Valuation Benchmarks: WACC and Multiples by Sector and Country
Reference data to value an SME: weighted average cost of capital (WACC) by sector and country, Damodaran unlevered betas, EV/EBITDA multiples and sector margins. Eleven sectors, ten countries. Computed with the textbook formula Rf + βL × ERP + size premium, sourced and dated.
WACC by sector and country
Range: low bound = large company (revenue > €50M, +1% size premium), high bound = micro SME (revenue < €2M, +3% premium). The beta used is the country’s regional Damodaran beta.
| Sector | FR | GB | US | AU | SG | IN | NZ | IE | CA | ZA | DE | ES |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Services B2B / Conseil | 10–12% | 11–13% | 10–12% | 11–13% | 8–10% | 18–20% | 11–13% | 9–11% | 10–12% | 21–23% | 8–10% | 10–12% |
| Software / SaaS | 11–13% | 12–14% | 13–15% | 13–15% | 10–12% | 22–24% | 13–15% | 11–13% | 12–14% | 26–28% | 9–11% | 12–14% |
| Technologie (hardware) | 13–15% | 14–16% | 13–15% | 14–16% | 11–13% | 22–24% | 13–15% | 12–14% | 12–14% | 26–28% | 10–12% | 13–15% |
| Industrie / Manufacturier | 12–14% | 13–15% | 11–13% | 13–15% | 10–12% | 21–23% | 13–15% | 11–13% | 12–14% | 25–27% | 10–12% | 13–15% |
| Construction / BTP | 10–12% | 11–13% | 12–14% | 10–12% | 7–9% | 13–15% | 10–12% | 10–12% | 9–11% | 16–18% | 9–11% | 11–13% |
| Logistique & transport | 9–11% | 10–12% | 10–12% | 10–12% | 7–9% | 15–17% | 10–12% | 8–10% | 9–11% | 18–20% | 7–9% | 9–11% |
| Distribution / Commerce | 9–11% | 10–12% | 10–12% | 10–12% | 7–9% | 13–15% | 9–11% | 9–11% | 8–10% | 15–17% | 8–10% | 9–11% |
| Santé / Pharma | 9–11% | 10–12% | 10–12% | 10–12% | 8–10% | 15–17% | 10–12% | 9–11% | 9–11% | 18–20% | 8–10% | 9–11% |
| Agroalimentaire | 8–10% | 9–11% | 8–10% | 9–11% | 6–8% | 13–15% | 9–11% | 7–9% | 8–10% | 16–18% | 6–8% | 8–10% |
| Hôtellerie & restauration | 9–11% | 10–12% | 10–12% | 10–12% | 7–9% | 15–17% | 9–11% | 8–10% | 8–10% | 18–20% | 7–9% | 9–11% |
| Télécommunications | 8–10% | 9–11% | 8–10% | 9–11% | 6–8% | 13–15% | 8–10% | 7–9% | 7–9% | 16–18% | 7–9% | 8–10% |
Multiples and margins by sector
EV/EBITDA multiples and EBITDA margins observed on European SME transactions (Argos Index, Avolta, Epsilon 2023-2025). The displayed beta is the Europe-region unlevered beta; ValorSME automatically selects the regional beta for other countries.
| Sector | Unlevered β (Europe) | EV/EBITDA | EBITDA margin |
|---|---|---|---|
| Services B2B / Conseil | 0.71 | 5x–8x | 15–25% |
| Software / SaaS | 0.96 | 8x–15x | 20–40% |
| Technologie (hardware) | 1.18 | 7x–12x | 8–18% |
| Industrie / Manufacturier | 1.08 | 5x–7x | 10–15% |
| Construction / BTP | 0.80 | 4x–6x | 8–12% |
| Logistique & transport | 0.54 | 5x–8x | 8–18% |
| Distribution / Commerce | 0.64 | 4x–6x | 5–10% |
| Santé / Pharma | 0.64 | 7x–10x | 15–25% |
| Agroalimentaire | 0.38 | 4x–6x | 8–12% |
| Hôtellerie & restauration | 0.59 | 5x–9x | 10–22% |
| Télécommunications | 0.45 | 6x–9x | 25–40% |
Sources : Damodaran (betas régionaux, janv. 2026), Argos Index / Avolta / Epsilon (multiples PME/ETI 2023-2025), taux souverains 10 ans par pays, prime de taille PME calibrée Argos (Apr 2026). WACC = Rf + βL × ERP + prime de taille.
Calculate your business valuation
Enter sector, revenue and country — WACC and the DCF valuation are computed in seconds, for free.
Start a free simulation