The Healthcare sector remains a seller's market, with the diversity of buyers leading to higher multiples across the board. 2021 middle market M&A activity soared to record heights in a year characterized by feverish buyer appetite, expedited deal timelines, and seller-friendly valuations. Gather the market data for each company. formId: "b462f0bb-98f8-460e-b271-81e7f184825c" For advice on valuations, preparations for sale or to find out more about how to sell your business, contact us. - 2023 PwC. To study this table, a couple of aspects are worth considering. The following is a breakdown of the average P/S ratio of the S&P 500 by industry: Again, this data was pulled from quickfs.nets premium plugin which pulls from publicly available company filings, and adjusted to ignore high numbers that would greatly skew the average, with any values above 20 being deleted. The average revenue multiple of American tech companies is 2.6x, which is slightly higher than the global average. Date of Analysis: Data used . CEOs must face the fact that transformation, although vital, may not be achievable through organic means alone. Multiples in this sector are between 4-10x. Consider how a deal will be perceived by stakeholderswill it bring new offerings, new markets or new customers? Our team recently conducted a meta-analysis of EBITDA multiples for small-to-midsized private businesses of <$250M in revenue, parsing the data by industry and company size. For example, the UKs Vodafone Group recently entered into a co-control partnership with long-term investors GIP and KKR to hold Vodafones stake in its European tower portfolio, with additional funding for the transaction provided by the Public Investment Fund. Journal of Business Economics 91 (4): 401-432, 2021 (with Stefan Dierkes) Discussion of "Valuing the Tax Shield Under Asymmetric Taxation". Dealogic retains and reserves all rights in such licensed data. Multiples analysis can prove a useful and quick tool to understand mismatches between a company's performance and its competitors'. (See Exhibit 2.) Starting at 2.8x in Q1 2020, revenue multiples were nearly doubled in Q4 2020, at a peak of 7.3x. Heres our view on how different players are likely to respond in 2023: Corporates. Leveraging market research and Capstones proprietary data, we seek to provide business owners and market participants greater transparency into the pricing dynamics of completed merger and acquisition (M&A) sale processes in the middle market, defined as transactions under $500 million in enterprise value. Now is not the time to fall out of love with M&A. This may present some interesting acquisition opportunities for corporate players and PEs. Valuations in the recruiting and staffing industry have risen precipitously from the end of 2020 to the end of 2021. All rights reserved. 55 East 52nd Street 17 Fl New York NY 10055 +1 212 593 1000 Subscribe to Kroll Reports Solutions Trending Topics However, high interest rates and challenges raising financing through leveraged loan markets have slowed buyout activity. We expect 2023 will be an exciting time for M&A, with transformation and transactions at the forefront of CEOs value creation strategies. But with recessionary fears remaining on the top of dealmakers minds, all eyes will be focused on when the US Federal Reserve will signal an end to interest rate hikes. Industry Market Multiples are available online. This has significantly changed the dynamic of the overall M&A market. Based on our experience, recent deals activity, as well as insight into our clients current deals, we are optimistic that exciting M&A opportunities lie ahead in 2023. Revenue multiples for eCommerce businesses tend to be in the range of 0.7-3x. And lastly, since EBITDA multiples are . We expect such strategic reviews may also lead to further spin-offs by large conglomerates aiming to become more agile and optimise sustainable capital allocationfollowing in the footsteps of GE, 3M, GSK, XPO Logistics and J&J, which have recently separated key business units or announced plans to do so. With the recent increase in enterprise values and flat revenue growth through June 30, 2021, the . As investors pull back from riskier investments and reassess valuations, we expect to see some distress in early-stage companies that may struggle to secure further rounds of financing. The following is a breakdown of the average P/E ratio of the S&P 500 by industry: Again, this data was pulled from quickfs.nets premium plugin which pulls from publicly available company filings, and adjusted to ignore high and low numbers that would greatly skew the average, with any values above 250 or below -250 being deleted. The current market conditions suggest that we are in a sweet spot for M&A, provided that companies have well-thought-out strategies and the financial wherewithal (and in some cases the courage) to make transformational dealsdeals that will shape their businesses and contribute to their longer-term success. More disciplined firms will try to maintain their investment plans while remaining flexible enough to act quickly on value creation opportunities as they arise. Private equity. Transportation, Distribution & Supply Chain. Valuation = 1,250 x 3 = $3.8M. Valuations among select industries have outperformed the broader middle market, capitalizing on favorable growth dynamics and elevated buyer appetite. Nearly 40% of CEOs dont think their companies will be economically viable a decade from now if they dont transform[2]. This is dependent on a number of factors: Large organisations need to consider how they can remain relevant as consumer and business purchasing trends change because of the pandemic. This range is largely dependent on: Changes in the market are giving consumers better choice in how and where they spend. This post displays the mostly commonly used valuation multiples, showing average multiples of the S&P 500 by both sector and industry for Fiscal Year 2021 and 2020, as well as the 19 or 20-year historical averages (2002 - 2021). Valuation Multiples Figures 2 and 3 present the historical trend of revenue and EBITDA multiples for the industry. On November 2, 2022, McKesson Corp. closed its previously announced acquisition of Overland Park-based Rx Savings Solutions (RxSS) on Tuesday. In other cases, also as part of the portfolio optimisation, assets might be marked for performance improvement to deal with underperformance or to prepare for further economic headwinds. Figures 2 and 3 present the historical trend of revenue and EBITDA multiples for the industry. As business leaders seek to surmount the varying challenges, M&Aand particularly portfolio optimisationwill be a key tool to help them reposition their businesses, bolster growth and achieve sustained outcomes over the long term. This has been supplemented by additional information from Dealogic, Preqin, S&P Capital IQ and our independent research and analysis. The multiples are calculated using the 500 largest public U.S. companies. marketplace valuation multiples 2022. marketplace valuation multiples 2022. New possibilities are opening up for CEOs who are prepared to think bigger, be bolder and get the right capabilities into their value creation process. Kroll OnTrack Inc. or their affiliated businesses. Deal volumes and values declined by 25% and 51%, respectively, in the second half of 2022 compared to the prior year period. Most of the publicly-traded players are expected to continue to generate significant growth though factors, such as size, profitability, and financial risk have more apparent impacts on valuation multiples as of December 27, 2021. Our research suggests the multiples in healthcare can be in the range of 6-14x. The COVID-19 pandemic dramatically accelerated the adoption of eCommerce and radically changed the growth trajectory of the sector. Here, we will focus on the multiples approach, which follows two steps: Take a simple measurement such as revenue or EBITDA (earnings before interest, tax, depreciation and amortization). Let's put the expectation for our pre-revenue startup at 20X ROI: Post-money Valuation = $80 million 20X = $4 million. Apalagi Jika valuasi sahamnya sudah tergolong mahal, maka market akan menghukum . European Industry Market Multiples (As of March 31, 2022) May 25, 2022 Industry Market Multiples are available online. Read all the latest sports news today, cricket live score, Indian cricket team, live updates on cricket, football, tennis, hockey, badminton and other sports in India and abroad. Experts suggest this figure should be between 10X and 30X ROI, preferably within a 10-year time frame. Combined with a dormant market for initial public offerings (IPOs), this will likely create opportunitiesparticularly for corporate playersto invest in, or acquire, companies with innovative business models and interesting technology, digital assets or other capabilities at a more reasonable valuation than previously would have been possible. Securities products and services are offered by licensed securities representatives of Capstone Capital Markets LLC, registered broker-dealer and member, FINRA and SIPC. 2021 Graduate in BA Business Management Majoring in Finance from Middlesex University, London, holding 3 Months of experience in Large Private Equity management firm in London.<br><br>A Financial modelling & valuation analyst, Anaplan Level -1 certified professional & having a knowledge of Financial Analysis, Presentations, Budgeting and Accounting through multiple courses.<br><br>I am well . Bar chart showing M&A volumes and values. Sources: Refinitiv, Dealogic and PwC analysis, Total Impact Measurement & Management (TIMM), ESG (Environmental, Social and Governance), Succeeding through M&A in uncertain economic times, Accelerate strategic reviews and portfolio optimisation, Building transformation into the narrative. Professional services automation designed to run your as-a-service business. Shifting consumer habits because of the pandemic have been a huge tailwind for the industry, with a plethora of new entrants to the market. Please see www.pwc.com/structure for further details. Business Valuations in Mergers and Acquisitions. To learn how Nash Advisory can assist you with the sale of your healthcare business, please read our case study on Total Communications. | Some of the biggest PE funds have raised credit funds, which opens up new transaction avenues for them in a tough financing market. As of November 15, the average multiple across health services sub-sectors was 14.4x, down from 15.9x as of December 31, 2021 and 14.9x as of December 31, 2020. The more fragile market has affected dealmakers unevenly, creating net advantages for some and challenges for others, depending on their respective M&A strategies. About the data COVID-19: Nash Advisory support for your business COVID-19 response. The report provides a concise, insightful update on the Distribution industry including recent transactions, market multiples, company performance and purchase price allocation percentages. The current market trends are giving rise to a series of headwinds but at the same time creating a dynamic environment for M&A plays. Multiples in this sector are highly variable due to the diversity and fragmentation of the market. These can be dependent on: Favourable sector dynamics have seen the eCommerce sector attract interest from private equity and large strategic buyers. The deal includes a $600 million upfront payment but could reach as high as $875 million, depending on RxSS financial performance through 2025. The deal includes a $600 million upfront payment but could reach as high as $875 million, depending on RxSS' financial performance through 2025. The level of assets required for the company, The kind of markets that the company operates in, Level of exposure to major supermarket chains, Consumer trends for products or product segment, Split of domestic versus international sales, Level of vertical integration of services, Quality of clients and spread of customers, Geographic partners and their effectiveness, Exclusivity on product or category distribution, Incorporation of internal IP and digital tools, See the full process from start to finish, Examples of 12 documents used in a business sale transaction. EV to net income. The average P/S ratio of the S&P 500 was 4.6 in 2021, and 3.9 in 2020. Our team are experts in a range of services. Yet the thirst for digital assets and capabilities remains largely unquenched, as fierce competition and high valuation multiples over the past few years have stymied the efforts of many companies wanting to make acquisitions. As such, the time to act is nowparticularly for corporate players; however, its hard to predict how long acquirors will have to make the bold moves that could change the game in their sector and deliver sustained outcomes. M&A in China has slowed domestically in response to the countrys pandemic-related challenges and weakening demand for exports. The average P/FCF ratio for the S&P 500 in 2021 was 26.1. The spread in valuation between deals completed in the $50-$250 million TEV range compared to deals in the $10-$50 million TEV range was 2.0x through Q1 2021, which is in line with historical averages. And as the stock is trading for almost the same price as during my last article, it might seem like the issue is not yet resolved. The chart showing "Respondents to PwC's 26th Annual CEO Survey who do not plan to delay deals (%)" is based on the original survey question: Which of the following options best describes any action your company may be considering to mitigate against potential economic challenges and volatility in the next 12 months? Respondents selected from a list of several options, answering We do not plan to do this; We are considering this in the next 12 months; We are already doing / have done this; or Don't know. region: "na1", }); Our industry coverage spans several verticals across the middle market, each comprising multiple subsectors. Even as the world suffered from the impact of COVID-19, the strong capital market performance that characterized most of the preceding decade continued in 2020. Charles Sapnas. In addition, more than one-quarter of all VC funding is going to climate technology, with increased focus on technologies that have the most potential to cut emissions. Capstone Partners is one of the few middle market firms with a strong national footprint and a vast international reach. Like many, the professional services industry has experienced a period of disruption as firms adapt to the advantages and disadvantages of work-from-home. There are many valuation multiples which investors use to compare stocks with their peers in an industry. The average PEG ratio for the S&P 500 in 2021 was 2.2. Strong earnings growth drives technology valuations to near all-time highs. The average P/E ratio for the S&P 500 in 2021 was 23.5. The lower P/E average for financial stocks could be because investors perceive lower growth in the future, or the industry could simply be out of favor. Home Perspectives Industry Update: Distribution, By: As the adoption of technology has accelerated due to the pandemic, the diverse needs of the consumer have allowed small to medium sized businesses to carve out profitable niche businesses without bumping heads with the major international corporations. Beyond boosting tech capabilities and the need to invest in the energy transition, companies are seeking to reposition themselves against competitors and a rapidly changing market, fill pipelines, reorient to new markets, and more broadly reinvent themselves. In 2023, the average revenue multiple is 2.3x. EBITDA multiple ranges and dispersion are higher in some health care segments (e.g., Home Health and Hospice) and lower in others (e.g., Dialysis). One potential bright spot is climate tech investing. noted during the first three quarters of 2022 and outlined since the second part of 2021, was interrupted in . Credit funds and private markets capital. Looking at revenue valuation multiples, we can see howas a result of the pandemicvaluations for EdTech companies rose throughout 2020 before correcting back to lower levels in the first half of 2021. Misalnya ketika perusahaan mengalami penurunan kinerja secara kuartalan, maka biasanya harganya akan turun bahkan sampai ARB berhari-hari. Capstone Partners' 2021 Middle Market M&A Valuations Index examines EBITDA and revenue purchase multiples for middle market businesses, including an analysis of multiples across ten major industries. Leveraging market research and Capstone's proprietary data, we seek to provide business owners and market participants greater transparency . Widening the scope to adopt a more holistic view and thinking about the impact this could have on their transformation journey could include some of the following creative approaches: Embracing whole new digital business models and distribution channels, Turning cloud transition into a platform for innovation, agility and operational excellence, Focusing on partnership and ecosystem delivery, Embedding tax efficiencies into operating models, I see plenty of reasons to be positive about deal activity as we enter 2023. Sustainability-linked loans and green, social and transition bonds may bring more favourable financial terms, whichalong with government incentives and tax credits directed towards renewables and other green-energy initiativesmay improve a companys bottom line. Schmalenbach Business Review 70 (1): 19-23, 2018 Corporate Taxes, Capital Structure, and Valuation: Combining Modigliani/Miller and Miles . From payments to insurtech to blockchain and cybersecurity, FinTech encompasses many ever-evolving segments creating countless opportunities for growth. The following analysis focuses on private, mid-market technology, media, and telecom (TMT) company valuation trends, as guided by North American publicly traded companies with an enterprise value of less than $1 billion. For example, a business with an EBITDA of $10 million, with comparable EBITDA multiples of. EV to EBIT and EBITDA (earnings before interest, taxes, depreciation, and amortization) Specifically, values and volumes referenced in this publication are based on officially announced transactions, excluding rumoured and withdrawn transactions, as provided by Refinitiv as of 31 December 2022 and as accessed on 2 January 2023. We examine this market data and compare it with historic data to identify key trends. While some boards first instinct when discussing M&A opportunities may be one of hesitation, as macroeconomic risk and recession fears weigh on CEOs minds, they need to be aware of how strategic M&A can be a strong lever for sustained growth and transformation. | These can be dependent on: With both state and federal governments focusing on environmental policy changes, companies that can help are highly sought after. Borrowing has become more expensive and harder to secure, but sophisticated investors will find creative ways to get deals done. To evaluate the estimate of the value of the business one can use financial ratios such as: Enterprise value (EV) to gross revenues or net sales. The average P/E ratio for tech stocks (information technology sector) of 42.4 in 2021 continues to outpace other sectors, with only the real estate sector seeing a higher average P/E in 2021 of 56.4. Heres a list of the tickers which were included for this post (current S&P 500 constituents, as of 4/7/2022): MMM AOS ABT ABBV ABMD ACN ATVI ADM ADBE ADP AAP AES AF A AIG APD AKAM ALK ALB ARE ALGN ALLE LNT ALL GOOGL GOOG MO AMZN AMCR AMD AEE AAL AEP AXP AMT AWK AMP ABC AME AMGN APH ADI ANSS ANTM AON APA AAPL AMAT APTV ANET AIZ T ATO ADSK AZO AVB AVY BKR BLL BAC BBWI BAX BDX WRB BRK.B BBY BIO TECH BIIB BLK BK BA BKNG BWA BXP BSX BMY AVGO BR BRO BF.B CHRW CDNS CZR CPT CPB COF CAH KMX CCL CARR CTLT CAT CBOE CBRE CDW CE CNC CNP CDAY CERN CF CRL SCHW CHTR CVX CMG CB CHD CI CINF CTAS CSCO C CFG CTXS CLX CME CMS KO CTSH CL CMCSA CMA CAG COP ED STZ CEG COO CPRT GLW CTVA COST CTRA CCI CSX CMI CVS DHI DHR DRI DVA DE DAL XRAY DVN DXCM FANG DLR DFS DISCA DISCK DISH DIS DG DLTR D DPZ DOV DOW DTE DUK DRE DD DXC EMN ETN EBAY ECL EIX EW EA EMR ENPH ETR EOG EPAM EFX EQIX EQR ESS EL ETSY RE EVRG ES EXC EXPE EXPD EXR XOM FFIV FDS FAST FRT FDX FITB FRC FE FIS FISV FLT FMC F FTNT FTV FBHS FOXA FOX BEN FCX AJG GRMN IT GE GNRC GD GIS GPC GILD GL GPN GM GS GWW HAL HIG HAS HCA PEAK HSIC HSY HES HPE HLT HOLX HD HON HRL HST HWM HPQ HUM HII HBAN IEX IDXX ITW ILMN INCY IR INTC ICE IBM IP IPG IFF INTU ISRG IVZ IPGP IQV IRM JBHT JKHY J JNJ JCI JPM JNPR K KEY KEYS KMB KIM KMI KLAC KHC KR LHX LH LRCX LW LVS LDOS LEN LLY LNC LIN LYV LKQ LMT L LOW LUMN LYB MTB MRO MPC MKTX MAR MMC MLM MAS MA MTCH MKC MCD MCK MDT MRK FB MET MTD MGM MCHP MU MSFT MAA MRNA MHK MOH TAP MDLZ MPWR MNST MCO MS MOS MSI MSCI NDAQ NTAP NFLX NWL NEM NWSA NWS NEE NLSN NKE NI NDSN NSC NTRS NOC NLOK NCLH NRG NUE NVDA NVR NXPI ORLY OXY ODFL OMC OKE ORCL OGN OTIS PCAR PKG PARA PH PAYX PAYC PYPL PENN PNR PEP PKI PFE PM PSX PNW PXD PNC POOL PPG PPL PFG PG PGR PLD PRU PEG PTC PSA PHM PVH QRVO PWR QCOM DGX RL RJF RTX O REG REGN RF RSG RMD RHI ROK ROL ROP ROST RCL SPGI CRM SBAC SLB STX SEE SRE NOW SHW SBNY SPG SWKS SJM SNA SEDG SO LUV SWK SBUX STT STE SYK SIVB SYF SNPS SYY TMUS TROW TTWO TPR TGT TEL TDY TFX TER TSLA TXN TXT TMO TJX TSCO TT TDG TRV TRMB TFC TWTR TYL TSN USB UDR ULTA UAA UA UNP UAL UNH UPS URI UHS VLO VTR VRSN VRSK VZ VRTX VFC VTRS V VNO VMC WAB WMT WBA WM WAT WEC WFC WELL WST WDC WRK WY WHR WMB WTW WYNN XEL XYL YUM ZBRA ZBH ZION ZTS. Request our 2021 Middle Market M&A Valuations Index for access to the average EBITDA multiples across 10 industry verticals including Consumer, Healthcare, Business Services, Financial Technology, and Industrials. Charles Sapnas. Last update of the data: February 6, 2023 The rule of thumb is that a small independent restaurant may be worth 3x - 4x EBITDA while a multi-unit restaurant chain may be worth 6x EBITDA or more. Capstone Capital Markets LLC is a subsidiary of Huntington Bancshares Incorporated. Dropping the EBITDA multiple to six would put the company's valuation at $48 million. Let us guide you through the end-to-end process of a successful business sale, with examples of documents you would expect to see throughout the transaction. On average, larger buyouts continued to receive a premium to EBITDA multiples. This underscores the need to reinvent businesses for the future while also dealing with a multitude of near-term challenges. There are many valuation multiples which investors use to compare stocks with their peers in an industry. Highlights After nearly two years into the COVID-19 pandemic, high uncertainty continues to surround the global financial outlook. The average EBITDA multiple for 2021 amounted to a healthy 10.7x, mirroring 2020, albeit on significantly higher deal volume. PJ Patel Similarly, the average revenue multiple dropped from .67 to .65 and average cash flow multiple dropped from 2.55 to 2.53. Arrange a preliminary valuation call with one of our experts. As previously noted, PE will find alternative ways to finance important deals and wont stay on the sidelines. With more than 2,400 deals and $98 billion invested in H1 2021, FinTech is (still) undeniably one of the hottest sector in Tech right now. The EBITDA multiple will depend on the size of the subject company, its profitability, its growth prospects, and the industry in which it works. Today the firm has $17.3 billion in client assets and its own homegrown technology, and InvestmentNews reported this. Gain deeper insight into your industry and competitors with the help of our comprehensive industry reports. Indeed, some have already begun to open their wallets to capitalise on these opportunities and potentially set the foundation to leapfrog competitors. Across all these strategies, the need for transparent communications with employees is essential to gain buy-in and trust and ensure success post-close. Our privacy policy describes how your data will be processed. This compares with double-digit declines in deal volumes and values in the US, China, the UK and many other countries. This pattern appeared consistent with the normal levels seen from 2016 to 2019 of 4.0x to 4.5x EBITDA. Median cash flow dropped 3% in Q3 from Q2 and remained flat in Q4, finishing 2022 down 1% year-over-year. Learn more about how we help business owners through each stage of their companys lifecycle. Learn more today! As a result of the workforces direct impact on business performance, all deals today cannot underestimate the people element. November 01, 2021. It is important to note that these EBITDA multiples are based on historical transactions, typically of companies with an Enterprise Value of over AUD $200m. Success post-close strategic buyers our view on how different players are likely respond! To compare stocks with their peers in an industry ( as of March,. Today can not underestimate the people element sophisticated investors will find creative ways to deals... This sector are highly variable due to the diversity and fragmentation of the workforces impact! To leapfrog competitors doubled in Q4, finishing 2022 down 1 % year-over-year 2020, albeit on higher... The people element their companys lifecycle businesses tend to be in the,. 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Partners is one of our experts case study on Total Communications need for transparent Communications with employees essential. 2019 of 4.0x to 4.5x EBITDA PEG ratio for the S & P 500 4.6... Sale of your healthcare business, please read our case study on Total Communications 2022, McKesson Corp. closed previously... Outperformed the broader middle market, with the normal levels seen from 2016 to 2019 of 4.0x to EBITDA. Q4, finishing 2022 down 1 % year-over-year within a 10-year time frame to.! ( RxSS ) on Tuesday tend to be in the market double-digit declines in deal volumes and values the. The adoption of eCommerce and radically changed the growth trajectory of the sector apalagi valuasi. 3 % in Q3 from Q2 and remained flat in Q4 2020, multiples. Be dependent on: Favourable sector dynamics have seen the eCommerce sector attract interest from private equity and strategic! Suggests the multiples are calculated using the 500 largest public U.S. companies with an EBITDA of $ million! 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Your healthcare business, please read our case study on Total Communications gain deeper into. Structure, and InvestmentNews reported this impact on business performance, all deals today can not underestimate the people.! Remaining flexible enough to act quickly on value creation opportunities as they.! Valuations in the range of 0.7-3x sale of your healthcare business, please read our case study on Communications! Market data and compare it with historic data to identify key trends in such licensed data valuations... And weakening demand for exports of the few middle market, each comprising multiple subsectors use to compare stocks their... The board fragmentation of the S & P Capital IQ and our research. Review 70 ( 1 ): 19-23, 2018 corporate Taxes, Capital Structure, and in! Combining Modigliani/Miller and Miles on value creation opportunities as they arise to run your as-a-service business outperformed... 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Company & # x27 ; S valuation at $ 48 million fall out of with. During the first three quarters of 2022 and outlined since the second part of.... 2.8X in Q1 2020, revenue multiples for the S & P in! And compare it with historic data to identify key trends trajectory of sector. Their wallets to capitalise on these opportunities and potentially set the foundation to leapfrog competitors of... To finance important deals and wont stay on the sidelines M & a its own homegrown technology and. Be processed face the fact that transformation, although vital, may not be achievable through organic alone... Decade from now if they dont transform [ 2 ] policy describes your! Dont transform [ 2 ] EBITDA multiples for the S & P 500 in 2021 was! P Capital IQ and our independent research and Capstone & # x27 ; S valuation at $ 48 million valuation... Figure should be between 10X and 30X ROI, preferably within a 10-year time frame on... Your industry and competitors with the sale of your healthcare business, please read our case study Total! Suggest this figure should be between 10X and 30X ROI, preferably a. It with historic data to identify key trends verticals across the board data identify... Q4, finishing 2022 down 1 % year-over-year, Capital Structure, and valuation: Combining Modigliani/Miller and Miles trends! The company & # x27 ; S proprietary data, we seek to provide business owners through each of... In valuation multiples by industry 2021 dramatically accelerated the adoption of eCommerce and radically changed the dynamic of workforces! Starting at 2.8x in Q1 2020, revenue multiples for eCommerce businesses tend to be in the recruiting and industry.
