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V·01
Valuation benchmarks · updated monthly · 2026-07-03

The valuation multiples Misano works with.

EV/EBITDA and EV/Sales bands for 82 NACE sectors and 62 curated niches — the same benchmark the Misano valuation engine applies to European SMEs. Published in full, because a number you can't inspect is a number you can't trust.

82
NACE divisions with a benchmark
62
curated niches from real transactions
€2–150m
typical EV of benchmarked companies
V·02
Methodology

Where the numbers come from.

All bands are control-transaction basis, pre-synergy, calibrated to the European lower-mid-market (typical EV €2–150m). Low / mid / high is a quality spread within the sector — margins, growth, revenue recurrence and size decide where a specific company sits, not optimism.

NACE bands benchmark each 2-digit NACE Rev. 2.1 division against disclosed European private-market transactions and sector reports. Niche bands go a level deeper: each of the 62 niches is anchored on named, sourced reference deals and re-curated monthly. Evidence quality (High → Low) says how much disclosed data stands behind the range — we publish it instead of hiding it.

Multiples are one leg of the Misano valuation. The DCF leg follows Metodika C1.0: FCFF discounted at WACC, cost of equity via CAPM (Ke = Rf + β·ERP + CRP) using Damodaran industry parameters (Jan 2026 vintage — unlevered betas, total beta for undiversified private owners, equity and country risk premia; Europe dataset with global fallback), and a Gordon terminal value with growth hard-capped at the risk-free rate. Attribution: Aswath Damodaran, pages.stern.nyu.edu/~adamodar — aggregate use for valuation permitted; we do not republish his datasets.

In the app, each company gets a NACE baseline, a niche override where it maps to a curated niche, or your own custom multiples — and the football field shows every leg (multiples, DCF, comparable transactions) side by side against the asking price.

Benchmarks, not investment advice. A specific company's multiple depends on its size, margin, growth, customer concentration and deal structure. Free to cite with attribution to Misano (misano.ai/guides/multiples).

V·03
NACE divisions

EV/EBITDA and EV/Sales by NACE division.

NACE Rev. 2.1, 2-digit divisions. Five divisions (public administration, households, extraterritorial bodies) have no private M&A market and carry no benchmark.

NACEDivisionEV/EBITDA (low · mid · high)EV/Sales (low · mid · high)Evidence
01Crop and animal production, hunting and related service activities3× · 4× · 5.5×0.3× · 0.7× · 1.2×Medium-Low
02Forestry and logging3× · 4× · 5.5×0.3× · 0.7× · 1.1×Medium-Low
03Fishing and aquaculture3× · 4× · 5.5×0.3× · 0.7× · 1.2×Low
05Mining of coal and lignite3.5× · 5× · 7×0.7× · 1.3× · 2×Low
06Extraction of crude petroleum and natural gas4× · 6.5× · 8×1× · 2× · 3×Medium-Low
07Mining of metal ores4× · 6× · 8×0.8× · 1.5× · 2.5×Low
08Other mining and quarrying4× · 5.5× · 7×0.6× · 1.1× · 2×Low
09Mining support service activities4× · 6× · 8×0.8× · 1.4× · 2.4×Low
10Manufacture of food products5× · 7× · 8.5×0.8× · 1.4× · 2×High
11Manufacture of beverages6× · 8× · 10×1× · 1.8× · 2.5×Medium
12Manufacture of tobacco products6× · 8× · 10×1× · 1.8× · 2.5×Low
13Manufacture of textiles3.5× · 5× · 7×0.4× · 0.8× · 1.4×Medium-Low
14Manufacture of wearing apparel3× · 4.5× · 6.5×0.4× · 0.8× · 1.3×Medium-Low
15Manufacture of leather and related products of other materials3× · 4.5× · 6.5×0.4× · 0.8× · 1.3×Low
16Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials4× · 5.5× · 7×0.5× · 0.9× · 1.5×Medium
17Manufacture of paper and paper products4.5× · 6× · 8×0.5× · 1× · 1.6×Medium
18Printing and reproduction of recorded media3.5× · 5× · 7×0.4× · 0.8× · 1.3×Medium-Low
19Manufacture of coke and refined petroleum products4× · 6× · 8×0.8× · 1.5× · 2.5×Low
20Manufacture of chemicals and chemical products6× · 8.5× · 11×0.9× · 1.7× · 2.5×Medium
21Manufacture of basic pharmaceutical products and pharmaceutical preparations10× · 14× · 20×2× · 4× · 7×Medium
22Manufacture of rubber and plastic products5× · 7× · 10×0.7× · 1.3× · 2×Medium
23Manufacture of other non-metallic mineral products5× · 7× · 9×0.7× · 1.2× · 1.8×Medium
24Manufacture of basic metals4.5× · 6.5× · 9×0.6× · 1.1× · 1.8×Medium-Low
25Manufacture of fabricated metal products, except machinery and equipment5× · 7× · 10×0.7× · 1.2× · 2×High
26Manufacture of computer, electronic and optical products7× · 11× · 18×1.2× · 2.5× · 5×Medium
27Manufacture of electrical equipment6× · 9× · 13×0.9× · 1.8× · 3×Medium-High
28Manufacture of machinery and equipment n.e.c.5.5× · 8× · 12×0.8× · 1.5× · 2.5×High
29Manufacture of motor vehicles, trailers and semi-trailers5× · 7× · 10×0.5× · 1× · 1.6×Medium
30Manufacture of other transport equipment6× · 9× · 15×0.8× · 1.8× · 3.5×Medium
31Manufacture of furniture4× · 5.5× · 7×0.4× · 0.8× · 1.3×Medium-Low
32Other manufacturing4.5× · 6.5× · 9×0.6× · 1.1× · 1.8×Medium-Low
33Repair, maintenance and installation of machinery and equipment5× · 7× · 10×0.7× · 1.2× · 2×Medium
35Electricity, gas, steam and air conditioning supply5× · 10× · 18×1.2× · 3× · 5×Medium
36Water collection, treatment and supply8× · 12× · 16×1.5× · 2.5× · 4×Medium
37Sewerage8× · 13× · 18×1.5× · 3× · 4.5×Medium
38Waste collection, recovery and disposal activities12× · 17× · 21×2× · 3.5× · 5×High
39Remediation activities and other waste management service activities10× · 15× · 21×1.5× · 3× · 5×Medium-High
41Construction of residential and non-residential buildings3.5× · 5× · 6.5×0.3× · 0.7× · 1.1×High
42Civil engineering4× · 5.5× · 8×0.4× · 0.9× · 1.3×Medium-High
43Specialised construction activities4× · 6× · 9×0.4× · 0.9× · 1.4×High
46Wholesale trade3.5× · 5× · 7×0.4× · 0.8× · 1.4×High
47Retail trade3× · 5× · 10×0.4× · 1× · 1.8×High
49Land transport and transport via pipelines4× · 5.5× · 8×0.4× · 0.8× · 1.3×High
50Water transport4× · 6× · 8×0.5× · 1× · 1.6×Low
51Air transport4× · 6.5× · 9×0.5× · 1× · 1.8×Low
52Warehousing, storage and support activities for transportation5× · 7× · 9×0.6× · 1.2× · 1.8×High
53Postal and courier activities4× · 6× · 8×0.5× · 1× · 1.6×Medium
55Accommodation4.5× · 5× · 6.5×0.6× · 1× · 1.5×High
56Food and beverage service activities2.8× · 4× · 5.5×0.3× · 0.7× · 1.1×High
58Publishing activities5× · 8× · 12×0.8× · 1.8× · 3×Medium-Low
59Motion picture, video and television programme production, sound recording and music publishing activities4× · 7× · 12×0.5× · 1.5× · 3×Low
60Programming, broadcasting, news agency and other content distribution activities4× · 7× · 11×0.5× · 1.3× · 2.5×Low
61Telecommunication6× · 9× · 13×1× · 2.5× · 4×Medium
62Computer programming, consultancy and related activities8× · 15× · 25×2.5× · 4.7× · 8.2×High
63Computing infrastructure, data processing, hosting and other information service activities7× · 12× · 22×2× · 4× · 8×Medium-High
64Financial service activities, except insurance and pension funding8× · 12× · 15×2× · 4× · 8×Medium
65Insurance, reinsurance and pension funding, except compulsory social security7× · 11× · 14×1.5× · 3× · 5×Medium
66Activities auxiliary to financial services and insurance activities6.5× · 10× · 15×1.5× · 3× · 6×Medium-High
68Real estate activities5× · 7× · 9×1× · 2× · 3.5×Medium
69Legal and accounting activities4.5× · 6.5× · 9×0.7× · 1.3× · 2.2×High
70Activities of head offices and management consultancy5× · 8× · 12×0.8× · 1.7× · 2.8×Medium-High
71Architectural and engineering activities; technical testing and analysis4.5× · 7× · 10×0.7× · 1.3× · 2.2×High
72Scientific research and development6× · 10× · 16×1× · 2.5× · 5×Low
73Activities of advertising, market research and public relations4× · 6.5× · 12×0.4× · 1× · 1.8×Medium
74Other professional, scientific and technical activities4× · 6.5× · 10×0.5× · 1.2× · 2×Medium
75Veterinary activities5.8× · 7× · 10×1× · 2× · 3×Medium-High
77Rental and leasing activities4× · 6× · 9×0.5× · 1.1× · 2×Medium
78Employment activities3.5× · 5× · 7×0.3× · 0.7× · 1.2×Medium
79Travel agency, tour operator and other reservation service and related activities3.5× · 5× · 7×0.4× · 0.9× · 1.5×Medium-Low
80Investigation and security activities4× · 6× · 8×0.5× · 1× · 1.6×Medium
81Services to buildings and landscape activities4× · 5.5× · 8×0.5× · 1× · 1.6×High
82Office administrative, office support and other business support activities4× · 6× · 9×0.5× · 1× · 1.8×Medium
85Education5.5× · 8× · 10×0.8× · 1.5× · 2.5×Medium-High
86Human health activities7× · 10× · 14×1.2× · 2.2× · 3.2×High
87Residential care activities5.5× · 8× · 11×0.8× · 1.6× · 2.5×Medium-High
88Social work activities without accommodation4.5× · 7× · 10×0.6× · 1.3× · 2.2×Medium
90Arts creation and performing arts activities3× · 5× · 8×0.4× · 1× · 2×Low
91Libraries, archives, museums and other cultural activities3× · 4.5× · 7×0.3× · 0.8× · 1.5×Low
92Gambling and betting activities5× · 8× · 12×1× · 2.5× · 4×Low
93Sports activities and amusement and recreation activities3× · 5× · 7.5×0.4× · 1× · 1.8×Medium-Low
95Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles3× · 4.5× · 6.5×0.3× · 0.7× · 1.2×Medium-Low
96Personal service activities2.4× · 3.5× · 5.5×0.3× · 0.7× · 1.2×Medium-Low
V·04
Curated niches

Niches priced from real transactions.

A niche is finer than a NACE division — 'vertical B2B SaaS' inside software publishing, 'insurance brokerage' inside financial services. Each range is anchored on named reference deals and re-curated monthly.

NACENicheEV/EBITDA (low · mid · high)EV/Sales (low · mid · high)Evidence
58Vertical / industry-specific B2B SaaS9× · 13× · 18×3× · 4.5× · 6.5×High
62ERP software & implementation8× · 11× · 15×1.5× · 3× · 4.5×Medium
66B2B payments / paytech9× · 13× · 18×3× · 4.5× · 6×High
58Payroll & HR SaaS9× · 12× · 16×3× · 4.5× · 6×Medium
58Accounting / bookkeeping SaaS10× · 14× · 18×3.5× · 5× · 7×High
58Proptech / real-estate SaaS8× · 11× · 15×3× · 4.5× · 6.5×Medium
58Regtech / KYC / AML compliance software10× · 14× · 20×4× · 6× · 9×High
58LegalTech / contract & compliance SaaS10× · 14× · 19×4× · 6× · 9×High
58Healthcare / clinical SaaS9× · 12× · 16×2.5× · 4× · 6×Medium
58Insurtech / insurance core SaaS10× · 14× · 19×3.5× · 5× · 7.5×Medium
58EdTech / B2B learning SaaS8× · 11× · 14×2× · 3.5× · 5.5×Low
10Specialty coffee roasting5× · 7.5× · 10×0.8× · 1.5× · 2.5×Medium
11Craft brewery4× · 7× · 11×0.8× · 2× · 4×High
10Contract food manufacturing (co-manufacturing/private label)6× · 8.5× · 11×0.6× · 1× · 1.6×High
10Pet food brand / treats manufacturer8× · 11× · 15×1× · 2× · 3.5×Medium
20Premium cosmetics / skincare brand8× · 12× · 16×1.5× · 3× · 5×High
32Eyewear brand / manufacturing7× · 10× · 13×1× · 2× · 3.5×Medium
14Streetwear / fashion apparel brand6× · 9× · 12×0.6× · 1.5× · 3×High
47DTC / e-commerce consumer brand6× · 9× · 12×0.7× · 1.5× · 2.5×Medium
10Bakery chain / industrial bakery6× · 8× · 11×0.6× · 1× · 1.8×Medium
56Restaurant / cafe chain5× · 7.5× · 10×0.6× · 1.2× · 2×Medium
46Wine / spirits distributor5× · 6.5× · 9×0.3× · 0.6× · 1×High
10Supplements / nutraceuticals brand8× · 11× · 14×0.8× · 1.8× · 3×Medium
31Furniture / homeware brand6× · 8.5× · 11×0.6× · 1× · 1.8×Medium
43HVAC installation & service contractor4× · 6× · 8×0.5× · 0.8× · 1.2×Medium
43Electrical installation contractor4× · 5.5× · 7.5×0.4× · 0.7× · 1×Medium
43Plumbing & fire-safety / fire-protection contractor4× · 6× · 7.5×0.5× · 0.8× · 1.2×Medium
33Industrial automation system integrator5× · 7× · 9×0.5× · 0.8× · 1.2×Medium
25Precision machining / CNC machine shop4× · 5.5× · 6.5×0.5× · 0.8× · 1.2×Medium
17Packaging manufacturer (paper/plastic/flexible)5.5× · 7× · 9×0.7× · 1× · 1.4×High
22Plastic injection moulding5× · 7× · 9×0.7× · 0.9× · 1.3×Medium
25Sheet metal fabrication4.5× · 6× · 8×0.4× · 0.7× · 1×Medium
46Building materials distributor / builders' merchant6× · 8× · 10×0.3× · 0.5× · 0.8×Medium
38Waste management & recycling6× · 8× · 10×0.8× · 1.2× · 1.8×High
26Contract electronics manufacturing (EMS)5× · 7× · 9×0.2× · 0.4× · 0.6×High
52Freight forwarding / 3PL6× · 8× · 10×0.2× · 0.4× · 0.7×High
53Last-mile courier / parcel delivery6× · 8.5× · 12×0.4× · 0.8× · 1.3×Medium
52Cold chain / temperature-controlled logistics8× · 11× · 14×0.8× · 1.3× · 2×Medium
45Automotive repair / collision-repair chain4.5× · 6× · 8×0.4× · 0.7× · 1×Medium
62Managed IT services provider (MSP)5× · 7.5× · 10×0.8× · 1.3× · 2×High
62Cybersecurity / managed security services (MSSP)7× · 10× · 13×1× · 1.8× · 3×Medium
69Accounting / bookkeeping firm4× · 6× · 8×0.8× · 1.1× · 1.5×Medium
78Staffing / recruitment agency4× · 6× · 8×0.3× · 0.6× · 1×High
71Engineering / technical consultancy6× · 8× · 10×0.6× · 1× · 1.4×Medium
71Testing, inspection & certification (TIC)8× · 11× · 14×1.2× · 1.8× · 2.5×Medium
68Property / real-estate management services7× · 9× · 12×1× · 1.6× · 2.5×Low
81Integrated facility management6× · 8× · 11×0.5× · 0.8× · 1.2×Medium
80Manned security / guarding services4× · 5.5× · 7.5×0.3× · 0.5× · 0.8×Medium
81Commercial / contract cleaning services4× · 5.5× · 7.5×0.3× · 0.5× · 0.8×Low
82BPO / contact centre services6× · 8× · 10×0.8× · 1.4× · 2×Medium
75Veterinary clinic group / roll-up7× · 9.5× · 12×1.3× · 2× · 2.9×Medium
86Dental clinic group (DSO)6× · 8× · 11×1× · 1.4× · 1.9×Medium
86Physiotherapy / rehabilitation clinics5× · 7× · 9×0.8× · 1.2× · 1.6×Low
86Dermatology / medical aesthetic clinics8× · 11× · 15×1.5× · 2.8× · 4×Medium
86Ophthalmology clinic group9× · 12× · 16×1.8× · 2.8× · 4×Medium
86Fertility / IVF clinics10× · 13× · 17×2.2× · 3.5× · 6×High
86Clinical diagnostic laboratories8× · 10× · 13×1.5× · 2.2× · 3×Medium
32Medtech consumables manufacturing / distribution9× · 12× · 16×1.5× · 2.5× · 4×Low
87Elderly residential care homes6× · 8× · 10×1× · 1.7× · 2.5×Medium
88Childcare / day nurseries group5× · 7× · 10×0.8× · 1.3× · 2.3×Medium
85Private tutoring / education centers7× · 10× · 13×1× · 1.7× · 2.7×Low
93Gyms / fitness studios chain6× · 9× · 12×1× · 1.8× · 2.8×Medium
V·05
FAQ

How to read the tables.

01

How do I value a company with EV/EBITDA?

Enterprise value = normalized EBITDA × the multiple. Equity value = enterprise value − net debt. Example: a Czech manufacturer with normalized EBITDA of CZK 30m in a sector at 5–7× is worth roughly CZK 150–210m enterprise value; subtract net debt to get the price of the shares. The hard part is normalizing EBITDA (owner salary, one-offs, related-party items) and picking where in the band the company sits.

02

Why low / mid / high instead of one number?

Because the spread inside a sector is real. Mid is a solid, average-quality company in the sector. Low is small, owner-dependent, cyclical or low-margin; high is larger, growing, with recurring revenue and a defensible position. Picking the band position is the actual valuation judgement.

03

Why are these lower than the multiples I see for US public companies?

Three compounding discounts: size (a €5m-EBITDA business trades far below a €500m one), illiquidity (private shares can't be sold tomorrow), and basis (these are control transactions priced pre-synergy, not liquid minority tickets). Comparing a Czech SME to NASDAQ comps without those discounts is the single most common valuation error.

04

Where do the numbers come from?

A benchmark curated monthly by Misano: disclosed European private-market transactions, sector M&A reports, and — for niches — named reference deals with sources. Each row carries an evidence-quality grade (High → Low) that says how much disclosed data backs the range. DCF parameters (betas, risk premia) come from Damodaran's datasets with attribution.

05

How does Misano choose the multiple for my target company?

Baseline: the company's NACE division band. If the company maps to one of the curated niches, the niche band applies instead. You can override either with your own multiples per company or per niche. The football field then shows every valuation leg — multiples, DCF, comparable transactions — against the asking price.

06

May I reuse these tables?

Yes — cite Misano (misano.ai/guides/multiples) and the snapshot date. A machine-readable JSON of the full dataset is at misano.ai/api/multiples.

V·06
Apply it

From a benchmark to a scored valuation. In minutes.

Misano applies these bands to a real company automatically — upload the financials as PDF or XLSX and the company gets scored and valued, any company in any market. Where we support a local registry — Czechia today — paste a company ID instead and we pull the filings for you. DCF, valuation band, comparable transactions, and an AI-written thesis. From €39/month.

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