Takeover prices remain fairly stable on the Belgian market despite the crisis
The Vlerick Business School publishes its annual M&A Monitor. This publication gives a good overview of the Belgian M&A market. What are the main conclusions of the M&A Monitor 2021?
Takeover prices for acquisitions < 20 mio € fall by less than 10%. The market segment > 20 mio € even sees a slight increase in 2020. Across all segments, the multiple remains fairly stable at 6.4 times EBITDA.
Multiples per sector
In the previous edition of the M&A Monitor, average multiples > 9 were still reported, such as in the Pharma and Chemicals sectors. This is no longer the case.
The sectors with the largest drops in multiples are:
- Pharma (- 1,4)
- Entertainment & media (-1,1)
The sectors with traditionally lower multiples as construction, transport and retail, remained stable.
In some sectors where sufficient deals were reported, segment figures were also reported for the first time: