Research & market notes
What we are seeing in the Iberian market.
We publish our research including sector notes, transaction commentary and full reports — sourced, and labelled.
How to read our numbers
Every figure we publish is labelled.
A statistic on an advisory website is worth exactly as much as the reader’s ability to check it. So we label all three kinds, on every page, and we say where each one came from.
Reported
Published by a named source
A statistics office, a company registry, a regulator, a filing. We link it, and we give the date it was published — because a 2021 figure quoted in 2026 is a different claim.
Derived
Calculated by us
Worked out from reported figures. The inputs and the arithmetic are shown, so you can disagree with the method rather than having to take the number on trust.
Estimated
Our judgement
Used where no reliable figure exists. Always flagged, always with the reasoning attached, and never used to carry a claim that really needs a fact.
Almost nobody in this market labels their figures. It takes longer — and it is the only way a reader can check us.
The monthly note
Sell stronger. Buy smarter.
A concise monthly note for owners, buyers and advisers who want practical guidance on preparing, originating and executing lower-middle-market M&A in Portugal and Spain.
- Sell stronger — readiness questions, value drivers, process choices and what owners wish they had known.
- Buy smarter — acquisition-thesis tools, origination practice and buy-and-build discipline.
- See Iberia clearly — what is actually happening in Portugal and Spain, without the generic market noise.
No manufactured urgency. No deal theatre. One useful note each month.
You are subscribed. The next issue of the Iberian market note will reach you at the start of the month. If it does not arrive, check your spam folder — or email info@klattma.com and we will look into it.
That did not go through. Please check the highlighted fields and try again — or email info@klattma.com and we will add you manually.
Sources & methodology
How the research is built.
The short version: we would rather publish a smaller number that is checkable than a larger one that is not.
What we do
- Work from primary sources first — national statistics offices, company registries, regulators and filings — and name them.
- Date every figure, because a four-year-old number quoted today is a different claim from a current one.
- Show the arithmetic behind anything we derive, so the method can be argued with.
- State the size of the sample, and say plainly when it is too small to carry the conclusion.
- Correct published work when we find it wrong, and note what changed.
What we do not do
- Publish transaction multiples attributed to deals we cannot evidence.
- Present an estimate as a reported figure because it reads better.
- Use client information, however anonymised, without written permission.
- Recycle a market-size number whose original source nobody can locate.
- Round a figure in the direction that happens to suit the argument.
If you find an error in something we have published, tell us. We will correct it and say so.
Reading rather than transacting? That is fine.
Most owners think about selling for two to five years before they appoint anybody. If you are somewhere in that window, the monthly note is the useful thing. When the moment arrives, the conversation will be shorter because we will already know each other.
Arrange a confidential conversationThirty minutes with Kelvin Klatt. No cost, no obligation.