Argos Index®

La référence MID-MARKET

L’Argos Index® mid-market mesure l’évolution de la valorisation des PME non cotées de la zone euro.

L’Argos Index® a été lancé fin 2006 par Argos Wityu et Epsilon Research, plateforme en ligne pour la gestion des opérations de fusions-acquisitions non cotées. Publié chaque trimestre, il recense les acquisitions des sociétés du secteur mid-market au cours des trois derniers mois.

Référence pour tous les acteurs du non-coté, sa réalisation repose sur une méthodologie rigoureuse et une analyse individuelle détaillée des transactions : structure de l’opération, activité de la société (informations financières retraitées) et multiples de transaction. L’Argos Index® est calculé à partir des données de la base EMAT (Epsilon Multiple Analysis Tool) d’Epsilon Research, qui s’appuie sur des rapports d’analyse de plus de 8 000 opérations de M&A.

Chaque trimestre, Epsilon Research analyse en détails et sur la base d’informations financières fiables environ 25% des transactions qui respectent les critères pour être retenues dans l’indice (acquisition d’une participation majoritaire dans une société de la zone euro dont la valeur des fonds propres est comprise entre 15 et 500 M€).

Managing Partner
at Argos Wityu

FRANCE

« L’Argos Index est né de la volonté de définir un référentiel pour le marché du non-coté qui soit à la fois robuste d’un point de vue méthodologique et pertinent dans la qualité de l’information retenue. Cette notion de robustesse est l’essence même de l’Index.»

Managing Partner
at Argos Wityu

DACH

« Lorsque le PDG d’une entreprise se demande si c’est le bon moment pour vendre, l’Argos Index® lui fournit une aide à la décision et des informations essentielles sur l’évolution des cycles économiques. La longévité et l’indépendance de l’Argos Index® lui confèrent une grande légitimité.»

Grégoire Buisson

FOUNDER
EPSILON RESEARCH

« Si l’Argos Index est aujourd’hui une référence en Europe, c’est parce que nous utilisons des données fiabilisées issues de notre base EMAT (Epsilon Multiple Analysis Tool). L’histoire de l’indice est assise sur cette méthodologie. Nous procédons à un travail minutieux, transaction par transaction, afin de récupérer les documents, traiter les rapports annuels, reconstituer les opérations et établir des hypothèses.»

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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.

 

Contactez-Nous

Jean Pierre Di Benedetto

Managing Partner

ITALY

Giuseppe Bonsignore

COO

ITALY

Paris

Louis Godron

Managing Partner

FRANCE

karel Kroupa

Managing Partner

FRANCE

Gilles Lorang

Managing Partner

BENELUX

Coralie Cornet

Head of communications

FRANCE

Jacqui Darbyshire

Chief Financial Officer

FRANCE

Foodservice industry

Revennues : 50M€

FRANCE

Foodservice industry

Revennues : 40M€

ITALY

Foodservice industry

Revennues : 30M€

FRANCE