What Price Can You Expect When Selling a Company?

One of the most crucial questions in any business sale is: “How much is my company worth?” While a professional valuation is essential to facilitate a well-grounded and economically sound agreement between seller and buyer, it is also insightful to examine market data on transactions in the region where the company operates. Comparable transactions provide valuable benchmarks that can help shape realistic price expectations during negotiations.

This article focuses on accessible and verifiable market transaction data, which can offer a reference point for achievable company sale prices also in Slovenia.

Of course, this approach involves considerable uncertainty and cannot replace a detailed valuation, as it does not account for the specific conditions under which individual transactions were completed—such as strategic acquisitions or related-party deals.

The analysis draws on data from Dealsuite, Mergermarket, Forvis Mazars, other relevant sources, and Targo Finance’s advisory experience in company sales and acquisitions.

What Is the EBITDA Multiple?

The EBITDA multiple represents the ratio between a company’s enterprise value (EV) and its earnings before interest, taxes, depreciation, and amortisation (EBITDA). It is a key metric that enables investors to quickly compare business valuations within the same sector.

In Central and Eastern Europe (CEE), these multiples vary based on country, company size, technological and digital maturity, and market positioning.

Average EBITDA Multiples in the CEE Region: Between 5.2x and 6.7x

The years 2024 and 2025 have brought a new dynamic shaped by macroeconomic factors, sector-specific preferences, and growing interest from strategic buyers, as well as increased capital availability in private equity (PE) funds.

In the first half of last year, the average EBITDA multiple for small and medium-sized enterprises (SMEs) in the CEE region was 5.2x. According to Mergermarket, the median EV/EBITDA multiple across all sectors in the CEE in 2023/24 stood at 6.7x—still lower than the Western European average of 9.4x.

The gap between CEE and Western Europe is narrowing, indicating growing investor confidence in the region. Historically, lower multiples in CEE were influenced by factors such as smaller deal sizes, lower buyer competition, and a more fragmented market.

Key Factors Influencing Company Valuations and Sale Prices in the CEE Region:

• Macroeconomic uncertainty: High interest rates and inflation increase the cost of capital, putting downward pressure on multiples. However, regional stability—especially following the shift away from dependence on Russian energy—boosts investor confidence.
• Sectoral trends: Technology and digital sectors, including renewable energy (e.g., solar power), are achieving high multiples of 10–14x EBITDA (Dealsuite). Traditional sectors, such as construction, remain at 4–6x.
• Company size: Smaller companies (with EBITDA under EUR 5 million) tend to attract lower multiples (4–7x) due to customer concentration and market exposure risks. Medium to large deals (EBITDA over EUR 15 million) can command 8–12x.

Sector Overview: Highest Multiples in Healthcare and IT

EBITDA multiples vary significantly across industries. In the first half of last year, the healthcare and pharmaceutical sector recorded the highest average multiple in the CEE at 7.1x, followed by software at 6.8x. Hospitality and tourism, by contrast, posted the lowest multiple at just 3.9x.

Interestingly, software companies are even more highly valued in Western Europe, with average multiples of 8.5x in the DACH region (Germany, Austria, Switzerland) and 7.0x in the Netherlands.

Country Comparison in Central and Eastern Europe

In the past year, Poland, Austria, and Romania led the CEE region in terms of M&A transaction volume. Together, they accounted for the majority of the region’s activity, with the technology sector attracting the most foreign investor interest.

Although EBITDA multiples in CEE are still lower than in Western Europe, the gap is narrowing. Previously, larger discrepancies were driven by political and economic risks and higher discount rates in the region. However, as economic conditions improve and investor trust grows, these differences are gradually diminishing.

• Poland is the region’s largest market, with multiples ranging from 7–10x. Its strong presence in high value-added sectors (e.g., automotive, IT) attracts Western strategic buyers.
• Czech Republic boasts high productivity and political stability, with multiples around 8–11x, especially in automotive and financial services.
• Romania and Hungary are fast-growing markets with average multiples between 6–9x. However, weaker corporate governance still weighs on valuations.
• The Balkans, particularly Croatia and Serbia, are seeing increased deal activity, especially in tourism and logistics, with multiples ranging from 5–7x.

What About Slovenia?

Unfortunately, comprehensive and verified transaction data for Slovenia is scarce. Private buyers and sellers typically do not disclose deal details, and the limited market size makes it difficult to establish reliable benchmarks.

Nevertheless, as Slovenia is part of the CEE region, we can draw upon regional data and our own experience at Targo Finance, where we advise on both buy- and sell-side transactions.

According to recent reports (e.g., Dealsuite and Forvis Mazars), average EBITDA multiples for SMEs in the region hover between 5.2x and 5.5x. This means that companies are typically sold for approximately five times their annual EBITDA.

Higher multiples are seen in high value-added industries, such as:

• Healthcare and pharmaceuticals (approx. 7x)
• Information Technology (approx. 6.8x)
• Industrial manufacturing (approx. 5.5x)

Lower multiples are common in:

• Hospitality and tourism (approx. 3.9x)
• Retail (approx. 4.2x)

These trends generally apply to Slovenia as well. However, given the market’s small size and unique characteristics, greater volatility in multiples can be expected. In recent years, investor interest in Slovenia has remained stable—particularly in sectors offering specialized expertise, advanced technology, or well-positioned products.

Conclusion: Positive Outlook for the Future

Despite challenges such as high interest rates and geopolitical uncertainty, the M&A market in the CEE remains active. EBITDA multiples have stabilized, and high value-added sectors like healthcare and IT continue to achieve strong valuations.

For businesses in the region, this presents a strategic opportunity to consider sales or mergers, particularly in high-demand industries. Investors, meanwhile, can still benefit from competitive valuations and strong growth potential in the CEE market.

Mateja Ahej, Targo finance d.o.o.