Industry Multiples in India Report 2023 21st Edition

June 2023
3–4 Foreword
5-6 Summary: Multiples by Sector
7 Median EV/EBITDA Multiples by Sector
Industry Multiples
8–11 Apparel
12–15 Auto Parts and Equipment
16–19 Household Appliances
20–23 Electric and Gas Utilities
24–27 Energy
28–31 Banks
32–35 Consumer Finance
36–39 Capital Markets
40–43 Household and Personal Products
44–47 Industrial Machinery
48–51 Internet Services and Infrastructure
52–55 Application Software
56–59 Chemicals
60–63 Construction Materials
64–67 Construction and Engineering
68–71 Metals and Mining
72–75 Pharmaceuticals and Biotechnology
76–79 Real Estate
80–83 Automobile Manufacturers
84–87 Media
88–91 Health Care Facilities and Services
92–95 Independent Power and Renewable Electricity Producers
96–99 Diversified Financial Services
100–103 Industry Definitions
104–106 Contributors
2
Foreword
Dear Readers,
We are pleased to launch the 21st edition of our Industry Multiples in India. This report provides an overview of trading multiples for various key
industries in India as of June 30, 2023, using constituents belonging to the Standard and Poor’s (S&P) BSE LargeCap, S&P BSE MidCap and S&P BSE
SmallCap indices.
As per the World Bank’s global economic outlook, the global economy remains in an uncertain state amid the prolonged effects of the overlapping
negative shocks of the pandemic, Russia’s war on Ukraine and the sharp tightening of monetary policy to contain high inflation. After growing at 3.1% in
2022, the global economy is set to slow down to 2.1% in 2023 and expects a slight recovery to 2.4% growth in 2024. Tight global financial conditions
and subdued external demand are expected to weigh on growth across emerging market and developing economies.
For advanced economies, the growth forecasted for the real GDP is 0.7% in CY23 and is anticipated to reach 1.2% by CY24. However, for developing
Umakanta Panigrahi economies, a 4.0% growth is expected in CY23 before slightly slowing down to 3.9% in CY24. The median headline global inflation stood at 7.2% year
on year in April 2023, down from a peak of 9.4% in July 2022. This slowdown largely reflects favorable effects from commodity prices falling below
Managing Director, their 2022 peaks, along with supply chain pressures easing.
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As per the Asian Development Bank, given balancing developments, the growth forecasts for South Asia are at 5.5% in CY23 and 6.1% in CY24. Exports
from developing Asia weakened in the first quarter of 2023 as global demand slowed. However, consumption and investment are forecast to boost
aggregate regional growth to 4.8% in 2023, as earlier forecast, with the projection for 2024 revised down only marginally to 4.7%.
As per media reports, Reserve Bank of India has revised its forecasts for India’s economic growth to 6.5% from the 6.0% that they predicted previously
for FY23–24. This is attributable to outperforming in the first quarter. The Purchasing Managers’ Index for manufacturing and services and credit growth
remained robust in recent months, which provides confidence about India’s growth prospects. The World Bank expects growth in India to slow down to
6.3% in FY23–24. This is a revision of 0.3 percentage point downward from the previous estimates of 6.6%.
The FTSE fell by 1.3% between the first quarter (Q1) CY23 to Q2 CY23, whereas DAX and EURO STOXX 50 rose by 3.3% and 1.9%, respectively, during
the same period. Further, the S&P 500 and MSCI World Index rose by 8.3% and 4.6%, respectively, between Q1 CY23 and Q2 CY23. The Indian Stock
Indices (i.e., BSE Sensex and National Stock Exchange [NSE] Nifty 50) rose by 9.7% and 10.5%, respectively, from March 2023 through June 2023, which
was an all-time high for both indices for CY23.
3
Foreword – Continued
Energy: We observed that the market capitalization of companies in the energy industry considered in our analysis has increased by 15.2% from Q1
CY23 to Q2 CY23. India has achieved significant progress in renewable energy installed capacity and although the country’s current energy consumption
per capita is only one-third of the global average, the energy demand is projected to grow substantially owing to further industrialization and
urbanization, which will primarily drive the energy demand by 2030. As per media reports, the provisional government data showed that Indian refiners'
crude oil processing stayed near record peaks in March, catering to solid seasonal demand in the world's third-biggest oil consumer. Refinery throughput
gained 3% to 5.44 million barrels per day (bpd) (23 million tons) year on year for March 2023. Throughput stood at 5.46 million bpd (20.85 million tons)
in February 2023. Natural gas output was up by 2.4% to 2.96 billion cubic meters year on year, while crude oil production fell by 2.9% to 2.45 million
tons, the data showed. Preliminary sales data showed Indian state refiners posted an 8.4% rise in sales of gas and oil to 3.45 million tons in the first half
of April 2023 compared to the same period last month, indicating higher demand from the agriculture sector and a recovery in industrial activity. India
has been stocking up on discounted Russian crude oil. Western nations have imposed a price cap of USD 60 a barrel for anyone buying Russian oil as
part of sanctions against Moscow. However, India and China have paid prices above the cap, according to traders and Reuters calculations.
Health Care Facilities: We observed that the market capitalization of companies in the health care facilities industry considered in our analysis has
Umakanta Panigrahi
increased by 22.3% from Q1 CY23 to Q2 CY23. As per media reports, due to the surge in occupancy and average revenue per occupied bed, it is likely
that there will be a steady growth of revenue. The outlook remains stable for hospital chains owing to higher inpatient and surgery count, which is
Managing Director,
generating cashflow, and companies are diligently investing in expanding their networks through brownfield capex or M&A. Earnings before interest,
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taxes, depreciation and amortization (EBITDA) margins are expected to surge as well due to better traction in hospital business and improvement in the
performance of ancillary business. Moreover, one of the major developments in the health care industry is the National Medical Device Policy 2023,
which paves the way for innovation and access and sets out a comprehensive roadmap to achieve a 10.0%–12.0% share in the expanding global market
in the next 25 years. The S&P BSE Healthcare Index rose by 17.7% from Q1 CY23 to Q2 CY23, whereas the NIFTY IT index rose by 17.3% during the
same period.
Apparel Industry: We observed that the market capitalization of companies in the apparel industry considered in our analysis increased by 25.6% from
Q1 CY23 to Q2 CY23. The textile industry has been an essential contributor to the country’s economy, functioning as an important export sector. To
achieve the USD 200 billion target set by the Minister of Commerce and Industry, India is expanding its presence in the global market by building
strategic partnerships. As per media reports, there has been a post-pandemic upswing in sales, primarily in the large, branded stores and organized
chains, which are performing well despite the price increases. Industry developments suggest that there has been a shift in consumer demand in favor of
branded apparel, which now represents 30% of the market compared to 25% five years ago. Furthermore, acknowledging the growth prospects in this
sector, the government has enforced programs such as the National Textile Policy and Technology Upgradation Fund Scheme to facilitate investments
and other reforms to reduce bureaucratic hurdles. The S&P BSE Consumer Durables index rose by 13% from Q1 CY23 to Q2 CY23, whereas the NSE
Consumer Durables index rose by 12.9% during the same period.
Automobile Manufacturers Industry: We observed that the market capitalization of companies in the automobile industry considered in our analysis has
increased by 23% from Q1 CY23 to Q2 CY23. As per media reports, automobile sales have escalated in the recent quarter due to surging demand for
new passenger vehicle launches, improvement in semiconductor supplies, and growth in dispatches from factories to dealers. According to the Society of
Indian Automobile Manufacturers, another factor that suggests growth is the seamless transition of the auto industry to the stringent BS VI Phase 2
emission norms. As per analyst reports, the wholesale dispatches for the month of May 2023 came in steady, especially with the two-wheeler space
reporting healthy volume prints. Furthermore , the rural demand recovery showed signs of renewal with the motorcycle segment leading the growth
charge and exports revival taking center stage across all original equipment manufacturers. Both the BSE and NSE auto indices rose by 21.9% from Q1
CY23 to Q2 CY23. 4
Summary: Multiples by Sector
As of June 30, 2023
Industry EV/Sales EV/EBITDA P/E P/B
Apparel 1.7x 12.1x 19.5x 2.2x
Application Software 3.1x 18.6x 30.7x 3.6x
Auto Parts and Equipment 1.3x 12.7x 26.9x 3.2x
Automobile Manufacturers 1.9x 18.5x 32.1x 4.1x
Chemicals 1.6x 12.5x 20.7x 2.7x
Construction and Engineering 1.5x 10.6x 18.6x 2.3x
Construction Material 1.6x 11.1x 21.1x 2.2x
Electric and Gas Utilities 1.5x 9.5x 12.7x 2.1x
Energy 0.7x 4.0x 5.4x 1.4x
Health Care Facilities and Services 4.8x 22.4x 42.5x 7.0x
Household and Personal Products 2.1x 22.3x 31.7x 4.3x
Household Appliances 2.6x 30.2x 48.3x 6.3x
Independent Power and Renewable Electricity Producers 3.9x 12.7x 10.8x 1.1x
Industrial Machinery 3.1x 22.9x 34.0x 3.8x
Internet Services and Infrastructure 2.5x 13.9x 21.9x 4.2x
Media 1.6x 7.7x 12.1x 1.3x
Metals and Mining 1.0x 7.5x 14.1x 1.6x
Pharmaceuticals and Biotechnology 3.1x 18.3x 26.6x 3.2x
Real Estate 5.2x 17.9x 27.8x 2.0x
5
Summary: Multiples by Sector—Continued
As of June 30, 2023
Industry P/B P/E P/TBV Market Cap/Revenue
Banks 1.3x 14.3x 1.3x 3.0x
Capital Markets 1.6x 21.2x 1.6x 6.6x
Consumer Finance 2.2x 20.0x 2.2x 6.3x
Diversified Financial Services 0.7x 6.7x 0.7x 3.0x
6
Median EV/EBITDA Multiples by Sector
Median EV/EBITDA Multiples
Median EV/EBITDA Multiples

29.9x
23.8x
19.7x 20.1x
16.3x 17.4x
14.2x 14.5x
30.2x 13.5x 12.9x
11.8x 12.1x
10.0x 9.2x
7.9x 22.3x 22.9x 9.0x 22.4x 9.0x
18.6x 6.1x 18.3x 17.9x 18.5x
5.5x
12.1x 12.7x 13.9x 12.5x 12.7x
9.5x 11.1x 10.6x
7.5x 7.7x
4.0x
As of June 30, 2023 Average (Mar'18 to Jun'23)
7
01
Q2 CY23
8
Apparel
As of June 30, 2023
EV/Sales EV/EBITDA P/E P/B
Number of Observations 57 57 57 57
Number of Outliers 1 0 3 4
Negative Multiples 0 0 7 2
High 8.9x 67.0x 73.5x 17.1x
Mean 2.5x 19.3x 25.9x 3.9x
Median 1.7x 12.1x 19.5x 2.2x
Low 0.0x 3.7x 6.4x 0.3x
Low Quartile 0.8x 8.4x 11.2x 1.2x
Upper Quartile 3.5x 25.7x 37.7x 4.3x
EV/SALES EV/EBITDA
60% 100%
50%
ADJUSTED ROE (%)

80%
EBITDA MARGIN (%)
40%
60%
30%
40%
20%
10% 20%
0% 0%
- 10.0 20.0 30.0 40.0 50.0 60.0 - 10.0 20.0 30.0 40.0 50.0 60.0
9
Apparel – Continued
As of June 30, 2023
EV/SALES 30 EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
35
25
30
25 20
20 15
15
10
10
5
5
- -
0 - 1.8 1.8 - 3.6 3.6 - 5.4 5.4 - 7.1 7.1 - 8.9 3.7 - 16.4 16.4 - 29 29 - 41.7 41.7 - 54.3 54.3 - 67
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
30 35
25 30
25
20
20
15
15
10
10
5 5
- -
6.4 - 21.2 21.2 - 35.9 35.9 - 50.6 50.6 - 65.3 65.3 - 80 0.3 - 3.7 3.7 - 7 7 - 10.4 10.4 - 13.7 13.7 - 17.1
10
Apparel – Continued
As of June 30, 2023
Median Multiples
3.0 25.0
2.5
20.0
EV/EBITDA & P/E

2.0
P/B & EV/SALES
15.0
1.5
10.0
1.0
5.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
EV/Sales P/B EV/EBITDA P/E
An industry must have a minimum of five company participants to be calculated. For all reported multiples in India, we have considered companies forming part of the
S&P BSE 500 Index. The sample set includes publicly traded companies in India (private companies are not included). Source: Data derived from S&P Capital IQ
databases.
Any outliers in the industry have been excluded from the above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash equivalents; Sales = Revenue for latest
12 months; EBITDA = Earnings before interest, taxes, depreciation and amortization for latest 12 months; P/E = Share price divided by earnings per share on a diluted
basis; P/B = Share price/book value per share on a diluted basis where book value per share equals total book value of equity divided by diluted number of shares;
ROE = Return on Equity = Net income/shareholder's equity; Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio); Market value of equity is computed
using diluted number of shares.
Financial information on companies reflects the latest available information based on company filings as of June 30, 2023.
11
02
Q2 CY23
12
Auto Parts and Equipment
As of June 30, 2023
High 6.4x 33.1x 76.4x 9.6x
Mean 1.9x 14.8x 33.6x 3.7x
Median 1.3x 12.7x 26.9x 3.2x
Low 0.2x 7.0x 9.2x 0.8x
EV/SALES EV/EBITDA
30% 25%
25% 20%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

20%
15%
15%
10%
10%
5% 5%
0% 0%
- 20.0 40.0 60.0 80.0 - 20.0 40.0 60.0 80.0
13
Auto Parts and Equipment – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
35 30
30 25
25
20
20
15
15
10
10
5 5
- -
0.2 - 1.4 1.4 - 2.7 2.7 - 3.9 3.9 - 5.1 5.1 - 6.4 7 - 12.2 12.2 - 17.5 17.5 - 22.7 22.7 - 27.9 27.9 - 33.1
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
20 25
20
15
15
10
10
5
5
- -
9.2 - 22.6 22.6 - 36.1 36.1 - 49.5 49.5 - 63 63 - 76.4 0.8 - 2.6 2.6 - 4.3 4.3 - 6.1 6.1 - 7.8 7.8 - 9.6
14
Auto Parts and Equipment – Continued
As of June 30, 2023
Median Multiples
3.5 30.0
3.0 25.0
P/B & EV/SALES
EV/EBIT Multiples
2.5
20.0
2.0
15.0
1.5
10.0
1.0
0.5 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
databases.
15
03
Q2 CY23
16
Household Appliances
As of June 30, 2023
High 5.6x 51.5x 85.1x 20.5x
Mean 2.7x 31.9x 52.0x 7.4x
Median 2.6x 30.2x 48.3x 6.3x
Low 0.8x 16.7x 35.7x 3.6x
EV/SALES EV/EBITDA
40% 20%
35%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

30% 15%
25%
20% 10%
15%
10% 5%
5%
0% 0%
- 5.0 10.0 15.0 20.0 - 5.0 10.0 15.0 20.0
17
Household Appliances – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6 5
4
5
4
4 3
3
3
2
2 2
1
1
1
- -
0.8 - 1.8 1.8 - 2.7 2.7 - 3.7 3.7 - 4.7 4.7 - 5.6 16.7 - 23.6 23.6 - 30.6 30.6 - 37.6 37.6 - 44.6 44.6 - 51.5
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
7 10
6
8
5
4 6
3 4
2
2
1
- -
35.7 - 45.6 45.6 - 55.5 55.5 - 65.4 65.4 - 75.3 75.3 - 85.2 3.6 - 6.9 6.9 - 10.3 10.3 - 13.7 13.7 - 17.1 17.1 - 20.5
18
Household Appliances – Continued
As of June 30, 2023
Median Multiples
9.0 60.0
8.0
50.0
7.0
EV/EBIT Multiples
P/B & EV/SALES
6.0 40.0
5.0
30.0
4.0
3.0 20.0
2.0
10.0
1.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
databases.
19
04
Q2 CY23
20
Electric and Gas Utilities
As of June 30, 2023
High 9.0x 13.1x 21.3x 6.7x
Mean 2.6x 9.3x 14.2x 2.4x
Median 1.5x 9.5x 12.7x 2.1x
Low 0.6x 4.9x 7.1x 0.3x
EV/SALES EV/EBITDA
100% 20%
80%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

15%
60%
10%
40%
5%
20%
0% 0%
- 5.0 10.0 15.0 - 5.0 10.0 15.0
21
Electric and Gas Utilities – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
10 4
3
8
3
6 2
4 2
1
2
1
- -
0.6 - 2.3 2.3 - 4 4 - 5.6 5.6 - 7.3 7.3 - 9 4.9 - 6.6 6.6 - 8.2 8.2 - 9.9 9.9 - 11.6 11.6 - 13.2
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 6
3 5
3
4
2
3
2
2
1
1 1
- -
7.1 - 9.9 9.9 - 12.8 12.8 - 15.6 15.6 - 18.4 18.4 - 21.3 0.3 - 1.6 1.6 - 2.8 2.8 - 4.1 4.1 - 5.4 5.4 - 6.7
22
Electric and Gas Utilities – Continued
As of June 30, 2023
Median Multiples
3.0 60.0
2.5 50.0
EV/EBITDA & P/E

P/B & EV/SALES
2.0 40.0
1.5 30.0
1.0 20.0
0.5 10.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
databases.
23
05
Q2 CY23
24
Energy
As of June 30, 2023
High 5.2x 18.3x 25.9x 3.3x
Mean 1.2x 6.7x 9.7x 1.6x
Median 0.7x 4.0x 5.4x 1.4x
Low 0.1x 1.8x 1.6x 0.6x
EV/SALES EV/EBITDA
60% 60%
50% 50%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
- 5.0 10.0 15.0 20.0 - 5.0 10.0 15.0 20.0
25
Energy – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
9 8
8 7
7
6
6
5
5
4
4
3 3
2 2
1 1
- -
0.1 - 1.1 1.1 - 2.2 2.2 - 3.2 3.2 - 4.2 4.2 - 5.2 1.8 - 5 5 - 8.3 8.3 - 11.6 11.6 - 14.9 14.9 - 18.2
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8 7
7 6
6 5
5
4
4
3
3
2 2
1 1
- -
1.6 - 6.5 6.5 - 11.4 11.4 - 16.2 16.2 - 21.1 21.1 - 26 0.6 - 1.2 1.2 - 1.7 1.7 - 2.3 2.3 - 2.8 2.8 - 3.3
26
Energy – Continued
As of June 30, 2023
Median Multiples
2.0 20.0
1.8 18.0
1.6 16.0
EV/EBITDA & P/E

P/B & EV/SALES
1.4 14.0
1.2 12.0
1.0 10.0
0.8 8.0
0.6 6.0
0.4 4.0
0.2 2.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
databases.
27
06
Q2 CY23
28
Banks
As of June 30, 2023
P/B P/E P/TBV Market Cap/Revenue
High 4.5x 58.0x 4.5x 12.1x
Mean 1.7x 15.6x 1.7x 3.8x
Median 1.3x 14.3x 1.3x 3.0x
Low 0.3x 4.7x 0.3x 1.1x
P/B P/E
25% 25%
20%
ADJUSTED ROE (%)
20%
ADJUSTED ROE (%)

15% 15%
10% 10%
5% 5%
0% 0%
- 1.0 2.0 3.0 4.0 5.0 - 20.0 40.0 60.0 80.0
29
Banks – Continued
As of June 30, 2023
P/BV P/E
NUMBER OF COMPANIES
NUMBER OF COMPANIES
20 30
25
15
20
10 15
10
5
5
- -
0.3 - 1.2 1.2 - 2 2 - 2.8 2.8 - 3.7 3.7 - 4.5 4.7 - 15.3 15.3 - 26 26 - 36.7 36.7 - 47.4 47.4 - 58
P/TBV Market Cap/Revenue

NUMBER OF COMPANIES
NUMBER OF COMPANIES
20 25
20
15
15
10
10
5
5
- -
0.3 - 1.2 1.2 - 2 2 - 2.8 2.8 - 3.7 3.7 - 4.5 1.1 - 3.3 3.3 - 5.5 5.5 - 7.7 7.7 - 9.9 9.9 - 12.1
30
Banks – Continued
As of June 30, 2023
Median Multiples
1.6 30.0
1.4
25.0
1.2
P/E & Market Cap/Revenue

20.0
1.0
P/B
0.8 15.0
0.6
10.0
0.4
5.0
0.2
0.0 0.0
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
P/B P/E Market Cap/Revenue
An industry must have a minimum of five company participants to be calculated. For all reported multiples in India, we have considered the top 500 companies based
on market capitalization. The sample set includes publicly traded companies in India (private companies are not included). Source: Data derived from S&P Capital IQ
databases. Any outliers in the industry have been excluded from the above analysis.
P/E = Share price divided by earnings per share on a diluted basis; P/B = Share price/book value per share on a diluted basis where book value per share equals total
book value of equity divided by diluted number of shares; P/TBV = Share price/tangible book value per share on a diluted basis where tangible book value per share
equals total tangible book value of equity divided by diluted number of shares; ROE = Return on Equity = Net income/equity shareholder's equity; Adjusted ROE is
calculated using ROE x (1-dividend payout ratio); Market value of equity is computed using diluted number of shares.
31
07
Q2 CY23
32
Consumer Finance
As of June 30, 2023
High 8.2x 37.8x 8.3x 10.8x
Mean 3.1x 19.3x 3.2x 6.2x
Median 2.2x 20.0x 2.2x 6.3x
Low 0.8x 5.3x 0.8x 1.3x
P/BV P/E
30% 30%
25% 25%
ADJUSTED ROE (%)
ADJUSTED ROE (%)

20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
- 2.0 4.0 6.0 8.0 10.0 - 5.0 10.0 15.0 20.0 25.0
33
Consumer Finance – Continued
As of June 30, 2023
P/BV P/E
NUMBER OF COMPANIES
NUMBER OF COMPANIES
14 6
12 5
10
4
8
3
6
2
4
2 1
- -
0.8 - 2.3 2.3 - 3.8 3.8 - 5.3 5.3 - 6.8 6.8 - 8.3 5.3 - 11.8 11.8 - 18.3 18.3 - 24.8 24.8 - 31.3 31.3 - 37.8

NUMBER OF COMPANIES
NUMBER OF COMPANIES
14 7
12 6
10 5
8 4
6 3
4 2
2 1
- -
0.8 - 2.3 2.3 - 3.8 3.8 - 5.3 5.3 - 6.8 6.8 - 8.3 1.3 - 3.2 3.2 - 5.1 5.1 - 7 7 - 8.9 8.9 - 10.8
34
Consumer Finance – Continued
As of June 30, 2023
Median Multiples
3.0 30.0
2.5 25.0

2.0 20.0
P/B
1.5 15.0
1.0 10.0
0.5 5.0
0.0 0.0
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
35
08
Q2 CY23
36
Capital Markets
As of June 30, 2023
High 8.0x 51.2x 8.1x 24.0x
Mean 2.8x 22.1x 2.8x 7.3x
Median 1.6x 21.2x 1.6x 6.6x
Low 0.2x 1.8x 0.2x 0.3x
P/BV P/E
60% 60%
50%
50%
ADJUSTED ROE (%)
ADJUSTED ROE (%)

40%
40%
30%
20% 30%
10%
20%
0%
10%
-10%
-20% 0%
- 10.0 20.0 30.0 40.0 50.0 - 10.0 20.0 30.0 40.0 50.0
37
Capital Markets – Continued
As of June 30, 2023
P/BV P/E
NUMBER OF COMPANIES
NUMBER OF COMPANIES
25 12
20 10
8
15
6
10
4
5 2
- -
0.2 - 1.7 1.7 - 3.3 3.3 - 4.9 4.9 - 6.4 6.4 - 8 1.8 - 11.7 11.7 - 21.6 21.6 - 31.5 31.5 - 41.4 41.4 - 51.2

NUMBER OF COMPANIES
NUMBER OF COMPANIES
20 16
14
15 12
10
10 8
6
5 4
2
- -
0.2 - 1.7 1.7 - 3.3 3.3 - 4.9 4.9 - 6.5 6.5 - 8.1 0.3 - 4.3 4.3 - 8.2 8.2 - 12.1 12.1 - 16.1 16.1 - 20
38
Capital Markets – Continued
As of June 30, 2023
Median Multiples
3.0 25.0
2.5
20.0

2.0
15.0
1.5
P/B
10.0
1.0
5.0
0.5
0.0 0.0
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
39
09
Q2 CY23
40
Household and Personal Products
As of June 30, 2023
High 10.3x 56.6x 91.6x 33.9x
Mean 3.0x 23.5x 39.3x 6.5x
Median 2.1x 22.3x 31.7x 4.3x
Low 0.5x 4.5x 10.2x 1.1x
EV/SALES EV/EBITDA
35% 70%
30% 60%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

25% 50%
20% 40%
15% 30%
10% 20%
5% 10%
0% 0%
- 10.0 20.0 30.0 40.0 50.0 60.0 - 10.0 20.0 30.0 40.0 50.0 60.0
41
Household and Personal Products – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
35 25
30
20
25
20 15
15 10
10
5
5
- -
0.5 - 2.4 2.4 - 4.4 4.4 - 6.4 6.4 - 8.3 8.3 - 10.3 4.5 - 14.9 14.9 - 25.4 25.4 - 35.8 35.8 - 46.2 46.2 - 56.6
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
20 40
35
15 30
25
10 20
15
5 10
5
- -
10.2 - 26.5 26.5 - 42.8 42.8 - 59 59 - 75.3 75.3 - 91.6 1.1 - 7.7 7.7 - 14.2 14.2 - 20.8 20.8 - 27.3 27.3 - 33.9
42
Household and Personal Products – Continued
As of June 30, 2023
Median Multiples
4.5 40.0
4.0 35.0
3.5
30.0
P/B & EV/SALES
EV/EBITDA & P/E

3.0
25.0
2.5
20.0
2.0
15.0
1.5
10.0
1.0
0.5 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 6-30-23
6/30/23
databases.
43
10
Q2 CY23
44
Industrial Machinery
As of June 30, 2023
High 9.7x 49.7x 46.8x 9.5x
Mean 4.1x 25.2x 31.4x 4.5x
Median 3.1x 22.9x 34.0x 3.8x
Low 1.0x 7.9x 14.2x 1.2x
EV/SALES EV/EBITDA
30% 30%
25% 25%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
- 10.0 20.0 30.0 40.0 50.0 - 10.0 20.0 30.0 40.0 50.0
45
Industrial Machinery – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
18 16
16 14
14 12
12
10
10
8
8
6 6
4 4
2 2
- -
1 - 2.7 2.7 - 4.5 4.5 - 6.3 6.3 - 8.1 8.1 - 9.8 7.9 - 16.3 16.3 - 24.8 24.8 - 33.2 33.2 - 41.6 41.6 - 50
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
10 10
8 8
6 6
4 4
2 2
- -
14.2 - 20.7 20.7 - 27.2 27.2 - 33.8 33.8 - 40.3 40.3 - 46.8 1.2 - 2.9 2.9 - 4.5 4.5 - 6.2 6.2 - 7.8 7.8 - 9.5
46
Industrial Machinery – Continued
As of June 30, 2023
Median Multiples
4.5 40.0
4.0 35.0
3.5
P/B & EV/SALES
30.0
EV/EBITDA & P/E

3.0
25.0
2.5
20.0
2.0
15.0
1.5
10.0
1.0
0.5 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 6-30-23
6/30/23
databases.
47
11
Q2 CY23
48
Internet Services and Infrastructure
As of June 30, 2023
High 9.9x 39.8x 61.1x 9.7x
Mean 3.0x 17.9x 28.0x 4.9x
Median 2.5x 13.9x 21.9x 4.2x
Low 0.4x 6.8x 13.9x 0.3x
EV/SALES EV/EBITDA
50% 30%
40% 25%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

20%
30%
15%
20%
10%
10% 5%
0% 0%
- 10.0 20.0 30.0 40.0 - 10.0 20.0 30.0 40.0
49
Internet Services and Infrastructure – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
14 14
12 12
10 10
8 8
6 6
4 4
2 2
- -
0.4 - 2.3 2.3 - 4.2 4.2 - 6.1 6.1 - 8 8 - 9.9 6.8 - 13.4 13.4 - 20 20 - 26.6 26.6 - 33.2 33.2 - 39.8
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
14 9
12 8
7
10
6
8 5
6 4
3
4
2
2
1
- -
13.9 - 23.3 23.3 - 32.8 32.8 - 42.2 42.2 - 51.7 51.7 - 61.1 0.3 - 2.2 2.2 - 4.1 4.1 - 5.9 5.9 - 7.8 7.8 - 9.7
50
Internet Services and Infrastructure – Continued
As of June 30, 2023
Median Multiples
6.0 35.0
5.0 30.0
P/B & EV/SALES
EV/EBITDA & P/E

25.0
4.0
20.0
3.0
15.0
2.0
10.0
1.0 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 6-30-23
6/30/23
databases.
51
12
Q2 CY23
52
Application Software
As of June 30, 2023
High 5.4x 48.0x 78.0x 4.9x
Mean 3.1x 22.5x 37.9x 3.1x
Median 3.1x 18.6x 30.7x 3.6x
Low 0.8x 11.4x 14.8x 0.4x
EV/SALES EV/EBITDA
50% 40%
35%
40%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

30%
30% 25%
20%
20% 15%
10%
10%
5%
0% 0%
- 5.0 10.0 15.0 20.0 25.0 - 5.0 10.0 15.0 20.0 25.0
53
Application Software – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 6
3 5
3
4
2
3
2
2
1
1 1
- -
0.8 - 1.8 1.8 - 2.7 2.7 - 3.6 3.6 - 4.5 4.5 - 5.4 11.4 - 18.7 18.7 - 26.1 26.1 - 33.4 33.4 - 40.7 40.7 - 48
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6 7
5 6
5
4
4
3
3
2
2
1 1
- -
14.8 - 27.5 27.5 - 40.1 40.1 - 52.7 52.7 - 65.4 65.4 - 78 0.4 - 1.3 1.3 - 2.2 2.2 - 3.1 3.1 - 4.1 4.1 - 5
54
Application Software – Continued
As of June 30, 2023
Median Multiples
5.0 35.0
4.5
30.0
4.0
P/B & EV/SALES
EV/EBITDA & P/E

3.5 25.0
3.0
20.0
2.5
15.0
2.0
1.5 10.0
1.0
5.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 6-30-23
6/30/23
databases.
55
13
Q2 CY23
56
Chemicals
As of June 30, 2023
High 10.0x 50.1x 90.0x 14.7x
Mean 2.5x 16.1x 27.7x 3.9x
Median 1.6x 12.5x 20.7x 2.7x
Low 0.2x 2.3x 1.3x 0.3x
EV/SALES EV/EBITDA
50% 60%
40% 50%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

40%
30%
30%
20%
20%
10% 10%
0% 0%
- 20.0 40.0 60.0 80.0 100.0 - 20.0 40.0 60.0 80.0 100.0
57
Chemicals – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
80 70
70 60
60 50
50
40
40
30
30
20 20
10 10
- -
0.2 - 2.1 2.1 - 4.1 4.1 - 6.1 6.1 - 8 8 - 10 2.3 - 11.9 11.9 - 21.4 21.4 - 31 31 - 40.5 40.5 - 50.1
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
300 80
70
250
60
200
50
150 40
30
100
20
50
10
- -
1.3 - 19 19 - 36.8 36.8 - 54.5 54.5 - 72.3 72.3 - 90 0.3 - 3.1 3.1 - 6 6 - 8.8 8.8 - 11.7 11.7 - 14.5
58
Chemicals – Continued
As of June 30, 2023
Median Multiples
4.0 25.0
3.5
20.0
3.0
P/B & EV/SALES
EV/EBITDA & P/E

2.5 15.0
2.0
1.5 10.0
1.0
5.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 6-30-23
6/30/23
databases.
59
14
Q2 CY23
60
Construction Materials
As of June 30, 2023
High 4.8x 17.3x 47.2x 5.6x
Mean 1.9x 11.1x 24.2x 2.3x
Median 1.6x 11.1x 21.1x 2.2x
Low 0.7x 7.7x 11.2x 0.4x
EV/SALES EV/EBITDA
25% 120%
20% 100%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

80%
15%
60%
10%
40%
5% 20%
0% 0%
- 10.0 20.0 30.0 40.0 - 10.0 20.0 30.0 40.0
61
Construction Materials – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
14 9
12 8
7
10
6
8 5
6 4
3
4
2
2 1
- -
0.7 - 1.5 1.5 - 2.3 2.3 - 3.1 3.1 - 4 4 - 4.8 7.7 - 9.6 9.6 - 11.5 11.5 - 13.5 13.5 - 15.4 15.4 - 17.3
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8 12
7
10
6
8
5
4 6
3
4
2
2
1
- -
11.2 - 18.4 18.4 - 25.6 25.6 - 32.8 32.8 - 40 40 - 47.2 0.4 - 1.4 1.4 - 2.5 2.5 - 3.5 3.5 - 4.6 4.6 - 5.6
62
Construction Materials – Continued
As of June 30, 2023
Median Multiples
3.0 25.0
2.5
20.0
P/B & EV/SALES
EV/EBITDA & P/E

2.0
15.0
1.5
10.0
1.0
5.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 6-30-23
6/30/23
databases.
63
15
Q2 CY23
64
Construction and Engineering
As of June 30, 2023
High 7.5x 33.4x 55.7x 9.4x
Mean 1.9x 13.0x 21.5x 2.9x
Median 1.5x 10.6x 18.6x 2.3x
Low 0.3x 2.0x 0.9x 0.9x
EV/SALES EV/EBITDA
70% 600%
60% 500%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

50%
400%
40%
300%
30%
200%
20%
10% 100%
0% 0%
- 2.0 4.0 6.0 8.0 - 10.0 20.0 30.0 40.0 50.0
65
Construction and Engineering – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
30 18
16
25
14
20 12
10
15
8
10 6
4
5
2
- -
0.3 - 1.7 1.7 - 3.2 3.2 - 4.6 4.6 - 6.1 6.1 - 7.5 2 - 8.2 8.2 - 14.5 14.5 - 20.8 20.8 - 27.1 27.1 - 33.4
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
16 30
14
25
12
20
10
8 15
6
10
4
5
2
- -
0.9 - 11.9 11.9 - 22.8 22.8 - 33.8 33.8 - 44.7 44.7 - 55.7 0.9 - 2.6 2.6 - 4.3 4.3 - 6 6 - 7.7 7.7 - 9.4
66
Construction and Engineering – Continued
As of June 30, 2023
Median Multiples
2.5 30.0
25.0
2.0
P/B & EV/SALES
EV/EBITDA & P/E

20.0
1.5
15.0
1.0
10.0
0.5
5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
databases.
67
16
Q2 CY23
68
Metals and Mining
As of June 30, 2023
High 3.9x 20.0x 38.6x 3.4x
Mean 1.2x 9.0x 17.6x 1.7x
Median 1.0x 7.5x 14.1x 1.6x
Low 0.3x 3.6x 2.6x 0.5x
EV/SALES EV/EBITDA
60% 40%
35%
50%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

30%
40%
25%
30% 20%
15%
20%
10%
10%
5%
0% 0%
- 20.0 40.0 60.0 80.0 - 20.0 40.0 60.0 80.0
69
Metals and Mining – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
30 18
16
25
14
20 12
10
15
8
10 6
4
5
2
- -
0.3 - 1 1 - 1.8 1.8 - 2.5 2.5 - 3.2 3.2 - 3.9 3.6 - 6.9 6.9 - 10.2 10.2 - 13.5 13.5 - 16.8 16.8 - 20.1
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
25 14
12
20
10
15 8
10 6
4
5
2
- -
2.6 - 9.8 9.8 - 17 17 - 24.2 24.2 - 31.4 31.4 - 38.6 0.5 - 1.1 1.1 - 1.6 1.6 - 2.2 2.2 - 2.8 2.8 - 3.4
70
Metals and Mining – Continued
As of June 30, 2023
Median Multiples
2.5 16.0
14.0
2.0
P/B & EV/SALES
12.0
EV/EBITDA & P/E

1.5 10.0
8.0
1.0 6.0
4.0
0.5
2.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 6-30-23
6/30/23
databases.
71
17
Q2 CY23
72
Pharmaceuticals and Biotechnology
As of June 30, 2023
High 9.3x 44.9x 56.5x 12.5x
Mean 3.7x 19.7x 29.1x 4.0x
Median 3.1x 18.3x 26.6x 3.2x
Low 1.0x 7.7x 11.1x 0.9x
EV/SALES EV/EBITDA
60% 50%
50% 40%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

40%
30%
30%
20%
20%
10% 10%
0% 0%
- 20.0 40.0 60.0 80.0 - 20.0 40.0 60.0 80.0
73
Pharmaceuticals and Biotechnology – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
30 25
25 20
20
15
15
10
10
5 5
- -
1 - 2.7 2.7 - 4.4 4.4 - 6 6 - 7.7 7.7 - 9.4 7.7 - 15.1 15.1 - 22.6 22.6 - 30 30 - 37.4 37.4 - 44.9
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
20 40
35
15 30
25
10 20
15
5 10
5
- -
11.1 - 20.2 20.2 - 29.3 29.3 - 38.4 38.4 - 47.5 47.5 - 56.6 0.9 - 3.2 3.2 - 5.5 5.5 - 7.8 7.8 - 10.2 10.2 - 12.5
74
Pharmaceuticals and Biotechnology – Continued
As of June 30, 2023
Median Multiples
5.0 30.0
4.5
25.0
4.0
P/B & EV/SALES
EV/EBITDA & P/E

3.5
20.0
3.0
2.5 15.0
2.0
10.0
1.5
1.0
5.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 6-30-23
6/30/23
databases.
75
18
Q2 CY23
76
Real Estate
As of June 30, 2023
High 14.2x 45.9x 92.3x 4.0x
Mean 6.3x 20.5x 37.7x 2.0x
Median 5.2x 17.9x 27.8x 2.0x
Low 1.8x 4.6x 7.3x 0.2x
EV/SALES EV/EBITDA
140% 20%
120%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

100% 15%
80%
10%
60%
40% 5%
20%
0% 0%
- 10.0 20.0 30.0 40.0 - 10.0 20.0 30.0 40.0
77
Real Estate – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
10 9
8
8 7
6
6
5
4
4
3
2 2
1
- -
1.8 - 4.3 4.3 - 6.8 6.8 - 9.3 9.3 - 11.7 11.7 - 14.2 4.6 - 12.8 12.8 - 21.1 21.1 - 29.4 29.4 - 37.6 37.6 - 45.9
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
5 9
4 8
4 7
3 6
3 5
2 4
2 3
1 2
1 1
- -
7.3 - 24.3 24.3 - 41.3 41.3 - 58.3 58.3 - 75.3 75.3 - 92.3 0.2 - 1 1 - 1.7 1.7 - 2.5 2.5 - 3.2 3.2 - 4
78
Real Estate – Continued
As of June 30, 2023
Median Multiples
7.0 35.0
6.0 30.0
P/B & EV/SALES
EV/EBITDA & P/E

5.0 25.0
4.0 20.0
3.0 15.0
2.0 10.0
1.0 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
databases.
79
19
Q2 CY23
80
Automobile Manufacturers
As of June 30, 2023
High 6.9x 32.3x 47.4x 9.0x
Mean 2.5x 19.7x 30.5x 4.0x
Median 1.9x 18.5x 32.1x 4.1x
Low 0.9x 10.4x 15.8x 0.3x
EV/SALES EV/EBITDA
100% 20%
80%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

15%
60%
10%
40%
5%
20%
0% 0%
- 5.0 10.0 15.0 - 5.0 10.0 15.0
81
Automobile Manufacturers – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8 5
7 4
6 4
3
5
3
4
2
3
2
2 1
1 1
- -
0.9 - 2.1 2.1 - 3.3 3.3 - 4.5 4.5 - 5.7 5.7 - 6.9 10.4 - 14.8 14.8 - 19.2 19.2 - 23.5 23.5 - 27.9 27.9 - 32.3
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 5
3 4
4
3
3
2 3
2 2
2
1
1
1 1
- -
15.8 - 22.1 22.1 - 28.4 28.4 - 34.7 34.7 - 41.1 41.1 - 47.4 0.3 - 2.1 2.1 - 3.8 3.8 - 5.5 5.5 - 7.3 7.3 - 9
82
Automobile Manufacturers – Continued
As of June 30, 2023
Median Multiples
5.0 60.0
4.5
50.0
4.0
P/B & EV/SALES
EV/EBITDA & P/E

3.5
40.0
3.0
2.5 30.0
2.0
20.0
1.5
1.0
10.0
0.5
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
databases.
83
20
Q2 CY23
84
Media
As of June 30, 2023
High 9.7x 14.5x 16.5x 4.2x
Mean 2.3x 8.6x 12.0x 1.5x
Median 1.6x 7.7x 12.1x 1.3x
Low 0.5x 5.5x 6.7x 0.5x
EV/SALES EV/EBITDA
70% 250%
60%
200%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

50%
40% 150%
30% 100%
20%
50%
10%
0% 0%
- 5.0 10.0 15.0 20.0 - 5.0 10.0 15.0 20.0
85
Media – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
12 3
10 2
8
2
6
1
4
2 1
- -
0.5 - 2.3 2.3 - 4.2 4.2 - 6 6 - 7.8 7.8 - 9.7 5.5 - 7.3 7.3 - 9.1 9.1 - 10.9 10.9 - 12.7 12.7 - 14.5
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3 7
6
2
5
2 4
1 3
2
1
1
- -
6.7 - 8.7 8.7 - 10.6 10.6 - 12.6 12.6 - 14.5 14.5 - 16.5 0.5 - 1.2 1.2 - 2 2 - 2.7 2.7 - 3.5 3.5 - 4.2
86
Media – Continued
As of June 30, 2023
Median Multiples
2.5 18.0
16.0
2.0 14.0
P/B & EV/SALES
EV/EBITDA & P/E

12.0
1.5
10.0
8.0
1.0
6.0
0.5 4.0
2.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 6-30-23
6/30/23
databases.
87
21
Q2 CY23
88
Health Care Facilities and Services
As of June 30, 2023
High 12.6x 46.3x 89.4x 11.2x
Mean 5.7x 23.1x 44.3x 6.3x
Median 4.8x 22.4x 42.5x 7.0x
Low 1.6x 4.7x 9.7x 2.0x
EV/SALES EV/EBITDA
50% 30%
40% 25%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

20%
30%
15%
20%
10%
10% 5%
0% 0%
- 5.0 10.0 15.0 20.0 - 10.0 20.0 30.0 40.0 50.0
89
Health Care Facilities and Services – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
7 9
6 8
7
5
6
4 5
3 4
3
2
2
1 1
- -
1.6 - 3.8 3.8 - 6 6 - 8.2 8.2 - 10.4 10.4 - 12.6 4.7 - 13 13 - 21.3 21.3 - 29.6 29.6 - 37.9 37.9 - 46.2
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
9 7
8 6
7
5
6
5 4
4 3
3
2
2
1 1
- -
9.7 - 25.6 25.6 - 41.6 41.6 - 57.6 57.6 - 73.6 73.6 - 89.5 2 - 3.8 3.8 - 5.7 5.7 - 7.5 7.5 - 9.4 9.4 - 11.2
90
Health Care Facilities and Services – Continued
As of June 30, 2023
Median Multiples
8.0 45.0
7.0 40.0
35.0
6.0
EV/EBITDA & P/E

P/B & EV/SALES
30.0
5.0
25.0
4.0
20.0
3.0
15.0
2.0
10.0
1.0 5.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
databases.
91
22
Q2 CY23
92
Independent Power and Renewable Electricity Producers
As of June 30, 2023
High 7.5x 19.7x 26.9x 3.2x
Mean 4.4x 12.2x 14.8x 1.3x
Median 3.9x 12.7x 10.8x 1.1x
Low 1.2x 3.8x 8.1x 0.4x
EV/SALES EV/EBITDA
80% 70%
70% 60%
EBITDA MARGIN (%)
ADJUSTED ROE (%)

60% 50%
50%
40%
40%
30%
30%
20% 20%
10% 10%
0% 0%
- 5.0 10.0 15.0 - 5.0 10.0 15.0
93
Independent Power and Renewable
Electricity Producers – Continued
As of June 30, 2023
EV/SALES EV/EBITDA
NUMBER OF COMPANIES
NUMBER OF COMPANIES
5 5
4 4
4 4
3 3
3 3
2 2
2 2
1 1
1 1
- -
1.2 - 2.4 2.4 - 3.7 3.7 - 5 5 - 6.2 6.2 - 7.5 3.8 - 7 7 - 10.2 10.2 - 13.3 13.3 - 16.5 16.5 - 19.7
P/E P/B
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6 5
4
5
4
4 3
3
3
2
2 2
1
1
1
- -
8.1 - 11.9 11.9 - 15.6 15.6 - 19.4 19.4 - 23.2 23.2 - 27 0.4 - 0.9 0.9 - 1.5 1.5 - 2.1 2.1 - 2.7 2.7 - 3.2
94
Independent Power and Renewable
Electricity Producers – Continued
As of June 30, 2023
Median Multiples
6.0 25.0
5.0
20.0
EV/EBITDA & P/E

P/B & EV/SALES
4.0
15.0
3.0
10.0
2.0
5.0
1.0
- -
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
databases.
95
23
Q2 CY23
96
Diversified Financial Services
As of June 30, 2023
High 3.2x 38.2x 3.2x 6.6x
Mean 1.1x 9.2x 1.1x 3.6x
Median 0.7x 6.7x 0.7x 3.0x
Low 0.3x 2.3x 0.3x 1.9x
P/BV P/E
35% 35%
30% 30%
ADJUSTED ROE (%)
ADJUSTED ROE (%)

25% 25%
20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
- 1.0 2.0 3.0 4.0 - 2.0 4.0 6.0 8.0 10.0 12.0
97
Diversified Financial Services – Continued
As of June 30, 2023
P/BV P/E
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8 8
7 7
6 6
5 5
4 4
3 3
2 2
1 1
- -
0.3 - 0.9 0.9 - 1.4 1.4 - 2 2 - 2.6 2.6 - 3.2 2.3 - 9.4 9.4 - 16.6 16.6 - 23.8 23.8 - 31 31 - 38.2

NUMBER OF COMPANIES
NUMBER OF COMPANIES
8 6
7
5
6
4
5
4 3
3
2
2
1
1
- -
0.3 - 0.9 0.9 - 1.5 1.5 - 2.1 2.1 - 2.6 2.6 - 3.2 1.9 - 3.5 3.5 - 5.1 5.1 - 6.7 6.7 - 8.4 8.4 - 10
98
Diversified Financial Services – Continued
As of June 30, 2023
Median Multiples
0.9 8.0
0.8 7.0
0.7
6.0

0.6
5.0
0.5
4.0
P/B
0.4
3.0
0.3
2.0
0.2
0.1 1.0
0.0 0.0
- Q8 - Q7 - Q6 - Q5 - Q4 - Q3 - Q2 - Q1 30-06-2023
6/30/23
calculated using as ROE x (1-dividend payout ratio); Market value of equity is computed using diluted number of shares.
99
24
Q2 CY23
100
Industry Definitions
The industry classifications for the companies represented in this report are based on the 2017 Global Industry Classification Standard
(GICS®). Below are brief descriptions of sub-industries that comprise broader industries based on the 2017 GICS® guidelines:
Consumer Discretionary
Auto Parts and Equipment Companies that manufacture parts and accessories for automobiles and motorcycles, including tires and rubber.
Companies that produce mainly passenger automobiles and light trucks. Also includes companies that produce motorcycles, scooters
Automobile Manufacturers
or three-wheelers.
Owners and operators of television or radio broadcasting systems, including radio and television, broadcasting, radio networks and
radio stations; providers of cable or satellite television and satellite radio services, cable networks and program distribution.
Media
Companies that provide advertising, marketing or public relations services. Also includes publishers of newspapers, magazines and
books in print or electronic formats.
Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer handbags, wallets,
Apparel
luggage, jewelry and watches and manufacturers of textile and related products.
Manufacturers of electric household appliances and related products. Includes manufacturers of durable household products and
Household Appliances
power and hand tools, including garden improvement tools but excluding televisions and other audio and video products.
Financials
Diverse commercial institutions that have national footprints and whose revenues are derived primarily from conventional banking
Banks operations, have significant business activity in retail banking and small and medium corporate lending and provide a diverse range of
financial services. Also includes regional banks that tend to operate in limited geographic regions but excludes investment banks.
Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services and
Consumer Finance
pawn shops.
Financial exchanges for securities, commodities, derivatives and other financial instruments; providers of financial decision-support
Diversified Financial Services tools and products, including ratings agencies. Providers of a diverse range of financial services and/or with some interest in services,
including banking, insurance and capital markets, but with no dominant business line.
Financial institutions primarily engaged in diversified capital market activities, including a significant presence in at least two of the
Capital Markets following areas: large/major corporate lending, investment banking, brokerage and asset management. Includes financial exchanges
for securities, commodities, derivatives and other financial instruments.
Global Industry Classification Standard® (GICS®) was developed by S&P Dow Jones Indexes, an independent, international financial data and investment services company and a leading
provider of global equity indexes, and MSCI, a premier independent provider of global indexes and benchmark-related products and services.
101
Industry Definitions – Continued
Health Care
Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and retirement centers and animal
Health Care Facilities hospitals. Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services and
and Services pharmacy management services. Also includes companies providing business support services to health care providers, such as
clerical support services, collection agency services, staffing services and outsourced sales and marketing services.
Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs. Companies primarily
Pharmaceuticals and
engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis and genetic
Biotechnology
engineering. Includes companies specializing in protein-based therapeutics to treat human diseases.
Materials
Companies that primarily produce industrial and basic chemicals, including but not limited to plastics, synthetic fibers, films,
Chemicals commodity-based paints and pigments, explosives and petrochemicals. Producers of fertilizers, pesticides, potash or other
agriculture-related chemicals, including industrial gases and other diversified ranges of chemical products.
Construction Materials Manufacturers of construction materials, including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks.
Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle aluminum
to produce finished or semifinished products. Companies engaged in copper ore mining or the production of iron and steel and related
Metals and Mining
products, including metallurgical (coking) coal mining used for steel production. Companies having other diversified mining
operations but excluding gold, silver and other precious metals.
Utilities
Companies that produce or distribute electricity, including nuclear and non-nuclear facilities. Also includes companies whose main
Electric and Gas Utilities
charter is to distribute and transmit natural and manufactured gas.
Independent Power and Companies that operate as independent power producers, gas and power marketing and trading specialists and/or integrated energy
Renewable Electricity merchants. Companies that engage in the generation and distribution of electricity using renewable sources, including but not limited
Producers to companies that produce electricity using biomass, geothermal energy, solar energy, hydropower and wind power.
102
Industry Definitions – Continued
All Other Industries

Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to the
Energy generation of energy. Companies engaged in the exploration and production of oil and gas. Companies engaged in the refining and
marketing of oil, gas and/or refined products.
Producers of packaged foods, including dairy products, fruit juices, meats, poultry, fish and pet foods. Producers of nondurable
Household and Personal
household products, including detergents, soaps, diapers and other tissue and household paper products. Manufacturers of personal
Products
and beauty care products, including cosmetics and perfumes.
Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools,
Industrial Machinery
compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications.
Construction and
Companies engaged in primarily nonresidential construction. Includes civil engineering companies and large-scale contractors.
Engineering
Companies providing services and infrastructure for the internet industry, including data centers and cloud networking and storage
Internet Services and
infrastructure. Also includes companies providing web hosting services. Excludes companies classified in the application software
Infrastructure
industry.
Companies engaged in developing and producing software designed for specialized applications for the business or consumer
market. Includes enterprise and technical software as well as cloud-based software. Excludes companies classified in the interactive
Application Software
home entertainment sub-industry. Also excludes companies producing systems or database management software classified in the
systems software sub-industry.
Companies that develop real estate and sell the properties after development and engage in a diverse spectrum of real estate
Real Estate activities, including real estate development and sales, real estate management or real estate services, but with no dominant
business line.
103
25
Q2 CY23
104
Contributors
Umakanta Panigrahi
Managing Director, Valuation Advisory Services,
Mumbai
T +91 (0)22 6623 1002
Umakanta.Panigrahi@Kroll.com
Umakanta Panigrahi is a managing director in the Valuation Advisory Services practice, based in Mumbai. In his current role, Umakanta is
responsible for the overall financial valuation and portfolio valuation practices of West and South India. He has over 15 years of experience in
financial advisory services, including valuation, fairness opinion, disputes, restructuring, equity research, credit research and other advisory
services. Umakanta has managed a range of mandates, including business valuation, intellectual property valuation and complex capital structure
valuation.
Prior to joining Kroll, Umakanta worked with the Financial Advisory Services practice of Deloitte and the Investment Research & Valuation team of
Evalueserve.
Umakanta has managed and executed a range of financial advisory engagements across several industries, including energy, utilities,
infrastructure, private equity, insurance and financial services, health care, telecom, media and entertainment, retail, and IT and ITES, for M&A,
accounting and tax reporting, transfer pricing, litigation, dispute resolution and other strategic purposes. He has also advised several clients on
swap ratio determination, corporate finance, business plan development and review, exit strategies and shareholders’ disputes.
Umakanta’s specialization includes early-stage companies’ valuation, including the valuation of complex financial instruments (such as complex
convertible instruments, earn-out and contingent payments, cross-currency interest rate swaps, options and other hedging instruments). He has
also advised several companies on distress debt transaction, earn-out structuring and ESOP structuring.
Umakanta holds an MBA from and a bachelor’s degree in business administration from Utkal University. He is also a member of the Royal
Institution of Chartered Surveyors (MRICS) under Valuation of Business and Intangible Assets pathway, and he is certified in Entity and Intangible
Valuations™ (CEIV™) from the American Society of Appraisers.
105
Contributors
Editorial
Team
Jash Shah Ami Sanghani
Nikhil Bhatia Rishika Vichare
106
For more information, please contact:
Mumbai New Delhi Bangalore Hyderabad

14th floor, Raheja Tower, 206/207, WorldMark 2, CoWorks – Unit P05 6th Floor, B Wing, Smartworks
Bandra Kurla Complex, Hospitality District, Aerocity, Ward No. 76, Purva Premiere, Coworking Space Pvt. Ltd. Purva
Bandra (East), New Delhi - 110037 No 135/1, Residency Rd, Summit, White Field Road
Mumbai - 400 051 +91 11 4935 9800 Bengaluru, Karnataka 560025 HITEC City, Madhapur
+91 22 6623 1000 +91 22 6294 1520 Hyderabad – 500 081
+91 913 6653 051
This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a
substitute for detailed research or the exercise of professional judgment. While due care has been taken in the preparation of this document
and information contained herein, Kroll does not accept any liability whatsoever for any direct or consequential loss howsoever arising from
any use of this document or its contents or otherwise arising in connection herewith.
About Kroll
As the leading independent provider of risk and financial advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex demands. Kroll’s global team
continues the firm’s nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to
create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities.
Learn more at www.kroll.com.
M&A advisory, capital raising and secondary market advisory services in the United States are provided by Kroll Securities, LLC (member FINRA/SIPC). M&A advisory, capital raising and secondary
market advisory services in the United Kingdom are provided by Kroll Securities Ltd., which is authorized and regulated by the Financial Conduct Authority (FCA). Valuation Advisory Services in India
are provided by Kroll Advisory Private Limited (formerly, Duff & Phelps India Private Limited), under a category 1 merchant banker license issued by the Securities and Exchange Board of India.
© 2023 Kroll, LLC. All rights reserved.

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June 2023

Median EV/EBITDA Multiples

As of June 30, 2023 Average (Mar'18 to Jun'23)

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

ADJUSTED ROE (%)

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

P/TBV Market Cap/Revenue

P/E & Market Cap/Revenue

ADJUSTED ROE (%)

P/TBV Market Cap/Revenue

P/E & Market Cap/Revenue

ADJUSTED ROE (%)

P/TBV Market Cap/Revenue

P/E & Market Cap/Revenue

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

EV/EBITDA & P/E

ADJUSTED ROE (%)

P/TBV Market Cap/Revenue

P/E & Market Cap/Revenue

All Other Industries

Nikhil Bhatia Rishika Vichare

Mumbai New Delhi Bangalore Hyderabad

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