The standard methods used for the evaluation of companies are mainly based on the following elements: appraisal of qualitative and quantitative elements, analysis of the organizational structure, portfolio of assets, the financial structure, risk profile and sustainable profitability of the enterprise. As control methods, usually the evaluation process compares the results from the main method, i.e. the analysis of the fundamentals, with the values of the so-called Method of Comparable Transaction Multiples. This method, estimates the value of the company considering comparable M & A transactions occurred in the market. The following table lists the multiples from transactions, which have been completed in Italy in the last 6 years in the IT-Application Industry:
|
|
EV/Sales |
EV/EBITDA |
EV/EBIT |
|
Average |
0,84x |
4,90x |
8,23x |
|
Median |
0,79x |
4,50x |
8,02x |
|
Average without extremes |
0,83x |
4,92x |
8,01x |
|
Min |
0,10x |
0,03x |
0,04x |
|
Max |
1,69x |
9,59x |
18,15x |