2024年第三季度拉丁美洲行业倍数报告：各关键工业部门交易指数全面分析（第八版）

Industry Multiples in Latin Eighth EditionQ3 2024 1.Foreword3 2.Summary5 3.Country Snapshots6 Communication Services12 •Consumer Durables and Apparel15•Consumer Services18•Consumer Discretionary Distribution and Retail21 Consumer Staples Table of •Consumer Staples Distribution and Retail24•Food, Beverage and Tobacco27 Energy30 Financials33Health Care36 •Capital Goods39•Transportation42 Materials48Real Estate51Utilities54 5.Criteria57 6.Industry Definitions60 Foreword We are pleased to launch the eighth 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 September 30, 2024. Our analysis uses publicly traded companies in According to the International Monetary Fund (IMF) in its World Economic Outlook report releasedin October 2024, real economic growth in LATAM and the Caribbean is forecasted to moderateslightly to 2.1% in 2024 from an estimated 2.2% in 2023, and to increase to 2.5% in 2025.1Growth in some countries in the region is expected to moderate in 2024, but other countries have Javier Zoido On the other hand, Mexico’s growth prospects have been downgraded for both 2024 and 2025. Atight monetary policy has hindered domestic demand earlier in the year, and 2025 is expected tosuffer further from fiscal consolidation. Besides a number of challenges that the new Mexican Managing DirectorLatin America and IberiaValuation Advisory Argentina is expected to contract in real terms for a second consecutive year in 2024, an impact ofthe drastic economic policies implemented by the new Argentine president to fight inflation. Similarly, S&P Global (S&P) believes that the current economic growth cycle is decelerating incertain LATAM countries, such as Argentina and Mexico.2According to S&P, growth expectationsfor the region remain modest, but Chile, Colombia and Peru are expected to see a significantimprovement in 2024 relative to the prior year. However, S&P observed that policy-related risks According to IMF and S&P data, inflation peaked for most countries in the region in 2023 and isexpected to continue to decline in 2024. Nevertheless, the disinflation process has slowed downin major countries for a variety of reasons, with Brazil’s central bank being forced to raise its policyinterest rate. Inflation in most countries is expected to fall within or close to their respectivecentral bank target rates in 2025. Argentina continues to be an exception, as the country is still Foreword (cont’d) In 2023, the S&P 500, the STOXX® Europe 600 (“STOXX Europe 600”), and the STOXX® LatinAmerica Total Market Index (“STOXX LATAM TMI”) indices increased by approximately 24%,13%, and 20%.3In the first three quarters of 2024, the S&P 500 and STOXX Europe 600 In terms of EV/EBITDA, during the third quarter of 2024, while median multiples have generallyremained stable across all sectors, some notable changes were observed. For informationtechnology companies, the median multiple decreased in the third quarter to 8.2x from 14.0x in 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 which 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, Summary: Median Multiples by Sector/Industry Groups As of September 30, 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 of In the first three quarters of 2024, MERVAL increased by 47% (in price terms, converted to USD),1compared to a 14% decrease in the STOXX LATAMTMI, a 21% increase in the S&P 500 and a 9% increase in the STOXX Europe 600. Argentinean real GDP is expected to contract by 3.5% in 2024 andto grow 5.0% in 2025, according to the IMF’sWorld Economic Outlookreport (October 2024). After depreciating against the U.S. dollar by 55% in MERVAL Spotlight Historical Evolution: MERVAL, S&P 500, STOXX Europe600 and STOXX LATAM TMI2 Country Snapshot: Brazil The IBOVESPA is the main performance indicator of the stocks traded in the Brazilian stock market and lists major companies in the Brazilian capitalmarket. It is typically used as the benchmark stock market index in Brazil. In the first three quarters of 2024, the IBOVESPA decreased by 12% (in price terms, converted to USD).1Brazilian real GDP is expected to grow 3.0%in 2024 and 2.2% 2025, according to the IMF’sWorld Economic Outlookreport (October 2024). The Brazilian real has depreciated against the U.S. IBOVESPA Spotlight 5Y Evolution: IBOVESPA, S&P 500, STOXX Europe 600and STOXX LATAM TMI2 Countr