Module II· Multiples & Sector SpecificsIntermediate
Question
What historical multiple ranges do you see for specialty chemicals and industrials?
Answer
Mechanics
Historical EV/EBITDA ranges for industrials by sector:
- Specialty chemicals: 9–13x — higher than commodity chemicals because of margin resilience and patent protection.
- Commodity chemicals: 5–7x.
- Industrial engineered components: 7–10x.
- Mid-cap machinery: 8–11x.
- Auto suppliers: 5–7x — low because of cyclical exposure and EV-transition risk.
- Industrial electronics: 11–14x.
- Packaging: 7–9x.
Drivers
margin stability, end-market diversification, pricing power, ESG profile.
Deep diveShow more details
Pitch tip
For mid-cap industrials, multiples have been under pressure since 2022 on the energy-price shock and weaker China exports — flag explicitly that 'spot multiples are 15% below the 5-year average.'