Multiples Classifieds Index

Curated by Multiples, this index tracks publicly listed classifieds platforms globally.

Explore the Multiples Classifieds Index

public companies
tracked

$192B

cumulative
enterprise value

3.2x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Classifieds Index constituents, indexed to 0% at the beginning of the period.

+10.8%

Multiples Classifieds Index

Data as of 23 April 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Classifieds Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Classifieds Index.

x-axis:

y-axis:

Data as of April 23, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Classifieds Index.

Metric:

Data as of April 23, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Classifieds Index.

Metric	Recruit Holdings	Naspers	REA Group
Market Cap	$70B	$44B	$17B
EV/Revenue (NTM)	2.7x	3.0x	11.6x
EV/Gross Profit (NTM)	4.5x	7.2x	19.0x
EV/EBITDA (NTM)	12.6x	31.9x	19.4x
EV/FCF (NTM)	17.7x	23.4x	32.2x
Revenue Growth	6%	23%	12%
Gross Margin (NTM)	61%	42%	61%
EBITDA Margin (NTM)	22%	10%	60%
FCF Margin (NTM)	15%	13%	36%
Rule of 40	27%	38%	61%
Rule of X	35%	80%	64%

Data as of April 23, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Classifieds Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Classifieds Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples Classifieds Index

This index tracks online classifieds platforms and digital listing marketplaces.


Recruit Holdings	4.1%	$50	0%	$70B	2.7x	6%	61%	22%	15%	27%	$485K
Naspers	4.1%	$57	-3%	$44B	3.0x	23%	42%	10%	13%	38%	$267K
REA Group	4.9%	$126	-29%	$17B	11.6x	12%	61%	60%	36%	61%	$404K
News Corp	4.5%	$28	-2%	$15B	1.7x	5%	20%	19%	9%	24%	$379K
Info Edge	4.7%	$11	-26%	$7B	18.4x	12%	59%	41%	36%	52%	$52K
carsales.com	4.5%	$18	-22%	$7B	8.0x	12%	56%	56%	33%	65%	$339K
Scout24	3.5%	$85	-30%	$6B	6.7x	14%	100%	60%	37%	76%	$719K
Vend Marketplaces	3.4%	$28	+62%	$6B	7.8x	7%	90%	41%	38%	47%	$179K
Autotrader Group	3.3%	$7	-38%	$6B	6.3x	5%	—	67%	50%	72%	$641K
Rightmove	5.4%	$6	-38%	$5B	7.1x	9%	—	68%	48%	77%	$653K
Seek	4.5%	$11	-29%	$4B	5.0x	12%	46%	46%	21%	55%	$238K
Visional	4.9%	$48	-12%	$2B	2.1x	18%	90%	27%	18%	52%	—
TX Group	4.3%	$164	-30%	$2B	1.5x	-4%	—	28%	18%	23%	$336K
Alma Media	3.2%	$15	+13%	$1B	3.5x	3%	90%	32%	22%	35%	$216K
Baltic Classifieds Group	6.3%	$3	-40%	$1B	10.3x	12%	—	76%	65%	87%	$584K
Hemnet	6.3%	$13	-63%	$1B	6.7x	8%	87%	49%	38%	56%	$1M
CarTrade Tech	4.8%	$19	+3%	$914M	8.1x	21%	88%	37%	29%	57%	$65K
Grupa Pracuj	4.6%	$13	-22%	$881M	3.7x	8%	—	45%	34%	51%	$214K
DIP	3.1%	$11	-13%	$595M	1.4x	1%	89%	22%	9%	23%	$187K
Just Dial Ltd	2.6%	$6	-42%	$496M	(0.9x)	7%	43%	29%	29%	41%	$10K
Wirtualna Polska	2.5%	$16	-34%	$475M	1.3x	4%	—	24%	8%	36%	$322K
GA Technologies	2.1%	$10	+22%	$409M	0.2x	25%	17%	5%	2%	34%	$8M
ZIGExN	1.3%	$3	-6%	$259M	1.1x	6%	81%	27%	16%	34%	$323K
Cian	1.2%	$3	—	$238M	—	—	—	—	—	—	$136K
Token Cat	1.1%	$10	-17%	$220M	—	—	—	—	—	—	$22K
Lifull	0.8%	$1	+29%	$158M	—	—	—	—	—	—	$143K
North Media	0.7%	$8	+42%	$143M	—	—	—	—	—	—	$333K
Frontier Digital Ventures	0.6%	$0	+33%	$123M	2.9x	3%	—	21%	12%	15%	—
Saramin	0.6%	$11	+7%	$120M	—	—	—	—	—	—	—
Rakumachi	0.6%	$6	+3%	$116M	—	—	—	—	—	—	$265K
Vocento	0.5%	$1	+8%	$105M	0.3x	-1%	—	7%	—	7%	$133K
Rent.com.au	0.3%	$0	+329%	$57M	—	—	—	—	—	—	$780K
Jimoty	0.3%	$6	+1%	$54M	3.2x	8%	—	—	—	—	$86K
Gumtree Australia	0.1%	$0	+20%	$29M	—	—	—	—	—	—	—
RMA Global	0.1%	$0	+18%	$19M	0.7x	32%	—	11%	—	35%	$197K