ari n rity
Dea
nce ur a In s
rs &
NE ZO
ke Bro
ty ua l Cas
u Sec
e&
s esin &R
,M
n
n NT N thaE OU ZesOs SC icNe Tis l ue)han r venss t pU aleO al reis le ) (SSC
Fi re
DI
n
al s teri Ma
il l s
ics
rM
st Pla
e Pap
n n
tor Mo n icle Veh rts & ries Pa cesso Ac
NE
l ers
The size Theofsize theofbubbles the bubbles represents represents the ratio the ratio of theof the business’s business’s sale price sale price (Median (Median ValueValue of Invested of Invested Capital, Capital, or MVIC) or MVIC) to theto the business’s business’s cash flow cash flow (Earnings (Earnings BeforeBefore Interest, Interest, Taxes,Taxes, Depreciation, Depreciation, and and Amortization, Amortization, or EBITDA). or EBITDA).
e, anc Fin
n
D I nnpurice enue ity ZO a tric v n M lec ale l re hEa re E IU OreNt ue) (S nua asu Me E M s mZo evenn an s to M a i PR e nt U ce al r th ) trum prIi annuore enue M In s m v n aEle e is l re P(RS sn c a i u r nse le p ann nts & Le (Sa me stru l In ica tus s Opt ara ice er v App ph ld S Fie gra s n as Tele vice s ing &G Ser e& ice oth Oil er v hon s ons ’ Cl S i n p e ca t o ys g ele Lin ing t uni sn &B lity nT sul inin i e m t M U n’s Con om a nc t ns n C s s Me s er & n atio Sub ine nic Sew tic ing Bus mu ter, no s n Min Wa ies Com ia g r n n ne oD ato n Viv pho bor Gas g s l La Tele & In l & ill in s i a r O ood er d ic itro gn ilitie ll D io & i e s cG put e M In V g We c. Fac Rad D leti n s n Mis shin Co m e s n are m i Ath e n t n gC u bl e vi c n g& P i Sys s ent eD rtin ted Nur i pm ra g Spo g ra l l ed Sto n Equ nte Ski ns er I n .n atio put vcs ni c Com dS mu n t ate hn l n Co m arc me r-re TV n ese uip ute s p io & o al R l Eq e nt om a Rad C adi ysic her rum pt R l Ph nst erip xce al I sors n rcia er P di c s, E me put Me & L e s ors tion Co m l& Com ect ica s a n u n onn ne r g ic m C Sur nt Ow try nic Com res e dus n nt ne ctro Sto Pat s l In er y Ele e pho cia chin tary n vice em ele Spe Ma Ser prie nag g nT o r P Ma ultin s& d s l n s s& Fie Con s. n uct on s ore rs & es ng rod gst rati es n cto n re tal vic Svc Flyi sP li Dru e pa Me ndu e s twa Ser rts, stic n lies tural i c o e vi c l Pr Supp ds n Sof ry Pla irpo ica c r es ita ed upp i & u Semated D n n n a e ut nA es Boa kag ces al S Str enc c t S i c n v e & r ui t Rel stri ted ma pac ian l Ag c r e l u m s r Pre ave Ind rica Ga yS Pha l App d Ci quip nts n r n r T n n ic, Fab ita r ctio n ica Printe ical E trume n ect toSrasn d ur g stru s , El me l In &S Do&c n n Con o r t n n tic ctro ons caGlas te cs. i i ing s s v , e the El e s Co n e sta cat ous ridc gS nci vice h ros oef cMt al E mmin uni ces Ser s ial arc il y H Age c, P Re ic,sEl ducts n ice s. on Pro a n erc ese am mm ing e di erv visi Colinns Co ogrte e& Svc o n ces mm l R rtis le-F r S i , ho p o P C r Prsta ing ms Tele sica sc&ati anc erv dve ing Ort ply ion e m & r S e i A n phy tur tat yste Sup leu ol S n put al E ng Pay ffiucn i r c nsu S t e r s O a m n e por Non etro elp ity e, I m l Com& R ces n n ers P H o nuf Oth t Co Cn cur ica & ans eal n n r om e Pro atio anc e Ma T S Pesing n lectr tus tD le & vice on, ust anc ta par Fin i n a n a r & r n t C E u D a Boa Ca b Pre t Ad par nt ng tu rk e i c n p t Ins n ort a e c A f lwo ipm stm nsp infe nu Mil Equ Dis Ma Tra n n Inve
80:1 40:1 20:1 10:1 5:1
90,000,000
90,000,000 80,000,000
80,000,000 70,000,000
70,000,000 60,000,000
50,000,000
60,000,000
50,000,000
40,000,000
40,000,000
30,000,000
30,000,000
20,000,000
20,000,000
10,000,000
9,000,000 10,000,000
9,000,000 8,000,000
8,000,000 7,000,000
7,000,000 6,000,000
6,000,000
5,000,000
5,000,000
4,000,000
4,000,000
3,000,000
3,000,000
3/3/08 6:52:15 PM
1487666877
0408_FVA_final.indd 101
$10,000,000 $10,000,000 or more or more
$1,000,000 $1,000,000 to $9,999,999 to $9,999,999
Agriculture, Agriculture, Forestry, Forestry, and Fishing and Fishing Mining Mining Construction Construction Manufacturing Manufacturing Transportation, Transportation, Communications, Communications, Electric, Electric, Gas, and Gas, and Sanitary Sanitary Services Services Wholesale Wholesale TradeTrade RetailRetail TradeTrade Finance, Finance, Insurance, Insurance, and Real and Estate Real Estate Services Services 80:1 40:1 20:1 10:1 5:1
SECTORS SECTORS SALE SALE PRICE PRICE TO TO EARNINGS EARNINGS RATIO RATIO
Highlighted Highlighted circlescircles represent the median represent the median data for datathe forentire the entire sector.sector.
MEDIAN MEDIAN ANNUAL ANNUAL REVENUE REVENUE