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  "documentTitle": "m and a trends and outlook in the technology services sector",
  "authorId": "MorganStanley",
  "authorName": "EY",
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  "notes": "The slide uses a line chart to show index performance and a table to compare median LTM EV/EBITDA and Annual Returns.",
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      "kind": "callout",
      "text": "We observed correction in CX companies' valuation from ~19x in 2021 to ~13x in 2022/23, bring the multiples back to near pre-COVID levels.",
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      "text": "Index values rebased to 100 as of Jan-17",
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      "text": "Notes: 1. Estimated multiples basis press releases, news articles; Diversified BPM: WNS, Genpact, EXL; CX - Digitak: TaskUs, Ibex, Telus, Teleperformance, Concentrix, TDCX, TTEC, Majorel, FirstSource. All multiples basis LTM EV/EBITDA unless specified otherwise, Source: S&P Capital IQ and Refinitiv; EY Analysis from Jan-2017 through Mar-2023.",
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      "text": "CX valuation similar to pre-COVID levels; Markets favour sustainable growth stories; Public companies paying premium over their own valuation for digital assets.",
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      "text": "Median LTM EV/EBITDA: 12.8x",
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      "text": "Comparison table of Median LTM EV/EBITDA and Annual Returns for Diversified BPM and CX companies across four periods.",
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      "text": "CX companies valuation reached pre-COVID levels after soaring high in 2021",
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