FCF Valuation Monitor

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

FCF VALUATION MONITOR

2020-07-29 - FCF Valuation Monitor -- 2Q2020 - Cover Page
2020-07-29 - FCF Valuation Monitor -- 2Q2020 - Slide 2
2020-07-29 - FCF Valuation Monitor -- 2Q2020 - Slide 3
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The FCF Valuation Monitor for the German small- / 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 (Q2 2020):
  • Since Q1 2020, the global coronavirus (covid-19) pandemic has forced nations temporarily into lockdowns and induced significant market uncertainty and volatility. The vast fiscal and monetary stimulus in Q2, enabled the positive 3-months performance of the four major German indices that are trading between +28.6% (DAX) and +15.2% (TecDAX)
  • Just over the half (58%) of industries showed negative share price performances with decreases ranging from -0.2% to -36.0% in the last 12 months. However, some industries, like the Internet Products Services sector, Software and Pharma & Healthcare, showed positive performances with increases of +51.3%, +25.9% and +23.5%, respectively
  • Based on 2019 and 2020 EBITDA-multiples, the Internet Products / Services, the Software and Pharma & Healthcare peer groups showed the highest valuations at 22.5x, 21.5x and 19.5x in 2019 and 17.7x, 20.4x and 17.5x in 2020. Meanwhile, the Automotive Supply, Construction Products / Services and Communications Services peer groups showed the lowest valuations at 5.8x, 7.1x and 8.2x in 2019 and 8.9x, 6.5x and 6.8x in 2020, respectively
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SMALLCAP / MIDCAP RESEARCH SERIES

The FCF SmallCap / MidCap research reports are periodically updated and cover eight specific sectors as well as certain general capital market developments. Based on the data of publicly listed European corporates, the respective sector and market are individually analyzed. Our systematic analyses include information to, amongst others:

Sector Research

Sectors covered by FCF research include automotive supply, chemicals, forestry / paper / packaging, industrial machinery, logistics, infrastructure & construction, metals & materials, pharma as well as TMT (technology, media, telecommunication).
Fundamental analysis, such as historic and anticipated growth rates (e.g. revenues, profitability) as well as margins.

Analysis of company valuation drivers, such as trading multiples, etc.

Key financial ratios for debt transactions, financing structures and WACC-development.

Rating development, analysis of the rating impact of key financial ratios.

Transactions, analysis of financing volume, league tables of most active investors.

Research on the automotive supplier sector based on available data from European automotive suppliers.
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Automotive Supplier Market Study
Research on the chemicals sector based on available data from European chemical companies.
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European Chemicals Market Study
Research on the forestry, paper and packaging sector based on available data from European forestry, paper and packaging companies.
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Forestry, Paper and Packaging Market Study
Research on the industrial machinery sector based on available data from European industrial machinery companies.
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Industrial Machinery Market Study
Research on the logistics and transport sector based on publicly available data from European logistics and transportation providers.
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Logistics & Transportation Market Study
Research on the infrastructure & construction sector based on available data from European infrastructure & construction companies.
Planned
Infrastructure & Construction Monitor
Research on the pharma sector based on available data from European pharma companies.
Planned
Pharma Monitor
Research on the TMT sector based on available data from European TMT companies.
Planned
TMT Monitor
Research on the metals & materials sector based on available data from European metals & materials producers.
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Metals & Materials Market Study
Research on the automotive supplier sector based on available data from European automotive suppliers.
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Automotive Supplier Market Study
Research on the chemicals sector based on available data from European chemical companies.
Click Here
European Chemicals Market Study
Research on the forestry, paper and packaging sector based on available data from European forestry, paper and packaging companies.
Click Here

Forestry, Paper & Packaging Market Study

Research on the industrial machinery sector based on available data from European industrial machinery companies.
Click Here
Industrial Machinery Market Study
Research on the logistics and transport sector based on publicly available data from European logistics and transportation providers.
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Logistics & Transportation Market Study
Research on the infrastructure & construction sector based on available data from European infrastructure & construction companies.
Planned
Infrastructure & Construction Monitor
Research on the pharma sector based on available data from European pharma companies.
Planned
Pharma Monitor
Research on the TMT sector based on available data from European TMT companies.
Planned
TMT Monitor
Research on the metals & materials sector based on available data from European metals & materials producers.
Click here
Metals & Materials Market Study

Automotive Supplier Market Study
Research on the automotive supplier sector based on available data from European automotive suppliers.

European Chemicals Market Study
Research on the chemicals sector based on available data from European chemical companies.

Forestry Paper and Packaging Market Study Cover GenericForestry, Paper and Packaging Market Study Research on the forestry, paper and packaging sector based on available data from European forestry, paper and packaging companies.

Industrial Machinery Market Study
Research on the industrial machinery sector based on available data from European industrial machinery companies.

Metals and Materials Market Study CoverMetals & Materials Market Study
Research on the metals & materials sector based on available data from European metals & materials producers.

Logistics & Transportation Market Study
Research on the logistics and transport sector based on publicly available data from European logistics and transportation providers.

Infrastructure & Construction Monitor
Research on the infrastructure & construction sector based on available data from European infrastructure & construction companies.

Pharma Monitor
Research on the pharma sector based on available data from European pharma companies.

TMT Monitor
Research on the TMT sector based on available data from European TMT companies.

Market Research

The FCF market research covers e.g. fundamental analysis of interest rate and margin development in the German corporate lending / debt market, development of the rating and credit standing of banks addressing the German MidCap corporate lending market, etc.
Analysis of the historic and current spreads of credit default swaps for banks most active in the German corporate lending market.
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Bank Monitor
Providing relevant valuation metrics (e.g. ratios, multiples), general information and performance data of European IPOs that have been issued within the last six months.
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IPO Market Monitor
The 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.
Click Here
Valuation Monitor
Comprehensive analysis of the interest rate environment and loan market for corporates in Germany.
Planned
Credit Monitor
Analysis of the historic and current spreads of credit default swaps for banks most active in the German corporate lending market.
Click Here
Bank Monitor
Providing relevant valuation metrics (e.g. ratios, multiples), general information and performance data of European IPOs that have been issued within the last six months.
Click Here
IPO Market Monitor
The 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.
Click Here
Valuation Monitor
Comprehensive analysis of the interest rate environment and loan market for corporates in Germany.
Planned
Credit Monitor

Bank Monitor
Analysis of the historic and current spreads of credit default swaps for banks most active in the German corporate lending market.

IPO Market Monitor
Providing relevant valuation metrics (e.g. ratios, multiples), general information and performance data of European IPOs that have been issued within the last six months.

Valuation Monitor
The 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 Monitor
Comprehensive analysis of the interest rate environment and loan market for corporates in Germany.

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