We are pleased to launch the third 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 December 31, 2022. Our analysis uses publicly traded companies in Latin American countries, distributed among several different industries and sectors, following the definitions by the Global Industry Classification Standard (GICS).


  • According to the International Monetary Fund (IMF) in its World Economic Outlook Update report released in January 2023, real economic growth in LATAM and the Caribbean is forecasted to moderate to 1.8% in 2023, from 3.9% in 2022.
  • Expected growth in 2023 is now 0.1 percentage points above the IMF’s forecast in October, reflecting Mexico’s domestic demand resilience and higher-than-expected growth in its trading partners’ economies, and Brazil’s greater-than-expected fiscal support, although this still represents a significant decrease in real growth compared to 2022.
  • According to S&P Global Ratings, inflation has likely reached an inflection point and is forecasted to fall below 10% for major countries in the region, with the exception of Argentina, which continues to suffer from hyperinflation.
  • In terms of EV/EBITDA, multiples have generally decreased in 2022 because of the more pessimistic outlook and deteriorating market conditions that were present during most of the year. All industries, with exception of energy and utilities, finished 2022 with lower EV/EBITDA multiples when compared to December 2021.

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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