Valuation Benchmarks: WACC and Multiples by Sector and Country

Name: ValorSME
Author: ValorSME

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.

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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
Services B2B / Conseil	9–11%	10–12%	10–12%	11–13%	8–10%	18–20%	10–12%	9–11%	9–11%	21–23%
Software / SaaS	11–13%	12–14%	12–14%	13–15%	10–12%	22–24%	13–15%	10–12%	12–14%	26–28%
Technologie (hardware)	12–14%	13–15%	13–15%	14–16%	11–13%	22–24%	13–15%	12–14%	12–14%	26–28%
Industrie / Manufacturier	11–13%	13–15%	10–12%	13–15%	10–12%	21–23%	13–15%	11–13%	12–14%	25–27%
Construction / BTP	10–12%	11–13%	12–14%	10–12%	7–9%	13–15%	10–12%	9–11%	9–11%	16–18%
Logistique & transport	8–10%	9–11%	9–11%	10–12%	7–9%	15–17%	10–12%	8–10%	9–11%	18–20%
Distribution / Commerce	9–11%	10–12%	10–12%	9–11%	6–8%	13–15%	9–11%	8–10%	8–10%	15–17%
Santé / Pharma	9–11%	10–12%	9–11%	10–12%	7–9%	15–17%	10–12%	8–10%	9–11%	18–20%
Agroalimentaire	7–9%	8–10%	8–10%	9–11%	6–8%	13–15%	9–11%	7–9%	8–10%	16–18%
Hôtellerie & restauration	8–10%	10–12%	10–12%	9–11%	7–9%	15–17%	9–11%	8–10%	8–10%	18–20%
Télécommunications	7–9%	9–11%	7–9%	9–11%	6–8%	13–15%	8–10%	7–9%	7–9%	16–18%

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 = R_f + β_L × ERP + prime de taille.

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