{"id":240015,"date":"2025-01-27T10:32:39","date_gmt":"2025-01-27T09:32:39","guid":{"rendered":"https:\/\/berneyassocies.com\/?p=240015"},"modified":"2026-01-20T12:04:04","modified_gmt":"2026-01-20T11:04:04","slug":"market-multiples-at-a-glance","status":"publish","type":"post","link":"https:\/\/berneyassocies.com\/en\/coup-doeil-sur-les-multiples-du-marche\/","title":{"rendered":"Market multiples at a glance"},"content":{"rendered":"\n[et_pb_section fb_built=\u00a0\u00bb1&Prime; _builder_version=\u00a0\u00bb4.23.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb background_color=\u00a0\u00bb#002856&Prime; custom_margin=\u00a0\u00bb0px||||false|false\u00a0\u00bb custom_padding=\u00a0\u00bb0px||0px||true|false\u00a0\u00bb da_disable_devices=\u00a0\u00bboff|off|off\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb da_is_popup=\u00a0\u00bboff\u00a0\u00bb da_exit_intent=\u00a0\u00bboff\u00a0\u00bb da_has_close=\u00a0\u00bbon\u00a0\u00bb da_alt_close=\u00a0\u00bboff\u00a0\u00bb da_dark_close=\u00a0\u00bboff\u00a0\u00bb da_not_modal=\u00a0\u00bbon\u00a0\u00bb da_is_singular=\u00a0\u00bboff\u00a0\u00bb da_with_loader=\u00a0\u00bboff\u00a0\u00bb da_has_shadow=\u00a0\u00bbon\u00a0\u00bb][et_pb_row _builder_version=\u00a0\u00bb4.23.4&Prime; 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_module_preset=\u00a0\u00bbdefault\u00a0\u00bb width=\u00a0\u00bb80%\u00a0\u00bb module_alignment=\u00a0\u00bbcenter\u00a0\u00bb custom_margin=\u00a0\u00bb||||false|false\u00a0\u00bb custom_padding=\u00a0\u00bb0px||||false|false\u00a0\u00bb da_disable_devices=\u00a0\u00bboff|off|off\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb da_is_popup=\u00a0\u00bboff\u00a0\u00bb da_exit_intent=\u00a0\u00bboff\u00a0\u00bb da_has_close=\u00a0\u00bbon\u00a0\u00bb da_alt_close=\u00a0\u00bboff\u00a0\u00bb da_dark_close=\u00a0\u00bboff\u00a0\u00bb da_not_modal=\u00a0\u00bbon\u00a0\u00bb da_is_singular=\u00a0\u00bboff\u00a0\u00bb da_with_loader=\u00a0\u00bboff\u00a0\u00bb da_has_shadow=\u00a0\u00bbon\u00a0\u00bb][et_pb_row column_structure=\u00a0\u00bb3_5,2_5&Prime; _builder_version=\u00a0\u00bb4.25.1&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb custom_padding=\u00a0\u00bb0px||||false|false\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_column type=\u00a0\u00bb3_5&Prime; _builder_version=\u00a0\u00bb4.23.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h2><span style=\"color: #003366;\">I. L\u2019environnement transactionnel<\/span><\/h2>[\/et_pb_text][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3><span style=\"color: #003366;\">L\u2019environnement des transactions d\u2019entreprise en Suisse<\/span><\/h3>[\/et_pb_text][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb text_text_color=\u00a0\u00bb#FB0346&Prime; header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb579px\u00a0\u00bb custom_padding=\u00a0\u00bb||0px|||\u00a0\u00bb hover_enabled=\u00a0\u00bb0&Prime; global_colors_info=\u00a0\u00bb{}\u00a0\u00bb sticky_enabled=\u00a0\u00bb0&Prime;]<p><strong><span style=\"color: #003366;\">Volume des transactions (publi\u00e9es)<\/span> en Suisse :<\/strong><\/p>\n<p><strong><\/strong><\/p>\n<ul>\n<li><span style=\"color: #003366;\">De mani\u00e8re g\u00e9n\u00e9rale, le cadre politique relativement stable et le climat des affaires contribuent \u00e0 un niveau de confiance \u00e9lev\u00e9 de la part des investisseurs. La r\u00e8glementation sociale est flexible pour les entrepreneurs; le taux d\u2019imposition fiscal ainsi que les taux d\u2019int\u00e9r\u00eats sont g\u00e9n\u00e9ralement comp\u00e9titifs par rapport aux pays voisins.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #003366;\"><\/span><\/p>\n<ul>\n<li><span style=\"color: #003366;\">La Suisse confirme son statut de \u00ab<i>key <\/i><i>player<\/i>\u00bb en mati\u00e8re d&rsquo;innovation technologique, un secteur qui a jou\u00e9 un r\u00f4le crucial au niveau des activit\u00e9s <i>M&amp;A<\/i> ces derni\u00e8res ann\u00e9es et qui continue de montrer des perspectives prometteuses pour l&rsquo;avenir. Le pays cultive notamment son avance dans les m\u00e9tiers \u00e0 forte valeur ajout\u00e9e. Le succ\u00e8s des soci\u00e9t\u00e9s suisses est notamment d\u00fb \u00e0 un capital humain tr\u00e8s qualifi\u00e9.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #003366;\"><\/span><\/p>\n<ul>\n<li><span style=\"color: #003366;\">519 transactions d\u2019entreprises ont \u00e9t\u00e9 publi\u00e9es en Suisse pour l&rsquo;ann\u00e9e 2024, marquant une l\u00e9g\u00e8re augmentation par rapport \u00e0 2023, qui r\u00e9f\u00e9ren\u00e7ait 509 transactions annonc\u00e9es. Ce volume de transaction annonc\u00e9 est cependant en baisse par rapport \u00e0 2022 (591 op\u00e9rations publi\u00e9es); ann\u00e9e qui s\u2019est profil\u00e9e comme une ann\u00e9e \u00abrecord\u00bb notamment d\u00fb \u00e0 un effet \u00abrebond\u00bb suite au Covid-19.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #003366;\"><\/span><\/p>\n<ul>\n<li><span style=\"color: #003366;\">Le march\u00e9 des fusions et acquisitions en 2024 est vraisemblablement domin\u00e9 par le secteur des technologies, avec 138 transactions publi\u00e9es. Il est suivi par les secteurs de la sant\u00e9 et de l&rsquo;industrie, totalisant respectivement 94 et 89 transactions annonc\u00e9es au 31 d\u00e9cembre 2024.<\/span><\/li>\n<\/ul>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/02\/Capture-decran-2025-02-03-164524.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant le volume des transactions d&rsquo;entreprises publi\u00e9es en Suisse entre 2021 et 2024. Les volumes annuels affichent une baisse progressive de 622 en 2021 \u00e0 519 en 2024, avec une exception en 2023 o\u00f9 les transactions atteignent 509. Les donn\u00e9es trimestrielles sont \u00e9galement pr\u00e9sent\u00e9es pour 2023 et 2024.\u00a0\u00bb title_text=\u00a0\u00bbVolume des transactions\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb293px\u00a0\u00bb custom_margin=\u00a0\u00bb-27px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-2.png\u00a0\u00bb alt=\u00a0\u00bbDiagramme circulaire montrant la r\u00e9partition des transactions par secteur en Suisse en 2024. Les technologies dominent avec 25 % des transactions, suivies par la sant\u00e9 (17 %), les secteurs divers (17 %), l&rsquo;industrie (15 %), les biens de consommation (14 %), les mat\u00e9riaux (8 %), le secteur financier (3 %) et l&rsquo;\u00e9nergie (1 %).\u00a0\u00bb title_text=\u00a0\u00bbTransactions par secteur en 2024&Prime; _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb300px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<p><em>Source : Refinitiv<\/em><\/p>[\/et_pb_text][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb custom_margin=\u00a0\u00bb||18px|||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h2><span style=\"color: #003366;\">II. Synth\u00e8se sectorielle en \u00ab un coup d\u2019\u0153il \u00bb<\/span><\/h2>[\/et_pb_text][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<p><i>Les multiples pr\u00e9sent\u00e9s ci-dessous sont \u00e9tablis selon les crit\u00e8res suivants : soci\u00e9t\u00e9s publiques; secteur g\u00e9ographique (Suisse et Europe Occidentale). Les valeurs peu\/non repr\u00e9sentatives ont g\u00e9n\u00e9ralement \u00e9t\u00e9 exclues de ces analyses. (Source : <\/i><i>Refinitiv<\/i><i>).<\/i><\/p>\n<p><i>EV (Enterprise value): valeur d\u2019entreprise hors tr\u00e9sorerie libre et\/ou endettement<\/i><\/p>[\/et_pb_text][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb47px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Secteur de l&rsquo;\u00e9nergie<\/h3>\n<p>Multiples m\u00e9dians en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-3_Energie-e1737543611309.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l&rsquo;\u00e9nergie en Suisse et en Europe occidentale sur 4 ann\u00e9es (2021-2024). En 2024, la Suisse affiche un multiple EV\/EBITDA de 13,7x et EV\/CA de 2,7x, tandis que l&rsquo;Europe occidentale atteint 6,4x pour EV\/EBITDA et 1,2x pour EV\/CA. Les donn\u00e9es r\u00e9v\u00e8lent une tendance stable en Suisse, alors que les multiples en Europe occidentale d\u00e9clinent l\u00e9g\u00e8rement.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 3_Energie\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb137px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>\u00c9nergie<\/h3>\n<p>Rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-4_Energie_-e1737543823995.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur de l&rsquo;\u00e9nergie entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA est de 18 % en Suisse contre 13 % en Europe occidentale. La Suisse maintient une marge EBITDA sup\u00e9rieure chaque ann\u00e9e, avec un pic \u00e0 22 % en 2022, tandis que l&rsquo;Europe occidentale oscille entre 12 % et 15 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 4_Energie_\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb160px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb47px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Secteur des mat\u00e9riaux<\/h3>\n<p>Multiples m\u00e9dians en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-5_Materiaux-e1737543970933.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur des mat\u00e9riaux en Suisse et en Europe occidentale sur 4 ann\u00e9es (2021-2024). En 2024, la Suisse affiche un multiple EV\/EBITDA de 8,3x et EV\/CA de 0,9x, tandis que l&rsquo;Europe occidentale atteint 6,9x pour EV\/EBITDA et reste stable \u00e0 0,9x pour EV\/CA. Les multiples EV\/EBITDA montrent une baisse jusqu&rsquo;en 2023, suivie d&rsquo;une l\u00e9g\u00e8re reprise en 2024.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 5_Mat\u00e9riaux\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb193px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Mat\u00e9riaux<\/h3>\n<p>Rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-6_Materiaux-e1737544209861.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu&rsquo;elle est de 12 % en Europe occidentale. La Suisse maintient des marges EBITDA sup\u00e9rieures chaque ann\u00e9e, atteignant un pic de 17 % en 2022, alors que les marges europ\u00e9ennes varient entre 12 % et 14 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 6_Mat\u00e9riaux\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb145px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Secteur industrie<\/h3>\n<p>Multiples m\u00e9dians en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-7_Industrie-e1737549467122.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l&rsquo;industrie en Suisse et en Europe occidentale sur 4 ann\u00e9es (2021-2024). En 2024, la Suisse affiche un multiple EV\/EBITDA de 10,3x et EV\/CA de 1,4x, tandis que l&rsquo;Europe occidentale enregistre 7,7x pour EV\/EBITDA et 1,0x pour EV\/CA. Les multiples EV\/EBITDA pr\u00e9sentent une tendance d\u00e9croissante sur la p\u00e9riode dans les deux r\u00e9gions.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 7_Industrie\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb208px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Industrie<\/h3>\n<p>Rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-8_Industrie-e1737549572124.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu&rsquo;elle est de 12 % en Europe occidentale. La Suisse maintient des marges EBITDA sup\u00e9rieures chaque ann\u00e9e, atteignant un pic de 17 % en 2022, alors que les marges europ\u00e9ennes varient entre 12 % et 14 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 8_Industrie\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb147px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Secteur de la sant\u00e9<\/h3>\n<p>Multiples m\u00e9dians en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-9_Sante-e1737549708657.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l&rsquo;industrie en Suisse et en Europe occidentale sur 4 ann\u00e9es (2021-2024). En 2024, la Suisse affiche un multiple EV\/EBITDA de 10,3x et EV\/CA de 1,4x, tandis que l&rsquo;Europe occidentale enregistre 7,7x pour EV\/EBITDA et 1,0x pour EV\/CA. Les multiples EV\/EBITDA pr\u00e9sentent une tendance d\u00e9croissante sur la p\u00e9riode dans les deux r\u00e9gions.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 9_Sant\u00e9\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb46px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Sant\u00e9<\/h3>\n<p>Rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-10_Sante-e1737549786888.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu&rsquo;elle est de 12 % en Europe occidentale. La Suisse maintient des marges EBITDA sup\u00e9rieures chaque ann\u00e9e, atteignant un pic de 17 % en 2022, alors que les marges europ\u00e9ennes varient entre 12 % et 14 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 10_Sant\u00e9\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb custom_margin=\u00a0\u00bb-15px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Secteur des biens de consommation r\u00e9currents<\/h3>\n<p>Multiples m\u00e9dians en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-11_Biens-de-consommation-recurrents-e1737549910967.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l&rsquo;industrie en Suisse et en Europe occidentale sur 4 ann\u00e9es (2021-2024). En 2024, la Suisse affiche un multiple EV\/EBITDA de 10,3x et EV\/CA de 1,4x, tandis que l&rsquo;Europe occidentale enregistre 7,7x pour EV\/EBITDA et 1,0x pour EV\/CA. Les multiples EV\/EBITDA pr\u00e9sentent une tendance d\u00e9croissante sur la p\u00e9riode dans les deux r\u00e9gions.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 11_Biens de consommation r\u00e9currents\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Biens de consommation r\u00e9currents<\/h3>\n<p>Rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-12_Biens-de-consommation-recurrents-e1737549986637.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu&rsquo;elle est de 12 % en Europe occidentale. La Suisse maintient des marges EBITDA sup\u00e9rieures chaque ann\u00e9e, atteignant un pic de 17 % en 2022, alors que les marges europ\u00e9ennes varient entre 12 % et 14 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 12_Biens de consommation r\u00e9currents\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb141px\u00a0\u00bb custom_margin=\u00a0\u00bb-15px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Secteur des biens de consommation occasionnels<\/h3>\n<p>Multiples m\u00e9dians en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-13_Biens-de-consommation-occasionnels-e1737550365503.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l&rsquo;industrie en Suisse et en Europe occidentale sur 4 ann\u00e9es (2021-2024). En 2024, la Suisse affiche un multiple EV\/EBITDA de 10,3x et EV\/CA de 1,4x, tandis que l&rsquo;Europe occidentale enregistre 7,7x pour EV\/EBITDA et 1,0x pour EV\/CA. Les multiples EV\/EBITDA pr\u00e9sentent une tendance d\u00e9croissante sur la p\u00e9riode dans les deux r\u00e9gions.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 13_Biens de consommation occasionnels\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Biens de consommation occasionnels<\/h3>\n<p>Rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-14_Biens-de-consommation-occasionnels-e1737550427998.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu&rsquo;elle est de 12 % en Europe occidentale. La Suisse maintient des marges EBITDA sup\u00e9rieures chaque ann\u00e9e, atteignant un pic de 17 % en 2022, alors que les marges europ\u00e9ennes varient entre 12 % et 14 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 14_Biens de consommation occasionnels\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb custom_margin=\u00a0\u00bb-15px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Secteur de la finance<\/h3>\n<p>Multiples m\u00e9dians en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-15_Finance-e1737550589569.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l&rsquo;industrie en Suisse et en Europe occidentale sur 4 ann\u00e9es (2021-2024). En 2024, la Suisse affiche un multiple EV\/EBITDA de 10,3x et EV\/CA de 1,4x, tandis que l&rsquo;Europe occidentale enregistre 7,7x pour EV\/EBITDA et 1,0x pour EV\/CA. Les multiples EV\/EBITDA pr\u00e9sentent une tendance d\u00e9croissante sur la p\u00e9riode dans les deux r\u00e9gions.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 15_Finance\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Finance<\/h3>\n<p>Rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-16_Finance-e1737550657752.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu&rsquo;elle est de 12 % en Europe occidentale. La Suisse maintient des marges EBITDA sup\u00e9rieures chaque ann\u00e9e, atteignant un pic de 17 % en 2022, alors que les marges europ\u00e9ennes varient entre 12 % et 14 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 16_Finance\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb custom_margin=\u00a0\u00bb-15px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Secteur des technologies<\/h3>\n<p>Multiples m\u00e9dians en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-17_Technologie-e1737550841437.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l&rsquo;industrie en Suisse et en Europe occidentale sur 4 ann\u00e9es (2021-2024). En 2024, la Suisse affiche un multiple EV\/EBITDA de 10,3x et EV\/CA de 1,4x, tandis que l&rsquo;Europe occidentale enregistre 7,7x pour EV\/EBITDA et 1,0x pour EV\/CA. Les multiples EV\/EBITDA pr\u00e9sentent une tendance d\u00e9croissante sur la p\u00e9riode dans les deux r\u00e9gions.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 17_Technologie\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Technologies<\/h3>\n<p>Rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-18_Technologie-e1737551061739.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu&rsquo;elle est de 12 % en Europe occidentale. La Suisse maintient des marges EBITDA sup\u00e9rieures chaque ann\u00e9e, atteignant un pic de 17 % en 2022, alors que les marges europ\u00e9ennes varient entre 12 % et 14 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 18_Technologie\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb custom_margin=\u00a0\u00bb-15px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Secteur des services<\/h3>\n<p>Multiples m\u00e9dians en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-19_Service-e1737551168743.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l&rsquo;industrie en Suisse et en Europe occidentale sur 4 ann\u00e9es (2021-2024). En 2024, la Suisse affiche un multiple EV\/EBITDA de 10,3x et EV\/CA de 1,4x, tandis que l&rsquo;Europe occidentale enregistre 7,7x pour EV\/EBITDA et 1,0x pour EV\/CA. Les multiples EV\/EBITDA pr\u00e9sentent une tendance d\u00e9croissante sur la p\u00e9riode dans les deux r\u00e9gions.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 19_Service\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<h3>Services<\/h3>\n<p>Rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 4 ann\u00e9es<\/p>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/01\/Graphique-20_Service-e1737551351286.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu&rsquo;elle est de 12 % en Europe occidentale. La Suisse maintient des marges EBITDA sup\u00e9rieures chaque ann\u00e9e, atteignant un pic de 17 % en 2022, alors que les marges europ\u00e9ennes varient entre 12 % et 14 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 20_Service\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb custom_margin=\u00a0\u00bb-15px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb911px\u00a0\u00bb custom_padding=\u00a0\u00bb||0px|||\u00a0\u00bb hover_enabled=\u00a0\u00bb0&Prime; global_colors_info=\u00a0\u00bb{}\u00a0\u00bb sticky_enabled=\u00a0\u00bb0&Prime;]<h2><\/h2>\n<h2>III. Perspectives<\/h2>\n<p>&nbsp;<\/p>\n<h3>Une reprise confirm\u00e9e de l&rsquo;activit\u00e9 transactionnelle<\/h3>\n<h4 style=\"padding-left: 40px;\"><span style=\"color: #003366;\"><\/span><\/h4>\n<h4 style=\"padding-left: 40px;\"><span style=\"color: #003366;\"><\/span><\/h4>\n<h4 style=\"padding-left: 40px;\"><span style=\"color: #fb0346;\">1. Reprise progressive<\/span><\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"https:\/\/argos.wityu.fund\/fr\/argos-index-3eme-trimestre-2024\/\" title=\"Argos Index\">Selon <i>l\u2019Argos Index<\/i><i>\u00ae<\/i><i>, <\/i>les multiples EV\/EBITDA ont atteint 9.5x au 3\u00e8me trimestre 2024 apr\u00e8s trois ann\u00e9es de baisse,<\/a> marquant le retour d\u2019une tendance potentiellement haussi\u00e8re. les multiples de transactions EV\/EBITDA pour les PME en Suisse sont n\u00e9anmois sensiblement en-dessous (6.5x en moyenne).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>L\u2019<i>Argos Index<\/i><i>\u00ae<\/i> est un indice trimestriel qui mesure la valorisation des PME mid-market(1) non cot\u00e9es dans la zone euro, bas\u00e9 sur les multiples des transactions. Lanc\u00e9 en 2006 par Argos Wityu et Epsilon Research, il pr\u00e9sente la m\u00e9diane du multiple EV\/EBITDA historique sur six mois \u00abroulants\u00bb.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Les \u00e9carts de valorisation se r\u00e9duisent progressivement, avec des multiples moins polaris\u00e9s et des extr\u00eames devenant plus rares, t\u00e9moignant d\u2019une apparente stabilisation du march\u00e9.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>L&rsquo;\u00e9cart entre les multiples pay\u00e9s par les fonds d&rsquo;investissement et les acheteurs strat\u00e9giques atteint d\u00e9sormais 1.3x l&rsquo;EBITDA, confirmant un changement structurel post-Covid. Entre 2004 et 2020, les acheteurs strat\u00e9giques payaient ponctuellement des multiples plus \u00e9lev\u00e9s que les fonds de Private Equity (0.2x de plus). Depuis 2021, ces fonds paient en moyenne 0.9x de plus, gr\u00e2ce \u00e0 la disponibilit\u00e9 de capital et au faible co\u00fbt de la dette.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4 style=\"padding-left: 40px;\"><span style=\"color: #003366;\"><\/span><\/h4>\n<h4 style=\"padding-left: 40px;\"><span style=\"color: #fb0346;\">2. Nouvelles opportunit\u00e9s<\/span><\/h4>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Les fonds de Private Equity privil\u00e9gient des actifs de qualit\u00e9, acceptant de payer des primes malgr\u00e9 un environnement macro\u00e9conomique relativement incertain.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Des opportunit\u00e9s semblent se d\u00e9velopper au sein de secteurs tels que l\u2019\u00e9nergie, l\u2019infrastructure et le domaine de l\u2019assurance.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Les investisseurs adoptent des strat\u00e9gies diversifi\u00e9es, comprenant par exemple le recours au \u00abclub deal\u00bb priv\u00e9s et la mise en place de dettes bancaires \u00absur mesure\u00bb (dettes d\u2019acquisition).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>[\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2025\/02\/Capture-decran-2025-02-03-170501.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l&rsquo;Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu&rsquo;elle est de 12 % en Europe occidentale. La Suisse maintient des marges EBITDA sup\u00e9rieures chaque ann\u00e9e, atteignant un pic de 17 % en 2022, alors que les marges europ\u00e9ennes varient entre 12 % et 14 %.\u00a0\u00bb title_text=\u00a0\u00bbGraphique 21_Perspectives\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb183px\u00a0\u00bb custom_margin=\u00a0\u00bb-15px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<p><em>Source :\u00a0Argos Wityu. (20.11.2024). Argos Index\u00ae 3\u00e8me Trimestre 2024.<\/em><\/p>[\/et_pb_text][et_pb_text ul_type=\u00a0\u00bbsquare\u00a0\u00bb ul_item_indent=\u00a0\u00bb40px\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb text_text_color=\u00a0\u00bb#00418F\u00a0\u00bb text_font_size=\u00a0\u00bb14px\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856&Prime; header_3_text_color=\u00a0\u00bb#002856&Prime; header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<p><b>Sources :<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Mid-market :\u00a0d\u00e9signe les entreprises de taille moyenne, avec une valeur d&rsquo;entreprise g\u00e9n\u00e9ralement entre\u00a0 MEUR 15 et 500.\u00a0<\/li>\n<\/ol>[\/et_pb_text][\/et_pb_column][et_pb_column type=\u00a0\u00bb2_5&Prime; _builder_version=\u00a0\u00bb4.25.0&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb z_index=\u00a0\u00bb1&Prime; sticky_position=\u00a0\u00bbtop\u00a0\u00bb sticky_offset_top=\u00a0\u00bb150px\u00a0\u00bb sticky_limit_bottom=\u00a0\u00bbrow\u00a0\u00bb sticky_offset_surrounding=\u00a0\u00bboff\u00a0\u00bb sticky_position_tablet=\u00a0\u00bbnone\u00a0\u00bb sticky_position_phone=\u00a0\u00bbnone\u00a0\u00bb sticky_position_last_edited=\u00a0\u00bbon|desktop\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_button button_url=\u00a0\u00bb@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9hdHRhY2htZW50Iiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjI0MDIwNiJ9fQ==@\u00a0\u00bb url_new_window=\u00a0\u00bbon\u00a0\u00bb button_text=\u00a0\u00bbT\u00e9l\u00e9charger la news en version pdf\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; 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N\u2019h\u00e9sitez pas \u00e0 nous contacter!<\/span><\/h3>[\/et_pb_text][et_pb_button button_url=\u00a0\u00bb@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjI4OTc5In19@\u00a0\u00bb button_text=\u00a0\u00bbPrenons contact\u00a0\u00bb button_alignment=\u00a0\u00bbcenter\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.4&Prime; _dynamic_attributes=\u00a0\u00bbbutton_url\u00a0\u00bb _module_preset=\u00a0\u00bbdefault\u00a0\u00bb custom_button=\u00a0\u00bbon\u00a0\u00bb button_text_size=\u00a0\u00bb18px\u00a0\u00bb button_bg_color=\u00a0\u00bb#FB0346&Prime; button_border_width=\u00a0\u00bb0px\u00a0\u00bb button_border_radius=\u00a0\u00bb50px\u00a0\u00bb button_icon=\u00a0\u00bb&#x24;||divi||400&Prime; custom_margin=\u00a0\u00bb||||false|false\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb button_bg_color__hover_enabled=\u00a0\u00bbon|hover\u00a0\u00bb button_bg_color__hover=\u00a0\u00bb#002856&Prime; button_bg_enable_color__hover=\u00a0\u00bbon\u00a0\u00bb][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"<p>Le march\u00e9 des fusions-acquisitions en Suisse conna\u00eet une dynamique de reprise, avec les secteurs technologiques, sant\u00e9 et industrie en t\u00eate. Les multiples EV\/EBITDA se stabilisent, ouvrant la voie \u00e0 de nouvelles opportunit\u00e9s d\u2019investissement dans l\u2019\u00e9nergie et l\u2019infrastructure.<\/p>","protected":false},"author":10,"featured_media":243619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"1390","inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[19],"tags":[171,172,173,169,175,174,170],"actualite-theme":[71],"class_list":["post-240015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites","tag-acquisitions","tag-fusions","tag-investissements","tag-ma","tag-multiples","tag-suisse","tag-transactions","actualite-theme-fiscalite"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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