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Report Summary: Industry Multiples in Latin America Q4 2024 Edition

The ninth edition of the Industry Multiples in Latin America report provides an overview of trading multiples for key industries in Latin America as of December 31, 2024. It covers economic trends, stock market performance, and median multiples for sectors such as Communication Services, Consumer Discretionary, and Financials, based on publicly traded companies in the region.

Key Economic Context

• Latin America's economic growth is forecasted to increase from 2.2% in 2024 to 2.5% in 2025 by the World Bank, driven primarily by Argentina's economic recovery after two years of contraction. Other countries like Brazil and Mexico face slower growth due to restrictive monetary policies, high inflation, and fiscal challenges.
• Inflation remains a concern; Brazil saw rates hike after a resurgence, while Argentina's inflation peaked near 300% but is expected to decline with policy changes.
• Global indices show mixed results: the STOXX Latin America Total Market Index decreased by about 20% in 2024, while the S&P 500 rose 23%. Real GDP contraction varied across countries, with Argentina down 2.8% in 2024 and Mexico projected at 1.7%.

Country-Specific Highlights

• Argentina: MERVAL index increased 105% in 2024 (translated to USD), but real GDP contracted 2.8%. The peso depreciated 22%.
• Brazil: IBOVESPA decreased 30% in 2024; real GDP grew 3.2% in 2024 and is expected 2.2% in 2025.
• Chile: IPSA fell 8%; real GDP grew 2.4% in 2024.
• Colombia: COLCAP rose 1%; real GDP grew 1.7% in 2024 and is expected 3.0% in 2025.
• Mexico: BMV IPC dropped 30%; real GDP grew 1.7% in 2024 and is projected 1.5% in 2025.
• Peru: BVL Peru increased 5%; real GDP grew 3.1% in 2024 and is expected 2.5% in 2025.

Across industries, median multiples show a general decline in EV/Revenues and EV/EBITDA compared to 2023. Notable sectors include:

• Communication Services: P/E at 11.0x, EV/EBITDA at 3.9x (low due to high interest rates).
• Consumer Staples: P/E at 13.0x, EV/EBITDA at 6.8x (volatility in retail segments).
• Financials: P/E at 7.6x, P/TBV at 2.2x (banks and services impacted by macroeconomic factors).
• Energy: P/E at 8.0x, EV/EBITDA at 5.4x (fluctuations due to commodity prices).

Multiples are calculated using Enterprise Value, revenues, earnings, and book values, with outliers excluded. The methodology ensures data from major players, and multiples are based on current-year currencies.