1、Industry Multiples in Latin America Q3 2022Second EditionTable of Contents2Page1.Foreword32.Summary53.Country Snapshot64.Industry MultiplesCommunication Services12Consumer DiscretionaryConsumer Durables and Apparel15Consumer Services18Retailing21Consumer StaplesFood and Staples Retailing24Food,Bever

2、age and Tobacco27Energy30Financials33Health Care36IndustrialsCapital Goods39Commercial and Professional Services42Transportation45Information TechnologySoftware and Services48Materials51Real Estate54UtilitiesElectric,Gas and Water Utilities575.Criteria606.Industry Definitions617.Contact65ForewordFor

3、ewordDear readers,We are pleased to launch the second 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 September 30,2022.Our analysis uses publicly traded companies in Lat

4、in 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 report released in October 2022,real economic growth in LATAM

5、 and the Caribbean is forecast to moderate to 3.5%in 2022,declining from 6.9%in 2021.1Expected growth in 2022 is now 0.5 percentage points above the IMFs forecast in July,reflecting the activity observed in the first half of 2022,which was stronger than expected.Favorable commodity prices,still-favo

6、rable external financing conditions and the normalization of activities in certain industries were factors considered by the IMF when increasing its estimates for 2022.Moreover,S&P Global Ratings(S&P)also attributes robust domestic demand growth and their resiliency to external headwinds as major fa

7、ctors for the better-than-expected performance in the first semester.2On the other hand,in 2023,growth is expected to slow as the global economy weakens,financial conditions tighten,and commodity prices soften.As such,the IMF expects the regions growth to be 1.7%in 2023 in real terms,which is 0.3 pe

8、rcentage points below the IMFs last forecast.In terms of inflation,it is expected to continue to be high in the region.The IMF projects for LATAM and the Caribbean a 14.1%inflation rate in 2022 and a 11.4%inflation rate in 2023,with Argentina and Venezuela continuing to experience hyperinflation.Acc

9、ording to S&P,although inflation levels in LATAM are expected to remain high for some time,inflation has likely already peaked in most countries in the region,when the price shock on food and energy was most intense due to Russias war on Ukraine.Furthermore,major central banks in the region are pote

10、ntially approaching the end of their interest rates hiking cycles,although not giving signs of lowering the rates in the short term.The influence of the interest rates decisions in the United States by its central bank,the Federal Reserve(Fed),will continue to be high,and if the Fed adopts a higher-

11、than-expected hiking path,monetary policy normalization in LATAM could be postponed.Domestic demand in LATAM is expected to be moderate,after the strong performance in the first semester of 2022.According toS&P,that strong performance was supported by two main factors that are now starting to fade.F

12、irst,the region was still recovering from the impacts of the pandemic,especially in the services sectors,which were operating well below capacity.Domestic demand is now above its pre-pandemic levels in the major LATAM economies.Second,the impact of certain stimulus measures on consumption and invest

13、ments implemented at the outset of the pandemic is starting to fade.While some countries have recently introduced newrounds of stimulus(e.g.,tax cuts on gasoline,cash transfers to households,etc.),unless they are extended or new measures are announced,consumer spending is expected to wane.Additional

14、ly,business confidence has been deteriorating,considering the uncertainty over the global economy.Exports in the region are also expected to weaken,as global trade will most likely soften,with dimming growth prospects in the United States,Europe and China.A weaker U.S.economy would have a clear nega

15、tive impact in theregion,especially Mexico.Stock markets continued to struggle during Q3 2022.Both the S&P 500 and the STOXX Europe 600(STOXX Europe 600)indices decreased by approximately 5%in the third quarter,while the STOXX Latin America Total Market Index(STOXX LATAM TMI)increased by 2%,although

16、 the latter has seen a year-to-date 2022 decrease of 4%.3Javier ZoidoManaging DirectorLatin America and Iberia Valuation Advisory Services Leader31 The IMFs report provides aggregated forecasts for LATAM and the Caribbean.2 S&P Global Ratings “Economic Outlook Latin America Q4 2022:A Period of Below

17、-Trend Growth Ahead”(September 2022)3 The STOXX LATAM TMI covers approximately 95%of the free float market capitalization of LATAM companies.ForewordForewordIn terms of EV/EBITDA,multiples have generally decreased over the first three quarters of 2022 due to a pessimistic outlook and deteriorating m

18、arket conditions.However,in Q3 2022,we are beginning to see a recovery,with many industries presenting higher EV/EBITDA multiples when compared to the multiples in our Q2 2022 edition.The consumer durables and apparel industry had the highest increase in EV/EBITDA multiple this quarter(a 2.6x increa

19、se),heavily impacted by homebuilders in Brazil with positive Q3 results and an improved outlook(e.g.,government programs improving financing conditions for low-income families and lower interest rates expected in the short to medium term,which could impact demand positively).Our report provides a de

20、tailed 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 loo

21、kback 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.4Sources:IMF “World E

22、conomic Outlook“(October 2022);S&P Global Ratings “Economic Outlook Latin America Q4 2022:A Period of Below-Trend Growth Ahead”(September 2022)Industry Multiples in Latin America Q3 2022 5Summary:Median Multiples by Sector/Industry GroupsAs of September 30,2022Sector/Industry GroupEV/RevenuesEV/EBIT

23、DAP/EP/BCommunication Services1.5x4.6x14.3x1.2xConsumer Discretionary1.2x8.4x11.5x1.0 xConsumer Durables and Apparel1.4x8.9x7.6x0.7xConsumer Services1.8x8.4x29.3x1.2xRetailing0.9x9.6x12.8x1.0 xConsumer Staples0.9x6.5x11.4x1.5xFood and Staples Retailing0.7x9.1x17.1x1.6xFood.Beverage and Tobacco1.0 x4

24、.9x8.8x1.4xEnergy1.7x4.3x6.4x1.3xHealth Care1.9x8.0 x14.0 x2.2xIndustrials1.2x6.2x9.4x1.5xCapital Goods0.9x5.6x7.2x1.1xCommercial and Professional Services1.3x6.8x17.4x2.2xTransportation2.0 x7.3x12.8x1.7xInformation Technology1.5x6.0 x10.1x1.4xSoftware and Services1.8x6.2x17.5x1.5xMaterials0.9x3.9x5

25、.4x1.1xReal Estate6.3x9.7x11.8x0.7xUtilities2.2x6.5x7.9x0.8xElectric.Gas and Water Utilities11.7x5.6x7.4x0.8xFinancials Sector/Industry GroupMarket Capitalization/RevenuesP/TBVP/EP/BFinancials2.4x1.5x8.5x1.2xBanks2.2x1.1x7.2x1.1x1According to GICS nomenclature.this is classified as“Industry,”which i

26、s one level below“Industry Group.”Industry Multiples in Latin America Q3 2022 6Country Snapshot:ArgentinaThe MERVAL index is a price-weighted index,calculated as the market value of a portfolio of stocks selected based on their market share,number of transactions and quotation price.It is typically

27、used as the benchmark stock market index in Argentina.In the first three quarters of 2022,MERVAL increased by 14%(in price terms,converted to USD),compared to a 3.5%decrease in the STOXX LATAM TMI,24.8%decrease in the S&P 500 and 20.5%decrease in the STOXX Europe 600.Argentinian real GDP is expected

28、 to grow by 4.0%in 2022 and 2.0%in 2023,according to the IMFs World Economic Outlook report(October 2022).The Argentinean peso has depreciated against the U.S.dollar by 30%since the beginning of 2022.MERVAL Spotlight0.00.30.50.81.01.31.51.8Dec-18 May-19 Oct-19 Mar-20 Aug-20 Jan-21 Jun-21 Nov-21 Apr-

29、22 Sep-22S&P500STOXX Europe 600STOXX LATAM TMIMERVAL507090019020.0%25.0%30.0%35.0%40.0%45.0%50.0%Dec-21Mar-22Jun-22Sep-22FXYieldYieldFX(ARS/USD)Historical Evolution:MERVAL,S&P 500,STOXX Europe 600,and STOXX LATAM TMI1FX and Long-Term Government Bond Yield in 202221Current MERVAL methodolo

30、gy started on January 2019.MERVAL,S&P 500 and STOXX LATAM TMI evolution in USD,STOXX Europe 600 evolution in EUR2Argentinean USD-denominated international bond expiring in 2030Sources:Capital IQ;IMF “World Economic Outlook“(October 2022);Kroll analysis-24.8%-20.5%+13.6%-3.5%Stock market performance

31、in the first three quarters of 2022Industry Multiples in Latin America Q3 2022 7Country Snapshot:BrazilThe IBOVESPA is the main performance indicator of the stocks traded in the Brazilian stock market and lists major companies in the Brazilian capital market.It is typically used as the benchmark sto

32、ck market index in Brazil.In the first three quarters of 2022,IBOVESPA increased by 8%(in price terms,converted to USD).Brazilian real GDP is expected to grow by 2.8%in 2022 and 1.0%in 2023,according to the IMFs World Economic Outlook report(October 2022).The Brazilian real has appreciated against t

33、he U.S.dollar by 3%since the beginning of 2022.5Y Evolution:IBOVESPA,S&P 500,STOXX Europe 600,and STOXX LATAM TMI10.00.30.50.81.01.31.51.82.0Sep-17Sep-18Sep-19Sep-20Sep-21Sep-22S&P500STOXX Europe 600STOXX LATAM TMIIBOVESPA+8.1%IBOVESPA Spotlight1IBOVESPA,S&P 500 and STOXX LATAM TMI evolution in USD,

34、STOXX Europe 600 evolution in EUR2Brazilian USD-denominated international bond expiring in 2031Sources:Capital IQ;IMF “World Economic Outlook“(October 2022);Kroll analysis4.004.505.005.506.004.0%5.0%6.0%7.0%Dec-21Mar-22Jun-22Sep-22FXYieldYieldFX(BRL/USD)FX and Long-Term Government Bond Yield in 2022

35、2-24.8%-20.5%-3.5%Stock market performance in the first three quarters of 2022Industry Multiples in Latin America Q3 2022 8Country Snapshot:ChileCountry Snapshot:ChileThe IPSA measures the price variations of the largest and most liquid Chilean issuers listed on the Santiago Stock Exchange.It is typ

36、ically used as the benchmark stock market index in Chile.In the first three quarters of 2022,IPSA increased by 5%(in price terms,converted to USD).Chilean real GDP is expected to grow by 2.0%in 2022 and to decrease by 1.0%in 2023,according to the IMFs World Economic Outlook report(October 2022).The

37、Chilean peso has depreciated against the U.S.dollar by 11%since the beginning of 2022.5Y Evolution:IPSA,S&P 500,STOXX Europe 600,and STOXX LATAM TMI10.00.30.50.81.01.31.51.82.0Sep-17Sep-18Sep-19Sep-20Sep-21Sep-22S&P500STOXX Europe 600STOXX LATAM TMIIPSA+5.3%IPSA Spotlight1IPSA,S&P 500 and STOXX LATA

38、M TMI evolution in USD,STOXX Europe 600 evolution in EUR2Chilean USD-denominated international bond expiring in 2032Sources:Capital IQ;IMF “World Economic Outlook“(October 2022);Kroll analysis7008009001,0001,1001,2002.0%3.0%4.0%5.0%6.0%Dec-21Mar-22Jun-22Sep-22FXYieldYieldFX(CLP/USD)FX and Long-Term

39、Government Bond Yield in 20222-24.8%-20.5%-3.5%Stock market performance in the first three quarters of 2022Industry Multiples in Latin America Q3 2022 9Country Snapshot:ColombiaThe MSCI COLCAP index is the main reference of the Colombian stock market and is made up of 20 issuers and the 25 most liqu

40、id stocks in the market,weighting the stocks by adjusted market capitalization with no participation limit.It is typically used as the benchmark stock market index in Colombia.In the first three quarters of 2022,MSCI COLCAP decreased by 29%(in price terms,converted to USD).Colombian real GDP is expe

41、cted to grow by 7.6%in 2022 and 2.2%in 2023,according to the IMFs World Economic Outlook report(October 2022).The Colombia peso has depreciated against the U.S.dollar by 12%since the beginning of 2022.5Y Evolution:MSCI COLCAP,S&P 500,STOXX Europe 600,and STOXX LATAM TMI10.00.30.50.81.01.31.51.82.0Se

42、p-17Sep-18Sep-19Sep-20Sep-21Sep-22S&P500STOXX Europe 600STOXX LATAM TMICOLCAPMSCI COLCAP Spotlight1COLCAP,S&P 500 and STOXX LATAM TMI evolution in USD,STOXX Europe 600 evolution in EUR2Colombian USD-denominated international bond expiring in 2032Sources:Capital IQ;IMF “World Economic Outlook“(Octobe

43、r 2022);Kroll analysis3,0003,5004,0004,5005,0004.0%5.0%6.0%7.0%8.0%9.0%Dec-21Mar-22Jun-22Sep-22FXYieldYieldFX(COP/USD)-29.3%FX and Long-Term Government Bond Yield in 20222-24.8%-20.5%-3.5%Stock market performance in the first three quarters of 2022Industry Multiples in Latin America Q3 2022 10Countr

44、y Snapshot:MexicoThe S&P BMV IPC index is a modified capitalization-weighted index subject to diversification requirements,traded on the Mexican Stock Exchange.It is typically used as the benchmark stock market index in Mexico.In the first three quarters of 2022,S&P BMV IPC decreased by 15%(in price

45、 terms,converted to USD).Mexican real GDP is expected to grow by 2.1%in 2022 and 1.2%in 2023,according to the IMFs World Economic Outlook report(October 2022).The Mexican peso has appreciated against the U.S.dollar by 2%since the beginning of 2022.5Y Evolution:BMV IPC,S&P 500,STOXX Europe 600,and ST

46、OXX LATAM TMI10.00.30.50.81.01.31.51.82.0Sep-17Sep-18Sep-19Sep-20Sep-21Sep-22S&P500STOXX Europe 600STOXX LATAM TMIBMV IPCBMV IPC Spotlight1BMV IPC,S&P 500 and STOXX LATAM TMI evolution in USD,STOXX Europe 600 evolution in EUR2Mexican USD-denominated international bond expiring in 2032Sources:Capital

47、 IQ;IMF “World Economic Outlook“(October 2022);Kroll analysis19.0020.0021.0022.003.0%4.0%5.0%6.0%7.0%Dec-21Mar-22Jun-22Sep-22FXYieldYieldFX(MXN/USD)-14.5%FX and Long-Term Government Bond Yield in 20222-24.8%-20.5%-3.5%Stock market performance in the first three quarters of 2022Industry Multiples in

48、Latin America Q3 2022 11Country Snapshot:PeruThe S&P BVL Peru General Index was designed to be the broad benchmark for the BVL.It is a free-float-adjusted capitalization-weighted index which includes additional liquidity and trading frequency requirements for its constituents.It is typically used as

49、 the benchmark stock market index in Peru.In the first three quarters of 2022,S&P BVL decreased by 11%(in price terms,converted to USD).Peruvian real GDP is expected to grow by 2.7%in 2022 and 2.6%in 2023,according to the IMFs World Economic Outlook report(October 2022).The Peruvian sol has apprecia

50、ted against the U.S.dollar by 0.3%since the beginning of 2022.5Y Evolution:BVL Peru,S&P 500,STOXX Europe 600,and STOXX LATAM TMI10.00.30.50.81.01.31.51.82.0Sep-17Sep-18Sep-19Sep-20Sep-21Sep-22S&P500STOXX Europe 600STOXX LATAM TMIBVL PeruBVL Peru Spotlight1BVL Peru,S&P 500 and STOXX LATAM TMI evoluti

51、on in USD,STOXX Europe 600 evolution in EUR2Peruvian USD-denominated international bond expiring in 2032Sources:Capital IQ;IMF “World Economic Outlook“(October 2022);Kroll analysis3.003.504.004.505.002.0%3.0%4.0%5.0%6.0%Dec-21Mar-22Jun-22Sep-22FXYieldYieldFX(PEN/USD)-10.8%FX and Long-Term Government

52、 Bond Yield in 20222-24.8%-20.5%-3.5%Stock market performance in the first three quarters of 2022Communication Services12Q3 2022Latin America Industry Multiples Q3 202213Communication ServicesAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations114141414Number of Outliers23585High

53、2.8x16.4x19.5x2.3xThird Quartile 2.0 x5.3x15.6x1.4xMean 1.5x5.9x13.0 x1.3xMedian 1.5x4.6x14.3x1.2xFirst Quartile 1.0 x4.4x9.3x1.0 xLow 0.4x2.2x6.4x0.5x1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded

54、multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/

55、EBITDAP/EEV/RevenuesP/BLatin America Industry Multiples Q3 202214Communication ServicesAs of September 30,2022012340.4-0.90.9-1.41.4-1.91.9-2.32.3-2.8Number of CompaniesEV/Revenues05102.2-5.05.0-7.97.9-10.710.7-13.6 13.6-16.4Number of CompaniesEV/EBITDA01236.4-9.09.0-11.711.7-14.3 14.3-16.9 16.9-19.

56、5Number of CompaniesP/E0123450.5-0.90.9-1.21.2-1.61.6-1.91.9-2.3Number of CompaniesP/B15Q3 2022Consumer Durables and ApparelLatin America Industry Multiples Q3 202216Consumer Durables and ApparelAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations134343434Number of Outliers2510171

57、4High 4.5x26.6x17.9x2.4xThird Quartile 2.0 x17.4x11.3x1.2xMean 1.7x11.6x8.3x0.9xMedian 1.4x8.9x7.6x0.7xFirst Quartile 0.9x6.7x5.2x0.4xLow 0.4x3.6x2.3x0.2x0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x20.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Re

58、venues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Source

59、s:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202217Consumer Durables and ApparelAs of September 30,2022024681012140.4-1.21.2-2.02.0-2.82.8-3.63.6-4.5Number of CompaniesEV/Revenues0510153.6-8.28.2-12.812.8-17.4 17.4-22.0 22.0-26.6Number of CompaniesEV/EBITDA012345672.3-5.

60、45.4-8.58.5-11.611.6-14.7 14.7-17.9Number of CompaniesP/E0510150.2-0.60.6-1.11.1-1.51.5-1.91.9-2.4Number of CompaniesP/BConsumer Services18Q3 2022Latin America Industry Multiples Q3 202219Consumer ServicesAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations119191919Number of Outli

61、ers223125High 4.7x29.7x37.6x4.1xThird Quartile 2.7x13.4x32.0 x1.5xMean 2.1x11.0 x26.6x1.3xMedian 1.8x8.4x29.3x1.2xFirst Quartile 1.2x6.2x19.6x0.7xLow 0.9x5.0 x16.3x0.4x0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x3.5x4.0 x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 x35.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep

62、-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definition

63、s.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202220Consumer ServicesAs of September 30,2022012345670.9-1.61.6-2.42.4-3.13.1-3.93.9-4.7Number of CompaniesEV/Revenues05105.0-10.010.0-14.9 14.9-19.9 19.9-24.8 24.8-29.7Number of CompaniesEV/EBITDA0112233416.3-20.6 20

64、.6-24.8 24.8-29.1 29.1-33.3 33.3-37.6Number of CompaniesP/E05100.4-1.21.2-1.91.9-2.62.6-3.33.3-4.1Number of CompaniesP/BRetailing21Q3 2022Latin America Industry Multiples Q3 202222RetailingAs of September 30,20220.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x3.5x4.0 x4.5x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x

65、16.0 x18.0 x20.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multipl

66、es.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Observations121212121Number of Outliers246125High 3.7x35.9x122.6x6.2xThird Quartile 1.1x13.1x28.8x2.4xMean 1.1x11.0 x26.8x1.9xMedian 0.9x9.6x12.8x1.0 xFirs

67、t Quartile 0.7x6.3x6.5x0.7xLow 0.2x4.8x5.3x0.5xLatin America Industry Multiples Q3 202223RetailingAs of September 30,20220123456780.2-0.90.9-1.61.6-2.32.3-3.03.0-3.7Number of CompaniesEV/Revenues0114.8-11.011.0-17.2 17.2-23.4 23.4-29.7 29.7-35.9Number of CompaniesEV/EBITDA0123456785.3-28.

68、828.8-52.3 52.3-75.7 75.7-99.2 99.2-122.6Number of CompaniesP/E0246810120.5-1.61.6-2.82.8-3.93.9-5.05.0-6.2Number of CompaniesP/BFood and Staples Retailing24Q3 2022Latin America Industry Multiples Q3 202225Food and Staples RetailingAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observati

69、ons113131313Number of Outliers22244High 1.6x13.8x26.0 x7.4xThird Quartile 0.8x11.3x22.2x2.1xMean 0.8x8.8x18.3x2.7xMedian 0.7x9.1x17.1x1.6xFirst Quartile 0.5x6.2x14.8x1.5xLow 0.3x4.3x11.0 x0.4x0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22

70、Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and d

71、efinitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202226Food and Staples RetailingAs of September 30,20220123450.3-0.60.6-0.80.8-1.11.1-1.31.3-1.6Number of CompaniesEV/Revenues02468104.3-6.26.2-8.18.1-10.010.0-11.9 11.9-13.8Number of CompaniesEV/EBITDA0123411

72、.0-14.0 14.0-17.0 17.0-20.0 20.0-23.0 23.0-26.0Number of CompaniesP/E02468100.4-1.81.8-3.23.2-4.64.6-6.06.0-7.4Number of CompaniesP/BFood,Beverage and Tobacco27Q3 2022Latin America Industry Multiples Q3 202228Food,Beverage and TobaccoAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observa

73、tions124242424Number of Outliers24455High 2.3x14.7x21.2x2.7xThird Quartile 1.6x7.6x11.4x2.0 xMean 1.2x6.2x9.2x1.6xMedian 1.0 x4.9x8.8x1.4xFirst Quartile 0.7x4.2x6.1x1.2xLow 0.5x2.9x1.3x0.6x0.0 x0.5x1.0 x1.5x2.0 x2.5x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-2

74、2EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.

75、Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202229Food,Beverage and TobaccoAs of September 30,2022012345670.5-0.80.8-1.21.2-1.61.6-1.91.9-2.3Number of CompaniesEV/Revenues02468102.9-5.35.3-7.6 7.6-10.010.0-12.412.4-14.7Number of CompaniesEV/EBITDA02468101.3-5.35.3

76、-9.29.2-13.213.2-17.2 17.2-21.2Number of CompaniesP/E024680.6-1.01.0-1.51.5-1.91.9-2.32.3-2.7Number of CompaniesP/BEnergy30Q3 2022Latin America Industry Multiples Q3 202231EnergyAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations114141414Number of Outliers22454High 3.2x9.1x28.0 x

77、2.5xThird Quartile 2.8x6.2x8.0 x1.9xMean 1.8x4.6x8.3x1.4xMedian 1.7x4.3x6.4x1.3xFirst Quartile 1.0 x2.7x4.0 x1.0 xLow 0.2x1.8x2.5x0.7x0.0 x0.5x1.0 x1.5x2.0 x2.5x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x8.0 x9.0 x10.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/

78、EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll a

79、nalysis.Latin America Industry Multiples Q3 202232EnergyAs of September 30,20220123450.2-0.80.8-1.41.4-2.02.0-2.62.6-3.2Number of CompaniesEV/Revenues0123451.8-3.23.2-4.74.7-6.26.2-7.67.6-9.1Number of CompaniesEV/EBITDA012345672.5-7.67.6-12.712.7-17.8 17.8-22.9 22.9-28.0Number of CompaniesP/E0112233

80、40.7-1.11.1-1.41.4-1.81.8-2.22.2-2.5Number of CompaniesP/BFinancials33Q3 2022Latin America Industry Multiples Q3 202234FinancialsAs of September 30,2022Market Cap./RevenuesP/TBVP/EP/BNumber of Observations145454545Number of Outliers210141412High 10.0 x5.0 x41.1x3.8xThird Quartile 4.0 x1.9x13.3x1.8xM

81、ean 3.2x1.8x10.7x1.4xMedian 2.4x1.5x8.5x1.2xFirst Quartile 1.3x0.9x6.4x0.8xLow 0.2x0.4x3.7x0.4x0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x3.5x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x8.0 x9.0 x10.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Market Cap./Revenues,P/TBV and P/BP/EMedian MultiplesP/EMarket ca

82、p/RevenuesP/TBVP/B1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Ind

83、ustry Multiples Q3 202235FinancialsAs of September 30,2022051015200.2-2.22.2-4.24.2-6.16.1-8.18.1-10.0Number of CompaniesMarket Cap./Revenues0510150.4-1.31.3-2.22.2-3.13.1-4.14.1-5.0Number of CompaniesP/TBV05101520253.7-11.111.1-18.6 18.6-26.1 26.1-33.6 33.6-41.1Number of CompaniesP/E0510150.4-1.11.

84、1-1.71.7-2.42.4-3.13.1-3.8Number of CompaniesP/BHealth Care36Q3 2022Latin America Industry Multiples Q3 202237Health CareAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations115151515Number of Outliers22385High 4.9x21.0 x26.1x4.3xThird Quartile 3.2x13.2x16.0 x2.8xMean 2.3x10.0 x14.

85、8x2.4xMedian 1.9x8.0 x14.0 x2.2xFirst Quartile 1.5x6.1x10.7x1.7xLow 0.9x4.8x10.2x0.8x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/indu

86、stry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202238Health

87、CareAs of September 30,202201234560.9-1.71.7-2.52.5-3.33.3-4.14.1-4.9Number of CompaniesEV/Revenues024684.8-8.18.1-11.311.3-14.5 14.5-17.8 17.8-21.0Number of CompaniesEV/EBITDA0112233410.2-13.4 13.4-16.6 16.6-19.8 19.8-22.9 22.9-26.1Number of CompaniesP/E012340.8-1.51.5-2.22.2-2.92.9-3.63.6-4.3Numbe

88、r of CompaniesP/BCapital Goods39Q3 2022Latin America Industry Multiples Q3 202240Capital GoodsAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations127272727Number of Outliers27987High 4.8x18.5x54.9x3.2xThird Quartile 1.2x6.8x9.9x1.8xMean 1.2x7.0 x12.1x1.3xMedian 0.9x5.6x7.2x1.1xFir

89、st Quartile 0.7x4.2x5.5x0.6xLow 0.5x3.5x2.9x0.3x0.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x1.6x1.8x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x8.0 x9.0 x10.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group mus

90、t have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202241Capital GoodsAs of Se

91、ptember 30,2022051015200.5-1.31.3-2.22.2-3.03.0-3.93.9-4.8Number of CompaniesEV/Revenues051015203.5-6.56.5-9.59.5-12.512.5-15.5 15.5-18.5Number of CompaniesEV/EBITDA051015202.9-13.313.3-23.7 23.7-34.1 34.1-44.5 44.5-54.9Number of CompaniesP/E02468100.3-0.90.9-1.51.5-2.12.1-2.62.6-3.2Number of Compan

92、iesP/BCommercial and Professional Services42Q3 2022Latin America Industry Multiples Q3 202243Commercial and Professional ServicesAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations18888Number of Outliers22364High 2.2x10.7x22.4x4.1xThird Quartile 1.8x7.4x19.9x3.3xMean 1.3x6.6x17.4

93、x2.4xMedian 1.3x6.8x17.4x2.2xFirst Quartile 0.7x4.4x14.9x1.3xLow 0.4x3.9x12.4x0.9x0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x3.5x4.0 x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 x35.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A se

94、ctor/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 2022

95、44Commercial and Professional ServicesAs of September 30,20220112230.4-0.80.8-1.21.2-1.51.5-1.91.9-2.2Number of CompaniesEV/Revenues01233.9-5.25.2-6.66.6-8.08.0-9.49.4-10.7Number of CompaniesEV/EBITDA0112.4-14.4 14.4-16.4 16.4-18.4 18.4-20.4 20.4-22.4Number of CompaniesP/E01230.9-1.51.5-2.22.2-2.82.

96、8-3.53.5-4.1Number of CompaniesP/BTransportation45Q3 2022Latin America Industry Multiples Q3 202246TransportationAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations126262626Number of Outliers267107High 5.8x11.2x73.9x6.8xThird Quartile 3.7x9.0 x18.8x2.9xMean 2.7x7.4x16.5x2.3xMedia

97、n 2.0 x7.3x12.8x1.7xFirst Quartile 1.5x5.5x7.5x1.3xLow 0.9x4.1x2.0 x0.4x0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x3.5x4.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/in

98、dustry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202247Trans

99、portationAs of September 30,20220123456780.9-1.91.9-2.92.9-3.83.8-4.84.8-5.8Number of CompaniesEV/Revenues02464.1-5.55.5-6.96.9-8.48.4-9.89.8-11.2Number of CompaniesEV/EBITDA0246810122.0-16.416.4-30.8 30.8-45.1 45.1-59.5 59.5-73.9Number of CompaniesP/E02468100.4-1.71.7-3.03.0-4.24.2-5.55.5-6.8Number

100、 of CompaniesP/BSoftware and Services48Q3 2022Latin America Industry Multiples Q3 202249Software and ServicesAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations113131313Number of Outliers226106High 8.0 x28.1x64.2x2.1xThird Quartile 3.8x18.3x40.8x1.9xMean 2.7x12.3x30.6x1.5xMedian

101、1.8x6.2x17.5x1.5xFirst Quartile 1.2x5.5x13.8x1.4xLow 0.6x4.3x10.1x0.5x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 x35.0 x40.0 x45.0 x50.0 x55.0 x60.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV

102、/RevenuesP/B1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry

103、Multiples Q3 202250Software and ServicesAs of September 30,2022012345670.6-2.12.1-3.63.6-5.05.0-6.56.5-8.0Number of CompaniesEV/Revenues0123454.3-9.19.1-13.813.8-18.6 18.6-23.4 23.4-28.1Number of CompaniesEV/EBITDA012310.1-20.9 20.9-31.7 31.7-42.5 42.5-53.3 53.3-64.2Number of CompaniesP/E012340.5-0.

104、90.9-1.21.2-1.51.5-1.81.8-2.1Number of CompaniesP/BMaterials51Q3 2022Latin America Industry Multiples Q3 202252MaterialsAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations138383838Number of Outliers268118High 2.6x8.0 x16.1x6.1xThird Quartile 1.3x5.0 x8.6x1.6xMean 1.1x4.2x6.7x1.4x

105、Median 0.9x3.9x5.4x1.1xFirst Quartile 0.6x2.7x3.9x0.6xLow 0.4x1.7x2.5x0.3x0.0 x0.5x1.0 x1.5x2.0 x2.5x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x8.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group mus

106、t have a minimum of five EV/EBITDA company participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202253MaterialsAs of Septem

107、ber 30,2022024681012140.4-0.80.8-1.31.3-1.71.7-2.22.2-2.6Number of CompaniesEV/Revenues0510151.7-3.03.0-4.24.2-5.55.5-6.86.8-8.0Number of CompaniesEV/EBITDA024681012142.5-5.25.2-7.97.9-10.610.6-13.4 13.4-16.1Number of CompaniesP/E05101520250.3-1.51.5-2.62.6-3.83.8-4.94.9-6.1Number of CompaniesP/BRea

108、l Estate54Q3 2022Latin America Industry Multiples Q3 202255Real EstateAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations123232323Number of Outliers246117High 16.6x26.7x28.5x2.0 xThird Quartile 9.3x14.2x19.1x0.9xMean 6.4x12.4x14.2x0.8xMedian 6.3x9.7x11.8x0.7xFirst Quartile 1.8x7.

109、9x9.2x0.6xLow 0.7x3.2x6.2x0.5x0.00 x0.15x0.30 x0.45x0.60 x0.75x0.90 x1.05x1.20 x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22P/BEV/Revenues,EV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group must have a minimum of five EV/EBITDA c

110、ompany participants to be calculated.2Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202256Real EstateAs of September 30,20220123456780.7-3.93.9-7.1

111、7.1-10.310.3-13.5 13.5-16.6Number of CompaniesEV/Revenues012345673.2-7.97.9-12.612.6-17.3 17.3-22.0 22.0-26.7Number of CompaniesEV/EBITDA012345676.2-10.710.7-15.1 15.1-19.6 19.6-24.0 24.0-28.5Number of CompaniesP/E0246810120.5-0.80.8-1.11.1-1.41.4-1.71.7-2.0Number of CompaniesP/BUtilities57Q3 2022La

112、tin America Industry Multiples Q3 202258UtilitiesAs of September 30,2022EV/RevenuesEV/EBITDAP/EP/BNumber of Observations122222222Number of Outliers24364High 4.3x13.7x30.9x1.4x3rd Quartile 3.6x9.2x12.1x1.2xMean 2.5x7.4x10.3x0.9xMedian 2.2x6.5x7.9x0.8x1st Quartile 1.3x4.6x6.6x0.6xLow 1.0 x4.2x4.2x0.2x

113、0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1A sector/industry group must have a minimum of five EV/EBITDA company participants to be calculated.2Out

114、liers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.Sources:Capital IQ;Bloomberg;Kroll analysis.Latin America Industry Multiples Q3 202259UtilitiesAs of September 30,20220123456781.0-1.61.6-2.32.3-3.03.0-3.73.7-4.3Number of CompaniesEV/

115、Revenues02468104.2-6.16.1-8.08.0-9.99.9-11.811.8-13.7Number of CompaniesEV/EBITDA0246810124.2-9.69.6-14.914.9-20.2 20.2-25.6 25.6-30.9Number of CompaniesP/E0123456780.2-0.50.5-0.70.7-0.90.9-1.21.2-1.4Number of CompaniesP/BLatin America Industry Multiples Q3 202260CriteriaFor all reported multiples,w

116、e have considered Latin American companies that were publicly traded as of this reports reference date(data sourced from Standard&Poors Capital IQ).Companies were grouped by sectors,industry groups or industries,as defined by the Global Industry Classification Standard,considering that each grouping

117、 would have enough constituents and granularity to attain the objective of this report.1Companies are only considered in the computation of the different multiples if the following criteria are met:market capitalization is above the 10thpercentile,at least 20%free float,and average daily volume is a

118、bove 0.1%of the float(data derived from Standard&Poors Capital IQ and Bloomberg databases).Observations deemed to be outliers have been excluded from the above analysis.Outlier criteria include:(i)negative multiples,(ii)multiples below the fifth percentile and(iii)multiples above the 95thpercentile.

119、EV=Enterprise Value=Market value of equity plus book value of debt,minority interests,preferred stock,less cash and cash equivalents,loans and notes receivables,and long-and short-term investments.2Revenues=Revenue for latest 12 months.EBITDA=Earnings before interest,taxes,depreciation and amortizat

120、ion for latest 12 months(provided by Capital IQ,adjusted for non-recurring items).P/E=Share price divided by earnings per share on a diluted basis.P/B=Share price/book value per share on a diluted basis where book value per share equals total book value of equity divided by diluted number of shares.

121、P/TBV=Share price/book valueminus intangible assets,per share on a diluted basis.Multiples have been computed in companies filing currencies.1The GICS structure is comprised of 11 sectors,24 industry groups,69 industries and 158 sub-industries.2Book value of debt includes lease liabilities.Latin Ame

122、rica Industry Multiples Q3 202261Industry DefinitionsThe industry classification for the companies represented in this report is based on the GICS.A summary of the sectors,as well as a brief description of those relevant industry groups that are part of a particular sector,according to the GICS guid

123、elines,is found below:Communication ServicesMedia and EntertainmentCompanies providing advertising,marketing or public relations services.Owners and operators of television or radio broadcasting systems,including programming and services.Publishers of newspapers,magazines and books in print or elect

124、ronic formats.Companies that engage in producing and selling entertainment products and services,including gaming products and mobile applications.Telecommunication ServicesProviders of primarily cellular or wireless telecommunication services and operators of primarily fixed-line telecommunications

125、 networks.Consumer DiscretionaryAutomobiles and ComponentsCompanies related to the production of passenger automobiles and light trucks,motorcycles,scooters or three-wheelers,as well as companies manufacturing parts and components for those vehicles,including tires and rubber.Consumer Durables and A

126、pparelManufacturers of electric household appliances and related products.Includes manufacturers of durable household products,power and hand tools,including garden improvement tools,but excludes TVs and other audio and video products.Manufacturers of apparel,accessories and luxury goods.Includes co

127、mpanies primarily producing designer handbags,wallets,luggage,jewelry and watches and manufacturers of textile and related products.Consumer ServicesOwners and operators of leisure and accommodation activities such as hotels,bars and restaurants,cruise ships,leisure facilities,casinos and gaming fac

128、ilities,among others.RetailingCompanies involved in owning and operating department stores,general merchandise stores and specialty stores.It also includes companies providing retail services primarily through the internet,mail order and TV home shopping retailers.Latin America Industry Multiples Q3

129、 202262Industry DefinitionsConsumer StaplesFood and Staples RetailingOwners and operators of food and drug retail stores,pharmacies,hypermarkets and super centers selling food and a wide-range of consumer staple products.Distributors of food products to other companies and not directly to the consum

130、er.Food,Beverage and TobaccoProducers of beer and malt liquors,distillers,vintners,producers of alcoholic and non-alcoholic beverages,including mineral waters.Producers of agricultural products and producers of packaged foods,including dairy products,fruit juices,meats,poultry,fish and pet foods.Man

131、ufacturers of cigarettes and other tobacco productsHousehold and Personal ProductsProducers of non-durable household products,including detergents,soaps,diapers and other tissue and household paper products not included elsewhere.Manufacturers of personal and beauty care products,including cosmetics

132、 and perfumes.EnergyEnergyCompanies engaged in exploration and production,refining and marketing,and storage and transportation of oil and gas and coal and consumable fuels.It also includes companies that offer oil and gas equipment and services.FinancialsBanksCommercial diverse with a national foot

133、print whose revenues are derived primarily from conventional banking operations,have significant business activity in retail banking and small and medium corporate lending,and provide a diverse range of financial services.This also includes regional banks that tend to operate in limited geographic r

134、egions and excludes investment banks.Diversified Financial ServicesFinancial exchanges for securities,commodities,derivatives and other financial instruments,and providers of financial decision support tools and products including ratings agencies.Providers of a diverse range of financial services a

135、nd/or with some interest in a wide range of financial services including banking,insurance,and capital markets,but with no dominant business line.Consumer FinanceProviders of consumer finance services,including personal credit,credit cards,lease financing,travel-related money services and pawn shops

136、.Latin America Industry Multiples Q3 202263Industry DefinitionsFinancials(cont.)Capital MarketsFinancial institutions primarily engaged in diversified capital markets activities,including a significant presence in at least two of the following areas:large/major corporate lending,investment banking,b

137、rokerage and asset management.Includes financial exchanges for securities,commodities,derivatives and other financial instruments.InsuranceCompanies providing insurance and reinsurance services of any kind as well as insurance and reinsurance brokerage firms.Health CareHealth Care Equipment and Serv

138、icesCompanies including health care providers and services,companies that manufacture and distribute health care equipment and supplies and health care technology companies.Pharmaceuticals,Biotechnology and Life SciencesCompanies involved in the research,development,production and marketing of pharm

139、aceuticals and biotechnology products.IndustrialsCapital GoodsCompanies related to the manufacturing or distribution of goods.The sector is diverse,containing companies that manufacture machinery used to create capital goods,electrical equipment,aerospace and defense,engineering,and construction pro

140、jects.Commercial and Professional ServicesCompanies involved in supporting businesses with specialized skills such as human capital management,research and consulting services,office services,security and protection services,environmental and maintenance services.TransportationCompanies involved in

141、providing mainly goods and passenger transportation through air,sea or land.Companies owning and operating the infrastructures needed for transportation,such as airports,ports,railtracks or roads.Latin America Industry Multiples Q3 202264Industry DefinitionsInformation TechnologySemiconductors and S

142、emiconductor EquipmentManufacturers of semiconductors,semiconductor equipment and related products,including manufacturers of solar modules and cells as well as manufacturers of the raw material and equipment used in the solar power industry.Software and ServicesCompanies offering software and infor

143、mation technology services as well as infrastructure for the internet,including data centers,cloud networking and storage infrastructure.Technology Hardware and EquipmentCompanies involved in manufacturing communication equipment,cellular phones,personal computers,computer components,peripherals,ele

144、ctronic equipment and components as well as technology distributors.MaterialsMaterialsCompanies that manufacture chemicals,construction materials,glass,paper,forest products and related packaging products,and metals,minerals and mining companies,including producers of steel.Real EstateReal EstateCom

145、panies engaged in real estate development and operation.It also includes companies offering real estate-related services and Equity Real Estate Investment Trusts(REITs).UtilitiesElectric,Gas and Water UtilitiesCompanies involved in producing or distributing electricity,in the distribution of gas,in

146、redistributing water to the end-consumer,as well as utility companies with significantly diversified activities in addition to core electric utility,gas utility and/or water utility operations.Independent Power and Renewable Electricity ProducersIndependent power producers and energy traders and com

147、panies that engage in generation and distribution of electricity using renewable sources.About KrollAs the leading independent provider of risk and financial advisory solutions,Kroll leverages our unique insights,data and technology to help clients stay ahead of complex demands.Krolls team of more t

148、han 6,500 professionals worldwide continues the firms nearly 100-year history of trusted expertise spanning risk,governance,transactions and valuation.Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage.At Kroll,our values defin

149、e who we are and how we partner with clients and communities.Learn more at .M&A advisory,capital raising and secondary market advisory services in the United States are provided by Kroll Securities,LLC(member FINRA/SIPC).M&A advisory,capital raising and secondary market advisory services in the Unit

150、ed Kingdom are provided by Kroll Securities Ltd.,which is authorized and regulated by the Financial Conduct Authority(FCA).Valuation Advisory Services in India are provided by Kroll Advisory Private Limited(formerly,Duff&Phelps India Private Limited),under a category 1 merchant banker license issued

151、 by the Securities and Exchange Board of India.2022 Kroll,LLC.All rights reserved.For more information,please contact:Javier ZoidoLatin America and Iberia Valuation Advisory Services LMiguel PeleteiroManaging DirectorOil&Gas Corporate Finance,MNicolas BallianManaging DirectorValuation Advisory Servi

152、ces,BThis publication contains information in summary form and is therefore intended for general guidance only.It is not intended to be a substitute for detailed research or the exercise of professional judgment.Whilst due care has been taken in the preparation of this document and information conta

153、ined herein,Kroll does not accept any liability whatsoever for any direct or consequential loss howsoever arising from any use of this document or its contents or otherwise arising in connection herewith.Alexandre PierantoniManaging DirectorM&A Advisory,BContributors:Francisco MichelotoDirectorValuation Advisory Services,M