Argos Index®

The mid-market reference

Argos Index - Argos Wityu

The Mid-market Argos Index® tracks the valuation of unlisted eurozone SMEs.

The Argos Index® tracks the valuation of unlisted mid-market eurozone SMEs. It was launched in 2006 by Argos Wityu and Epsilon Research. Published quarterly, it reflects median EV/EBITDA multiples, on a six-month rolling basis.

The Argos Index® serves as a benchmark for all participants in the unlisted market. It is based on a rigorous methodology and a detailed, individual analysis of each transaction, including the structure of the transaction, the company’s business activity (restated financial information) and transaction multiples. The Argos Index® is calculated using data from Epsilon Research’s EMAT (Epsilon Multiple Analysis Tool) database, which is based on analyses of more than 10,000 M&A transactions.

Every quarter, based on reliable financial information, Epsilon Research analyzes in detail around 25% of the transactions that meet the criteria for inclusion in the index: acquisition of a majority stake in a eurozone company whose book value is between €15 and €500 million.

Managing Partner
at Argos Wityu

FRANCE

“The Argos Index® was born out of the desire to create a database for the unlisted market that would be both methodologically robust and rich in high-quality information. Robustness is the index’s salient characteristic.”

Managing Partner
at Argos Wityu

DACH

“When the CEO of a company wonders if now is the right time to sell, the Argos Index® supplies essential business cycle information and helps him or her make a decision. The Argos Index® derives its legitimacy from its longevity and independence.”
CEO - Argos Wityu

Grégoire Buisson

FOUNDER
EPSILON RESEARCH

“If the Argos Index® is now a benchmark in Europe, it’s because we use information from our EMAT (Epsilon Multiple Analysis Tool) database that has been proven to be reliable. The index has always been based on this methodology. We work meticulously, transaction by transaction, examining documents, analyzing annual reports, reconstituting transactions and building hypotheses.”

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Epsilon Research developed the first online platform for the management of non-quoted M&A transactions, aimed at M&A professionals. The Epsilon platform includes data, analysis reports, software and services essential for private company valuation / deal management: EMAT, the largest database of European private company transaction multiples, with detailed analysis of 8,000 M&A deals, ranging from €1m to €500m in value, covering all industry sectors; indices and studies published regularly by Epsilon, including the Argos Index; cloud-based software for managing M&A contacts and projects; valuation of comparables, private equity fund investments.

The Mid-market Argos Index® tracks the valuation of unlisted mid-market companies in the eurozone. Carried out by Argos Wityu and Epsilon Research and published every three months, it reflects median EV/EBITDA multiples, on a six-month rolling basis, of transactions meeting the following criteria: mid-market (equity value between €15m and €500m for 100%), target based in a eurozone country, acquisition of a majority stake, certain activities excluded (financial services, real estate, high-tech).

“The Argos Index® is an important benchmark for valuing unlisted European companies and is based on very reliable data.”

Based on your experience in various investment funds and as CEO of Invest Europe, how do you view the Argos Index®?

The Argos Index® has already been around for 15 years, and I admire its longevity. When I managed investment funds, I systematically consulted the Index as soon as it was published and I used it many times in meetings with investors. The Argos Index® is a market tool that provides a real service, and as it is based on very reliable data, it is an important benchmark for valuing unlisted mid-market companies in Europe. The quarterly Argos Index® publication reports price trends and provides a rational explanation thereof, which is essential.

What are the significant differences between the Argos Index® and the data produced by Invest Europe?

The information produced by the Argos Index® is different from ours. We are interested in investment, while the Index focuses on valuation. We cast the net very wide in the mapping of investments and can say very precisely where the money is coming from, where it will be invested and when. On the other hand, we have not developed the methodology that Argos Wityu and Epsilon have, to know who made the acquisition and at what price. The sample is also different. The Argos Index® focuses on the eurozone whereas we look at the whole continent of Europe. For this reason, the Argos Index® data are complementary to ours.

What is Invest Europe’s specificity and how does the Argos Index® complement the association’s other studies
?

Invest Europe has been publishing data for several years in the areas of fundraising, investment and divestment. A few years ago, we joined forces with all the European private equity and venture capital associations to create a data collection platform called the European Data Cooperative (EDC). Using this single platform with a standardized methodology, we can obtain consistent and comparable half-year and full-year statistics across all of Europe. In this way, we can better inform our members, fund managers (GPs) or investors (LPs), policy-makers, regulators and other stakeholders.

We have a team of 15 professionals who collect this multitude of data before processing it. It’s a huge job, as is the work of Argos Wityu and Epsilon to establish the Index.

In sum, our methodologies have the same point of departure: the market values consolidated data.

 

Jean-Pierre Di Benedetto - Argos Wityu

Jean Pierre Di Benedetto

Managing Partner

ITALY

Giuseppe Bonsignore - Argos Wityu

Giuseppe Bonsignore

COO

ITALY

Paris

Louis Godron - Argos Wityu

Louis Godron

Managing Partner

FRANCE

Karel Kroupa - Argos Wityu

karel Kroupa

Managing Partner

FRANCE

Gilles Lorang - Argos Wityu

Gilles Lorang

Managing Partner

BENELUX

Coralie Cornet - Argos Wityu

Coralie Cornet

Head of communications

FRANCE

Jacqui Darbyshire - Argos Wityu

Jacqui Darbyshire

Chief Financial Officer

FRANCE

La Compagnie Des Desserts - Argos Wityu
La Compagnie Des Desserts - Argos Wityu
Logo - Argos Wityu

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Logo - Argos Wityu

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