{"id":243989,"date":"2026-02-16T19:18:57","date_gmt":"2026-02-16T18:18:57","guid":{"rendered":"https:\/\/berneyassocies.com\/?p=243989"},"modified":"2026-02-17T09:45:29","modified_gmt":"2026-02-17T08:45:29","slug":"coup-doeil-sur-les-multiples-du-marche-2","status":"publish","type":"post","link":"https:\/\/berneyassocies.com\/en\/coup-doeil-sur-les-multiples-du-marche-2\/","title":{"rendered":"Market multiples at a glance"},"content":{"rendered":"

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I. L\u2019environnement transactionnel<\/span><\/h2>\n

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L\u2019environnement des transactions d\u2019entreprise en Suisse<\/span><\/h3>\n

[\/et_pb_text][et_pb_text _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb text_text_color=\u00a0\u00bb#FB0346″ header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb485px\u00a0\u00bb custom_margin=\u00a0\u00bb||3px|||\u00a0\u00bb custom_padding=\u00a0\u00bb||0px|||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

Contexte et volume des transactions en Suisse (esimations)<\/span><\/span><\/span> :<\/span><\/strong><\/p>\n

<\/strong><\/p>\n

    \n
  • En 2025, le renforcement de la politique commerciale protectionniste des \u00c9tats-Unis, marqu\u00e9 par la fluctuation de l\u2019imposition des droits de douane \u00e0 l\u2019encontre de plusieurs partenaires commerciaux, dont la Suisse, a intensifi\u00e9 le climat d\u2019incertitude. Ce contexte a pes\u00e9 sur la visibilit\u00e9 des entreprises et a vraisemblablement contribu\u00e9 \u00e0 un certain ralentissement du volume de transactions.<\/span><\/li>\n<\/ul>\n

    <\/span><\/p>\n

      \n
    • Malgr\u00e9 les taux directeurs bas de la BNS au troisi\u00e8me trimestre 2025, le march\u00e9 est rest\u00e9 mod\u00e9r\u00e9, illustrant la persistance des incertitudes commerciales. Vers la fin de l\u2019ann\u00e9e, un accord pr\u00e9liminaire avec les \u00c9tats\u2011Unis a r\u00e9duit les droits de douane sur les produits suisses \u00e0 environ 15%, am\u00e9liorant partiellement le climat \u00e9conomique.<\/span><\/li>\n<\/ul>\n

      <\/span><\/p>\n

        \n
      • La force du franc suisse a orient\u00e9 le march\u00e9 vers des transactions ciblant des actifs de haute qualit\u00e9, plut\u00f4t qu\u2019un retour aux volumes \u00e9lev\u00e9s d\u2019avant 2024. Au premier semestre 2025, les cibles suisses sont devenues plus co\u00fbteuses pour les acqu\u00e9reurs \u00e9trangers, renfor\u00e7ant cette dynamique s\u00e9lective.<\/span><\/li>\n<\/ul>\n

        [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.Multiples-du-marche-1-1.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant le volume des transactions d’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\u00bb1.Multiples du march\u00e9 (1) (1)\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb min_height=\u00a0\u00bb293px\u00a0\u00bb custom_margin=\u00a0\u00bb3px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb text_text_color=\u00a0\u00bb#FB0346″ header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb338px\u00a0\u00bb custom_margin=\u00a0\u00bb-1px||3px|||\u00a0\u00bb custom_padding=\u00a0\u00bb||0px|||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

          \n
        • En 2025, la part des transactions impliquant uniquement des soci\u00e9t\u00e9s suisses a augment\u00e9 par rapport \u00e0 2024, passant de 26% \u00e0 29% tout comme celle des op\u00e9rations visant des entreprises suisses avec des acqu\u00e9reurs \u00e9trangers (28% vs 33%)(1)<\/span>. Cette \u00e9volution t\u00e9moigne de l\u2019attractivit\u00e9 des soci\u00e9t\u00e9s suisses, li\u00e9e notamment \u00e0 la stabilit\u00e9 du pays et \u00e0 la robustesse de sa monnaie.<\/span><\/li>\n<\/ul>\n
            \n
          • Le march\u00e9 des fusions et acquisitions de l\u2019ann\u00e9e 2025 a \u00e9t\u00e9 domin\u00e9, en termes de valeur transactionnelle (et uniquement pour les transactions qui ont fait l\u2019objet d\u2019une publication), par le secteur financier (notamment l\u2019assurance), de la sant\u00e9 et de la technologie.<\/span><\/span><\/li>\n<\/ul>\n

            <\/span><\/p>\n

              \n
            • En termes de volume, le secteur de la consommation et distribution a domin\u00e9 l\u2019ann\u00e9e 2025, suivi par celui de la \u00abtech\u00bb, t\u00e9l\u00e9coms et m\u00e9dia, ce qui marque une \u00e9volution par rapport \u00e0 2024.<\/span><\/li>\n<\/ul>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/2.Multiples-du-marche-1-e1771256162135.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’industrie (15 %), les biens de consommation (14 %), les mat\u00e9riaux (8 %), le secteur financier (3 %) et l’\u00e9nergie (1 %).\u00a0\u00bb title_text=\u00a0\u00bb2.Multiples du march\u00e9\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Source: Refinitiv, analyses Berney Associ\u00e9s <\/em><\/span><\/p>\n

              <\/em>(1) <\/span>L\u2019\u00e9chantillon analys\u00e9 comprend les transactions impliquant une soci\u00e9t\u00e9 cible suisse et\/ou un acqu\u00e9reur suisse. Les op\u00e9rations retenues portent sur des acquisitions de participations sup\u00e9rieures \u00e0 30%. Les montants de transaction pr\u00e9sent\u00e9s correspondent uniquement aux op\u00e9rations pour lesquelles l\u2019information \u00e9tait disponible sur Refinitiv \u00e0 la date de publication du pr\u00e9sent rapport.<\/em><\/span>
              (2) <\/span>Transaction Helvetia \/ B\u00e2loise (assurances)<\/em><\/span><\/p>\n

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              II. Synth\u00e8se sectorielle <\/span>en \u00ab un coup d\u2019\u0153il \u00bb<\/span><\/h2>\n

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              Les multiples pr\u00e9sent\u00e9s ci-dessous sont \u00e9tablis selon les crit\u00e8res suivants : soci\u00e9t\u00e9s cot\u00e9es; secteur g\u00e9ographique (Suisse et Europe Occidentale). Les valeurs peu\/non repr\u00e9sentatives ont g\u00e9n\u00e9ralement \u00e9t\u00e9 exclues de ces analyses. (Source : Refinitiv).<\/em><\/p>\n

              EV (Enterprise value): valeur d\u2019entreprise hors tr\u00e9sorerie libre et\/ou endettement.<\/em><\/p>\n

              Les multiples de transactions EV\/EBITDA concernant les PME suisses sont g\u00e9n\u00e9ralement en-dessous (5x \u00e0 7x en moyenne); ces derni\u00e8res \u2013 assez nombreuses – \u00e9tant g\u00e9n\u00e9ralement exclues des statistiques (les donn\u00e9es transactionnelles n\u2019\u00e9tant pas publi\u00e9es).<\/em><\/p>\n

              Les variations du secteur pr\u00e9sent\u00e9es ci-dessous se basent sur les valeurs m\u00e9dianes du profit op\u00e9rationnel (EBITDA) du panel d\u2019entreprises s\u00e9lectionn\u00e9es.<\/em>
              Source : Refinitiv.<\/em><\/p>\n

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              Secteur de l’\u00e9nergie<\/h3>\n

              Multiples m\u00e9dians en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/3.Multiples-du-marche-energie-e1771257044796.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l’\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’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\u00bb3.Multiples du march\u00e9 – \u00e9nergie\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb custom_margin=\u00a0\u00bb||10px|||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              \u00c9nergie<\/h3>\n

              \u00c9volution de la rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/6.Multiples-du-marche-Energie-2-e1771260702431.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur de l’\u00e9nergie entre la Suisse et l’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’Europe occidentale oscille entre 12 % et 15 %.\u00a0\u00bb title_text=\u00a0\u00bb6.Multiples du march\u00e9 – Energie 2″ _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb47px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Secteur des mat\u00e9riaux<\/h3>\n

              Multiples m\u00e9dians en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/4.Multiples-du-marche-materiaux-e1771260418803.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’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’en 2023, suivie d’une l\u00e9g\u00e8re reprise en 2024.\u00a0\u00bb title_text=\u00a0\u00bb4.Multiples du march\u00e9 – mat\u00e9riaux\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb custom_margin=\u00a0\u00bb||-2px|||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Mat\u00e9riaux<\/h3>\n

              \u00c9volution de la rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.Multiples-du-marche-2.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l’Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu’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\u00bb1.2 Multiples du march\u00e9 – Mat\u00e9riaux\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb custom_margin=\u00a0\u00bb1px|||||\u00a0\u00bb custom_padding=\u00a0\u00bb9px|||||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Secteur industrie<\/h3>\n

              Multiples m\u00e9dians en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.1-Multiples-Industrie.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l’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’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\u00bb1.1 Multiples – Industrie\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Industrie<\/h3>\n

              \u00c9volution de la rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.2-Multiples-Industrie.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l’Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu’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\u00bb1.2 Multiples – Industrie\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Secteur de la sant\u00e9<\/h3>\n

              Multiples m\u00e9dians en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.1-Multiples-Sante.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l’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’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\u00bb1.1 Multiples – Sant\u00e9\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb46px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Sant\u00e9<\/h3>\n

              \u00c9volution de la rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.2-Multiples-Sante.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l’Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu’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\u00bb1.2 Multiples – Sant\u00e9\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Secteur des biens de consommation non-essentiels<\/h3>\n

              Multiples m\u00e9dians en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.2-Multiples-non-essentiels.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l’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’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\u00bb1.2 Multiples – non-essentiels\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Biens de consommation non-essentiels<\/h3>\n

              \u00c9volution de la rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.2-Multiples-non-essentiels-2.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l’Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu’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\u00bb1.2 Multiples – non-essentiels (2)\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Secteur des biens de consommation essentiels<\/h3>\n

              Multiples m\u00e9dians en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.1-Multiples-essentiels.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l’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’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\u00bb1.1 Multiples – essentiels\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Biens de consommation essentiels<\/h3>\n

              \u00c9volution de la rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.2-Multiples-essentiels.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l’Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu’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\u00bb1.2 Multiples – essentiels\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Secteur de la finance<\/h3>\n

              Multiples m\u00e9dians en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.1-Multiple-Finance-1.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l’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’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\u00bb1.1 Multiple – Finance\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Finance<\/h3>\n

              \u00c9volution de la rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.2-Multiples-Finances.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l’Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu’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\u00bb1.2 Multiples – Finances\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Secteur de la technologie<\/h3>\n

              Multiples m\u00e9dians en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.1-Multiples-Technologies.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l’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’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\u00bb1.1 Multiples – Technologies\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Technologie<\/h3>\n

              \u00c9volution de la rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.2-Multiples-Technologies.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l’Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu’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\u00bb1.2 Multiples – Technologies\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Secteur des services<\/h3>\n

              Multiples m\u00e9dians en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.-Multiples-Services.png\u00a0\u00bb alt=\u00a0\u00bbGraphique montrant les multiples m\u00e9dians EV\/EBITDA et EV\/CA dans le secteur de l’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’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\u00bb1. Multiples – Services\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][et_pb_text _builder_version=\u00a0\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              Services<\/h3>\n

              \u00c9volution de la rentabilit\u00e9 \u00e9conomique en Suisse et Europe occidentale sur 5 ann\u00e9es<\/p>\n

              [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/2.-Multiples-services.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l’Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu’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\u00bb2. Multiples – services\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb min_height=\u00a0\u00bb911px\u00a0\u00bb custom_padding=\u00a0\u00bb||0px|||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

              <\/h2>\n

              III. Perspectives<\/h2>\n

               <\/p>\n

              Des multiples transactionnels en \u00e9volution<\/h3>\n

              <\/span><\/h4>\n

              <\/span><\/h4>\n

              1. Baisse (provisoire?) des multiples en fin d’ann\u00e9e 2025<\/span><\/h4>\n
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                      Selon l\u2019Argos Index\u00ae, les multiples EV\/EBITDA ont atteint 8.7x au 3\u00e8me trimestre 2025 marquant une nette baisse observ\u00e9e depuis le 3\u00e8me trimestre 2024.<\/p>\n

                      L\u2019Argos Index\u00ae est un indice trimestriel qui mesure la valorisation des PME mid-market*<\/span> 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 glissants.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n

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                          • Au troisi\u00e8me trimestre 2025, les valorisations des entreprises sur le march\u00e9 mid-market ont atteint un niveau historiquement bas. Une part importante des transactions se situe d\u00e9sormais sous 7x EBITDA, tandis que les multiples tr\u00e8s \u00e9lev\u00e9s sont de plus en plus rares, traduisant vraisemblablement une certaine pression \u00e0 la baisse sur les prix. Il est \u00e0 souligner que le multiple de transactions EV\/EBITDA pour les PME en Suisse reste n\u00e9anmoins sensiblement en-dessous (5x \u00e0 7x en moyenne); ces derni\u00e8res \u2013 tr\u00e8s nombreuses – \u00e9tant g\u00e9n\u00e9ralement exclues des statistiques; les donn\u00e9es transactionnelles n\u2019\u00e9tant pas publi\u00e9es.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
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                              • Les tensions commerciales impos\u00e9es par les \u00c9tats-Unis, les incertitudes g\u00e9opolitiques internationales, ainsi que le durcissement des conditions de cr\u00e9dit au troisi\u00e8me trimestre 2025 en Europe, ont entra\u00een\u00e9 une plus grande prudence chez les acheteurs et les vendeurs. Cela a conduit \u00e0 des n\u00e9gociations plus serr\u00e9es et, par cons\u00e9quent, \u00e0 une baisse des multiples EV\/EBITDA de l\u2019Argos Index dans un contexte \u00e9conomique incertain.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                <\/span><\/h4>\n

                                2. Nouvelles opportunit\u00e9s<\/span><\/h4>\n
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                                      • Les entreprises intensifieront des acquisitions strat\u00e9giques pour acc\u00e9l\u00e9rer leur transformation digitale, int\u00e9grer l\u2019intelligence artificielle, renforcer la cybers\u00e9curit\u00e9 et r\u00e9pondre aux exigences ESG.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
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                                          • Pour 2026, de nombreux d\u00e9cideurs anticipent une augmentation du nombre de transactions et des valorisations, soutenue par la baisse des taux d\u2019int\u00e9r\u00eat et des attentes de croissance \u00e9conomique.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
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                                                • Les niveaux \u00e9lev\u00e9s de dry powder** <\/span>d\u00e9tenus par les fonds de private equity en Europe et en Suisse constituent une r\u00e9serve de capital importante, pr\u00eate \u00e0 \u00eatre investie. Cette disponibilit\u00e9 de capitaux devrait soutenir le march\u00e9 des fusions-acquisitions en 2026.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                                  [\/et_pb_text][et_pb_image src=\u00a0\u00bbhttps:\/\/berneyassocies.com\/wp-content\/uploads\/2026\/02\/1.Multiples-du-marche-3.png\u00a0\u00bb alt=\u00a0\u00bbGraphique comparant la rentabilit\u00e9 \u00e9conomique dans le secteur des mat\u00e9riaux entre la Suisse et l’Europe occidentale sur 4 ann\u00e9es (FY21-FY24). En 2024, la marge EBITDA en Suisse est de 15 %, tandis qu’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\u00bbIndice Argos\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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\u00bb4.27.5″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb header_2_text_color=\u00a0\u00bb#002856″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

                                                  Source : Argos Wityu. (05.01.2026). Argos Index\u00ae 3\u00e8me Trimestre 2025.<\/p>\n

                                                  [\/et_pb_text][et_pb_text ul_type=\u00a0\u00bbsquare\u00a0\u00bb ul_item_indent=\u00a0\u00bb40px\u00a0\u00bb _builder_version=\u00a0\u00bb4.27.5″ _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″ header_3_text_color=\u00a0\u00bb#002856″ header_3_line_height=\u00a0\u00bb1.4em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

                                                  Sources :<\/b><\/p>\n

                                                  * <\/span>mid-market: d\u00e9signe les entreprises de taille moyenne, avec une valeur d’entreprise g\u00e9n\u00e9ralement entre MEUR 15 et 500.
                                                  **<\/span>dry powder: d\u00e9signe le capital lev\u00e9 par des fonds d\u2019investissement non encore investi et disponible<\/p>\n

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                                                  Derni\u00e8res actualit\u00e9s<\/h2>\n

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                                                  Le d\u00e9partement Corporate Finance s’appuie sur une \u00e9quipe de sp\u00e9cialistes d\u00e9di\u00e9s aux services de conseil en mati\u00e8re de fusions et acquisitions et de transactions, b\u00e9n\u00e9ficiant d’un haut niveau de s\u00e9niorit\u00e9 et d’exp\u00e9rience pour soutenir les entrepreneurs dans leurs projets.<\/h3>\n

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                                                  Dans un contexte marqu\u00e9 par les tensions commerciales, la force du franc suisse et une pression accrue sur les valorisations, le march\u00e9 M&A en Suisse et en Europe a \u00e9volu\u00e9 vers davantage de s\u00e9lectivit\u00e9 en 2025. D\u00e9couvrez notre analyse des multiples EV\/EBITDA, des dynamiques sectorielles et des perspectives 2026.<\/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-243989","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":"\nCoup d\u2019\u0153il sur les multiples du march\u00e9 - Berney Associ\u00e9s SA<\/title>\n<meta name=\"description\" content=\"D\u00e9couvrez les tendances des 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