Test & measurement and industrial automation sector update

Sector trading multiples below 3-year average 

Equity returns and valuations across the test & measurement and industrial automation (TM&IA) sector have outperformed the broader market since the early-pandemic trough. However, equity valuations across the sector had declined from late 2021 highs:

•    The sector average EV/NTM* EBITDA multiple declined 3.1x compared to the three-year average.
•    The S&P 500 EV/NTM EBITDA multiple declined 2.2x compared to the three-year average

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