The current financial crisis has started in the middle of 2007, and has had some interesting impacts on valuation metrics and trends.
Looking at the various services companies listed in Europe on the main stock exchanges, the valuation metrics within this sector have changed significantly; however 2009 has adjusted the previous exces:

a) Looking at the overall sector between 2007 and 2008:
o Sales multiples (FY n+1) have decreased in average by 16.6%.
o EBITDA multiples (FY n+1) have decreased in average by 2.7%.
o EBIT multiples (FY n+1) have decreased in average by 5.7%.

b) Looking at the overall sector between 2008 and 2009:
o Sales multiples (FY n+1) have decreased in average by 18.6%.
o EBITDA multiples (FY n+1) have decreased in average by 16.3%.
o EBIT multiples (FY n+1) have decreased in average by 14.8%.


c) Looking specifically at the trends between February 08 and Feb. 09:
o Sales multiples (FY n+1) have decreased in average by 36.1%.
o EBITDA multiples (FY n+1) have decreased in average by 18.0%.
o EBIT multiples (FY n+1) have decreased in average by 7.9%.

d) Looking specifically at the trends between March 08 and March 09:
o Sales multiples (FY n+1) have decreased in average by 34.5%.
o EBITDA multiples (FY n+1) have decreased in average by 26.5%.
o EBIT multiples (FY n+1) have decreased in average by 11.2%.

e) Looking specifically at the trends between June 08 and June 09:
o Sales multiples (FY n+1) have decreased in average by 12.3%.
o EBITDA multiples (FY n+1) have decreased in average by 14.6%.
o EBIT multiples (FY n+1) have increased in average by 2.0%.

f) Looking specifically at the trends between September 08 and September 09:
o Sales multiples (FY n+1) have increased in average by 15.3%.
o EBITDA multiples (FY n+1) have increased in average by 6.5%.
o EBIT multiples (FY n+1) have increased in average by 27.5%.

g) Looking specifically at the trends between December 08 and December 09:
o Sales multiples (FY n+1) have increased in average by 37.6%.
o EBITDA multiples (FY n+1) have increased in average by 8.2%.
o EBIT multiples (FY n+1) have increased in average by 12.6%.


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Looking at the number of main corporate finance transactions involving a European services company, the trend is as follow:
a) Number of deals between 2008 and 2009: -43.2%.
b) Number of deals between 2007 and 2008: -6.4%.
c) Number of deals between 2006 and 2007: +22.9%.
d) Number of deals between 2005 and 2006: +12.3%.