1import{S as Pa,i as Sa,s as za,a_ as ie,bn as z,bo as Ha,ae as Ga,Q as La,d as p,F as Na,R as Oa,t as $a,m as Va,G as Wa,c as Ss,L as t,q as a,I as ja,z as o,y as e,f as v,V as u,O as n,J as Ra,C as l,B as s,P as i,n as Ja}from"../chunks/YcSRW0gD.js";function Ma(f,m,k){const T=f.slice();return T[6]=m[k],T}function Ba(f){let m,k,T=f[6].name_en+"",d,A,Nt=f[1](f[6].kad)+"",b,g,N=f[0](f[6].damodaran)+"",P,_,W,Ot=f[0](f[6].relative,2)+"",L,D,Yt=f[0](f[6].multiple)+"",st,E,q,Kt=f[0](f[6].dep_rev*100)+"",at,H;return{c(){m=s("tr"),k=s("td"),d=i(T),A=s("td"),b=i(Nt),g=s("td"),P=i(N),_=i("Ã"),W=s("td"),L=i(Ot),D=s("td"),st=i(Yt),E=i("Ã"),q=s("td"),at=i(Kt),H=i("%"),this.h()},l(F){m=e(F,"TR",{});var S=v(m);k=e(S,"TD",{class:!0});var G=v(k);d=n(G,T),G.forEach(p),A=e(S,"TD",{class:!0});var $t=v(A);b=n($t,Nt),$t.forEach(p),g=e(S,"TD",{class:!0});var Vt=v(g);P=n(Vt,N),_=n(Vt,"Ã"),Vt.forEach(p),W=e(S,"TD",{class:!0});var Wt=v(W);L=n(Wt,Ot),Wt.forEach(p),D=e(S,"TD",{class:!0});var ot=v(D);st=n(ot,Yt),E=n(ot,"Ã"),ot.forEach(p),q=e(S,"TD",{class:!0});var lt=v(q);at=n(lt,Kt),H=n(lt,"%"),lt.forEach(p),S.forEach(p),this.h()},h(){a(k,"class","svelte-1rylo8o"),a(A,"class","svelte-1rylo8o"),a(g,"class","svelte-1rylo8o"),a(W,"class","svelte-1rylo8o"),a(D,"class","svelte-1rylo8o"),a(q,"class","svelte-1rylo8o")},m(F,S){Ss(F,m,S),t(m,k),t(k,d),t(m,A),t(A,b),t(m,g),t(g,P),t(g,_),t(m,W),t(W,L),t(m,D),t(D,st),t(D,E),t(m,q),t(q,at),t(q,H)},p:Ja,d(F){F&&p(m)}}}function Fa(f){let m,k,T,d,A,Nt="Business valuation methods",b,g,N='How the indicative value shown on every company page is computed: the methods, the sector multiples, the sources and the limits. To run it on your own figures, use the <a href="/en/apotimisi-epixeirisis/" class="svelte-1rylo8o">business valuation calculator</a>.',P,_,W=`<h2 class="svelte-1rylo8o">What it is</h2> <p class="svelte-1rylo8o">The page of every company with published financial statements shows an "indicative value" as a range 2 of two amounts. The range is computed automatically from the financial data the company itself filed 3 with the Greek business registry (GEMI) and from the assumptions on this page. It is not a valuation 4 under the International Valuation Standards (IVS), it is not intended for a transaction, a tax filing 5 or legal proceedings, and it does not replace a certified valuer or a statutory auditor.</p>`,Ot,L,D,Yt="Data used",st,E,q,Kt=`The company's last three fiscal years with profit in the data, as extracted from the published 6 financial statements. If fewer exist, those available are used. Where this page says "average", it 7 means a weighted average with more weight on recent years: 3, 2 and 1 for three years, 2 and 1 for 8 two, so that a growing business is not valued on the profit of a small first year.`,at,H,F=`Fiscal years shorter than 12 months, usually the first one, count per month: the average is the profit 9 of all years divided by their months, times 12, with the same weight on recent years. Years under 6 10 months are left out, because they carry mostly set-up costs. In seasonal sectors (agriculture, 11 accommodation, restaurants, travel agencies) any short year is left out: seven summer months of a 12 hotel scaled to a year would almost double its profit.`,S,G,$t,Vt=f[0](ie.tax*100,0)+"",Wt,ot,lt,nt,zs=`The company's main NACE activity code, to select the sector group. Without a code, or with a code 13 outside the groups of the table, the market multiple is used.`,re,it,Hs=`No estimate is computed for sole proprietorships, for branches of foreign companies (their figures 14 belong to the parent), for figures in a currency other than the euro, for companies without equity or 15 revenue in their data, and for financial and real-estate companies (NACE 64 to 66 and 68), where value 16 does not follow from operating profit.`,he,r,rt,Gs="Methods",ce,ht,Ns=`The range comes from methods 2, 3 and 4, which rest on earnings (income and market approaches of 17 IVS 105). It is the lowest and the highest of these amounts. Method 1, book value (cost approach), is 18 shown separately and is not part of the range: for a profitable business book equity does not say
19 what it is worth, and inside the range it made the range either uselessly wide or too high for 20 companies with large assets and small profit. On the company page, the individual amounts are shown 21 on hover over the range. Amounts at or below zero are shown there but are not used in the range.`,ue,ct,Os="1. Book value (equity), not in the range",de,ut,$s=`The equity of the latest fiscal year as stated in the balance sheet. It is the minimum transfer value 22 of unlisted shares under article 42 of the Greek Income Tax Code (law 4172/2013). It excludes everything 23 the balance sheet does not record.`,fe,dt,Vs="2. Capitalised earnings",pe,U,me,Ws=f[0](ie.cap_rate*100)+"",ve,ye,ge,ft,js="3. Earnings multiple",be,Y,xe,Rs=f[0](ie.pe)+"",we,_e,Ce,pt,Js=`Net cash, i.e. cash less borrowings, is added to methods 2 and 3 when it is positive. Earnings price 24 the activity, not the money the business already holds. It is added only when the latest fiscal year 25 has borrowing data: without it, adding cash would assume zero debt. When net cash is negative it is not 26 deducted, because earnings already bear the interest on the borrowings.`,Te,mt,Fs="4. Sector EBITDA multiple",Ee,vt,Us=`The average EBITDA (operating result plus depreciation) of the years used, multiplied by the sector 27 group multiple and the size factor, less net debt (borrowings less cash). Net debt is taken from the 28 most recent fiscal year that has borrowing data. If no year has borrowing data but the latest year has 29 total liabilities, those are used in place of borrowings. This is conservative, because liabilities 30 also include suppliers and taxes, and it is stated next to the method. The method is applied when there is an operating 31 result, or profit before tax together with interest, and borrowing or liability data.`,Ie,O,ke,Ys=z.sources.dep_ratios.n.toLocaleString("en-GB")+"",Ae,De,Ks=f[0](z.sources.dep_ratios.market*100,1)+"",qe,Le,Me,yt,Qs="Size factor",Be,K,Pe,Xs=z.size_discount.map(f[4]).join(", ")+"",Se,ze,He,gt,Zs="5. Taxable value (POL 1055/2003), not in the range",Ge,bt,ta=`The value the Greek Ministry of Finance sets for inheritance, gifts and parental transfers of unlisted 32 shares and company quotas (decision 1031583/253/Î0013/POL.1055/1.4.2003, as in force). It uses profit 33 before tax and equity of the last five fiscal years, or of as many as are available.`,Ne,xt,ea=`<li class="svelte-1rylo8o"><strong>Shares</strong> (AE, partnership limited by shares, SE): latest equity times (1 + return). 34 Return is average profit before tax divided by average equity. If the sum of profits is negative, 35 no return is added. The decision says nothing about negative average equity. In that case no return 36 is added, because the ratio changes sign.</li> <li class="svelte-1rylo8o"><strong>Company quotas</strong> (EPE, IKE): latest equity plus goodwill. Excess profit is average 37 profit before tax minus interest on equity at rate i. Goodwill is the excess profit times the 38 five-year annuity (1 â (1 + i)<sup>â5</sup>) / i, increased by 10% for 3 to 5 years in operation, 20% 39 for 5 to 10, 30% for 10 to 15 and 40% above 15. If the excess profit is negative, goodwill is zero. 40 No owner's salary is deducted, as the instructions 1068130/449/Î0013/18.7.2003 set for EPE.</li>`,Oe,Q,$e,sa=Object.entries(Ha).map(f[5]).join(", ")+"",Ve,We,je,wt,aa=`It is not computed for general and limited partnerships (OE, EE) or sole proprietorships, where the 41 decision deducts a salaried employee's wage from the collective agreement. The difference between the 42 current and the book value of fixed assets, which the decision adds, is not included because it is not 43 published.`,Re,_t,oa=`The taxable value is shown separately and is not part of the range. It is a minimum only for 44 inheritance, gifts and parental transfers. It has no discount for size or liquidity and counts one-off 45 income as profit. About one in three companies listed on the Athens Exchange has a market 46 capitalisation below its taxable value. As a floor it would double the overestimates.`,Je,Ct,la=`<h2 class="svelte-1rylo8o">Earnings and EBITDA</h2> <p class="svelte-1rylo8o">Methods 2 and 3 rest on net profit, method 4 on EBITDA. The literature does not show EBITDA to be the 47 more reliable base: comparing the accuracy of multiples on listed companies, historical earnings 48 explain prices better than cash flow measures and EBITDA, and this ranking holds in almost every 49 industry (Liu, Nissim and Thomas, 2002). For that reason both bases are used.<
49/p> <p class="svelte-1rylo8o">The two bases do not give the same level. EBITDA is measured before interest, tax and depreciation, and 50 for Greek companies it is about 1.6 times net profit at the median. In sectors with a high multiple, 51 method 4 often sets the upper bound. In sectors with a low multiple, such as construction or transport, 52 the upper bound is often method 3.</p> <p class="svelte-1rylo8o">When only net profit is available, without operating result or interest, method 4 is not computed. 53 Estimating EBITDA directly from net profit with the sector ratio was tested and gave a median error of 54 19%, twice that of the estimate from operating result.</p>`,Fe,$,Tt,na="Multiples by sector group",Ue,x,Ye,ia=f[0](z.sources.argos.value)+"",Ke,Qe,ra=z.sources.argos.period_en+"",Xe,Ze,ts,es,ha=f[0](z.sources.damodaran.market_ex_financials,2)+"",ss,as,ca=f[0](z.cap[0])+"",os,ls,ua=f[0](z.cap[1])+"",ns,is,da=f[0](z.sources.argos.value)+"",rs,hs,cs,jt,j,Rt,fa='<th class="svelte-1rylo8o">Sector group</th><th class="svelte-1rylo8o">NACE</th><th class="svelte-1rylo8o">Damodaran Europe</th><th class="svelte-1rylo8o">Relative</th><th class="svelte-1rylo8o">SME multiple</th><th class="svelte-1rylo8o">Depreciation/revenue</th>',us,ds,Et,pa=`<h2 class="svelte-1rylo8o">Listed companies</h2> <p class="svelte-1rylo8o">For companies listed on the Athens Exchange the company page shows market capitalisation, i.e. share 55 price times the number of shares, with the date of the price. For a listed company the market price is 56 the valuation. The indicative estimate of this page is shown on hover, as the value of the company if 57 it were not listed. It is usually lower, because the assumptions carry discounts for illiquidity and 58 size, and because listed companies price expected growth.</p>`,fs,M,It,ma="When it is not computed",ps,kt,va='The company page shows "Not computed", with the reason, when any of the following holds:',ms,w,At,ya="only one fiscal year with profit is available;",vs,Dt,ga="one of the years used is loss-making or has zero profit;",ys,qt,ba=`profit in one of the years comes from one-off income, the line "other income and gains" of the 59 income statement, and without it the year is loss-making;`,gs,Lt,xa="equity is negative;",bs,Mt,wa="in some year net profit exceeds revenue, which usually means a holding company or a one-off gain;",xs,X,ws,_a=ie.max_leverage+"",_s,Cs,Ts,Bt,Ca=`the data cannot be right: negative liabilities, equity above total assets, or profit after tax above 60 profit before tax.`,Es,Pt,Ta='In these cases a range would mislead. The same applies to the exclusions of the section "Data used".',Is,St,Ea="The taxable value (method 5) is still shown on hover, where it can be computed.",ks,zt,Ia=`<h2 class="svelte-1rylo8o">What is not included</h2> <ul class="svelte-1rylo8o"><li class="svelte-1rylo8o">Anything the balance sheet does not record: contracts, customers, self-developed software and 61 know-how, trademarks, licences.</li> <li class="svelte-1rylo8o">Owner or manager compensation not recorded as salary. In small companies, profit often includes 62 the owner's own work, and a buyer does not pay a multiple for it. When payroll is below 10% of 63 revenue, the company page notes it. In the <a href="/en/apotimisi-epixeirisis/" class="svelte-1rylo8o">valuation 64 calculator</a>, when the pre-tax margin exceeds 60%, it asks what partners working without a salary would 65 earn as employees, and deducts it from profit before tax of each year, 66 as the Greek tax circular POL 1055/2003 deducts an "owner's salary".</li> <li class="svelte-1rylo8o">The current value of fixed assets. Book value is used, not a market appraisal.</li> <li class="svelte-1rylo8o">Grants. They are not deducted from profit, because the amount and the year in which they are booked 67 are not known precisely. On the company page, grants in the fiscal years used are listed on 68 hover.</li> <li class="svelte-1rylo8o">Anything known only to management: prospects, pending matters, agreements.</li> <li class="svelte-1rylo8o">Dependence on a few customers or on one partner or supplier. It does not show in the financial 69 statements, and a buyer treats it as a risk that lowers the value.</li> <li class="svelte-1rylo8o">Errors of the automatic extraction of financial data from the published documents.</li></ul>`,As,Z,Ht,ka="Updating the assumptions",Ds,tt,qs,Aa=z.generated+"",Ls,Ms,Bs,Gt,Da=`<h2 class="svelte-1rylo8o">Sources</h2> <ul class="svelte-1rylo8o"><li class="svelte-1rylo8o">International Valuation Standards Council, IVS 105 Valuation Approaches and Methods.</li> <li class="svelte-1rylo8o">
69Liu J., Nissim D., Thomas J. (2002), Equity Valuation Using Multiples, Journal of Accounting Research 70 40(1), 135â172.</li> <li class="svelte-1rylo8o">Greek law 4172/2013, article 42, and circular POL 1032/2015 on the transfer value of unlisted 71 shares.</li> <li class="svelte-1rylo8o">Decision 1031583/253/Î0013/POL.1055/1.4.2003 (Government Gazette B 477), as amended by POL 1127/2003, 72 instructions 1068130/449/Î0013/18.7.2003 and forms 1070691/499/Î0013/28.7.2003. In force according 73 to the Greek tax authority (AADE) guide E.2016/7.3.2025 on capital transfer taxation.</li> <li class="svelte-1rylo8o">Public Debt Management Agency, results of 52-week Treasury bill auctions.</li> <li class="svelte-1rylo8o">Aswath Damodaran, Enterprise Value Multiples by Sector, Europe, January 2026, and Country Risk 74 Premiums, July 2026.</li> <li class="svelte-1rylo8o">Argos Mid-Market Index, Argos Wityu and Epsilon Research, first quarter of 2026.</li> <li class="svelte-1rylo8o">Athens Exchange, market capitalisations and published financial statements of listed 75 companies.</li></ul>`,Qt;m=new Ga({props:{title:"Business valuation methods: how the indicative value is computed | bizlist.gr",description:"The business valuation methods bizlist.gr uses: book equity, capitalised earnings, sector EBITDA multiples, with sources and assumptions"}});let Jt=La(z.groups),C=[];for(let y=0;y<Jt.length;y+=1)C[y]=Ba(Ma(f,Jt,y));return{c(){Ra(m.$$.fragment),k=l(),T=s("div"),d=s("div"),A=s("h1"),A.textContent=Nt,b=l(),g=s("p"),g.innerHTML=N,P=l(),_=s("section"),_.innerHTML=W,Ot=l(),L=s("section"),D=s("h2"),D.textContent=Yt,st=l(),E=s("ul"),q=s("li"),q.textContent=Kt,at=l(),H=s("li"),H.textContent=F,S=l(),G=s("li"),$t=i(`Profit after tax, equity, operating result (EBIT), depreciation, borrowings and cash. Where the data 76 has only profit before tax, profit after tax is estimated at `),Wt=i(Vt),ot=i("% tax."),lt=l(),nt=s("li"),nt.textContent=zs,re=l(),it=s("p"),it.textContent=Hs,he=l(),r=s("section"),rt=s("h2"),rt.textContent=Gs,ce=l(),ht=s("p"),ht.textContent=Ns,ue=l(),ct=s("h3"),ct.textContent=Os,de=l(),ut=s("p"),ut.textContent=$s,fe=l(),dt=s("h3"),dt.textContent=Vs,pe=l(),U=s("p"),me=i("The average profit after tax of the years used, divided by a rate of "),ve=i(Ws),ye=i(`%, times the 77 size factor. The rate is the sum of the Greek ten-year bond yield (3.5%, estimate) and the equity risk 78 premium for Greece (7.1%, Damodaran, July 2026).`),ge=l(),ft=s("h3"),ft.textContent=js,be=l(),Y=s("p"),xe=i("The same average profit multiplied by "),we=i(Rs),_e=i(`, times the size factor. The multiple is the median 79 price-to-earnings ratio of non-financial companies listed on the Athens Exchange (15.5) with a 30% 80 discount for the illiquidity of unlisted shares.`),Ce=l(),pt=s("p"),pt.textContent=Js,Te=l(),mt=s("h3"),mt.textContent=Fs,Ee=l(),vt=s("p"),vt.textContent=Us,Ie=l(),O=s("p"),ke=i(`When depreciation is missing from the data, it is estimated as a share of revenue: the median 81 depreciation-to-revenue ratio of the sector group, measured on `),Ae=i(Ys),De=i(` 82 fiscal years of Greek companies (whole market `),qe=i(Ks),Le=i(`%). The same applies 83 when depreciation is zero for a company with revenue above â¬500 thousand in a sector where depreciation 84 is at least 3% of revenue, because that is almost always a gap in the extraction. In a test on years 85 where depreciation is known, estimated EBITDA deviated from actual by 10% at the median, with no 86 systematic bias. The estimate is stated next to the method.`),Me=l(),yt=s("h3"),yt.textContent=Qs,Be=l(),K=s("p"),Pe=i(`Methods 2, 3 and 4 are multiplied by the same size factor. Size is measured by average EBITDA, or by 87 average profit before tax where EBITDA is not computed. The Argos Index measures acquisitions of â¬15 88 million to â¬500 million, and smaller businesses sell at lower multiples. Points of the factor: 89 `),Se=i(Xs),ze=i(`. Below the first point the first 90 factor applies and above the last point the last one. Between points the factor changes smoothly, so 91 that a small difference in size does not cause a jump in value.`),He=l(),gt=s("h3"),gt.textContent=Zs,Ge=l(),bt=s("p"),bt.textContent=ta,Ne=l(),xt=s("ul"),xt.innerHTML=ea,Oe=l(),Q=s("p"),$e=i(`Rate i is the yield of the 52-week Greek T-bill auction of the Public Debt Management Agency in 92 December of the previous year: `),Ve=i(sa),We=i(`. 93 Years in operation run from registration in GEMI to today.`),je=l(),wt=s("p"),wt.textContent=aa,Re=l(),_t=s("p"),_t.textContent=oa,Je=l(),Ct=s("section"),Ct.innerHTML=la,Fe=l(),$=s("section"),Tt=s("h2"),Tt.textContent=na,Ue=l(),x=s("p"),Ye=i(`The level of the multiples is the Argos Mid-Market Index, which measures acquisition prices of European 94 small and medium-sized companies: `),Ke=i(ia),Qe=i(" times EBITDA ("),Xe=i(ra),Ze=i(`). The relative position 95 of each sector comes from Aswath Damodaran's EV/EBITDA multiples of European listed companies by 96 industry (`),ts=i(f[3]),es=i(`), weighted by the number of companies and divi
96ded by the multiple of the whole 97 market excluding financials (`),ss=i(ha),as=i("). The relative position is capped between "),os=i(ca),ls=i(" and "),ns=i(ua),is=i(`, because the 98 high multiples of sectors such as software reflect growth rates of listed companies that the data of 99 a small business does not support. The group multiple is `),rs=i(da),hs=i(" times the relative position, before the size factor. The column of companies with positive EBITDA is used."),cs=l(),jt=s("div"),j=s("table"),Rt=s("tr"),Rt.innerHTML=fa,us=l();for(let y=0;y<C.length;y+=1)C[y].c();ds=l(),Et=s("section"),Et.innerHTML=pa,fs=l(),M=s("section"),It=s("h2"),It.textContent=ma,ps=l(),kt=s("p"),kt.textContent=va,ms=l(),w=s("ul"),At=s("li"),At.textContent=ya,vs=l(),Dt=s("li"),Dt.textContent=ga,ys=l(),qt=s("li"),qt.textContent=ba,gs=l(),Lt=s("li"),Lt.textContent=xa,bs=l(),Mt=s("li"),Mt.textContent=wa,xs=l(),X=s("li"),ws=i("net debt is more than "),_s=i(_a),Cs=i(` times average EBITDA, because the equity value is then the 100 remainder of a large deduction and a small error in earnings changes the result a lot;`),Ts=l(),Bt=s("li"),Bt.textContent=Ca,Es=l(),Pt=s("p"),Pt.textContent=Ta,Is=l(),St=s("p"),St.textContent=Ea,ks=l(),zt=s("section"),zt.innerHTML=Ia,As=l(),Z=s("section"),Ht=s("h2"),Ht.textContent=ka,Ds=l(),tt=s("p"),qs=i(`Damodaran's multiples are updated every January and the Argos Index every quarter. The assumptions on 101 this page are updated at the same frequency and the date of each source is stated next to it. Table last 102 generated: `),Ls=i(Aa),Ms=i("."),Bs=l(),Gt=s("section"),Gt.innerHTML=Da,this.h()},l(y){ja(m.$$.fragment,y),k=o(y),T=e(y,"DIV",{class:!0});var R=v(T);d=e(R,"DIV",{class:!0});var h=v(d);A=e(h,"H1",{class:!0,"data-svelte-h":!0}),u(A)!=="svelte-17a0pw3"&&(A.textContent=Nt),b=o(h),g=e(h,"P",{class:!0,"data-svelte-h":!0}),u(g)!=="svelte-oscfj1"&&(g.innerHTML=N),P=o(h),_=e(h,"SECTION",{class:!0,"data-svelte-h":!0}),u(_)!=="svelte-p68t5i"&&(_.innerHTML=W),Ot=o(h),L=e(h,"SECTION",{class:!0});var J=v(L);D=e(J,"H2",{class:!0,"data-svelte-h":!0}),u(D)!=="svelte-1q1nhq5"&&(D.textContent=Yt),st=o(J),E=e(J,"UL",{class:!0});var et=v(E);q=e(et,"LI",{class:!0,"data-svelte-h":!0}),u(q)!=="svelte-6ein3l"&&(q.textContent=Kt),at=o(et),H=e(et,"LI",{class:!0,"data-svelte-h":!0}),u(H)!=="svelte-1vmojso"&&(H.textContent=F),S=o(et),G=e(et,"LI",{class:!0});var Xt=v(G);$t=n(Xt,`Profit after tax, equity, operating result (EBIT), depreciation, borrowings and cash. Where the data 103 has only profit before tax, profit after tax is estimated at `),Wt=n(Xt,Vt),ot=n(Xt,"% tax."),Xt.forEach(p),lt=o(et),nt=e(et,"LI",{class:!0,"data-svelte-h":!0}),u(nt)!=="svelte-hny8gh"&&(nt.textContent=zs),et.forEach(p),re=o(J),it=e(J,"P",{class:!0,"data-svelte-h":!0}),u(it)!=="svelte-1fiyy2t"&&(it.textContent=Hs),J.forEach(p),he=o(h),r=e(h,"SECTION",{class:!0});var c=v(r);rt=e(c,"H2",{class:!0,"data-svelte-h":!0}),u(rt)!=="svelte-27oo3k"&&(rt.textContent=Gs),ce=o(c),ht=e(c,"P",{class:!0,"data-svelte-h":!0}),u(ht)!=="svelte-1ehsmwq"&&(ht.textContent=Ns),ue=o(c),ct=e(c,"H3",{class:!0,"data-svelte-h":!0}),u(ct)!=="svelte-1aqmh6r"&&(ct.textContent=Os),de=o(c),ut=e(c,"P",{class:!0,"data-svelte-h":!0}),u(ut)!=="svelte-1rorcxd"&&(ut.textContent=$s),fe=o(c),dt=e(c,"H3",{class:!0,"data-svelte-h":!0}),u(dt)!=="svelte-nd2rt6"&&(dt.textContent=Vs),pe=o(c),U=e(c,"P",{class:!0});var Zt=v(U);me=n(Zt,"The average profit after tax of the years used, divided by a rate of "),ve=n(Zt,Ws),ye=n(Zt,`%, times the 104 size factor. The rate is the sum of the Greek ten-year bond yield (3.5%, estimate) and the equity risk 105 premium for Greece (7.1%, Damodaran, July 2026).`),Zt.forEach(p),ge=o(c),ft=e(c,"H3",{class:!0,"data-svelte-h":!0}),u(ft)!=="svelte-mi2r34"&&(ft.textContent=js),be=o(c),Y=e(c,"P",{class:!0});var te=v(Y);xe=n(te,"The same average profit multiplied by "),we=n(te,Rs),_e=n(te,`, times the size factor. The multiple is the median 106 price-to-earnings ratio of non-financial companies listed on the Athens Exchange (15.5) with a 30% 107 discount for the illiquidity of unlisted shares.`),te.forEach(p),Ce=o(c),pt=e(c,"P",{class:!0,"data-svelte-h":!0}),u(pt)!=="svelte-1n8wq96"&&(pt.textContent=Js),Te=o(c),mt=e(c,"H3",{class:!0,"data-svelte-h":!0}),u(mt)!=="svelte-1cjscdr"&&(mt.textContent=Fs),Ee=o(c),vt=e(c,"P",{class:!0,"data-svelte-h":!0}),u(vt)!=="svelte-gg550c"&&(vt.textContent=Us),Ie=o(c),O=e(c,"P",{class:!0});var Ft=v(O);ke=n(Ft,`When depreciation is missing from the data, it is estimated as a share of revenue: the median 108 depreciation-to-revenue ratio of the sector group, measured on `),Ae=n(Ft,Ys),De=n(Ft,` 109 fiscal years of Greek companies (whole market `),qe=n(Ft,Ks),Le=n(Ft,`%). The same applies 110 when depreciation is zero for a company with revenue above â¬500 thous
110and in a sector where depreciation 111 is at least 3% of revenue, because that is almost always a gap in the extraction. In a test on years 112 where depreciation is known, estimated EBITDA deviated from actual by 10% at the median, with no 113 systematic bias. The estimate is stated next to the method.`),Ft.forEach(p),Me=o(c),yt=e(c,"H3",{class:!0,"data-svelte-h":!0}),u(yt)!=="svelte-6x8fu2"&&(yt.textContent=Qs),Be=o(c),K=e(c,"P",{class:!0});var ee=v(K);Pe=n(ee,`Methods 2, 3 and 4 are multiplied by the same size factor. Size is measured by average EBITDA, or by 114 average profit before tax where EBITDA is not computed. The Argos Index measures acquisitions of â¬15 115 million to â¬500 million, and smaller businesses sell at lower multiples. Points of the factor: 116 `),Se=n(ee,Xs),ze=n(ee,`. Below the first point the first 117 factor applies and above the last point the last one. Between points the factor changes smoothly, so 118 that a small difference in size does not cause a jump in value.`),ee.forEach(p),He=o(c),gt=e(c,"H3",{class:!0,"data-svelte-h":!0}),u(gt)!=="svelte-relu4e"&&(gt.textContent=Zs),Ge=o(c),bt=e(c,"P",{class:!0,"data-svelte-h":!0}),u(bt)!=="svelte-1t5figf"&&(bt.textContent=ta),Ne=o(c),xt=e(c,"UL",{class:!0,"data-svelte-h":!0}),u(xt)!=="svelte-t0xin0"&&(xt.innerHTML=ea),Oe=o(c),Q=e(c,"P",{class:!0});var se=v(Q);$e=n(se,`Rate i is the yield of the 52-week Greek T-bill auction of the Public Debt Management Agency in 119 December of the previous year: `),Ve=n(se,sa),We=n(se,`. 120 Years in operation run from registration in GEMI to today.`),se.forEach(p),je=o(c),wt=e(c,"P",{class:!0,"data-svelte-h":!0}),u(wt)!=="svelte-abpwff"&&(wt.textContent=aa),Re=o(c),_t=e(c,"P",{class:!0,"data-svelte-h":!0}),u(_t)!=="svelte-n4x28w"&&(_t.textContent=oa),c.forEach(p),Je=o(h),Ct=e(h,"SECTION",{class:!0,"data-svelte-h":!0}),u(Ct)!=="svelte-ok8qwe"&&(Ct.innerHTML=la),Fe=o(h),$=e(h,"SECTION",{class:!0});var Ut=v($);Tt=e(Ut,"H2",{class:!0,"data-svelte-h":!0}),u(Tt)!=="svelte-v6jas7"&&(Tt.textContent=na),Ue=o(Ut),x=e(Ut,"P",{class:!0});var I=v(x);Ye=n(I,`The level of the multiples is the Argos Mid-Market Index, which measures acquisition prices of European 121 small and medium-sized companies: `),Ke=n(I,ia),Qe=n(I," times EBITDA ("),Xe=n(I,ra),Ze=n(I,`). The relative position 122 of each sector comes from Aswath Damodaran's EV/EBITDA multiples of European listed companies by 123 industry (`),ts=n(I,f[3]),es=n(I,`), weighted by the number of companies and divided by the multiple of the whole 124 market excluding financials (`),ss=n(I,ha),as=n(I,"). The relative position is capped between "),os=n(I,ca),ls=n(I," and "),ns=n(I,ua),is=n(I,`, because the 125 high multiples of sectors such as software reflect growth rates of listed companies that the data of 126 a small business does not support. The group multiple is `),rs=n(I,da),hs=n(I," times the relative position, before the size factor. The column of companies with positive EBITDA is used."),I.forEach(p),cs=o(Ut),jt=e(Ut,"DIV",{class:!0});var qa=v(jt);j=e(qa,"TABLE",{class:!0});var ae=v(j);Rt=e(ae,"TR",{"data-svelte-h":!0}),u(Rt)!=="svelte-1ulugw4"&&(Rt.innerHTML=fa),us=o(ae);for(let Ps=0;Ps<C.length;Ps+=1)C[Ps].l(ae);ae.forEach(p),qa.forEach(p),Ut.forEach(p),ds=o(h),Et=e(h,"SECTION",{class:!0,"data-svelte-h":!0}),u(Et)!=="svelte-1sjfqf0"&&(Et.innerHTML=pa),fs=o(h),M=e(h,"SECTION",{class:!0});var V=v(M);It=e(V,"H2",{class:!0,"data-svelte-h":!0}),u(It)!=="svelte-rl2kxd"&&(It.textContent=ma),ps=o(V),kt=e(V,"P",{class:!0,"data-svelte-h":!0}),u(kt)!=="svelte-1nacrb8"&&(kt.textContent=va),ms=o(V),w=e(V,"UL",{class:!0});var B=v(w);At=e(B,"LI",{class:!0,"data-svelte-h":!0}),u(At)!=="svelte-17d2ftr"&&(At.textContent=ya),vs=o(B),Dt=e(B,"LI",{class:!0,"data-svelte-h":!0}),u(Dt)!=="svelte-mzxofi"&&(Dt.textContent=ga),ys=o(B),qt=e(B,"LI",{class:!0,"data-svelte-h":!0}),u(qt)!=="svelte-wx31qj"&&(qt.textContent=ba),gs=o(B),Lt=e(B,"LI",{class:!0,"data-svelte-h":!0}),u(Lt)!=="svelte-ejpdcx"&&(Lt.textContent=xa),bs=o(B),Mt=e(B,"LI",{class:!0,"data-svelte-h":!0}),u(Mt)!=="svelte-19bxo49"&&(Mt.textContent=wa),xs=o(B),X=e(B,"LI",{class:!0});var oe=v(X);ws=n(oe,"net debt is more than "),_s=n(oe,_a),Cs=n(oe,` times average EBITDA, because the equity value is then the 127 remainder of a large deduction and a small error in earnings changes the result a lot;`),oe.forEach(p),Ts=o(B),Bt=e(B,"LI",{class:!0,"data-svelte-h":!0}),u(Bt)!=="svelte-kishkq"&&(Bt.textContent=Ca),B.forEach(p),Es=o(V),Pt=e(V,"P",{class:!0,"data-svelte-h":!0}),u(Pt)!=="svelte-50fki0"&&(Pt.textContent=Ta),Is=o(V),St=e(V,"P",{class:!0,"data-svelte-h":!0}
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