Cascadia Capital：2022年第四季度商业服务市场更新报告（英文版）（34页）.pdf

1、Business ServicesQuarterly ReportQ4 2022Services Equity Market2The Services Sector Remains Stable Amidst Slowing Macro Environment Data as of December 31,2022Source:Capital IQ;Cascadia Capital Services Index is a proprietary index;multiples reflect the median of the index constituents,excluding mult

2、iples less than zero or greater than 70 x10.8xCascadia Capital Services Market Index EBITDA Multiple The Cascadia Services Market Index continues to perform in-line with the broader market on a share price performance basis-Custom software development EBITDA multiples have regressed approximately 5

3、turns while other services sectors remain stable Strategic and PE-backed activity remains buoyed by strategic rationale and potential synergies-Continued momentum seen in software development,broader IT services,consulting and staffing services-Increased M&A activity seen for targets serving the gov

4、ernment,defense and intelligence sectors and specific software and cloud partners like Atlassian,SAP and AWS Middle-market private equity activity remains active for higher-quality targets that have greater predictability into profitability and are more easily defended in discussions with debt provi

5、ders-Debt for transactions continues to be available due to the rise of private credit and dedicated sponsor financing funds seeking to deploy previously raised capital+13%Cascadia Capital Services Market Index increase from pre-COVID high+16%Cascadia Capital Services Market Index growth over the la

6、st 3 years3-Year Share Price Performance3-Year TTM EBITDA MultiplesBy the Numbers0%40%80%120%160%200%Jan-20Jan-21Jan-22Cascadia Capital Services IndexS&P 5006.0 x10.0 x14.0 x18.0 x22.0 xJan-20Jan-21Jan-22Cascadia Capital Services IndexS&P 5003Services Sector Equity Market Deep Dive3-Year Share Price