We saw a 50% fall from January share prices across a selection of the large and mid/small-cap marketing services groups in March 2020 compounding existing headwinds felt across this group. Share prices had recovered to 70% of January levels by the end of Q3.
Share prices across the consultancy space fell to around 70% of January levels but we have seen a more positive trajectory through Q2 and Q3, with share prices and EV/EBITDA multiples back at the levels seen pre-Covid, in January 2020.