![]() Activity is beginning to be affected by the deteriorating political and economic context, i.e. The index change is correlated to mid-market M&A activity, whose volume declined by 14% in Q2. As in Q1, the share of transactions > 15x contracted sharply from 2021, while transactions < 7x increased and now account for 20% of the sample. This decline is also reflected in the multiples. The index correction is attributable to price changes at the high end of the market (multiples of the lower mid-market are stable) and to prices paid by strategic buyers, down slightly to 9.9x EBITDA. Although down 14% (1.6 EBITDA points) year on year from the peak of Q2 2021, the level remains high and corresponds to the average of the past five years. ![]() The Argos Index® declined in Q2 2022, to 10.0x EBITDA.
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