Where the deal market really stands.
The Leonh Barometer takes our market coverage one step further. By continuously collecting anonymous data from our customers, we measure the market climate in real time. Our customers are experts within their respective markets — through their experience we present reality-based insight into how the market is truly performing.
Investments and advisory
of respondents view the market climate as stable or positive, with an index score of 124.
Activity catching up
Current M&A activity rose from 6.0 to 6.4 while expectations eased — the gap is closing. 47% rated the likelihood 7 or higher, and one in four gave it a full 10.
Stability dominates
Weighted average EV/EBITDA multiple.
“Deal activity is picking up and processes are more competitive, so now is a good window to bring assets to market or build positions in the hot sectors”Respondent, Leonh Barometern
Where the action is
The security trade
of respondents expect Defence to see the most M&A activity over the next 12 months — yet only 7% are active in the sector today.
“Expected defense deal flow far exceeds today's capacity in the sector, so firms that build defense and cybersecurity expertise now will have an edge”Respondent, Leonh Barometern
More bidders at the table
report 3 or more bidders in recent processes — up from 56% in Q2.
All eyes on AI
of VC/investor respondents name AI as a top sector for the next 12 months.
5x is the consensus
name 5x EV/EBITDA as a fair multiple for a typical company — up from 39% in Q2.
Activity catches up. Conviction splits.
Expectations have eased four quarters running — and current activity has nearly closed the gap.
“Sentiment is stable but more selective, so focus on fewer, higher-quality deals rather than volume”
Multiples soften. Bidders multiply.
Q3 brings the lowest multiple and the most contested processes in the series.
“Lower multiples and more bidders mean buyers get cheaper entry broadly, while sellers of high-quality assets still have strong leverage”
Industry holds. Software is back.
Where respondents expect the most M&A over the next 12 months — share of all sector picks.
“Industrials remain the base, but software and commerce are back, so broaden sector coverage to capture renewed demand for growth stories”
Rewriting how deals get done.
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Rewriting how deals get done.
Customer groups
Get started right away
Rewriting how deals get done.
Customer groups
Get started right away