Sector research and M&A coverage, every two weeks
Two formats, running on two clocks. A short update every fortnight on what moved, what companies announced and what changed in M&A. A deeper outlook that sets out the landscape, the valuation spread and the full transaction record for a sector. Both are free to read, in full, with no email gate.
- 30+ sectors
- Free and ungated
- Read in the browser
Two cadences
One keeps you current. The other gets you deep.
Every two weeks · ~7 pages
Bi-Weekly Industry Events & M&A Update
The fortnightly read. What moved in the sector, what the companies in it announced, and what was added to the M&A record, with the multiples attached. Short enough to read before a meeting and specific enough to quote in one.
Quarterly rhythm · ~20 pages
Industry Sector Outlook
The deep format. The landscape and how the comparable set is defined, valuation and the situations inside it, the precedent transaction record, and the strategic implications that follow. Built the way a sector primer is built for a pitch.
Anatomy · Industry Sector Outlook
Four parts, walked through on a real sector.
- 01
The landscape
Who is in the sector, how the set is defined and what has been moving it. The constituent list is stated up front, so you can see exactly which companies the medians are drawn from before you read a single multiple.
- 02
Valuation and situations
Where the sector trades, how wide the spread is, and which companies sit at each end of it. A primary valuation basis is stated for the sector, with EV/Revenue carried alongside as a cross-check.
- 03
The precedent transaction record
Every recorded transaction for the sector over the window, with the multiples the deals implied, the buyer types behind them and how the pricing has moved against where the public set trades today.
- 04
Strategic implications
What the evidence supports considering. Where consolidation pressure is building, which subsectors carry a premium and what a buyer or a seller would have to believe for today's spread to hold.
| Cut of the set | EV/EBITDA CY2027E |
|---|---|
| Sector median | 13.3x |
| Premium quartile | 19.0x |
| Discount quartile | 8.6x |
| Faster growers in the set | 16.6x |
| Slower growers in the set | 10.0x |
The sector median was 13.3x EV/EBITDA on CY2027E estimates. The premium quartile sat at 19.0x against a discount quartile of 8.6x, and the faster growers in the set carried 16.6x against 10.0x for the slower ones. Alongside the public set, the September sector outlook recorded 42 transactions for the tier — a longer window than the trailing count a bi-weekly update carries, which is why the two formats quote different totals. NeuraCap reads that spread as the set paying for growth durability rather than for scale.
Anatomy · Bi-Weekly Update
Three questions, answered every fortnight.
- 01
What moved
The price and multiple action across the set over the fortnight, with the movers named and sized rather than summarised as a direction.
- 02
What companies announced
Results, guidance changes, launches and leadership moves, read against what the company said last time and what the set as a whole is reporting.
- 03
What changed in M&A
New transactions added to the record, the multiples they were struck at, and where they sit against the public comparables for the same subsector.
| Cut of the set | EV/EBITDA CY2027E |
|---|---|
| Set median | 7.2x |
| Premium end of the set | 15.2x |
| Discount end of the set | 4.7x |
The set median was 7.2x EV/EBITDA on CY2027E estimates, with the premium end at 15.2x and the discount end at 4.7x. A gap that wide is the whole reason a sector average is a poor answer on its own: the coverage names which companies sit at each end and what put them there. Every multiple is a calculated metric, and any that fails the plausibility gates is excluded before it can be plotted.
Free to read
Every report, published in full, no email gate.
All industry reports
Every sector outlook and bi-weekly update we have published, filterable by sector, sub-industry and theme, readable in the browser.
Browse by sector
Start from an industry rather than a document. Each sector page collects the coverage filed under it and the sub-industries beneath it.
Industry intelligence
Run the same sector analysis yourself over any date range, then take the comparable set straight into a valuation.
If the sector read raises a question about one company in it, that is what a company valuation report is for, and the precedent transaction record behind the sector pages is the same one it draws on.
Questions
What readers ask about the coverage.
- How often is sector coverage published?
- The Bi-Weekly Industry Events and M&A Update runs every two weeks and is around seven pages. The Industry Sector Outlook is the deeper format, roughly twenty pages, and is published on a quarterly rhythm for each sector we cover.
- What is inside an Industry Sector Outlook?
- Four parts: the landscape and how the comparable set is defined, where the sector trades and which companies sit at each end of the spread, the precedent transaction record with the multiples the deals implied, and the strategic implications the evidence supports.
- Do I need an account to read a sector report?
- No. Industry research is free and ungated. Every published report can be read in full in the browser, with no email address and no account, at the NeuraCap reports library.
- Which sectors are covered?
- Coverage runs across more than thirty sectors and the sub-industries beneath them. The sector index lists every sector currently published, with the reports filed underneath it, and it grows as new coverage goes out.
- Where do the sector multiples come from?
- Sector medians, quartiles and percentiles are calculated metrics, derived from public-company fundamentals taken from SEC EDGAR filings where applicable, consensus estimates for revenue, EBITDA and EPS, and market price data. Multiples that fail the plausibility gates are excluded, so they are never plotted.
Nothing in the coverage is a recommendation to buy or sell a security, an offer or a solicitation, an appraisal or a fairness opinion. For what sits in the data behind it, see coverage and data.
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