What European Businesses Are Worth
Our EV/EBITDA reference table uses one independently published figure covering all industries. We use our own estimates for individual sectors.
- What the Value Index is, and what it is not
- The MANDA Value Index is a reference table of EV/EBITDA multiples across European sectors. It is not a live pricing feed and is not sourced from a proprietary transactions database. It is built from two distinct layers:
- European sector reference table
- Independently published means an identifiable outside firm published the figure. Our own estimates are indicative and come from public filings and industry reports. Neither is a quotation, a guarantee of transaction value, or verified transaction data that MANDA holds.
- How these multiples feed into your valuation
- When you run a valuation on MANDA, the engine applies the relevant sector multiple to your adjusted EBITDA to produce a low, middle, and high range. The all industry reference comes from the Argos Mid Market Index. Individual sector figures are our own estimates and are clearly labelled in your report.
- Revenue, EBITDA, growth rate, and sector via the data wizard.
- Sector multiple from this index × adjusted EBITDA.
- Low / mid / high enterprise value, with source citations.
- Update cadence
- We update the published reference when a new quarterly report is released. The current figure covers Q2 2026 and was published on 3 September 2026, according to the Argos Mid Market Index. We review sector estimates when material new public data becomes available from registry filings, industry associations, or peer reviewed publications. We update them only when the source data justifies a change.
- Scope: The index only covers businesses inside the eurozone that are not listed on a stock exchange, worth between 15 million and 500 million euros, where the buyer took control rather than a minority stake. Each figure is a rolling median over six months. Three industries are left out of the index entirely: financial services, real estate, and high technology. Argos does not collect them, so any figure we show for those industries is ours alone and is not supported by this source. It is a eurozone index. We make no separate country adjustment to the reference multiple.