Multiples Heatmap: hectic Q1 further fuels valuation hike

European PE deal-makers appear to have quickly adjusted to the post-pandemic deal-making environment – delivering record deal value during the first quarter of the year. This follows on from a resilient performance in 2020, which saw annual deal volumes decrease only marginally despite the widespread disruption caused by the Covid-19 pandemic.

A renewed sense of confidence in the European PE market is reflected in a steady increase in valuations over the course of the year. Deal multiples saw four consecutive quarterly increases to reach 11.5x in the first quarter of the year – a new high. The sought-after TMT and healthcare sectors generated the highest multiples across sectors, with both displaying resilience amid the pandemic.

The UK and Ireland posted the highest valuations across Europe – and the highest quarter-on-quarter increase in multiples – with averages jumping to almost 13x in the first quarter. The region also saw the largest number of deals across Europe for the second quarter in a row – increasing by 27% compared with Q4 2020.

Click here to download the Q1 Multiples Heatmap report, including:

• Detailed breakdowns of pricing and activity trends for Q1 2020
• Quarterly pricing movements across the past six quarters
• Qualitative deep-dives on the Nordic market and the healthcare sector

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