The financial crisis has started in the middle of 2007, and has had some interesting impacts on valuation metrics and trends.
Looking at the various TMT companies listed in Europe on the main stock exchanges, the valuation metrics within this sector have changed significantly during that period; however in 2010 the valuation metrics have stabilised, and are back at their previous high-levels:

a) Looking at the overall sector between 2007 and 2008:
o Sales multiples (FY n+1) have decreased in average by 18.0%.
o EBITDA multiples (FY n+1) have decreased in average by 16.8%.
o EBIT multiples (FY n+1) have decreased in average by 15.5%.

b) Looking at the overall sector between 2008 and 2009:
o Sales multiples (FY n+1) have decreased in average by 17.7%.
o EBITDA multiples (FY n+1) have decreased in average by 15.5%.
o EBIT multiples (FY n+1) have decreased in average by 6.8%.

c) Looking specifically at the trends between March 09 and March 2010:
o Sales multiples (FY n+1) have increased in average by 25.0%.
o EBITDA multiples (FY n+1) have increased in average by 33.8%.
o EBIT multiples (FY n+1) have increased in average by 36.4%.

d) Looking specifically at the trends between June 09 and June 2010:
o Sales multiples (FY n+1) have increased in average by 6.6%.
o EBITDA multiples (FY n+1) have increased in average by 20.4%.
o EBIT multiples (FY n+1) have increased in average by 12.5%.


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Looking at the number of main corporate finance transactions involving a European TMT company, the trend is as follow:
a) Number of deals between 2008 and 2009: -34.0%.
b) Number of deals between 2007 and 2008: -10.6%.
c) Number of deals between 2006 and 2007: +14.6%.
d) Number of deals between 2005 and 2006: -5.2%.