3rd quarter 2020

Principal conclusions

  • The Argos Index® climbed back to 10.1x EBITDA, almost as high as it was prior to the Covid-19 crisis.
  • The market was selective, remaining focused on high-quality acquisitions and on the healthcare and technology sectors. Half of the transactions referenced in the Argos Index® were in these two sectors.
  • Transactions at multiples in excess of 20x virtually disappeared.
  • M&A activity recovered somewhat, but in the first nine months of 2020, it was still 13% below that of the year-earlier period.
The Argos Index® climbed back to 10.1x EBITDA

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.”

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