Multiples for global deals, calculated as the ratio between median enterprise values and earnings before interest, taxes, depreciation and amortization, rose to 14 times in 2020, up from 13 times in 2019, according to Bain & Co., a management consulting firm. Valuations increased in sectors such as technology, telecommunications, digital media and pharmaceuticals, while they declined in others, such as retail and energy, Bain said. The overall uptick is in contrast to the financial crisis in 2008 and 2009, when deal multiples cratered by about 30% over two years, according to Bain.