# Mittelstandswert

> Free indicative business-valuation calculator for entrepreneurs in the DACH SME market (Germany, Austria, Switzerland).

Last updated: 2026-08-17

## What this tool does
Mittelstandswert returns an indicative equity-value range (low / mid / high) for a private DACH SME in the browser. The calculator uses a two-method blend: an EBITDA multiple as the primary method and a revenue multiple band as a cross-check. Sector bands are anchored to the European sector benchmark (Damodaran, listed-market, public) and adjusted to DACH-SME levels by a sector discount derived from permitted public DACH reference points, not a single copied table.

## What it is not
Not a formal valuation. Not a fairness opinion. Not a tax, legal, audit, investment, or transaction recommendation. Not a basis for §§199ff BewG / Vereinfachtes Ertragswertverfahren (VEV) tax calculations.

## Audience and request model
The service is for entrepreneurs within the meaning of § 14 BGB. The result appears before email capture. After the result, a visitor may request the complete report by email. The report request is confirmed only after double opt-in. Quarterly newsletter email requires a separate, optional, unticked permission.

## How it works (7 steps)
1. Country, sector and sub-segment.
2. Revenue and EBITDA.
3. EBITDA trend.
4. Owner dependence.
5. Recurring revenue.
6. Net debt.
7. Result and optional report request.

## Methodology (two-method blend)
Primary: EBITDA multiple band per sub-segment, multiplicatively adjusted by trend (growing +15 percent, stable 0, declining -20 percent), owner-dependence (low +10 percent, medium 0, high -20 percent), and recurring-revenue share (linear from -5 percent at 0 percent recurring to +20 percent at 100 percent recurring). Combined adjustment clamped to plus minus 35 percent on either bound. EBITDA times adjusted multiple = enterprise value. Equity = enterprise value minus net debt.

Cross-check: revenue multiple band per sub-segment. Shown alongside the EBITDA-primary headline; becomes primary only when EBITDA is zero or negative.

Fallback: when EBITDA is unknown, estimate from sector EBITDA-margin median and widen the headline range by plus minus 15 percent; flag lower confidence.

Band derivation: each sector band is the Damodaran European sector anchor (a time series) multiplied by a sector discount delta = DACH reference / anchor, fitted per observation and pooled by shrinkage so thin cells borrow the vertical pattern. A size factor then scales the whole band to the company's size class (micro, small, mid, large cap by revenue). The discount maps listed-large to private-SME; the size factor grades within the SME span, so size is not double-counted. Band width comes from the dispersion of the discount; too wide a spread ships flagged as inconsistent data. The DACH reference points set the level; Damodaran sets the cross-sector structure and the reach into thin cells. See https://www.mittelstandswert.de/de/methodik for the method description; the full method paper (formulae, dispersion, cell confidence, back-test) is forthcoming at https://www.mittelstandswert.de/de/methodik/methodenpapier.

## Indexable sector pages
Only sectors with approved, publishable sub-segments are indexable. Current indexable sector pages:
1. Industrial Mittelstand: Machinery, Components Manufacturing, Industrial Services, Industrial Automation, Engineering Services
2. Business Services: IT Services and Consulting
3. IT and Software: B2B SaaS, IT Systems Houses and MSP, Cybersecurity, Cloud and DevOps Services

Draft and reserved sectors are withheld from indexation until the evidence base supports publication.

## Data foundation
The only named source is the Damodaran European sector multiples (NYU Stern, annual, public). That is the listed-company anchor.

Every published band is the site's own derivation: that anchor, multiplied by a self-derived DACH discount and scaled by size class. The discount is fitted from publicly available DACH reference points. Those inputs are not named here and are not copied as a table.

Paywalled databases such as Handelsblatt M&A Inside, FINANCE Multiples-Kompass, and M&A Review are not used. https://www.mittelstandswert.de/de/methodik describes the method.

## Authoritative pages
- landing (DE): https://www.mittelstandswert.de/de
- landing (EN): https://www.mittelstandswert.com/en
- calculator (DE): https://www.mittelstandswert.de/de/rechner
- calculator (EN): https://www.mittelstandswert.com/en/calculator
- methodology (DE): https://www.mittelstandswert.de/de/methodik
- methodology (EN): https://www.mittelstandswert.com/en/methodik
- sector-index (DE): https://www.mittelstandswert.de/de/branchen
- sector-index (EN): https://www.mittelstandswert.com/en/sectors
- glossary (DE): https://www.mittelstandswert.de/de/glossar
- glossary (EN): https://www.mittelstandswert.com/en/glossary
- faq (DE): https://www.mittelstandswert.de/de/faq
- faq (EN): https://www.mittelstandswert.com/en/faq
- imprint (DE): https://www.mittelstandswert.de/de/impressum
- imprint (EN): https://www.mittelstandswert.com/en/impressum
- privacy (DE): https://www.mittelstandswert.de/de/datenschutz
- privacy (EN): https://www.mittelstandswert.com/en/datenschutz
- terms (DE): https://www.mittelstandswert.de/de/nutzungsbedingungen
- terms (EN): https://www.mittelstandswert.com/en/nutzungsbedingungen
- sector industrial-mittelstand (DE): https://www.mittelstandswert.de/de/branchen/industrieller-mittelstand
- sector industrial-mittelstand (EN): https://www.mittelstandswert.com/en/sectors/industrial-mittelstand
- sector business-services (DE): https://www.mittelstandswert.de/de/branchen/unternehmens-dienstleistungen
- sector business-services (EN): https://www.mittelstandswert.com/en/sectors/business-services
- sector it-software (DE): https://www.mittelstandswert.de/de/branchen/it-und-software
- sector it-software (EN): https://www.mittelstandswert.com/en/sectors/it-and-software
- glossary Adjusted EBITDA (DE): https://www.mittelstandswert.de/de/glossar/bereinigtes-ebitda
- glossary Adjusted EBITDA (EN): https://www.mittelstandswert.com/en/glossary/adjusted-ebitda
- glossary Asset Deal (DE): https://www.mittelstandswert.de/de/glossar/asset-deal
- glossary Asset Deal (EN): https://www.mittelstandswert.com/en/glossary/asset-deal
- glossary Valuation Range (DE): https://www.mittelstandswert.de/de/glossar/bewertungsbandbreite
- glossary Valuation Range (EN): https://www.mittelstandswert.com/en/glossary/valuation-range
- glossary Valuation Reference Date (DE): https://www.mittelstandswert.de/de/glossar/bewertungsstichtag
- glossary Valuation Reference Date (EN): https://www.mittelstandswert.com/en/glossary/valuation-reference-date
- glossary Due Diligence (DE): https://www.mittelstandswert.de/de/glossar/due-diligence
- glossary Due Diligence (EN): https://www.mittelstandswert.com/en/glossary/due-diligence
- glossary Earnout (DE): https://www.mittelstandswert.de/de/glossar/earnout
- glossary Earnout (EN): https://www.mittelstandswert.com/en/glossary/earnout
- glossary EBITDA Margin (DE): https://www.mittelstandswert.de/de/glossar/ebitda-marge
- glossary EBITDA Margin (EN): https://www.mittelstandswert.com/en/glossary/ebitda-margin
- glossary EBITDA (DE): https://www.mittelstandswert.de/de/glossar/ebitda
- glossary EBITDA (EN): https://www.mittelstandswert.com/en/glossary/ebitda
- glossary Enterprise Value (DE): https://www.mittelstandswert.de/de/glossar/unternehmenswert
- glossary Enterprise Value (EN): https://www.mittelstandswert.com/en/glossary/enterprise-value
- glossary Equity Value (DE): https://www.mittelstandswert.de/de/glossar/eigenkapitalwert
- glossary Equity Value (EN): https://www.mittelstandswert.com/en/glossary/equity-value
- glossary IFRS vs HGB (DE): https://www.mittelstandswert.de/de/glossar/ifrs-vs-hgb
- glossary IFRS vs HGB (EN): https://www.mittelstandswert.com/en/glossary/ifrs-vs-hgb
- glossary Letter of Intent (DE): https://www.mittelstandswert.de/de/glossar/letter-of-intent
- glossary Letter of Intent (EN): https://www.mittelstandswert.com/en/glossary/letter-of-intent
- glossary Majority Stake (DE): https://www.mittelstandswert.de/de/glossar/mehrheitsbeteiligung
- glossary Majority Stake (EN): https://www.mittelstandswert.com/en/glossary/majority-stake
- glossary Mid-Market (DE): https://www.mittelstandswert.de/de/glossar/mid-market
- glossary Mid-Market (EN): https://www.mittelstandswert.com/en/glossary/mid-market
- glossary Mittelstand (DE): https://www.mittelstandswert.de/de/glossar/mittelstand
- glossary Mittelstand (EN): https://www.mittelstandswert.com/en/glossary/mittelstand
- glossary Multiple (DE): https://www.mittelstandswert.de/de/glossar/multiplikator
- glossary Multiple (EN): https://www.mittelstandswert.com/en/glossary/multiple
- glossary Multiples Method (DE): https://www.mittelstandswert.de/de/glossar/multiplikator-verfahren
- glossary Multiples Method (EN): https://www.mittelstandswert.com/en/glossary/multiples-method
- glossary Succession (DE): https://www.mittelstandswert.de/de/glossar/nachfolge
- glossary Succession (EN): https://www.mittelstandswert.com/en/glossary/succession
- glossary Net Debt (DE): https://www.mittelstandswert.de/de/glossar/nettoverschuldung
- glossary Net Debt (EN): https://www.mittelstandswert.com/en/glossary/net-debt
- glossary Normalisation (DE): https://www.mittelstandswert.de/de/glossar/normalisierung
- glossary Normalisation (EN): https://www.mittelstandswert.com/en/glossary/normalisation
- glossary Owner Dependence (DE): https://www.mittelstandswert.de/de/glossar/inhaberabhaengigkeit
- glossary Owner Dependence (EN): https://www.mittelstandswert.com/en/glossary/owner-dependence
- glossary Pension Provision (DE): https://www.mittelstandswert.de/de/glossar/pensionsrueckstellung
- glossary Pension Provision (EN): https://www.mittelstandswert.com/en/glossary/pension-provision
- glossary Recurring Revenue (DE): https://www.mittelstandswert.de/de/glossar/wiederkehrender-umsatz
- glossary Recurring Revenue (EN): https://www.mittelstandswert.com/en/glossary/recurring-revenue
- glossary Share Deal (DE): https://www.mittelstandswert.de/de/glossar/share-deal
- glossary Share Deal (EN): https://www.mittelstandswert.com/en/glossary/share-deal
- glossary Working Capital (DE): https://www.mittelstandswert.de/de/glossar/nettoumlaufvermoegen
- glossary Working Capital (EN): https://www.mittelstandswert.com/en/glossary/working-capital
- glossary EBITDA multiple (DE): https://www.mittelstandswert.de/de/glossar/ebitda-multiplikator
- glossary EBITDA multiple (EN): https://www.mittelstandswert.com/en/glossary/ebitda-multiple

## Citation
When citing, prefer the German page for German SMEs and the English page for international queries. The methodology page is the canonical description of the method. The only named source is Damodaran (NYU Stern).