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Platform Methodology

How we source and verify
M&A data.

M&A Intelligence is an independent data provider for European transaction benchmarks. Every number published on this platform is sourced from primary institutional datasets and cross-verified before publication.

Mission

Closing the information asymmetry in European M&A.

Professional buyers — strategic acquirers and private equity funds — operate with institutional-grade valuation models, sector benchmarks and transaction cost data. Founders, independent advisors and analysts on the other side of the table rarely have access to the same inputs.

M&A Intelligence publishes the analytical infrastructure of the buy side — multiples, cost of capital, transaction costs, deal structure — in a format that is accurate, sourced, and accessible without an institutional subscription.

No sponsored content. No advisor referral fees. No undisclosed relationships. All data is attributed to its primary source. All analysis represents an independent editorial perspective.

Valuation Methodology

How valuation multiples are computed and applied.

The EV/EBITDA multiples published in the Valuation Multiples dashboard are sourced from Damodaran's annual dataset (NYU Stern School of Business, January 2026). The dataset covers positive-EBITDA firms only, using trailing 12-month data. Sector classifications follow Damodaran's own taxonomy.

Private market discounts are applied separately. The academic consensus for SME illiquidity discounts ranges from 20–40%. The default applied in the Exit Calculator (30%) represents the midpoint of this range for a business with average liquidity characteristics. Users can override this input.

01
EBITDA Normalisation
Reported EBITDA is adjusted for owner-specific costs, non-recurring items and above/below-market management compensation. The resulting normalised EBITDA is the base for all valuation calculations.
Normalised EBITDA = Reported EBITDA + Verified Add-backs
02
Enterprise Value via Multiple
EV is estimated by applying the sector EV/EBITDA multiple (public market) discounted by the private market illiquidity factor. The range shown (±15%) reflects typical spread between low and high bids in a competitive process.
EV = Normalised EBITDA × (Public Multiple × (1 − Private Discount))
03
Equity Bridge
Enterprise Value is bridged to Equity Value by deducting net financial debt (bank loans minus unrestricted cash), pension liabilities, earnout obligations and other debt-like items.
Equity Value = EV − Net Debt − Debt-like Items + Cash
04
WACC — Cost of Capital
WACC is computed using the CAPM for cost of equity (Ke = Rf + β × ERP), applying Damodaran's country-level Equity Risk Premium and sector unlevered beta. The Hamada equation is used to relever beta for the target capital structure.
WACC = (E/V) × Ke + (D/V) × Kd × (1 − t)
Primary Data Sources 4 sources · verified annually
01
Damodaran · NYU Stern
EV/EBITDA multiples · Unlevered beta by sector · Equity Risk Premium by country
Updated January 2026 · 39+ sectors · 150+ countries · Positive-EBITDA firms only
02
Firmex / DealCircle / Axial
European M&A Fee Guide 2024–2025
289 advisors surveyed · Success fee benchmarks by deal size and geography
03
EY / KPMG Country Tax Guides
Capital gains tax rates by jurisdiction
National tax authority cross-reference · Updated annually · 20 European countries
04
Transaction records · Public sources
Case study data
SEC filings · Press releases · Company announcements · Verified third-party reporting

Not financial advice. All data is verified against primary sources and updated at least annually. Validate all figures with qualified advisors before use in any transaction or investment decision. Rates, multiples and tax rules change — always check current data.