By sector
Historically, the range of multiples across sectors and company sizes is relatively small.
The highest multiples have historically been seen in the consumer discretionary and consumer staples sectors, which promise high growth due to African demographics.
The materials sector has seen a slight uptick in activity and pricing during 2017, with the majority of activity taking place in Southern Africa and during the second half of the year, coinciding with the beginning of the commodity market recovery, possibly driving a slight increase in prices.