How do I find the multiple for my industry?
Published sector averages are drawn from transactions far larger than most SMEs. Confirm the size band before using any comparable — and if you cannot find it, do not use the figure.
Sector averages are freely available and mostly misleading, because published transactions skew toward deals large enough to be reported. A "6× for logistics" figure is usually drawn from businesses at €5M of EBITDA, not €400,000.
What makes a comparable usable
- Same size band — within roughly half to double your earnings
- Same buyer type — an individual buyer prices differently from a fund
- Recent — multiples move with interest rates and credit availability
- Known earnings basis — SDE and EBITDA multiples are not interchangeable
- Enough detail to know whether it was a share or asset transaction
A comparable failing any of these is not a weak data point. It is a different market.
Where to look
Broker-published transaction databases for your country, industry association reports, and — where available — the disclosed multiples in listed company acquisitions of businesses like yours. Treat all of them as the midpoint of a wide distribution rather than as your number.
What to do with the average once you have it
Place yourself inside the distribution using the four drivers: size, growth, customer concentration and owner dependence. That placement is worth more than the average itself, and it is the part a buyer will actually argue about.
EBITDA multiple explained covers how far each driver moves you; common valuation mistakes covers what happens when the size band is ignored.