Methodology and Scope
This analysis includes only UK M&A transactions announced in 2024 or 2025 with an enterprise value below £100m. All valuations are compared against Zalued's estimated range, which is built from EBITDA multiples adjusted for SME-specific factors.
Outliers
Transactions driven primarily by IP value, asset sales, or other non-EBITDA drivers were excluded. Extreme multiples caused by highly strategic buyers were also removed where they were outside typical SME market behaviour.
Range
Our range covers a variety of different circumstances a business and a buyer may face. For example, for an engineering/construction company with £1m EBITDA, our range spans from approximately -15% to +25% of our initial valuation. As business size shrinks, the downside expands due to the greater significance of risk and post-deal adjustments.