Business valuation
As an indication, observed EV/EBITDA ranges go from about 3.5x (construction) to 15x (technology/SaaS), with an estimated median around 6.2x. These are MGI BFC professional estimates, built from market comparables (Tunis Stock Exchange) and the firm's experience. As a benchmark, listed companies traded at an average P/E of about 15x in mid-2026.
The reference method in M&A is the EV/EBITDA multiple: EBITDA is multiplied by a sector multiple to obtain the enterprise value, then net debt is deducted. It is cross-checked with the EV/revenue multiple and, depending on the case, with a DCF and the revalued net assets (the "football field" approach).
The DCF discounts future cash flows (an intrinsic method, suited to mature companies); multiples apply a market ratio to an aggregate such as EBITDA (a quick method, anchored in transactions). The two complement each other.
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Answer provided for general information by MGI BFC, audit and accounting firm registered with the Tunisian Order of Chartered Accountants. It is not advice tailored to a particular situation and may change with regulation. See the whole answers centre.