拉丁美洲行业倍数（第九版）

Industry Multiples in LatinAmerica Ninth EditionQ4 2024 1.Foreword32.Summary53.Country Snapshots64.Industry MultiplesCommunication Services12Consumer Discretionary•Consumer Durables and Apparel15•Consumer Services18•Consumer Discretionary Distribution and Retail21Consumer Staples•Consumer Staples Distribution and Retail24•Food, Beverage and Tobacco27Energy30Financials33Health Care36Industrials•Capital Goods39•Transportation42Information Technology45Materials48Real Estate51Utilities545.Criteria576.Industry Definitions607.Contact61 Table ofContents Foreword We are pleased to launch the ninth edition of our Industry Multiples in Latin America (LATAM)quarterly report. This report provides valuable insights into trading multiples for various keyindustries in LATAM as of December 31, 2024. Our analysis uses publicly traded companies inLatin America, distributed among several different industries and sectors, following thedefinitions by the Global Industry Classification Standard. According to the World Bank (WB) in its Global Economic Prospects report, real growth in LatinAmerica and the Caribbean is forecasted to increase from an estimated 2.2% in 2024 to 2.5% in2025.1Recovery in Argentina, following two years of economic contraction will be a key driverfor the region’s expected improvement in regional growth. Other major economies are expectedto experience slower growth rates, as consumption and investment weaken. In Brazil, growth isexpected to moderate from 3.2% in 2024 to 2.2% in 2025 and 2.3% in 2026, partly due to astill-restrictive monetary policy and limited fiscal space. An inflation resurgence in Brazil led thecentral bank to reverse its policy and hike policy interest rates. As inflation is projected to remainnear the upper end of the central bank’s target range in 2025, interest rates are likely to remainhigh. In Mexico, growth is forecasted to remain subdued, slowing to 1.5% in 2025 and ticking upto 1.6% in 2026, as continued fiscal consolidation efforts and tight monetary policy weigh onconsumption and investment. Javier Zoido According to the WB, inflation in the region has been generally more persistent than expected.Food inflation rebounded in 2024, although it remained significantly lower than in 2022. In Braziland Mexico, inflation stayed at the upper limits of the central banks’ target ranges, whereasArgentina has been an outlier, with its 12-month consumer price inflation rate peaking at nearly300% early last year and remaining above 100% by the end of the year, partly due to currencydepreciation and adjustments to regulated prices. However, prospects for Argentina haveimproved markedly, as market-driven policy changes are expected to support a continued declinein inflation and a significant growth recovery. Managing DirectorLatin America and IberiaValuation AdvisoryServices Leader In general, the WB identified heightened policy uncertainty and adverse trade policy shifts as keydownside risks to the global economy, with Latin America also being impacted. The new U.S.administration’s threats of universal tariffs would impact Mexico in particular but also affectcertain countries in the Caribbean and Central America. Additional restrictions on migrationwould also impact the region, by decreasing a meaningful source of income – remittances fromU.S. immigrants back to their home countries. In 2024, the S&P 500 and the STOXX® Europe 600 (“STOXX Europe 600”) indices increased byapproximately 23% and 6%, respectively, while the STOXX® Latin America Total Market Index(“STOXX LATAM TMI”) decreased by approximately 20%.2 Foreword (cont’d) In terms of EV/EBITDA, in 2024, multiples have generally decreased across all sectors, except forcapital goods and commercial and professional services companies. Some notable changes wereobserved. For example, for real estate companies, the median multiple decreased in 2024 to 9.1xfrom 15.4x at the end of 2023. For healthcare companies, the median multiple decreased in 2024to 6.4x from 9.7x at the end of 2023. Our report provides a detailed overview of the EV/revenues, EV/EBITDA, P/E and P/B multiples ofpublicly traded companies in LATAM covering nonfinancial industries and marketcapitalization/revenues, P/TBV, and P/E and P/B multiples covering financial industries for whichsuch data is available. We also provide an eight-quarter lookback at the trends of these multiplesfor the industries covered. We hope you find this report helpful in understanding the range of trading multiples for majorindustries in LATAM. If you would like to receive further information or discuss any of the findings,please contact us. Summary: Median Multiples by Sector/Industry Groups As of December 31, 2024 Country Snapshot: Argentina The MERVAL index is a price-weighted index, calculated as the market value of a portfolio of stocks selected based on their market share, number oftransactions and quotation price. It is typically used as the benchmark stock market index in A