The Middle Market Barometer
Multiples paid in the Brazilian middle market, with the methodology disclosed
The thesis
A multiple published without methodology is noise. This document publishes the entire computation, so that readers can disagree with the method rather than accept the number
What the study establishes
1
Dispersion within each sector exceeds the difference between sectors
2
One transaction's multiple is not comparable to another's without normalising the payment structure
3
The absence of a Brazilian public database requires building the sample case by case
Contents
- What the barometer is
- The methodology
- The sample
- Multiples by sector
- The dispersion
- The limitations
- The mandate