What arts and recreation businesses sell for in Australia
- Australia9.0 times EBITDA, middle half 8.0 to 9.5, 10+ deals
- United States8.5 times EBITDA, middle half 7.0 to 9.5, 10+ deals
- Canada6.0 times EBITDA, 5+ deals
Source: deals in our database with a published value and an EBITDA multiple, from company filings, experts' reports and press reports. Medians by onestepright.
| Multiple | Size (A$) | Median (times) | Middle half | Deals | Years |
|---|---|---|---|---|---|
| EBITDA | A$10m to A$500m | 9.0 | 8.0 to 9.5 | 10+ | 2000 to 2025 |
| EBITDA | All deals | 9.0 | 7.5 to 10.0 | 20+ | 1998 to 2025 |
| EBIT | A$10m to A$500m | 9.5 | Median only | 5+ | 2002 to 2025 |
| EBIT | Under A$2bn | 9.5 | Median only | 5+ | 2002 to 2025 |
| Revenue | All deals | 1.1 | Median only | 5+ | 2011 to 2023 |
Only deals with a published value count in a size band.
Median only means fewer than ten deals, so no middle half is shown.
Most of these deals had a listed buyer or an independent expert's report. Treat them as a rough guide to what buyers paid.
Used where earnings are small or negative. Margins vary widely, so treat it as a rough guide.
Arts and recreation: median 9.0 times EBITDA. The middle half of deals ran from 8.0 to 9.5 times (10+ deals of A$10 million to A$500 million, announced 2000 to 2025).
Where deals also reported EBIT or revenue, those multiples follow. EBIT is EBITDA less depreciation and amortisation.
Times EBIT. Arts and recreation: median 9.5 times EBIT (5+ deals of A$10 million to A$500 million, announced 2002 to 2025).
Times revenue. Arts and recreation: median 1.1 times revenue (5+ deals announced 2011 to 2023).
Used where earnings are small or negative. Margins vary widely, so treat it as a rough guide.
These are reported multiples of EBITDA from Australian business sales. They show where buyers' prices landed.
Deals updated October 2026
Most of these deals had a listed buyer or appear in an independent expert's report. They span more than one market cycle. Treat them as a rough guide to what buyers paid, and expect your own figure to differ.
Some deals did not publish their enterprise value. They are left out wherever a deal size is shown.
Within arts and recreation
- Gaming and wagering: median 7.5 times EBITDA. The middle half of deals ran from 6.5 to 9.0 times (10+ deals of A$10 million to A$500 million, announced 2000 to 2022).
- Arts and recreation, other: median 9.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2002 to 2019).
By period and deal size
Where enough deals sit in a narrower cut, its line appears here.
- All years. Arts and recreation: median 9.0 times EBITDA. The middle half of deals ran from 7.5 to 10.0 times (20+ deals announced 1998 to 2025).
- Since 2015. Arts and recreation: median 9.0 times EBITDA. The middle half of deals ran from 7.5 to 10.0 times (10+ deals announced 2015 to 2025).
- Since 2021. Arts and recreation: median 10.0 times EBITDA (5+ deals announced 2021 to 2025).
Deals where the multiple was stated
In these deals the buyer, or an independent expert, stated the multiple in a public document. Each links to the company's own copy.
- Reef Casino Trust, with Casinos Austria International (Cairns) Pty Ltd (operator, CAIC) and Reef Corporate Services Ltd (responsible entity, RCSL), bought by Iris Cairns Property Pty Ltd as trustee for the Iris Cairns Property Trust (Iris Group), 2025-07-14: 11.4 times EBITDA as stated (Trailing EBITDA). Source
How to read the range
The median is the middle deal. Half the deals sold for more and half for less. Where a line gives a middle half, a quarter of the deals sold below it and a quarter sold above it.
The band says how many deals stand behind the line. A band of 5+ means at least five. Under ten deals, a line shows the median only. Fewer deals leave more room for error, so read a 5+ line with more care than a 50+ one.
The years are when the deals were announced. Multiples rise and fall with interest rates and share prices, so a long span mixes strong years with weak ones.
A buyer applies the multiple to the EBITDA it accepts after due diligence. Two businesses with the same EBITDA can sell at different multiples, for the reasons below.
What moves a multiple up or down
- Size. Larger businesses usually sell at higher multiples than smaller ones in the same sector.
- Growth and margin. Growth a buyer can see in the run-rate, and steady margins, raise the multiple. A plan the record does not support does not.
- Who buys. Investment funds and companies buying a business pay for different things, so they can pay different multiples for the same business.
- Recurring revenue. Revenue under contract or from repeat customers raises the multiple. One-off project revenue lowers it.
- Customer concentration. A few large customers lower the multiple, because losing one would cut earnings.
- Dependence on the owner. A business that needs its owner to win and keep customers sells for less, or with an earn-out.
How listed companies compare
Listed companies trade every day, and most are larger than the businesses in these deals. Their multiples usually sit above what a private business sells for. Read them as context for the deal figures.
Listed companies in Australia, New Zealand and Canada traded at 12.0 times their combined EBITDA in January 2026. Source: Aswath Damodaran, NYU Stern, data as of January 2026.
Where would yours sit?
The range tells you where deals landed. Where would yours sit?
- Put your own figures through the exit value bridge. It splits value at exit into EBITDA growth, the change in multiple and lower net debt, on multiples you choose.
- Take the seller check. About twenty-five questions on what a buyer's team will ask, before they ask it.
- Take the Strategy check. A buyer prices the plan it believes. The check shows where your strategy practices stand.
No email before your result. No sales call after it. No list. Delete on request.
For advisers and brokers
Using these figures with clients? We are deciding whether to build sourced reports and data exports. Nothing is for sale yet. Tell us if you would use them.
Questions
Does this value my business? No. It shows what buyers paid for other businesses in the sector. A buyer sets the multiple for a particular business after testing its earnings, its customers and its plan. The earnings calculator multiplies your own EBITDA by these multiples. That is arithmetic on reported deals, and still not a valuation.
Where do the figures come from? From company announcements and independent experts' reports on Australian businesses that were bought. Each figure is enterprise value over EBITDA. Some are stated in the source. The rest are worked out from the price and earnings it reports, and a second reader checks each one.
Why do these deals lean to larger businesses? A listed company usually announces a large purchase, and a takeover comes with an independent expert's report. Private sales of smaller businesses rarely publish a multiple.
How often do the figures change? Whenever deals are added. Each page shows the date it was last updated.
Related
Updated 2026-10-08.