拉丁美洲行业倍数报告 - 2024年第二季度

Industry Multiples in Latin AmericaSeventh EditionQ2 2024Table of Contents2Page1.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•Commercial and Professional Services42•Transportation45Information Technology48Materials51Real Estate54Utilities•Electric, Gas and Water Utilities575.Criteria606.Industry Definitions617.Contact65ForewordWe are pleased to launch the seventh edition of our Industry Multiples in Latin America (LATAM) quarterly report. This report provides valuable insights into trading multiples for various key industries in LATAM as of June 30, 2024. Our analysis uses publicly traded companies in Latin America, across different industries and sectors, following the definitions by the Global Industry Classification Standard (GICS).According to the S&P Global Ratings (S&P) Economic Outlook Emerging Markets report released in June 2024, real economic growth in LATAM is forecasted to moderate to 1.2% in 2024 from an estimated 1.8% in 2023.1 According to S&P, growth expectations for the region remain modest, in line with its previous forecasts, partly due to the negative prospects in Argentina, as the fiscal adjustment made by the new Argentine administration is expected to result in a GDP contraction this year. Excluding Argentina, S&P projects real growth in LATAM to reach 2.0% in 2024. Likewise, the World Bank, in its Global Economic Prospects report released in June 2024, also expects growth in the region to weaken in 2024. The World Bank expects growth to pick up in 2025 as interest rates normalize and inflation decelerates further.2According to S&P data, inflation peaked for most countries in the region in 2023 and is expected to decline in 2024, with inflation in most countries expected to fall within or close to their respective central bank target rates. One notable exception is Argentina, which is facing a highly uncertain environment. Inflation in Argentina is expected to reach an average of approximately 250% in 2024 before it starts declining in 2025 and thereafter, albeit to still very high rates.In 2023, the S&P 500, the STOXX® Europe 600 and the STOXX® Latin America Total Market Index (STOXX LATAM TMI) indices increased by approximately 24%, 13% and 20%.3 In the first semester of 2024, the S&P 500, STOXX Europe 600 and STOXX LATAM TMI changed +14%, +7% and -13%, respectively.In terms of EV/EBITDA, during the second quarter of 2024, median multiples have generally decreased across all sectors. Notable declines were observed in the capital goods and materials industries, while information technology saw an increase in multiple. For capital goods companies, the median multiple decreased in the second quarter to 6.5x from 8.3x in