Industry Multiples

Industry Multiples in India
J U N E 2 0 19 - E I G H T H E D I T I O N
Industry Multiples in India - June 2019 - Eighth Edition
Contents
4 Foreword
5 Summary
6 Median EV/EBITDA Multiples By Sector
Industry Multiples
7 Consumer Discretionary: Apparel

9 Consumer Discretionary: Auto Parts and Equipment
11 Consumer Discretionary: Household Appliances
13 Electric and Gas Utilities
15 Energy
17 Financials: Banks
19 Financials: Consumer Finance
21 Financials: Specialized Finance
23 Household and Personal Products
25 Industrial Machinery
27 Internet Services and Infrastructure
29 Application Software
31 Materials: Chemicals
33 Materials: Construction and Material
35 Materials: Metals and Mining
37 Pharmaceuticals and Biotechnology
39 Real Estate
41 Industrials : Construction & Engineering
43 Other Industries
45 Industry Definitions
47 Contributors
Duff & Phelps 3

Foreword
Dear Readers,
It gives me immense pleasure to share the eighth edition of our quarterly report “Industry
Multiples in India”. This quarter’s report provides trading multiples for various key industries
in India as of June 30, 2019.
Global equity markets (MSCI World Index) declined in May by approximately 5.7% after the
U.S. levied additional tariffs on Chinese imports. The markets turned buoyant in June as
central banks cut interest rates globally and on the hope of U.S. China trade war resolution.
On the other hand, the Indian equities market (S&P BSE Sensex) reached all-time-high
Varun Gupta levels of 40,000 in May 2019 on the back of a strong mandate for the incumbent
Managing Director and government, strong Foreign Portfolio Investor (FPI) inflows, buying by Domestic Institutional
Asia Pacific Leader for Investors (DIIs) and Reserve Bank of India (RBI)’s fourth successive interest rate cut.
Valuation Advisory Services
In June, Indian equity markets dipped resulting in a 0.5% decline in S&P BSE 500 index
during the quarter. This was due to a revision in India’s FY20 GDP growth estimate to 7.0%
from an earlier estimate of 7.2% by the International Monetary Fund (IMF) and Economic
Survey of India. Further, weak consumption demand due to liquidity issues, unfavorable
domestic macroeconomic environment and uncertainty ahead of budget announcement,
particularly on fiscal prudence, kept Indian equity markets sentiments muted.
The media, apparel and energy sectors experienced the largest decline in multiples during
this quarter. Media experienced a slowdown in advertisement revenue due to
implementation of a new tariff order by Telecom Regulatory Authority of India (TRAI) in
May. India’s apparel exports to developed countries fell by around 15.0% due to a
slowdown in demand, weak economic activity and loss of market share to Bangladesh and
Vietnam. Energy and metals stock prices fell as trade war intensified in May. This, coupled
with moderate domestic demand, led to a sharp decline in global commodity and fuel
prices. Further, the pharmaceuticals sector also experienced a decline due to weakness in
domestic formulation business during this quarter. The auto sector continues to experience
sell-offs due to sharp contraction in demand in both urban and rural markets leading to
problems of higher inventory and liquidity.
On the other hand, internet software and renewable electricity producers witnessed an
increase in multiples during this quarter. Internet software and services improved this
quarter due to revival in demand, with digital acting as a catalyst. Renewable electricity
producing companies witnessed improved operating performance on account of higher
plant load factor (PLF). This, coupled with foreign investors’ interest in India’s green energy
initiative resulted in an increase in multiples.
Our report provides a detailed overview of the P/B, P/E, EV/ EBITDA and EV/Sales
multiples of companies in the S&P BSE 500 Index across 23 major industries for which
such data is available. We hope you find this report helpful to get a broad sense of the
range of trading multiples for major industries in India. If you would like to receive further
information or discuss any findings of this analysis, please contact us.
Duff & Phelps 4

Summar y
Industry EV/Sales EV/EBITDA P/E P/B
Consumer Discretionary : Apparel 2.7x 17.4x 29.6x 4.6x
Consumer Discretionary : Auto Parts and Equipment 1.4x 10.5x 20.9x 3.1x
Consumer Discretionary : Household Appliances 2.2x 27.1x 45.5x 8.0x
Electric and Gas Utilities 2.3x 7.7x 14.3x 1.8x
Energy 0.5x 5.0x 8.7x 1.2x
Household and Personal Products 4.2x 22.1x 28.6x 7.2x
Industrial Machinery 3.1x 19.8x 33.0x 4.8x
Internet Services and Infrastructure 2.3x 12.7x 18.4x 4.2x
Application Software 2.0x 12.0x 19.0x 3.4x
Materials : Chemicals 2.0x 13.5x 21.2x 3.1x
Materials : Construction Materials 1.7x 10.7x 27.4x 2.9x
Materials : Metals and Mining 0.7x 4.9x 8.6x 1.0x
Healthcare: Pharmaceuticals and Biotechnology 2.8x 13.6x 23.0x 2.7x
Real Estate 6.1x 15.1x 23.2x 2.1x
Automobile Manufacturers 1.5x 11.1x 16.7x 3.5x
Media 1.7x 8.4x 16.3x 2.1x
Healthcare Facilities and Services 2.6x 20.6x 28.2x 4.5x
Independent Power and Renewable Electricity Producers 3.0x 8.9x 9.8x 0.8x
Industrials : Construction & Engineering 1.7x 9.0x 17.2x 3.0x
Market
Industry P/TBV P/E P/B
Cap/Revenue
Financials : Banks 5.0x 0.6x 23.4x 0.6x
Financials: Consumer Finance 4.0x 1.9x 13.8x 1.8x
Financials : Specialized Finance 5.2x 1.6x 11.0x 1.6x
Other Diversified Financial Services 4.1x 1.9x 18.5x 1.8x
Duff & Phelps 5

Median EV/EBITDA Multiples By Sector

As of June 30, 2019 Average (Sept’17 to June’19)
Apparel 17.4x 17.4x
Auto Parts and Equipment 10.5x 14.5x
Household Appliances 27.1x 29.4x
Electric and Gas Utilities 7.7x 9.6x
Energy 5.0x 6.5x
Household and Personal Products 22.1x 23.3x
Industrial Machinery 19.8x 21.7x
Internet Services and Infrastructure 12.7x 13.4x
Application Software 12.0x 12.7x
Chemicals 13.5x 15.2x
Construction Material 10.7x 12.6x
Construction and Engineering 9.0x 10.9x
Metals and Mining 4.9x 7.3x
Pharmaceuticals and Biotechnology 13.6x 16.2x
Real Estate 15.1x 16.1x
Auto Manufacturers 11.1x 13.0x
Media 8.4x 14.9x
Healthcare Facilities and Services 20.6x 25.4x
Independent Energy and Renewable Electricity Producers 8.9x 8.6x
Median EV / EBITDA multiples
29.4x 25.4x
17.4x 14.5x 21.7x 15.2x 16.1x 13.0x
23.3x 16.2x
9.6x 13.4x 12.7x 12.6x 14.9x
6.5x 10.9x 7.3x 8.6x
27.1x
8.9x
12.0x 13.5x 10.7x
10.5x 22.1x 12.7x 9.0x 20.6x
7.7x 19.8x 4.9x 15.1x 11.1x
5.0x 13.6x
8.4x
17.4x
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As of June 30, 2019 Average (Sept'17 to June'19)
Note:
a) Media - Multiples for period from Sept’17 to June’18 reprsents multiples for Broadcasting, Cable and Satellite due to change in GICS industry classification.
a) Application Software, Internet Services and Infrastructure - Multiples for period from Sept’17 to June’18 reprsents multiples for Internet Software and
Services due to change in GICS industry classification.
Duff & Phelps 6
Consumer Discretionary: Apparel

A S O F J U N E 3 0 , 2 0 19
EV/Sales EV/EBITDA P/E P/B
Number of Observations 22 22 22 22
Number of Outliers 3 3 6 2
Negative Multiples 0 0 1 0
High 6.9x 47.3x 60.4x 12.5x
Mean 3.2x 20.3x 34.2x 5.9x
Median 2.7x 17.4x 29.6x 4.6x
Low 1.0x 3.6x 8.1x 1.0x
Low Quartile 1.4x 7.4x 23.1x 2.3x
Upper Quartile 4.6x 33.3x 52.3x 9.7x
EV/EBITDA
EV/Sales
45% EV/EBITDA
30%
30%
40%
25%
25%
35%
ADJUSTED ROE(%)
EBITDA MARGIN (%)
30%
ROE (%)
20%
20%
25%
15%
15%
ADJUSTED
20%
15%
10%
10%
10%
5%
5%
5%
0%
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0%
0%
0- 5.0
5.0 10.0
10.0 15.0
15.0 20.0
20.0 25.0
25.0 30.0
30.0 35.0
35.0 40.0
40.0 45.0
45.0 50.0
50.0
EV/Sales EV/EBITDA
8 10
7
8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
5
6
4
3
2
2
1
0 0
1.0 - 2.2 2.2 - 3.4 3.4 - 4.5 4.5 - 5.7 5.7 - 6.9 3.6 - 12.3 12.3 - 21.1 21.1 - 29.8 29.8 - 38.6 38.6 - 47.3
Duff & Phelps 7

Consumer Discretionary: Apparel – Continued

A S O F J U N E 3 0 , 2 0 19
P/E P/B
5 10
4 8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3 6
2 4
1 2
0 0
7.6 - 18.3 18.3 - 28.9 28.9 - 39.6 39.6 - 50.3 50.3 - 61.0 0.9 - 3.3 3.3 -5.6 5.6 - 7.9 7.9 - 10.2 10.2 - 12.5
Median multiples
6.0 45.0
40.0
5.0
35.0
EV/EBITDA & P/E

P/B & EV/SALES
4.0 30.0
25.0
3.0
20.0
2.0 15.0
10.0
1.0
5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
EV/Sales P/B EV/EBITDA P/E
An industry must have a minumum of 5 company participants to be calculated. For all reported multiples in India, we have considered
companies forming part of S&P BSE 500 Index. Sample set includes publicly-traded companies in India (private companies are not
included). Source: Data derived from Standard and Poor’s Capital IQ databases.
Any outliers in the industry have been excluded from the above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of June 30, 2019
Duff & Phelps 8

Consumer Discretionary:
Auto Parts and Equipment
A S O F J U N E 3 0 , 2 0 19
High 3.9x 27.1x 31.1x 6.5x
Mean 1.6x 11.7x 20.5x 3.4x
Median 1.4x 10.5x 20.9x 3.1x
Low 0.7x 4.8x 14.0x 0.8x
EV/Sales EV/EBITDA
30% 25%
25%
20%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
20%
15%
15%
10%
10%
5%
5%
0% 0%
0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 0 5.0 10.0 15.0 20.0 25.0 30.0
EV/Sales EV/EBITDA
12 10
10
8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8
6
4
4
2
2
0 0
0.7 - 1.3 1.3 - 2.0 2.0 - 2.6 2.6 - 3.3 3.3 - 3.9 4.8 - 9.3 9.3 - 13.7 13.7 - 18.2 18.2 - 22.6 22.6 - 27.1
Duff & Phelps 9

Auto Parts and Equipment – Continued
A S O F J U N E 3 0 , 2 0 19
P/E P/B
8 8
7
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6 6
4 4
2 2
0 0
13.5 - 17.8 17.8 - 22.1 22.1 - 26.4 26.4 - 30.7 30.7 - 35.0 0.7 - 1.8 1.8 - 3.0 3.0 - 4.2 4.2 - 5.4 5.4 - 6.6
Median multiples
8.0 40.0
7.0 35.0
6.0 30.0
EV/EBITDA & P/E

P/B & EV/SALES
5.0 25.0
4.0 20.0
3.0 15.0
2.0 10.0
1.0 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 10

Household Appliances
A S O F J U N E 3 0 , 2 0 19
High 4.4x 31.7x 55.9x 13.3x
Mean 2.5x 27.4x 47.0x 8.5x
Median 2.2x 27.1x 45.5x 8.0x
Low 1.1x 24.3x 42.2x 5.0x
EV/Sales EV/EBITDA
16% 45%
14% 40%
35%
12%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
30%
10%
25%
8%
20%
6%
15%
4%
10%
2% 5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
EV/Sales EV/EBITDA
3 4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
2
0 0
1.1 - 1.7 1.7 - 2.4 2.4 - 3.1 3.1 - 3.7 3.7 - 4.4 24.3 - 25.7 25.7 - 27.2 27.2 - 28.7 28.7 - 30.2 30.2 - 31.7
Duff & Phelps 11

Household Appliances – Continued
A S O F J U N E 3 0 , 2 0 19
P/E P/B
3 3
NUMBER OF COMPANIES
NUMBER OF COMPANIES
2 2
1 1
0 0
41.7 - 44.5 44.5 - 47.4 47.4 - 50.3 50.3 - 53.1 53.1 - 56.0 4.9 - 6.6 6.6 - 8.3 8.3 - 10.0 10.0 - 11.7 11.7 - 13.4
Median multiples
14.0 70.0
12.0 60.0
10.0 50.0
EV/EBITDA & P/E

P/B & EV/SALES
8.0 40.0
6.0 30.0
4.0 20.0
2.0 10.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 12

Electric and Gas Utilities

A S O F J U N E 3 0 , 2 0 19
High 9.6x 14.2x 29.2x 5.4x
Mean 3.1x 8.1x 16.1x 2.6x
Median 2.3x 7.7x 14.3x 1.8x
Low 0.8x 3.9x 7.2x 0.9x
EV/Sales EV/EBITDA
90% 30%
80%
25%
70%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
60% 20%
50%
15%
40%
30% 10%
20%
5%
10%
0% 0%
0 2.0 4.0 6.0 8.0 10.0 12.0 0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0
EV/Sales EV/EBITDA
6 4
5
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
4
3 2
2
1
1
0 0
0.3 - 2.1 2.1 - 4.0 4.0 - 5.9 5.9 - 7.7 7.7 - 9.6 3.9 - 6.0 6.0 - 8.0 8.0 - 10.1 10.1 - 12.1 12.1 - 14.2
Duff & Phelps 13

Electric and Gas Utilities – Continued

A S O F J U N E 3 0 , 2 0 19
P/E P/B
4 6
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
4
2
1
0 0
3.2 - 8.4 8.4 - 13.6 13.6 - 18.8 18.8 - 24.1 24.1 - 29.3 0.8 - 1.7 1.7 - 2.6 2.6 - 3.5 3.5 - 4.5 4.5 - 5.4
Median multiples
6.0 35.0
5.0 30.0
25.0
EV/EBITDA & P/E

P/B & EV/SALES
4.0
20.0
3.0
15.0
2.0
10.0
1.0 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 14

Energy
A S O F J U N E 3 0 , 2 0 19
High 1.7x 11.7x 18.7x 5.9x
Mean 0.7x 5.7x 9.6x 1.6x
Median 0.5x 5.0x 8.7x 1.2x
Low 0.1x 2.3x 6.2x 0.6x
EV/Sales EV/EBITDA
45% 40%
40% 35%
35%
30%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
30%
25%
25%
20%
20%
15%
15%
10%
10%
5% 5%
0% 0%
0 0.5 1.0 1.5 2.0 0 2.0 4.0 6.0 8.0 10.0 12.0 14.0
EV/Sales EV/EBITDA
6 6
5
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 4
2 2
0 0
0.1 - 0.5 0.5 - 0.8 0.8 - 1.1 1.1 - 1.5 1.5 - 1.8 2.3 - 4.2 4.2 - 6.0 6.0 - 7.9 7.9 - 9.8 9.8 - 11.7
Duff & Phelps 15

Energy – Continued
A S O F J U N E 3 0 , 2 0 19
P/E P/B
4 8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3 6
2 4
1 2
0 0
5.7 - 8.3 8.3 - 10.9 10.9 - 13.6 13.6 - 16.2 16.2 - 18.8 0.5 - 1.5 1.5 - 2.6 2.6 - 3.7 3.7 - 4.8 4.8 - 5.9
Median multiples
2.5 14.0
12.0
2.0
10.0
EV/EBITDA & P/E

P/B & EV/SALES
1.5 8.0
1.0 6.0
4.0
0.5
2.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 16

Financials:
Banks
A S O F J U N E 3 0 , 2 0 19 Market
P/B P/E P/TBV Cap/Revenue
High 5.7x 37.6x 6.6x 13.3x
Mean 1.3x 23.2x 1.5x 5.8x
Median 0.6x 23.4x 0.6x 5.0x
Low 0.3x 5.1x 0.3x 1.2x
P/BV P/E
30% 25%
20%
ADJUSTED ROE (%)
10% 20%
0%
ADJUSTED ROE (%)
1.0 2.0 3.0 4.0 5.0 6.0 7.0

-10% 15%
-20%
-30% 10%
-40%
-50% 5%
-60%
-70% 0%
0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
P/BV P/E
20 6
18
16
NUMBER OF COMPANIES
NUMBER OF COMPANIES
14
4
12
10
8
2
6
0 0
0.0 - 0.8 0.8- 1.7 1.7 - 2.5 2.5 - 3.3 3.3 - 4.1 0 - 7.5 7.5 - 15.0 15.0 - 22.6 22.6 - 30.1 30.1 - 37.6
Duff & Phelps 17

Financials:
Banks – Continued
A S O F J U N E 3 0 , 2 0 19
P/TBV Market Cap/Revenue

26 8
24
22
NUMBER OF COMPANIES
NUMBER OF COMPANIES
20 6
18
16
14
4
12
10
8
6 2
4
2
0 0
0.0 - 1.3 1.3 - 2.6 2.6 - 4.0 4.0 - 5.3 5.3 - 6.6 0.0 - 2.7 2.7 - 5.3 5.3 - 8.0 8.0- 10.6 10.6 - 13.3
Median multiples
2.0 35.0
1.8
30.0
P/E & MarketCap/Revenue

1.6
1.4 25.0
1.2 20.0
P/B
1.0
0.8 15.0
0.6 10.0
0.4
5.0
0.2
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
P/B P/E Market Cap/Revenue
P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a diluted basis
where Book value per share equals total book value of equity divided by diluted number of shares, P/TBV = Share price / tangible
book value per share on a diluted basis where tangible book value per share equals to total tangible book value of equity divided by
diluted number of shares, ROE (Return on Equity) = Net income / equity shareholder’s equity, Adjusted ROE is calculated using as
ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.
Duff & Phelps 18

Financials:
Consumer Finance
High 3.6x 21.8x 3.6x 8.4x
Mean 2.0x 14.5x 2.1x 4.4x
Median 1.8x 13.8x 1.9x 4.0x
Low 1.1x 9.3x 1.2x 2.6x
P/BV P/E
25% 25%
ADJUSTED ROE (%)
ADJUSTED ROE (%)
20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 5.0 10.0 15.0 20.0 25.0
P/BV P/E
8 4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 2
0 0
1.0 - 1.7 1.7 - 2.4 2.4 - 3.0 3.0 - 3.7 3.7 - 4.4 9.0 - 11.6 11.6 - 14.2 14.2 - 16.7 16.7 - 19.3 19.3 - 21.9
Duff & Phelps 19

Financials:
Consumer Finance – Continued
A S O F J U N E 3 0 , 2 0 19

6 6
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 4
2 2
0 0
1.0 - 1.5 1.5 - 2.1 2.1 - 2.6 2.6 - 3.2 3.2 - 3.7 2.5 - 3.7 3.7 - 4.9 4.9 - 6.0 6.0 - 7.2 7.2 - 8.4
Median multiples
3.5 45.0
40.0
3.0

35.0
2.5
30.0
2.0 25.0
P/B
1.5 20.0
15.0
1.0
10.0
0.5
5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 20

Financials:
Specialized Finance
High 10.7x 61.2x 10.7x 27.8x
Mean 2.4x 18.9x 2.4x 8.3x
Median 1.6x 11.0x 1.6x 5.2x
Low 0.2x 3.6x 0.3x 0.8x
P/BV P/E
30% 25%
25%
ADJUSTED ROE (%)
ADJUSTED ROE (%)
20% 20%
15%
15%
10%
5%
10%
0%
2.0 4.0 6.0 8.0 10.0 12.0
-5% 5%
-10%
-15% 0%
0 10.0 20.0 30.0 40.0 50.0 60.0 70.0
P/BV P/E
8 8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6 6
4 4
2 2
0 0
0.0 - 1.0 1.0 - 1.9 1.9 - 2.9 2.9 - 3.9 3.9 - 4.9 0.0 - 12.3 12.3 - 24.5 24.5 - 36.8 36.8 - 49.0 49.0 - 61.3
Duff & Phelps 21

Financials:
Specialized Finance – Continued
A S O F J U N E 3 0 , 2 0 19

12 9
8
10
7
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8 6
5
6
4
4 3
2
2
1
0 0
0 - 2.1 2.1 - 4.3 4.3 - 6.4 6.4 - 8.6 8.6 - 10.7 0.0 - 5.6 5.6 - 11.2 11.2 - 16.7 16.7 - 22.3 22.3 - 27.9
Median multiples
4.0 25.0
3.5

20.0
3.0
2.5 15.0
P/B
2.0
1.5 10.0
1.0
5.0
0.5
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 22

Household and Personal Products

A S O F J U N E 3 0 , 2 0 19
High 13.4x 54.6x 69.8x 49.1x
Mean 4.8x 25.0x 32.0x 11.7x
Median 4.2x 22.1x 28.6x 7.2x
Low 0.6x 4.5x 7.4x 0.9x
EV/Sales EV/EBITDA
35% 60%
30% 50%
25%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
40%
20%
30%
15%
20%
10%
5% 10%
0% 0%
0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 0 10.0 20.0 30.0 40.0 50.0 60.0
EV/Sales EV/EBITDA
12 10
10
8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8
6
4
4
2
2
0 0
0.6 - 3.1 3.1 - 5.7 5.7 - 8.3 8.3 - 10.9 10.9 - 13.5 4.5 - 14.5 14.5 - 24.5 24.5 - 34.6 34.6 - 44.6 44.6 - 54.6
Duff & Phelps 23

Household and Personal Products – Continued

A S O F J U N E 3 0 , 2 0 19
P/E P/B
7 18
16
6
14
NUMBER OF COMPANIES
NUMBER OF COMPANIES
5
12
4 10
3 8
6
2
4
1
2
0 0
6.9 - 19.5 19.5 - 32.1 32.1 - 44.7 44.7 - 57.4 57.4 - 70.0 0.8 - 10.5 10.5 - 20.1 20.1 - 29.8 29.8 - 39.4 39.4 - 49.1
Median multiples
14.0 50.0
45.0
12.0
40.0
10.0 35.0
EV/EBITDA & P/E

P/B & EV/SALES
8.0 30.0
25.0
6.0 20.0
4.0 15.0
10.0
2.0
5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 24

Industrial Machinery
A S O F J U N E 3 0 , 2 0 19
High 5.1x 24.2x 39.9x 6.0x
Mean 2.9x 19.8x 32.8x 4.7x
Median 3.1x 19.8x 33.0x 4.8x
Low 1.6x 12.9x 21.6x 3.3x
EV/Sales EV/EBITDA
25% 25%
20% 20%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
15% 15%
10% 10%
5% 5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 0 5.0 10.0 15.0 20.0 25.0 30.0
EV/Sales EV/EBITDA
5 4
4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
1
1
0 0
1.6 - 2.3 2.3 - 3.0 3.0 - 3.7 3.7 - 4.4 4.4 - 5.1 12.9 - 15.1 15.1 - 17.4 17.4 - 19.7 19.7 - 22.0 22.0 - 24.3
Duff & Phelps 25

Industrial Machinery – Continued

A S O F J U N E 3 0 , 2 0 19
P/E P/B
6 4
5
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4
3 2
0 0
21.6 - 25.3 25.3 - 28.9 28.9 - 32.6 32.6 - 36.3 36.3 - 40.0 3.3 - 3.9 3.9 - 4.4 4.4 - 5.0 5.0 - 5.5 5.5 - 6.1
Median multiples
7.0 45.0
40.0
6.0
35.0
5.0
EV/EBITDA & P/E

P/B & EV/SALES
30.0
4.0 25.0
3.0 20.0
15.0
2.0
10.0
1.0
5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 26

Internet Services and Infrastructure

A S O F J U N E 3 0 , 2 0 19
High 5.6x 21.9x 26.8x 9.4x
Mean 2.6x 12.7x 17.8x 4.2x
Median 2.3x 12.7x 18.4x 4.2x
Low 0.9x 6.8x 9.0x 1.3x
EV/Sales EV/EBITDA
30% 30%
25% 25%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
20% 20%
15% 15%
10% 10%
5% 5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 0 5.0 10.0 15.0 20.0 25.0
EV/Sales EV/EBITDA
6 6
5 5
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 4
3 3
2 2
1 1
0 0
0.9 - 1.9 1.9 - 2.8 2.8 - 3.7 3.7 - 4.7 4.7 - 5.6 6.8 - 9.8 9.8 - 12.8 12.8 - 15.9 15.9 - 18.9 18.9 - 21.9
Duff & Phelps 27

Internet Services and Infrastructure – Continued

A S O F J U N E 3 0 , 2 0 19
P/E P/B
6 6
5 5
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 4
3 3
2 2
1 1
0 0
8.5 - 12.2 12.2 - 15.9 15.9 - 19.6 19.6 - 23.2 23.2 - 26.9 1.2 - 2.8 2.8 - 4.5 4.5 - 6.1 6.1 - 7.8 7.8 - 9.4
Median multiples
4.5 25.0
4.0
3.5 20.0
EV/EBITDA & P/E

P/B & EV/SALES
3.0
15.0
2.5
2.0
10.0
1.5
1.0 5.0
0.5
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 28

Application Software
A S O F J U N E 3 0 , 2 0 19
High 4.9x 29.0x 26.7x 5.8x
Mean 2.2x 13.4x 18.3x 3.6x
Median 2.0x 12.0x 19.0x 3.4x
Low 1.0x 7.5x 10.3x 1.2x
EV/Sales EV/EBITDA
50% 30%
45%
25%
40%
35%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
20%
30%
25% 15%
20%
10%
15%
10%
5%
5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
EV/Sales EV/EBITDA
4 4
3
NUMBER OF COMPANIES
NUMBER OF COMPANIES
2
2
2
0 0
1.0 - 1.8 1.8 - 2.6 2.6 - 3.3 3.3 - 4.1 4.1 - 4.9 7.5 - 11.8 11.8 - 16.1 16.1 - 20.4 20.4 - 24.7 24.7 - 29.0
Duff & Phelps 29

Application Software – Continued

A S O F J U N E 3 0 , 2 0 19
P/E P/B
8 4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6
4 2
0 0
9.8 - 13.2 13.2 - 16.6 16.6 - 20.0 20.0 - 23.4 23.4 - 26.8 1.1 - 2.1 2.1 - 3.0 3.0 - 4.0 4.0 - 4.9 4.9 - 5.9
Median multiples
4.0 30.0
3.5
25.0
3.0
EV/EBITDA & P/E

P/B & EV/SALES
20.0
2.5
2.0 15.0
1.5
10.0
1.0
5.0
0.5
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 30

Materials:
Chemicals
A S O F J U N E 3 0 , 2 0 19
High 9.8x 44.9x 71.1x 14.2x
Mean 2.7x 16.0x 25.7x 4.5x
Median 2.0x 13.5x 21.2x 3.1x
Low 0.5x 3.3x 4.8x 0.4x
EV/Sales EV/EBITDA
60% 35%
50% 30%
25%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
40%
20%
30%
15%
20%
10%
10% 5%
0% 0%
0 2.0 4.0 6.0 8.0 10.0 12.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0
EV/Sales EV/EBITDA
30 20
18
25
16
NUMBER OF COMPANIES
NUMBER OF COMPANIES
14
20
12
15 10
8
10
6
4
5
2
0 0
0.5 - 2.4 2.4 - 4.2 4.2 - 6.1 6.1 - 7.9 7.9 - 9.8 3.3 - 11.6 11.6 - 19.9 19.9 - 28.3 28.3 - 36.6 36.6 - 44.9
Duff & Phelps 31

Materials:
Chemicals – Continued
A S O F J U N E 3 0 , 2 0 19
P/E P/B
20 28
18
24
16
NUMBER OF COMPANIES
NUMBER OF COMPANIES
14 20
12
16
10
12
8
6 8
4
4
2
0 0
4.3 - 17.7 17.7 - 31.0 31.0 - 44.4 44.4 - 57.7 57.7 - 71.1 0.3 - 3.1 3.1 - 5.9 5.9 - 8.7 8.7 - 11.4 11.4 - 14.2
Median multiples
6.0 35.0
5.0 30.0
25.0
EV/EBITDA & P/E

P/B & EV/SALES
4.0
20.0
3.0
15.0
2.0
10.0
1.0 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 32

Materials:
Construction Materials
A S O F J U N E 3 0 , 2 0 19
High 6.2x 35.3x 43.9x 7.8x
Mean 2.3x 13.8x 28.5x 3.1x
Median 1.7x 10.7x 27.4x 2.9x
Low 0.8x 3.9x 12.7x 0.6x
EV/Sales EV/EBITDA
30% 25%
25%
20%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
20%
15%
15%
10%
10%
5%
5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
EV/Sales EV/EBITDA
7 5
6
4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
4
3
2
2
1
1
0 0
0.8 - 1.9 1.9 - 3.0 3.0 - 4.1 4.1 - 5.2 5.2 - 6.3 3.9 - 10.2 10.2 - 16.4 16.4 - 22.7 22.7 - 29.0 29.0 - 35.3
Duff & Phelps 33

Materials:
Construction Materials – Continued
A S O F J U N E 3 0 , 2 0 19
P/E P/B
4 6
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
4
2
1
0 0
12.7 - 19.0 19.0 - 25.2 25.2 - 31.4 31.4 - 37.7 37.7 - 43.9 0.6 - 2.0 2.0 - 3.5 3.5 - 5.0 5.0 - 6.4 6.4 - 7.9
Median multiples
4.5 45.0
4.0 40.0
3.5 35.0
EV/EBITDA & P/E

P/B & EV/SALES
3.0 30.0
2.5 25.0
2.0 20.0
1.5 15.0
1.0 10.0
0.5 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 34

Materials:
Metals and Mining
A S O F J U N E 3 0 , 2 0 19
High 4.9x 10.8x 25.4x 3.7x
Mean 1.2x 5.3x 10.3x 1.3x
Median 0.7x 4.9x 8.6x 1.0x
Low 0.3x 1.7x 3.1x 0.4x
EV/Sales EV/EBITDA
60% 25%
50%
20%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
40%
15%
30%
10%
20%
5%
10%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 0 2.0 4.0 6.0 8.0 10.0 12.0
EV/Sales EV/EBITDA
12 10
10
8
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8
6
4
4
2
2
0 0
-0.2 - 0.8 0.8 - 1.8 1.8 - 2.9 2.9 - 3.9 3.9 - 4.9 0.7 - 2.7 2.7 - 4.8 4.8 - 6.8 6.8 - 8.9 8.9 - 10.9
Duff & Phelps 35

Materials:
Metals and Mining – Continued
A S O F J U N E 3 0 , 2 0 19
P/E P/B
6 12
5 10
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4 8
3 6
2 4
1 2
0 0
2.6 - 7.1 7.1 - 11.7 11.7 - 16.3 16.3 - 20.8 20.8 - 25.4 0.3 - 1.0 1.0 - 1.7 1.7- 2.4 2.4 - 3.1 3.1 - 3.8
Median multiples
2.5 30.0
25.0
2.0
EV/EBITDA & P/E

P/B & EV/SALES
20.0
1.5
15.0
1.0
10.0
0.5
5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 36

Healthcare:
Pharmaceuticals and Biotechnology
A S O F J U N E 3 0 , 2 0 19
High 7.1x 32.2x 53.6x 9.5x
Mean 3.6x 15.7x 25.9x 3.3x
Median 2.8x 13.6x 23.0x 2.7x
Low 1.2x 6.9x 13.4x 1.3x
EV/Sales EV/EBITDA
60% 35%
50% 30%
25%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
40%
20%
30%
15%
20%
10%
10% 5%
0% 0%
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
EV/Sales EV/EBITDA
12 14
12
10
NUMBER OF COMPANIES
NUMBER OF COMPANIES
10
8
8
6
6
4
4
2
2
0 0
1.2 - 2.4 2.4 - 3.6 3.6 - 4.8 4.8 - 5.9 5.9 - 7.1 6.9 - 12.0 12.0 - 17.0 17.0 - 22.1 22.1 - 27.1 27.1 - 32.2
Duff & Phelps 37

Healthcare:
Pharmaceuticals and Biotechnology – Continued
A S O F J U N E 3 0 , 2 0 19
P/E P/B
10 18
16
8
14
NUMBER OF COMPANIES
NUMBER OF COMPANIES
12
6
10
8
4
6
2 4
0 0
4.3 - 13.8 4.3 - 16.7 16.7 - 29.0 29.0 - 41.4 41.4 - 53.7 1.2 - 2.8 2.8 - 4.5 4.5 - 6.2 6.2 - 7.8 7.8 - 9.5
Median multiples
4.5 35.0
4.0
30.0
3.5
25.0
EV/EBITDA & P/E

P/B & EV/SALES
3.0
2.5 20.0
2.0 15.0
1.5
10.0
1.0
5.0
0.5
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 38

Real Estate
A S O F J U N E 3 0 , 2 0 19
High 10.1x 34.3x 31.4x 3.4x
Mean 5.7x 17.4x 22.1x 2.0x
Median 6.1x 15.1x 23.2x 2.1x
Low 2.0x 9.3x 10.3x 1.0x
EV/Sales EV/EBITDA
80% 18%
70% 16%
14%
60%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
12%
50%
10%
40%
8%
30%
6%
20%
4%
10% 2%
0% 0%
0 2.0 4.0 6.0 8.0 10.0 12.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
EV/Sales EV/EBITDA
4 6
NUMBER OF COMPANIES
NUMBER OF COMPANIES
3
4
2
1
0 0
1.0 - 2.8 2.8 - 4.7 4.7 - 6.5 6.5 - 8.4 8.4 - 10.2 9.3 - 14.3 14.3 - 19.3 19.3 - 24.3 24.3 - 29.4 29.4 - 34.4
Duff & Phelps 39

Real Estate – Continued

A S O F J U N E 3 0 , 2 0 19
P/E P/B
5 6
4
NUMBER OF COMPANIES
NUMBER OF COMPANIES
4
3
2
2
0 0
9.8 - 14.2 14.2 - 18.5 18.5 - 22.8 22.8 - 27.2 27.2 - 31.5 0.9 - 1.4 1.4 - 2.0 2.0 - 2.5 2.5 - 3.0 3.0 - 3.5
Median multiples
9.0 40.0
8.0 35.0
7.0 30.0
EV/EBITDA & P/E

P/B & EV/SALES
6.0
25.0
5.0
20.0
4.0
15.0
3.0
2.0 10.0
1.0 5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 40

Industrials :
Construction & Engineering
A S O F J U N E 3 0 , 2 0 19
High 3.5x 32.9x 41.9x 9.7x
Mean 1.7x 11.2x 18.9x 3.7x
Median 1.7x 9.0x 17.1x 3.0x
Low 0.3x 3.2x 4.0x 0.5x
EV/Sales EV/EBITDA
50% 25%
45%
40% 20%
35%
EBITDA MARGIN (%)
ADJUSTED ROE (%)
30% 15%
25%
20% 10%
15%
10% 5%
5%
0% 0%
0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
EV/Sales EV/EBITDA
6 11
10
5 9
NUMBER OF COMPANIES
NUMBER OF COMPANIES
8
4
7
6
3
5
4
2
3
1 2
0 0
0.3 - 0.9 0.9 - 1.6 1.6 - 2.2 2.2 - 2.9 2.9 - 3.5 3.2 - 9.1 9.1 - 15.1 15.1 - 21.0 21.0 - 27.0 27.0 - 32.9
Duff & Phelps 41

Industrials :
Construction & Engineering – Continued
A S O F J U N E 3 0 , 2 0 19
P/E P/B
7 8
6
NUMBER OF COMPANIES
NUMBER OF COMPANIES
6
5
4
4
3
2
2
0 0
4.0 - 11.6 11.6 - 19.2 19.2 - 26.8 26.8 - 34.4 34.4 - 42.0 0.5 - 2.4 2.4 - 4.2 4.2 - 6.1 6.1 - 7.9 7.9 - 9.8
Median multiples
6.0 45.0
40.0
5.0
35.0
EV/EBITDA & P/E

P/B & EV/SALES
4.0 30.0
25.0
3.0
20.0
2.0 15.0
10.0
1.0
5.0
0 0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 6/30/2019
Duff & Phelps 42

Other Industries
Automobile Manufacturers
A S O F J U N E 3 0 , 2 0 19
High 2.5x 17.9x 29.2x 5.9x
Mean 1.5x 11.2x 20.7x 2.9x
Median 1.5x 11.1x 16.7x 3.5x
Low 0.3x 3.8x 13.7x 0.5x
Media
A S O F J U N E 3 0 , 2 0 19
High 4.5x 27.3x 20.8x 3.6x
Mean 2.6x 11.9x 16.5x 2.3x
Median 1.7x 8.4x 16.3x 2.1x
Low 1.2x 5.0x 12.7x 1.0x
Healthcare Facilities and Services

A S O F J U N E 3 0 , 2 0 19
High 6.7x 28.7x 42.3x 9.3x
Mean 3.5x 19.6x 30.1x 4.2x
Median 2.6x 20.6x 28.2x 4.5x
Low 1.1x 10.6x 20.0x 1.4x
Duff & Phelps 43

Other Industries – Continued

Independent Power and Renewable Electricity Producers
A S O F J U N E 3 0 , 2 0 19
High 7.7x 14.5x 15.8x 2.0x
Mean 3.4x 9.6x 9.5x 1.0x
Median 3.0x 8.9x 9.8x 0.8x
Low 1.0x 6.8x 4.7x 0.4x
Other Diversified Financial Services

A S O F J U N E 3 0 , 2 0 19
P/B P/E P/TBV Market Cap/Revenue
High 11.7x 30.9x 16.4x 14.8x
Mean 3.6x 16.5x 4.5x 5.2x
Median 1.8x 18.5x 1.9x 4.1x
Low 0.2x 0.6x 0.2x 0.1x
Duff & Phelps 44

Industry Definitions
The industry classification for the companies represented in this report is based on the 2017 Global Industry Classification
Standard®(GICS®). Below represents a brief description of sub-industries which are forming part of a particular industry based
on the 2017 GICS® guidelines.
Our analysis reflects the recent changes to the GICS structure by MSCI, effective from September 28, 2018.
Consumer Discretionary
Auto Parts & Equipment Companies that manufacture parts and accessories for automobiles and motorcycles including and tires and
rubber.
Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Also includes companies produce
motorcycles, scooters or three-wheelers.
Media Owners and operators of television or radio broadcasting systems, including programming including radio and
television, broadcasting, radio networks, and radio stations. Providers of cable or satellite television and
satellite radio services. Includes cable networks and program distribution.
Apparel Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer
handbags, wallets, luggage, jewelry and watches and manufacturers of textile and related products
Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and
hand tools, including garden improvement tools but excludes TVs and other audio and video products
Financial Services
Banks Commercial diverse with a national footprint whose revenues are derived primarily from conventional banking
operations, have significant business activity in retail banking and small and medium corporate lending, and
provide a diverse range of financial services. This also includes regional banks that tend to operate in limited
geographic regions.
Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related
money services and pawn shops.
Other Diversified Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of
Financial Services financial decision support tools and products including ratings agencies. Providers of a diverse range of
financial services and/or with some interest in a wide range of financial services including banking, insurance
and capital markets, but with no dominant business line.
Specialized Finance Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a
majority of revenue from one specialized line of business. Includes, but not limited to, commercial financing
companies, central banks, leasing institutions, factoring services, and specialty boutiques. Financial
institutions providing mortgage and mortgage related services. These include financial institutions whose
assets are primarily mortgage related, savings & loans, mortgage lending institutions, building societies and
companies providing insurance to mortgage banks
Healthcare
Healthcare Facilities Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and
and Services retirement centers and animal hospitals. Providers of patient health care services not classified elsewhere.
Includes dialysis centers, lab testing services, and pharmacy management services. Also includes companies
providing business support services to health care providers, such as clerical support services, collection
agency services, staffing services and outsourced sales & marketing services.
Pharmaceuticals and Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary
Biotechnology drugs. Companies primarily engaged in the research, development, manufacturing and/or marketing of
products based on genetic analysis and genetic engineering. Includes companies specializing in protein-
based therapeutics to treat human diseases.
Global Industry Classification Standard® (GICS®) was developed by S&P Dow Jones Indices, an independent international financial data and investment services company and a leading
provider of global equity indices, and MSCI, a premier independent provider of global indices and benchmark-related products and services
Duff & Phelps 45

Industry Definitions — Continued
Materials
Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to
plastics, synthetic fibers, films, commodity-based paints and pigments, explosives and petrochemicals.
Producers of fertilizers, pesticides, potash or other agriculture-related chemicals including industrial gases
and other diversified range of chemical products.
Construction Material Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and
bricks.
Metals and Mining Producers of aluminum and related products, including companies that mine or process bauxite and
companies that recycle aluminum to produce finished or semi-finished products. Companies engaged in
copper ore mining, production of iron and steel and related products, including metallurgical (coking) coal
mining used for steel production and having other diversified mining operations but excluding gold, silver and
other precious metals.
Utilities
Electric & Gas Utilities Companies that produce or distribute electricity including both nuclear and non-nuclear facilities. Also,
includes companies whose main charter is to distribute and transmit natural and manufactured gas.
Independent Power and Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading
Renewable Electricity Specialists and/or Integrated Energy Merchants. Companies that engage in generation and distribution of
Producers electricity using renewable sources, including, but not limited to, companies that produce electricity using
biomass, geothermal energy, solar energy, hydropower, and wind power.
All Other Industries

Energy Companies primarily involved in the production and mining of coal, related products and other consumable
fuels related to the generation of energy. Companies engaged in the exploration and production of oil and
gas. Companies engaged in the refining and marketing of oil, gas and/or refined products
Household and Personal Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
Products Producers of non-durable household products, including detergents, soaps, diapers and other tissue and
household paper products. Manufacturers of personal and beauty care products, including cosmetics and
perfumes.
Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture
presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps,
roller bearings and other metal fabrications.
*Internet Services and Companies providing services and infrastructure for the internet industry including data centers and cloud
Infrastructure networking and storage infrastructure. Also includes companies providing web hosting services. Excludes
companies classified in the Software Industry.
*Application Software Companies engaged in developing and producing software designed for specialized applications for the
business or consumer market. Includes enterprise and technical software, as well as cloud-based software.
Excludes companies classified in the Interactive Home Entertainment Sub-Industry. Also excludes companies
producing systems or database management software classified in the Systems Software Sub-Industry.
Real Estate Companies that develop real estate and sell the properties after development and also engaged in diverse
spectrum of real estate activities including real estate development & sales, real estate management or real
estate services, but with no dominant business line.
Duff & Phelps 46

Contributors
Varun Gupta is the Country Managing Director for Duff & Phelps India. He set up the
firm’s operations in India and is responsible for its overall growth and strategic
direction. He is also the APAC Leader for Valuation Services for the firm. Varun has
over 20 years of experience in valuation and financial advisory services. He has
advised clients across a wide range of industries including IT/ ITES, energy
(conventional as well as renewable), pharma and life sciences, infrastructure, internet
and eCommerce, telecom, sports, and media and entertainment. His prior experience
includes stints with the valuation and financial advisory arms of Deloitte and
PricewaterhouseCoopers.
He is a regular and sought-after speaker on the valuation of trademarks, intangible
assets, early stage companies and eCommerce companies and has spoken at forums
Varun Gupta organized by ASSOCHAM, ICAI, INTA, IVCA, VCCircle and other similar bodies. He is
Managing Director India and APAC also regularly quoted by the financial press on evolving issues related to valuation of
brands, celebrities and sports franchises.
Leader for Valuation Services
Varun.Gupta@duffandphelps.com
Santosh is an external advisor and assists the Valuation Advisory Services practice of
Duff & Phelps in India. Santosh has more than 15 years of experience in valuation and
financial advisory services. In the last 15 years, Santosh has managed and has
provided a range of financial advisory services including Due Diligence, Valuation, IFRS
& US GAAP assignments, Business Plan Review, M&A, Internal Audit, Accounting
Assistance and Risk Advisory services.
Santosh has managed and executed a range of financial advisory engagements for
Agriculture industry, Automobile, Consumer Durables, e-Commerce, Hospitality &
leisure, Infrastructure, IT & ITeS, Logistics, Manufacturing, Media, Natural Resources,
Petro-chemicals, Pharma & Healthcare, Power, Refineries, Real estate, Telecom &
Textiles. He has provided financial advisory to clients for purposes such as financing,
Santosh N project finance, mergers & acquisitions, negotiations, settlement of disputes, strategic
Senior Advisor, assessment, accounting and tax reporting etc.
Valuation Services Santosh is a qualified Chartered Accountant from the Institute of Chartered
Santosh.N@duffandphelps.com Accountants of India. He is also a Partner in D and P Advisory LLP.
Umakanta Panigrahi is a managing director in the Mumbai office of Duff & Phelps and
is part of the Valuation Advisory Services. He has over 11 years of experience in
financial advisory services including valuation advisory services, equity research and
credit research. Umakanta has managed a range of valuation and consulting services
including business valuation, portfolio valuation, intellectual property valuation,
purchase price allocation and impairment assessment, financial instrument valuations
and other IFRS and USGAAP related engagements.
He has also advised several clients on swap ratio determination, corporate finance,
business plan development and review, exit strategies and dispute consulting.
His specialization includes valuation of complex financial instrument (such as complex
convertible instruments, earn-out & contingent payments, cross-currency interest rate
Umakanta Panigrahi swaps, options and other hedging instruments). He has also advised several companies
Managing Director, Mumbai on distress debt transaction, earn-out structuring and ESOP structuring.
Umakanta.Panigrahi@duffandphelps.com
Duff & Phelps 47

Industry Multiples in India - April
June 2019
2018 - Eighth
Third Edition
Edition
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The New Duff & Phelps
Cost of Capital Navigator
The Duff & Phelps Cost of Capital Navigator guides the
analyst through the process of estimating the cost of capital, a
key component of any valuation analysis. Additionally, the Cost
of Capital Navigator replaced the Valuation Handbook – U.S.
Guide to Cost of Capital in 2018 and will eventually replace
the entire Valuation Handbook Series.
Benefits: Data Included:

• Data available on more timely basis • Risk-free rate data
• Accessible via desktop, laptop, or tablet • Equity risk premia data
• Reduces computation errors • CRSP Decile size premia data
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• Saves time • Industry Risk Premia data
• Additional data for Beta estimates and
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Duff & Phelps 48

EDITORIAL TE AM
Simerna Sagar Ankita

Singh Goyal Maheshwari
C O N TA C T S
Mumbai New Delhi Bangalore Hyderabad

14th floor, Raheja Tower, 206/207, WorldMark 2, 4th Floor, Unit No 303, 6th Floor, B Wing, Smartworks
Bandra Kurla Complex, Hospitality District, SKAV Lavelle 909, Coworking Space Pvt. Ltd.
Bandra (East), Aerocity, Lavelle Road, Purva Summit, White Field
Mumbai - 400 051 New Delhi - 110037 Bengaluru - 560001 Road HITEC City, Madhapur
+91 22 6623 1000 +91 11 4935 9800 +91 80 6125 6100 Hyderabad – 500 081
M: +91 913 6653 051
This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for
detailed research or the exercise of professional judgment. Whilst due care has been taken in the preparation of this document and information contained
herein, Duff & Phelps does not accept any liability whatsoever, for any direct or consequential loss howsoever arising from any use of this document or
its contents or otherwise arising in connection herewith.
About Duff & Phelps M&A advisory, capital raising and secondary market advisory services in the
Duff & Phelps is the global advisor that protects, restores and maximizes value for United States are provided by Duff & Phelps Securities, LLC. Member FINRA/
clients in the areas of valuation, corporate finance, investigations, disputes, cyber SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A
security, compliance and regulatory matters, and other governance-related advisory, capital raising and secondary market advisory services in the United
issues. We work with clients across diverse sectors, mitigating risk to assets, Kingdom are provided by Duff & Phelps Securities Ltd. (DPSL), which is
operations and people. With Kroll, a division of Duff & Phelps since 2018, our firm authorized and regulated by the Financial Conduct Authority. M&A advisory and
has nearly 3,500 professionals in 28 countries around the world. For more capital raising services in Germany are provided by Duff & Phelps GmbH,
information, visit www.duffandphelps.com which is a Tied Agent of DPSL. Valuation Advisory Services in India are
provided by Duff & Phelps India Private Limited under a category 1 merchant
© 2019 Duff & Phelps, LLC. All rights reserved. DP192000 banker license issued by the Securities and Exchange Board of India.

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Industry Multiples in India

6 Median EV/EBITDA Multiples By Sector

7  Consumer Discretionary: Apparel

Duff & Phelps 3

Duff & Phelps 4

Industry EV/Sales EV/EBITDA P/E P/B

Consumer Discretionary : Apparel 2.7x 17.4x 29.6x 4.6x

Consumer Discretionary : Household Appliances 2.2x 27.1x 45.5x 8.0x

Electric and Gas Utilities 2.3x 7.7x 14.3x 1.8x

Energy 0.5x 5.0x 8.7x 1.2x

Household and Personal Products 4.2x 22.1x 28.6x 7.2x

Industrial Machinery 3.1x 19.8x 33.0x 4.8x

Internet Services and Infrastructure 2.3x 12.7x 18.4x 4.2x

Application Software 2.0x 12.0x 19.0x 3.4x

Materials : Chemicals 2.0x 13.5x 21.2x 3.1x

Materials : Construction Materials 1.7x 10.7x 27.4x 2.9x

Materials : Metals and Mining 0.7x 4.9x 8.6x 1.0x

Healthcare: Pharmaceuticals and Biotechnology 2.8x 13.6x 23.0x 2.7x

Real Estate 6.1x 15.1x 23.2x 2.1x

Automobile Manufacturers 1.5x 11.1x 16.7x 3.5x

Media 1.7x 8.4x 16.3x 2.1x

Healthcare Facilities and Services 2.6x 20.6x 28.2x 4.5x

Industrials : Construction & Engineering 1.7x 9.0x 17.2x 3.0x

Financials: Consumer Finance 4.0x 1.9x 13.8x 1.8x

Financials : Specialized Finance 5.2x 1.6x 11.0x 1.6x

Other Diversified Financial Services 4.1x 1.9x 18.5x 1.8x

Duff & Phelps 5

Median EV/EBITDA Multiples By Sector

Median EV / EBITDA multiples

As of June 30, 2019 Average (Sept'17 to June'19)

Consumer Discretionary: Apparel

Duff & Phelps 7

Consumer Discretionary: Apparel – Continued

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 8

ADJUSTED ROE (%)

Duff & Phelps 9

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 10

ADJUSTED ROE (%)

Duff & Phelps 11

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 12

Electric and Gas Utilities

ADJUSTED ROE (%)

Duff & Phelps 13

Electric and Gas Utilities – Continued

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 14

ADJUSTED ROE (%)

Duff & Phelps 15

EV/EBITDA & P/E

EV/Sales P/B EV/EBITDA P/E

Duff & Phelps 16

1.0 2.0 3.0 4.0 5.0 6.0 7.0

Duff & Phelps 17

P/TBV Market Cap/Revenue

P/E & MarketCap/Revenue

P/B P/E Market Cap/Revenue

6 Median EV/EBITDA Multiples By Sector

7 Consumer Discretionary: Apparel