We are pleased to launch the fifth 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, 2023. Our analysis uses publicly traded companies in Latin American countries, distributed among several industries and sectors, following the Global Industry Classification Standard (GICS) definitions.

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 nonfinancial industries and market capitalization/revenues, P/TBV, P/E and P/B multiples covering financial industries for which such data is available. We also provide an eight-quarter look back at the trends of these multiples for the industries covered.


  • According to recent International Monetary Fund (IMF) and S&P Global (S&P) reports, real economic growth in LATAM is forecasted to moderate in 2023 after the region’s strong growth in 2022.
  • According to S&P, growth in Latin America is expected to be well below long-term trends in the short term, yet is expected to gradually return to its potential growth rates in 2025-2026. Despite growth in the first quarter of 2023, domestic demand continued to weaken in the region, contracting in Q1 2023 (compared with Q4 2022) in every major country except for Mexico, where consumption has been resilient.
  • In terms of EV/EBITDA, during the second quarter of 2023, median multiples have generally increased across all sectors. The highest median multiple increases were observed for information technology companies, 9.4x from 6.0x in the first quarter, and for consumer discretionary distribution and retail companies, 10.8x from 8.0x in the first quarter.

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.

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