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Global M&A Valuation Outlook 2014

American Appraisal is pleased to announce the publication of its Global M&A Valuation Outlook. This wide-reaching report, now in its third year, draws on in-depth analysis of American Appraisal’s own data from deals in 2013, compiled from its 24-country network of operations, combined with industry data on international corporate deal-flow. This report offers insight into the key issues that affect valuations in M&A over the next year.

Highlights from the report include:

  • The outlook for global M&A is optimistic, with dealmakers expecting average EBITDA multiples to rise from 9.2x in 2013 to 10.5x in 2014, and 11.3x in 2015.
  • Private equity multiples are expected to support this increase, with buyout multiples rising from 9.5x in 2013 to 11.2x in 2015, and exit multiples rising from 9.5x in 2013 to 11.4x in 2015.
  • The TMT sector is thriving as consolidation drives up multiples, which are expected to hit a new post-crisis peak of 11.7x in 2015.
  • Economic reforms in China have revitalized M&A and are expected to boost valuations from 11.3x in 2013 to 12.6x in 2015. While political uncertainty had stifled dealmaking in India with valuations having fallen in the first half of 2014, the positive outcome of the general elections is widely expected to boost M&A activity and an increase in valuations.
  • Although North American deal activity was flat in 2013, economic growth and the availability of debt mean that multiples are expected to increase from 9.0x in 2013 to 10.4x in 2014, and 11.2x in 2015.
  • In Northern and Western Europe, as well as Central and Eastern Europe, valuations are expected to reach new five-year highs by 2015. However, weak economic growth means that valuations in Southern Europe are expected to fall in 2014, before slightly rebounding in 2015.
     

Media Coverage
New York Times - Corporate Confidence Likely to Bring Pricier Deals

City A.M. - M&A valuations set to return to heights of 2007

Investment Europe - American Appraisal: M&A "back with a vengeance" as transactions to hit six-year high

ValueWalk - Global M&A Valuations To Hit ’07 Levels With 23% Rise

Financial News - M&A prices expected to soar as confidence returns (subscription required)

 


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