Intercountry Benchmarking Adjustments using US Data
Proprietary intercountry benchmarking adjustments for USA and non-valuation year comparables
We understand that the majority of private company data comes from US companies. That’s why, when a non-US company (for example, a company from Canada) is being valued using US or non-valuation year comparables, Valu8er makes benchmarking adjustments to calculate Canadian and valuation year multiple equivalents, on an industry-by-industry basis. For example, when conducting a 2022 valuation for a Canadian company with comparables that are all US transactions from non-2022 years, Valu8er automatically applies historical data to provide metrics that are equivalent to the appropriate country and year. These adjustments are based on 30 years of data across 20,373 industries.
Private company median multiples
USA
| Year | EV to Sales | EV to EBITDA | EV to EBIT | EV to SDE |
|---|---|---|---|---|
| 2014 | 0.50 | 5.3 | 5.8 | 3.1 |
| 2015 | 0.48 | 5 | 5.3 | 3 |
| 2016 | 0.52 | 4.6 | 4.9 | 3 |
| 2017 | 0.51 | 4.9 | 5.2 | 3.1 |
| 2018 | 0.51 | 4.8 | 5.1 | 2.8 |
| 2019 | 0.49 | 4.6 | 4.8 | 2.8 |
| 2020 | 0.46 | 4.5 | 4.6 | 2.9 |
| 2021 | 0.56 | 4.7 | 5 | 3.1 |
| 2022 | 0.52 | 3.8 | 3.9 | 2.7 |
| 2023 | 0.50 | 3.9 | 4.1 | 2.6 |
| 2014 to 2023 | 0.54 | 4.5 | 5.1 | 2.9 |
Private company median multiples
CANADA
| Year | EV to Sales | EV to EBITDA | EV to EBIT | EV to SDE |
|---|---|---|---|---|
| 2014 | 0.5 | 7.5 | 7.2 | 2.7 |
| 2015 | 0.4 | 4.3 | 4.4 | 2.8 |
| 2016 | 0.5 | 4.4 | 5.0 | 2.5 |
| 2017 | 0.7 | 6.1 | 6.0 | 2.8 |
| 2018 | 0.7 | 6.0 | 6.6 | 2.7 |
| 2019 | 0.5 | 4.1 | 5.1 | 3.1 |
| 2020 | 0.5 | 3.2 | 3.8 | 2.4 |
| 2021 | 0.5 | 4.3 | 4.3 | 3.4 |
| 2022 | 0.7 | 4.4 | 5.0 | 3.1 |
| 2023 | 0.6 | 3.7 | 4.4 | 3.1 |
| 2014 to 2023 | 0.5 | 4.5 | 4.8 | 2.9 |