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When Not to Quit

Two-line chart showing private equity valuation discount. Chart subtitle: Contracting multiples can lead to attractive buying opportunities. Chart visual description: Y-axis is labeled Median EV/EBITDA Multiple and ranges from 0.0x to 22.0x. X-axis shows years from 2009 to 6/30/22. First line is dark orange and represents U.S. Middle Market PE and second line is gray and represents Russell 3000 index. Chart data description: For all but two of the years shown in the chart (2009, 2011), the Russell 3000 index has had a higher Median EV/EBITDA Multiple than the U.S. Middle Market PE. Though in the earliest years shown the two were within decimals of each other, it has since mostly hovered at 1-3x, and peaked in 2020, with the Russell 3000 at 20.2x and PE at 12.7x, representing a nearly 60% difference. Both have since come down; as of June 30, 2022, R3000 is at 12.9x and PE is at 11.4x. Chart source: Pitchbook as of June 30, 2022. End chart description.
Posted on October 25, 2022October 25, 2022 Full size 1911 × 1033

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