Industry Multiples in Latin America–Q4 2024

This report provides valuable insights into trading multiples for various key industries in LATAM as of December 31, 2024.

Our analysis uses publicly traded companies in Latin America, distributed across different industries and sectors, following the definitions by the Global Industry Classification Standard.

Highlights

• According to the World Bank (WB) in its Global Economic Prospects report, real growth in Latin America and the Caribbean is forecasted to increase from an estimated 2.2% in 2024 to 2.5% in 2025.
• According to WB, inflation in the region has been generally more persistent than expected. In Brazil and Mexico, inflation stayed at the upper limits of the central banks’ target ranges, whereas Argentina has been an outlier, with its 12-month consumer price inflation rate peaking at nearly 300% early last year and remaining above 100% by the end of the year.
• In terms of EV/EBITDA, in 2024, multiples have generally decreased across all sectors, except for capital goods and commercial and professional services companies. Some notable downward changes were observed, for example for real estate and healthcare companies.

Our report provides a detailed overview of the EV/revenues, EV/EBITDA, P/E and P/B multiples of publicly traded companies in LATAM covering non-financial industries and market capitalization/revenues, P/TBV and P/E and P/B multiples covering financial industries for which such data is available. We also provide an eight-quarter lookback at the trends of these multiples for the industries covered.

We hope you find this report helpful in understanding the range of trading multiples for major industries in LATAM. If you would like to receive further information or discuss any of the findings, please contact us.