Introduction
This report is part of the 2024 Stears Valuation Benchmarks, providing market intelligence on valuation multiples across the continent’s private capital landscape. This edition explores region-specific valuation dynamics between 2020 and 2024, focusing on implied EV/EBITDA and EV/Revenue multiples drawn from a curated set of disclosed private market transactions.
Key Takeaways
- Southern Africa leads in valuations due to stronger exit environments and investor confidence. Southern Africa, led by South Africa, posts the highest median EBITDA multiples (5.33x), underpinned by robust capital markets, macroeconomic stability, and reliable exit pathways via the JSE. This positions the region as the most attractive for PE investors seeking scalability, mature infrastructure, and a competitive buyer environment that supports premium valuations and liquidity.
- Strategic buyers in Southern and East Africa are paying premiums for control and growth. Key strategic acquisitions, such as Sun International and Bamburi Cement, attracted significantly above-median multiples due to their scale, market leadership, or
