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  "documentTitle": "A&M Valuation Insights November 2023",
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      "text": "The recovery in asset prices led to Enterprise Values (EV) increases across all industries. Fundamentally, sales outlooks across industries are far less optimistic compared to sales increased a year ago. EBITDA margins, in turn, are projected to remain rather stable compared to earnings levels achieved a year ago. Forward EV/EBITDA multiples in the industries Chems & Pharma and Transportation & Logistics showed notable increases compared to the previous year.",
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      "text": "Note: The analysis of forward EV/EBITDA trading multiple levels is based on all CDAX firms and compares median EV/EBITDA trading multiple levels by industry as of 30 September 2023 and as of 30 September 2022. Source: S&P Capital IQ, A&M Analysis.",
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