{
  "name": "ValorPME — EV/EBITDA multiples by sector and country, 2026",
  "description": "EV/EBITDA valuation multiples and EBITDA margins for 11 sectors across 12 countries, calibrated on Argos Index, Avolta, Epsilon PME/mid-market transactions 2023-2026.",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "ValorPME / ValorSME — https://valor-pme.com",
  "temporalCoverage": "2026",
  "generatedAt": "2026-07-08",
  "unit": {
    "ev_ebitda": "multiple",
    "ebitda_margin": "percent"
  },
  "rows": [
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "FR",
      "countryName": "France",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "GB",
      "countryName": "United Kingdom",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "US",
      "countryName": "United States",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "AU",
      "countryName": "Australia",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "SG",
      "countryName": "Singapore",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "IN",
      "countryName": "India",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "NZ",
      "countryName": "New Zealand",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "IE",
      "countryName": "Ireland",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "CA",
      "countryName": "Canada",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "ZA",
      "countryName": "South Africa",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "DE",
      "countryName": "Germany",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "services-b2b",
      "sectorLabel": "Services B2B / Conseil",
      "country": "ES",
      "countryName": "Spain",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 15,
      "ebitdaMarginMaxPct": 25
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "FR",
      "countryName": "France",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "GB",
      "countryName": "United Kingdom",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "US",
      "countryName": "United States",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "AU",
      "countryName": "Australia",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "SG",
      "countryName": "Singapore",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "IN",
      "countryName": "India",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "NZ",
      "countryName": "New Zealand",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "IE",
      "countryName": "Ireland",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "CA",
      "countryName": "Canada",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "ZA",
      "countryName": "South Africa",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "DE",
      "countryName": "Germany",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "software-saas",
      "sectorLabel": "Software / SaaS",
      "country": "ES",
      "countryName": "Spain",
      "evEbitdaMin": 8,
      "evEbitdaMax": 15,
      "ebitdaMarginMinPct": 20,
      "ebitdaMarginMaxPct": 40
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "FR",
      "countryName": "France",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "GB",
      "countryName": "United Kingdom",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "US",
      "countryName": "United States",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "AU",
      "countryName": "Australia",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "SG",
      "countryName": "Singapore",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "IN",
      "countryName": "India",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "NZ",
      "countryName": "New Zealand",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "IE",
      "countryName": "Ireland",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "CA",
      "countryName": "Canada",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "ZA",
      "countryName": "South Africa",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "DE",
      "countryName": "Germany",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "tech",
      "sectorLabel": "Technologie (hardware)",
      "country": "ES",
      "countryName": "Spain",
      "evEbitdaMin": 7,
      "evEbitdaMax": 12,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "FR",
      "countryName": "France",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "GB",
      "countryName": "United Kingdom",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "US",
      "countryName": "United States",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "AU",
      "countryName": "Australia",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "SG",
      "countryName": "Singapore",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "IN",
      "countryName": "India",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "NZ",
      "countryName": "New Zealand",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "IE",
      "countryName": "Ireland",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "CA",
      "countryName": "Canada",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "ZA",
      "countryName": "South Africa",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "DE",
      "countryName": "Germany",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "industrie",
      "sectorLabel": "Industrie / Manufacturier",
      "country": "ES",
      "countryName": "Spain",
      "evEbitdaMin": 5,
      "evEbitdaMax": 7,
      "ebitdaMarginMinPct": 10,
      "ebitdaMarginMaxPct": 15
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "FR",
      "countryName": "France",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "GB",
      "countryName": "United Kingdom",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "US",
      "countryName": "United States",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "AU",
      "countryName": "Australia",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "SG",
      "countryName": "Singapore",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "IN",
      "countryName": "India",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "NZ",
      "countryName": "New Zealand",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "IE",
      "countryName": "Ireland",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "CA",
      "countryName": "Canada",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "ZA",
      "countryName": "South Africa",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "DE",
      "countryName": "Germany",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "construction",
      "sectorLabel": "Construction / BTP",
      "country": "ES",
      "countryName": "Spain",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 12
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "FR",
      "countryName": "France",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "GB",
      "countryName": "United Kingdom",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "US",
      "countryName": "United States",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "AU",
      "countryName": "Australia",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "SG",
      "countryName": "Singapore",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "IN",
      "countryName": "India",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "NZ",
      "countryName": "New Zealand",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "IE",
      "countryName": "Ireland",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "CA",
      "countryName": "Canada",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "ZA",
      "countryName": "South Africa",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "DE",
      "countryName": "Germany",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "logistique",
      "sectorLabel": "Logistique & transport",
      "country": "ES",
      "countryName": "Spain",
      "evEbitdaMin": 5,
      "evEbitdaMax": 8,
      "ebitdaMarginMinPct": 8,
      "ebitdaMarginMaxPct": 18
    },
    {
      "sector": "distribution",
      "sectorLabel": "Distribution / Commerce",
      "country": "FR",
      "countryName": "France",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 5,
      "ebitdaMarginMaxPct": 10
    },
    {
      "sector": "distribution",
      "sectorLabel": "Distribution / Commerce",
      "country": "GB",
      "countryName": "United Kingdom",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 5,
      "ebitdaMarginMaxPct": 10
    },
    {
      "sector": "distribution",
      "sectorLabel": "Distribution / Commerce",
      "country": "US",
      "countryName": "United States",
      "evEbitdaMin": 4,
      "evEbitdaMax": 6,
      "ebitdaMarginMinPct": 5,
      "ebitdaMarginMaxPct": 10
    },
    {
      "sector": "distribution",
      "sectorLabel": "Distribution / Commerce",
      "country": "AU",
      "countryName": "Australia",
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