Fourth quarter 2019

Principal conclusions

  • The Argos Index® reached a new high of 10.3x EBITDA
  • The percentage of transactions with multiples in excess of 20x is up sharply
  • European mid-market M&A activity was down in 2019 despite a jump in the fourth quarter


Éric de Montgolfier

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

The Argos Index® reached a new high of 10.3x EBITDA

Median EV/EBITDA multiple on a six-month rolling basis

Source: Mid-market Argos Index® / Epsilon Research

All on the Argos Index ®


Louis Godron

“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.”


Frank Hermann

“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.”


Grégoire Buisson

“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.”

Newsletter subscription

* required fields