Transparency
Methodology
The Manda Valuation Desk produces an indicative enterprise value range using published sector multiples from the Manda Institute. Every input into the number is public and explained here so the result is never a black box.
Sector multiples
Each sector has an EV/EBITDA multiple range (low, mid and high) and an EV/Revenue fallback range used when EBITDA is zero or negative. The multiples reflect current mid-market transaction data collected by the Manda Institute across the European mid-market.
| Sector | EV/EBITDA low | EV/EBITDA mid | EV/EBITDA high | EV/Revenue fallback |
|---|---|---|---|---|
| Technology | 7.0x | 10.0x | 13.0x | 2.0x mid |
| Software and SaaS | 9.0x | 12.0x | 16.0x | 3.0x mid |
| Business services | 5.5x | 7.0x | 9.0x | 1.0x mid |
| Industrials and manufacturing | 5.0x | 6.5x | 8.0x | 0.9x mid |
| Construction and installation | 3.5x | 4.5x | 5.5x | 0.4x mid |
| Wholesale and distribution | 4.5x | 5.5x | 7.0x | 0.5x mid |
| Retail and ecommerce | 4.0x | 5.0x | 6.5x | 0.5x mid |
| Healthcare and care | 6.0x | 8.0x | 10.0x | 1.2x mid |
| Logistics and transport | 4.5x | 6.0x | 7.5x | 0.7x mid |
| Hospitality and food | 3.5x | 4.5x | 6.0x | 0.6x mid |
| Media and marketing | 5.0x | 7.0x | 9.5x | 1.2x mid |
| Financial services | 8.0x | 10.5x | 13.0x | 2.2x mid |
Adjustments
The mid multiple is adjusted up or down using three transparent rules. The total adjustment factor is capped between 0.80 and 1.25.
- Revenue growth above 20 percent
- +10% on the mid multiple
- Recurring revenue above 50 percent of total revenue
- +5% on the mid multiple
- High owner dependency
- -10% on the mid multiple
The adjustments are additive before capping. A company with 25 percent growth, 60 percent recurring revenue and low owner dependency gets +10 percent and +5 percent for a factor of 1.15 applied to every sector multiple. A highly owner-dependent business with no growth and no recurring revenue gets a factor of 0.90.
Range computation
The adjusted low, mid and high multiples are multiplied by EBITDA (or revenue when EBITDA is zero or negative), and each of the three enterprise values is rounded to the nearest thousand euro. The result is an indicative range, not a formal valuation. It does not incorporate net debt, working capital surplus or deficit, contingent liabilities or any deal-specific premium or discount.
Sources and updates
The multiples table is maintained by the Manda Institute and reflects mid-market transaction data collected from completed deals and public valuation benchmarks in the European market. The table is reviewed quarterly and updated when systematic shifts in market pricing are observed.