer Products / Services, Construction Products / Services and Automotive Supply peer groups show the lowest valuations at 5.0x, 5.3x and 5.9x in 2024 and 4.6x, 4.8x and 4.7x in 2025, respectively
