FCF Fox Company Finance GmbH is delighted to publish the brand new “FCF Valuation Monitor – February 2022”.

The FCF Valuation Monitor is a complete valuation evaluation for the German small / midcap market section and is revealed by FCF on a quarterly foundation. As a result of excessive volatility in world markets and up to date political occasions, FCF publishes this replace of the Valuation Monitor as of 01.03.2022.

Key insights of February 2022 are:

  • Since December 2021, market volatility elevated on account of rising investor uncertainty attributable to macro-economic / political occasions, most lately and importantly the Russian invasion of Ukraine in February 2022
  • Over the previous three months, all 4 main German indices present important losses, starting from -8.3% (MDAX) and -15.5% (TecDAX)
  • Though the indices confirmed important sell-offs since starting of the yr, the 36-month improvement exhibits that every one 4 indices are nonetheless in a optimistic territory with performances ranging between +19.9% (DAX) and +27.5% (SDAX)
  • In Comparability to the market shock in March 2020 in response to the worldwide Covid-19 pandemic, all 4 indices are nonetheless buying and selling above file lows of March 2020
  • Though most industries present a adverse market improvement since December 2021, the market restoration since March 2021 partly absorbed latest losses, leading to a combined 12-months improvement with performances starting from +19.6% (Industrial Supplies) to – 32.8% (Web Merchandise / Companies)
  • Throughout all sectors, gross sales and EBITDA CAGR expectations for 2020-2023 have been raised to 13.9% (in comparison with 13.3% in December 2021) and 31.3% (in comparison with 30.8% in December 2021) every year, respectively
  • Beside the anticipated optimistic financial improvement throughout all industries, the present market losses end in decrease a number of valuations with a imply EV / EBITDA 2022e of 9.7x (in comparison with 10.6x in December 2021)

To entry the total report, please click on right here.

By Arno Fuchs, Tristan Blümli, Yasmin Herrmann and Florian Hoch

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