《德安华：2024年第四季度拉丁美洲行业倍数报告：各关键工业部门交易指数全面分析（第九版）（英文版）（62页）.pdf》由会员分享，可在线阅读，更多相关《德安华：2024年第四季度拉丁美洲行业倍数报告：各关键工业部门交易指数全面分析（第九版）（英文版）（62页）.pdf（62页珍藏版）》请在三个皮匠报告上搜索。

1、Industry Multiples in Latin AmericaNinth EditionQ4 2024Table of Contents2Page1.Foreword32.Summary53.Country Snapshots64.Industry MultiplesCommunication Services12Consumer DiscretionaryConsumer Durables and Apparel15Consumer Services18Consumer Discretionary Distribution and Retail21Consumer StaplesCo

2、nsumer Staples Distribution and Retail24Food,Beverage and Tobacco27Energy30Financials33Health Care36IndustrialsCapital Goods39Transportation42Information Technology45Materials48Real Estate51Utilities545.Criteria576.Industry Definitions607.Contact61ForewordWe are pleased to launch the ninth edition o

3、f 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 31,2024.Our analysis uses publicly traded companies in Latin America,distributed among several different industries and se

4、ctors,following the definitions by the Global Industry Classification Standard.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 2025.1Recovery in Argentina,following

5、 two years of economic contraction will be a key driver for the regions expected improvement in regional growth.Other major economies are expected to experience slower growth rates,as consumption and investment weaken.In Brazil,growth is expected to moderate from 3.2%in 2024 to 2.2%in 2025 and 2.3%i

6、n 2026,partly due to a still-restrictive monetary policy and limited fiscal space.An inflation resurgence in Brazil led the central bank to reverse its policy and hike policy interest rates.As inflation is projected to remain near the upper end of the central banks target range in 2025,interest rate

7、s are likely to remain high.In Mexico,growth is forecasted to remain subdued,slowing to 1.5%in 2025 and ticking up to 1.6%in 2026,as continued fiscal consolidation efforts and tight monetary policy weigh on consumption and investment.According to the WB,inflation in the region has been generally mor

8、e persistent than expected.Food inflation rebounded in 2024,although it remained significantly lower than in 2022.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

9、 at nearly 300%early last year and remaining above 100%by the end of the year,partly due to currency depreciation and adjustments to regulated prices.However,prospects for Argentina have improved markedly,as market-driven policy changes are expected to support a continued decline in inflation and a

10、significant growth recovery.In general,the WB identified heightened policy uncertainty and adverse trade policy shifts as key downside risks to the global economy,with Latin America also being impacted.The new U.S.administrations threats of universal tariffs would impact Mexico in particular but als

11、o affect certain countries in the Caribbean and Central America.Additional restrictions on migration would also impact the region,by decreasing a meaningful source of income remittances from U.S.immigrants back to their home countries.Javier ZoidoManaging DirectorLatin America and Iberia Valuation A

12、dvisory Services Leader31 World BankGlobal Economic Prospects:(January 2025).The World Bank report provides aggregated forecasts for LATAM and the Caribbean.Foreword(contd)In 2024,the S&P 500 and the STOXX Europe 600(“STOXX Europe 600”)indices increased by approximately 23%and 6%,respectively,while

13、the STOXX Latin America Total Market Index(“STOXX LATAM TMI”)decreased by approximately 20%.2In 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 changes were observed.For example,

14、for real estate companies,the median multiple decreased in 2024 to 9.1x from 15.4x at the end of 2023.For healthcare companies,the median multiple decreased in 2024 to 6.4x from 9.7x at the end of 2023.Our report provides a detailed overview of the EV/revenues,EV/EBITDA,P/E and P/B multiples of publ

15、icly traded companies in LATAM covering nonfinancial 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 h

16、ope 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.42 The STOXX LATAM TMI covers approximately 95%of the free-float market capitalization of L

17、ATAM companies.Industry Multiples in Latin AmericaQ4 20245Summary:Median Multiples by Sector/Industry Groups1Reflects revisions to the GICS structure that took effect on March 17,2023.Comparisons to prior periods may not be meaningful due to the shifting composition of thestructure.For more informat

18、ion,see https:/ to GICS nomenclature,this is classified as“Industry,”which is one level below“Industry Group.”Sector/Industry GroupEV/RevenuesEV/EBITDAP/EP/BCommunication Services1.6x3.9x11.0 x1.0 xConsumer Discretionary0.9x5.5x7.7x0.8xConsumer Durables and Apparel0.9x6.3x6.3x1.0 xConsumer Services1

19、.0 x4.4x10.4x0.8xConsumer Discretionary Distribution and Retail10.7x6.3x9.8x0.9xConsumer Staples0.8x6.8x13.0 x1.5xConsumer Staples Distribution and Retail10.6x8.2x14.6x1.3xFood,Beverage and Tobacco1.1x6.4x12.4x1.7xEnergy1.6x5.4x8.0 x1.5xHealth Care1.2x6.4x13.8x0.6xIndustrials1.3x6.6x9.6x1.4xCapital

20、Goods1.0 x6.4x9.6x1.2xTransportation0.9x8.5x14.1x1.7xInformation Technology1.9x5.8x12.7x1.6xMaterials0.9x5.7x8.0 x0.7xReal Estate1.0 x5.1x9.0 x0.9xUtilities4.4x9.0 x8.9x0.8xElectric,Gas and Water Utilities22.7x6.8x9.1x1.0 xFinancials Sector/Industry GroupMarket Capitalization/RevenuesP/TBVP/EP/BFina

21、ncials2.2x1.5x7.6x1.4xBanks2.2x1.3x7.3x1.2xAs of December 31,2024Industry Multiples in Latin AmericaQ4 20246Country 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 quo

22、tation price.It is typically used as the benchmark stock market index in Argentina.In 2024,MERVAL increased by 105%(in price terms,converted to USD),1compared to a 20%decrease in the STOXX LATAM TMI,a 23%increase in the S&P 500 and a 6%increase in the STOXX Europe 600.Argentinean real GDP is expecte

23、d to have contracted by 2.8%in 2024 and to grow 5.0%in 2025,according to the World Banks Global Economic Prospects report(January 2025).The Argentinean peso has depreciated by 22%in 2024.MERVAL Spotlight0.01.02.03.04.0Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-

24、23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24S&P500STOXX Europe 600STOXX Latin America TMIMERVAL(Argentina)Historical Evolution:MERVAL,S&P 500,STOXX Europe 600 and STOXX LATAM TMI21Based on a translation of the local stock market index level into USD.The resulting translated index is then used to cal

25、culate price returns in USD.Official index providersmay use a different method to compute index returns in different currencies.2MERVAL,S&P 500 and STOXX LATAM TMI evolution in USD,STOXX Europe 600 evolution in EUR.Sources:Capital IQ;World BankGlobal Economic Prospects(January 2025);Kroll analysis.+

26、23.3%+6.0%+105%-19.5%6007008009001,0001,1001,200Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24FX(ARS/USD)FX Evolution in the Last Twelve MonthsStock market performance in 2024Industry Multiples in Latin AmericaQ4 20247Country Snapshot:BrazilThe IBOVESPA is the main pe

27、rformance 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 stock market index in Brazil.In 2024,the IBOVESPA decreased by 30%(in price terms,converted to USD).1Brazilian real GDP is expected t

28、o have grown 3.2%in 2024 and to grow 2.2%2025,according to the World Banks Global Economic Prospects report(January 2025).The Brazilian real has depreciated against the U.S.dollar by 22%in 2024.5Y Evolution:IBOVESPA,S&P 500,STOXX Europe 600 and STOXX LATAM TMI20.00.30.50.81.01.31.51.82.0Dec-19Mar-20

29、Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24S&P500STOXX Europe 600STOXX LATAM TMIIBOVESPA-29.7%IBOVESPA Spotlight1Based on a translation of the local stock market index level into USD.The resulting translated index is then used to

30、 calculate price returns in USD.Official index providersmay use a different method to compute index returns in different currencies.2IBOVESPA,S&P 500 and STOXX LATAM TMI evolution in USD,STOXX Europe 600 evolution in EUR.Sources:Capital IQ;World BankGlobal Economic Prospects(January 2025);Kroll anal

31、ysis.FX Evolution in the Last Twelve Months4.64.85.05.25.45.65.86.06.26.46.66.87.0Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24FX(BRL/USD)+23.3%+6.0%-19.5%Stock market performance in 2024Industry Multiples in Latin AmericaQ4 20248Country Snapshot:ChileCountry Snapsho

32、t:ChileThe IPSA measures the price variations of the largest and most liquid Chilean issuers listed on the Santiago Stock Exchange.It is typically used as the benchmark stock market index in Chile.In 2024,the IPSA decreased by 8%(in price terms,converted to USD).1Chilean real GDP is expected to have

33、 grown 2.4%in 2024 and to grow 2.2%in 2025,according to the World Banks Global Economic Prospects report(January 2025).The Chilean peso has depreciated against the U.S.dollar by 12%in 2024.5Y Evolution:IPSA,S&P 500,STOXX Europe 600 and STOXX LATAM TMI2-8.0%IPSA Spotlight1Based on a translation of th

34、e local stock market index level into USD.The resulting translated index is then used to calculate price returns in USD.Official index providersmay use a different method to compute index returns in different currencies.2IPSA,S&P 500 and STOXX LATAM TMI evolution in USD,STOXX Europe 600 evolution in

35、 EUR.Sources:Capital IQ;World BankGlobal Economic Prospects(January 2025);Kroll analysis.FX Evolution in the Last Twelve Months8008509009501,0001,0501,100Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24FX(CLP/USD)0.00.30.50.81.01.31.51.82.0Dec-19Mar-20Jun-20Sep-20Dec-20

36、Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24S&P500STOXX Europe 600STOXX LATAM TMIIPSA+23.3%+6.0%-19.5%Stock market performance in 2024Industry Multiples in Latin AmericaQ4 20249Country Snapshot:ColombiaThe MSCI COLCAP index is the main reference of

37、 the Colombian stock market and is made up of 20 issuers and the 25 most liquid 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 2024,the MSCI COLCAP increased by 1%(in pric

38、e terms,converted to USD).1Colombian real GDP is expected to have grown 1.7%in 2024 and to grow 3.0%in 2025,according to the World Banks Global Economic Prospects report(January 2025).The Colombian peso has depreciated against the U.S.dollar by 12%in 2024.5Y Evolution:MSCI COLCAP,S&P 500,STOXX Europ

39、e 600 and STOXX LATAM TMI2MSCI COLCAP Spotlight1Based on a translation of the local stock market index level into USD.The resulting translated index is then used to calculate price returns in USD.Official index providersmay use a different method to compute index returns in different currencies.2COL

40、CAP,S&P 500 and STOXX LATAM TMI evolution in USD,STOXX Europe 600 evolution in EUR.Sources:Capital IQ;World BankGlobal Economic Prospects(January 2025);Kroll analysis.+1.4%FX Evolution in the Last Twelve Months3,5003,7003,9004,1004,3004,5004,7004,900Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Au

41、g-24Sep-24Oct-24Nov-24Dec-24FX(COP/USD)0.00.30.50.81.01.31.51.82.0Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24S&P500STOXX Europe 600STOXX LATAM TMICOLCAP+23.3%+6.0%-19.5%Stock market performance in 2024Industry Multipl

42、es in Latin AmericaQ4 202410Country 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 2024,the S&P BMV IPC decreased by 30

43、%(in price terms,converted to USD).1Mexican real GDP is expected to have grown 1.7%in 2024 and to grow 1.5%in 2025,according to the World Banks Global Economic Prospects report(January 2025).The Mexican peso has depreciated against the U.S.dollar by 19%in 2024.5Y Evolution:BMV IPC,S&P 500,STOXX Euro

44、pe 600 and STOXX LATAM TMI2BMV IPC Spotlight1Based on a translation of the local stock market index level into USD.The resulting translated index is then used to calculate price returns in USD.Official index providersmay use a different method to compute index returns in different currencies.2BMV IP

45、C,S&P 500 and STOXX LATAM TMI evolution in USD,STOXX Europe 600 evolution in EUR.Sources:Capital IQ;World BankGlobal Economic Prospects(January 2025);Kroll analysis.FX Evolution in the Last Twelve Months16.017.018.019.020.021.022.0Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov

46、-24Dec-24FX(MXN/USD)-30.0%0.00.30.50.81.01.31.51.82.0Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24S&P500STOXX Europe 600STOXX LATAM TMIBMV IPC+23.3%+6.0%-19.5%Stock market performance in 2024Industry Multiples in Latin

47、AmericaQ4 202411Country 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 that includes additional liquidity and trading frequency requirements for its constituents.It is typically used as the benc

48、hmark stock market index in Peru.In 2024,the S&P BVL increased by 5%(in price terms,converted to USD).1Peruvian real GDP is expected to have grown 3.1%in 2024 and to grow 2.5%in 2025,according to the World Banks Global Economic Prospects report(January 2025).The Peruvian sol has depreciated against

49、the U.S.dollar by 2%in 2024.5Y Evolution:BVL Peru,S&P 500,STOXX Europe 600 and STOXX LATAM TMI2BVL Peru Spotlight1Based on a translation of the local stock market index level into USD.The resulting translated index is then used to calculate price returns in USD.Official index providersmay use a diff

50、erent method to compute index returns in different currencies.2BVL Peru,S&P 500 and STOXX LATAM TMI evolution in USD,STOXX Europe 600 evolution in EUR.Sources:Capital IQ;World BankGlobal Economic Prospects(January 2025);Kroll analysis.+5.5%FX Evolution in the Last Twelve Months3.603.703.803.904.00De

51、c-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24FX(PEN/USD)0.00.30.50.81.01.31.51.82.0Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24S&P500STOXX Europe 600STOXX LATAM TMIBVL+23.3%+6.0%-19.5%Sto

52、ck market performance in 2024Communication Services12Q4 2024Industry Multiples in Latin AmericaQ4 202413Communication ServicesAs of December 31,20241Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must ha

53、ve a minimum of five company participants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies14141414Number of Outliers15664Number of Observations(final)298810High 2.2x10.7x26.2x2.3xThird Quartile 1.9x4.6x13.4x1.3xMean 1.4x4.8x12.8x1.1xMedian 1.

54、6x3.9x11.0 x1.0 xFirst Quartile 1.2x3.7x9.9x0.8xLow 0.4x2.8x7.1x0.5x0.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x1.6x1.8x2.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/BIndu

55、stry Multiples in Latin AmericaQ4 202414Communication Services011223340.40.80.81.11.11.51.51.81.82.2Number of CompaniesEV/Revenues02462.84.44.46.06.07.57.59.19.110.7Number of CompaniesEV/EBITDA0123457.111.011.014.814.818.618.622.422.426.2Number of CompaniesP/E0123450.50.80.81.21.21.61.61.91.92.3Numb

56、er of CompaniesP/BAs of December 31,2024Consumer Durables and Apparel15Q4 2024Industry Multiples in Latin AmericaQ4 202416Consumer Durables and ApparelAs of December 31,20240.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x1.6x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/R

57、evenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of five company participants to be calculated.Sources:Capital

58、 IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies23232323Number of Outliers14774Number of Observations(final)219161619High 1.6x12.5x17.5x2.7xThird Quartile 1.3x8.6x7.9x1.8xMean 1.0 x6.9x6.9x1.1xMedian 0.9x6.3x6.3x1.0 xFirst Quartile 0.7x4.5x5.3x0.5xLow 0.5x3.5x1.8x0.2xIndust

59、ry Multiples in Latin AmericaQ4 202417Consumer Durables and ApparelAs of December 31,2024012345670.50.70.71.01.01.21.21.41.41.6Number of CompaniesEV/Revenues024683.55.35.37.17.18.98.910.710.712.5Number of CompaniesEV/EBITDA0123456789101.84.94.98.18.111.211.214.414.417.5Number of CompaniesP/E02468100

60、.20.70.71.21.21.71.72.22.22.7Number of CompaniesP/BConsumer Services18Q4 2024Industry Multiples in Latin AmericaQ4 202419Consumer ServicesAs of December 31,20240.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x1.6x1.8x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenue

61、s and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of five company participants to be calculated.Sources:Capital IQ;Bl

62、oomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies14141414Number of Outliers12273Number of Observations(final)21212711High 3.3x8.2x22.2x3.0 xThird Quartile 1.3x5.2x11.9x1.3xMean 1.2x4.8x11.7x1.0 xMedian 1.0 x4.4x10.4x0.8xFirst Quartile 0.8x3.8x9.2x0.4xLow 0.7x3.7x7.1x0.3xIndustry M

63、ultiples in Latin AmericaQ4 202420Consumer ServicesAs of December 31,202402468100.71.21.21.71.72.22.22.72.73.3Number of CompaniesEV/Revenues024683.74.64.65.55.56.46.47.37.38.2Number of CompaniesEV/EBITDA012347.110.110.113.113.116.116.119.219.222.2Number of CompaniesP/E024680.30.80.81.41.41.91.92.42.

64、43.0Number of CompaniesP/BConsumer Discretionary Distribution and Retail21Q4 2024Industry Multiples in Latin AmericaQ4 202422Consumer Discretionary Distribution and RetailAs of December 31,20240.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x1.6x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 x35.0 x40.0 x45.0 xMar-23Jun-2

65、3Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of five company part

66、icipants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies18181818Number of Outliers13685Number of Observations(final)215121013High 3.0 x23.8x46.4x7.3xThird Quartile 1.0 x8.9x23.1x1.1xMean 0.9x8.2x17.1x1.4xMedian 0.7x6.3x9.8x0.9xFirst Quartile

67、 0.5x5.0 x8.0 x0.5xLow 0.3x3.0 x3.2x0.1xIndustry Multiples in Latin AmericaQ4 202423As of December 31,2024Consumer Discretionary Distribution and Retail02468100.30.80.81.41.41.91.92.52.53.0Number of CompaniesEV/Revenues024683.07.27.211.311.315.515.519.619.623.8Number of CompaniesEV/EBITDA012345673.2

68、11.811.820.520.529.129.137.837.846.4Number of CompaniesP/E0246810120.11.51.53.03.04.44.45.95.97.3Number of CompaniesP/BConsumer Staples Distribution and Retail24Q4 2024Industry Multiples in Latin AmericaQ4 202425Consumer Staples Distribution and RetailAs of December 31,20240.0 x0.2x0.4x0.6x0.8x1.0 x

69、1.2x1.4x1.6x1.8x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A s

70、ector/industry group must have a minimum of five company participants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies12121212Number of Outliers12232Number of Observations(final)21010910High 1.2x10.7x38.5x5.7xThird Quartile 0.7x9.8x17.9x2.2xM

71、ean 0.6x7.9x17.9x1.9xMedian 0.6x8.2x14.6x1.3xFirst Quartile 0.4x6.7x11.5x0.8xLow 0.3x3.5x9.7x0.4xIndustry Multiples in Latin AmericaQ4 202426Consumer Staples Distribution and RetailAs of December 31,202401234560.30.50.50.70.70.80.81.01.01.2Number of CompaniesEV/Revenues02463.54.94.96.46.47.87.89.29.

72、210.7Number of CompaniesEV/EBITDA01234569.715.515.521.221.227.027.032.832.838.5Number of CompaniesP/E01234560.41.41.42.52.53.63.64.64.65.7Number of CompaniesP/BFood,Beverage and Tobacco27Q4 2024Industry Multiples in Latin AmericaQ4 202428Food,Beverage and TobaccoAs of December 31,20240.0 x0.2x0.4x0.

73、6x0.8x1.0 x1.2x1.4x1.6x1.8x2.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for

74、outlier criteria and definitions.2A sector/industry group must have a minimum of five company participants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies24242424Number of Outliers15575Number of Observations(final)219191719High 2.2x10.0 x47.

75、7x4.0 xThird Quartile 1.4x8.1x15.5x2.2xMean 1.1x6.7x15.5x1.7xMedian 1.1x6.4x12.4x1.7xFirst Quartile 0.6x5.5x9.1x1.0 xLow 0.4x3.3x7.9x0.3xIndustry Multiples in Latin AmericaQ4 202429Food,Beverage and TobaccoAs of December 31,2024012345670.40.80.81.11.11.51.51.81.82.2Number of CompaniesEV/Revenues0246

76、83.34.74.76.06.07.37.38.78.710.0Number of CompaniesEV/EBITDA024681012147.915.815.823.823.831.831.839.739.747.7Number of CompaniesP/E024680.31.01.01.81.82.52.53.33.34.0Number of CompaniesP/BEnergy30Q4 2024Industry Multiples in Latin AmericaQ4 202431EnergyAs of December 31,20240.0 x0.5x1.0 x1.5x2.0 x2

77、.5x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A

78、 sector/industry group must have a minimum of five company participants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies14141414Number of Outliers13554Number of Observations(final)2119910High 8.6x21.6x43.0 x2.6xThird Quartile 2.2x6.5x12.2x1.8

79、xMean 2.3x7.8x12.3x1.5xMedian 1.6x5.4x8.0 x1.5xFirst Quartile 1.5x4.3x6.2x1.1xLow 0.2x2.8x4.5x0.6xIndustry Multiples in Latin AmericaQ4 202432EnergyAs of December 31,20240123456780.21.91.93.63.65.25.26.96.98.6Number of CompaniesEV/Revenues024682.86.56.510.310.314.114.117.817.821.6Number of Companies

80、EV/EBITDA0123456784.512.212.219.919.927.627.635.335.343.0Number of CompaniesP/E012340.61.01.01.41.41.81.82.22.22.6Number of CompaniesP/BFinancials33Q4 2024Industry Multiples in Latin AmericaQ4 202434FinancialsAs of December 31,20240.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x

81、Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24Market Cap./Revenues,P/TBV and P/BP/EMedian MultiplesP/EMarket cap/RevenuesP/TBVP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of f

82、ive company participants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.Market cap/Revenues P/TBV P/E P/B Number of Companies45454545Number of Outliers169109Number of Observations(final)239363536High 8.4x7.3x35.5x4.1xThird Quartile 4.0 x2.2x12.1x2.0 xMean 2.7x2.1x10.3x1.6xMedian 2.2x1.

83、5x7.6x1.4xFirst Quartile 1.4x1.0 x5.7x1.0 xLow 0.7x0.7x3.5x0.7xIndustry Multiples in Latin AmericaQ4 202435FinancialsAs of December 31,2024051015200.72.22.23.83.85.35.36.96.98.4Number of CompaniesMarket Cap./Revenues03691215182124270.72.12.13.43.44.74.76.06.07.3Number of CompaniesP/TBV05101520253.59

84、.99.916.316.322.722.729.129.135.5Number of CompaniesP/E0369121518210.71.41.42.02.02.72.73.43.44.1Number of CompaniesP/BHealth Care36Q4 2024Industry Multiples in Latin AmericaQ4 202437Health CareAs of December 31,20240.0 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.

85、0 x20.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum

86、of five company participants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies16161616Number of Outliers125124Number of Observations(final)21411412High 9.5x7.8x18.2x4.7xThird Quartile 1.7x7.2x16.9x1.3xMean 1.8x6.2x13.3x1.3xMedian 1.2x6.4x13.8x

87、0.6xFirst Quartile 0.9x5.2x10.1x0.4xLow 0.3x4.5x7.4x0.2xIndustry Multiples in Latin AmericaQ4 202438Health CareAs of December 31,2024024681012140.32.12.13.93.95.85.87.67.69.5Number of CompaniesEV/Revenues0244.55.25.25.85.86.56.57.17.17.8Number of CompaniesEV/EBITDA0112237.49.69.611.811.813.913.916.1

88、16.118.2Number of CompaniesP/E0123456789100.21.11.12.02.02.92.93.83.84.7Number of CompaniesP/BCapital Goods39Q4 2024Industry Multiples in Latin AmericaQ4 202440Capital GoodsAs of December 31,20240.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x1.6x1.8x2.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 xMar-23Jun

89、-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of five company pa

90、rticipants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies28282828Number of Outliers1410116Number of Observations(final)224181722High 5.8x25.3x36.7x6.1xThird Quartile 2.0 x10.1x18.5x2.1xMean 1.6x8.4x13.8x1.8xMedian 1.0 x6.4x9.6x1.2xFirst Qua

91、rtile 0.7x5.1x7.6x0.7xLow 0.4x2.7x5.2x0.4xIndustry Multiples in Latin AmericaQ4 202441Capital GoodsAs of December 31,20240246810122.77.27.211.711.716.216.220.720.725.3Number of CompaniesEV/EBITDA0246810125.211.511.517.817.824.124.130.430.436.7Number of CompaniesP/E02468101214160.41.61.62.72.73.83.85

92、.05.06.1Number of CompaniesP/B051015200.41.51.52.62.63.63.64.74.75.8Number of CompaniesEV/RevenuesTransportation42Q4 2024Industry Multiples in Latin AmericaQ4 202443TransportationAs of December 31,20240.0 x0.5x1.0 x1.5x2.0 x2.5x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x20.0 xMar-23Jun-2

93、3Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of five company part

94、icipants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies26262626Number of Outliers15696Number of Observations(final)221201720High 5.3x10.8x20.1x9.2xThird Quartile 3.4x8.6x15.3x2.4xMean 2.4x6.6x11.4x2.2xMedian 1.9x5.8x12.7x1.6xFirst Quartile

95、1.2x4.8x7.5x0.9xLow 0.9x3.8x4.3x0.4xIndustry Multiples in Latin AmericaQ4 202444TransportationAs of December 31,20240246810120.91.81.82.72.73.53.54.44.45.3Number of CompaniesEV/Revenues024683.85.25.26.66.68.08.09.49.410.8Number of CompaniesEV/EBITDA024684.37.57.510.710.713.813.817.017.020.1Number of

96、 CompaniesP/E024681012140.42.12.13.93.95.75.77.47.49.2Number of CompaniesP/BInformation Technology45Q4 2024Industry Multiples in Latin AmericaQ4 202446Information TechnologyAs of December 31,20240.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24S

97、ep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of five company participants to be calculated.

98、Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies11111111Number of Outliers12673Number of Observations(final)29548High 3.1x13.9x15.6x2.7xThird Quartile 1.1x6.3x10.2x1.0 xMean 1.2x7.2x8.6x1.0 xMedian 0.9x5.7x8.0 x0.7xFirst Quartile 0.4x5.4x6.4x0.6xLow 0.3x4.4x2

99、.8x0.4xIndustry Multiples in Latin AmericaQ4 202447Information TechnologyAs of December 31,20240123450.30.80.81.41.42.02.02.62.63.1Number of CompaniesEV/Revenues012344.46.36.38.28.210.110.112.012.013.9Number of CompaniesEV/EBITDA0122.85.45.47.97.910.510.513.113.115.6Number of CompaniesP/E024680.40.9

100、0.91.31.31.81.82.22.22.7Number of CompaniesP/BMaterials48Q4 2024Industry Multiples in Latin AmericaQ4 202449MaterialsAs of December 31,20240.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x1.6x1.8x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x20.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenue

101、s and P/BEV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of five company participants to be calculated.Sources:Capital IQ;Bl

102、oomberg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies46464646Number of Outliers19122110Number of Observations(final)237342536High 6.3x11.5x33.1x3.6xThird Quartile 1.5x6.3x14.3x1.5xMean 1.3x5.3x11.1x1.1xMedian 1.0 x5.1x9.0 x0.9xFirst Quartile 0.7x4.2x6.3x0.6xLow 0.3x1.1x3.5x0.3xIndustr

103、y Multiples in Latin AmericaQ4 202450MaterialsAs of December 31,20240510152025300.31.51.52.72.73.93.95.15.16.3Number of CompaniesEV/Revenues036912151.13.13.15.25.27.37.39.49.411.5Number of CompaniesEV/EBITDA02468101214163.59.49.415.315.321.321.327.227.233.1Number of CompaniesP/E05101520250.30.90.91.

104、61.62.32.33.03.03.6Number of CompaniesP/BReal Estate51Q4 2024Industry Multiples in Latin AmericaQ4 202452Real EstateAs of December 31,20240.00 x0.15x0.30 x0.45x0.60 x0.75x0.90 x1.05x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x20.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24P/BEV/Rev

105、enues,EV/EBITDA and P/EMedian MultiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of five company participants to be calculated.Sources:Capital IQ;Bloom

106、berg;Kroll analysis.EV/RevenuesEV/EBITDAP/EP/BNumber of Companies16161616Number of Outliers12352Number of Observations(final)214131114High 14.3x31.4x28.2x1.9xThird Quartile 9.3x11.8x15.0 x1.0 xMean 5.7x12.2x11.4x0.8xMedian 4.4x9.0 x8.9x0.8xFirst Quartile 1.3x7.7x6.2x0.5xLow 0.7x3.5x4.4x0.2xIndustry

107、Multiples in Latin AmericaQ4 202453Real EstateAs of December 31,202401234560.73.43.46.16.18.88.811.611.614.3Number of CompaniesEV/Revenues024683.59.19.114.714.720.320.325.825.831.4Number of CompaniesEV/EBITDA012345674.49.19.113.913.918.718.723.423.428.2Number of CompaniesP/E012345670.20.50.50.80.81.

108、21.21.51.51.9Number of CompaniesP/BUtilities54Q4 2024Industry Multiples in Latin AmericaQ4 202455UtilitiesAs of December 31,20240.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x3.5x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 xMar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24EV/Revenues and P/BEV/EBITDA and P/EMedian Mu

109、ltiplesEV/EBITDAP/EEV/RevenuesP/B1Outliers have been excluded from the concluded multiples.Please refer to“Criteria”for outlier criteria and definitions.2A sector/industry group must have a minimum of five company participants to be calculated.Sources:Capital IQ;Bloomberg;Kroll analysis.EV/RevenuesE

110、V/EBITDAP/EP/BNumber of Companies26262626Number of Outliers14475Number of Observations(final)222221921High 6.9x16.3x65.0 x2.6xThird Quartile 3.8x9.3x15.8x1.5xMean 3.0 x7.9x14.8x1.2xMedian 2.7x6.8x9.1x1.0 xFirst Quartile 1.9x5.1x6.9x0.8xLow 1.4x4.5x5.0 x0.6xIndustry Multiples in Latin AmericaQ4 20245

111、6UtilitiesAs of December 31,202401234567891011121.42.52.53.63.64.74.75.85.86.9Number of CompaniesEV/Revenues0246810124.56.86.89.29.211.611.614.014.016.3Number of CompaniesEV/EBITDA02468101214165.017.017.029.029.041.041.053.053.065.0Number of CompaniesP/E012345678910110.61.01.01.41.41.81.82.22.22.6Nu

112、mber of CompaniesP/BIndustry Multiples in Latin AmericaQ4 202457CriteriaFor all reported multiples,we have considered Latin American companies that were publicly traded as of this reports reference date(data sourced from Capital IQ).Companies were grouped by sectors,industry groups or industries,as

113、defined by the Global Industry Classification Standard,considering that each grouping 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 capitaliza

114、tion is above the 10thpercentile,free float is at least 20%,and average daily volume is above 0.1%of the float(data derived from Capital IQ and Bloomberg databases).Observations deemed to be outliers have been excluded from the above analysis.Outlier criteria include:(i)negative multiples,(ii)multip

115、les below the fifth percentile and(iii)multiples above the 95thpercentile.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 the lat

116、est 12 months.EBITDA=Earnings before interest,taxes,depreciation and amortization for the 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 valu

117、e per share equals total book value of equity divided by diluted number of shares.P/TBV=Share price/book value minus intangible assets,per share on a diluted basis.Multiples have been computed in companies filing currencies.Capital IQ data was sourced on March 3 2025.1The GICS structure is comprised

118、 of 11 sectors,25 industry groups,76 industries and 170 sub-industries.2Book value of debt includes lease liabilities.Industry Multiples in Latin AmericaQ4 202458Industry DefinitionsThe industry classification for the companies represented in this report is based on the GICS.A summary of the sectors

119、,as well as a brief description of those relevant industry groups that are part of a particular sector,according to the GICS guidelines,is found below:Communication ServicesMedia and EntertainmentCompanies providing advertising,marketing or public relations services.Owners and operators of televisio

120、n or radio broadcasting systems,including programming and services.Publishers of newspapers,magazines and books in print or electronic formats.Companies that engage in producing and selling entertainment products and services,including gaming products and mobile applications.Telecommunication Servic

121、esProviders of primarily cellular or wireless telecommunication services and operators of primarily fixed-line telecommunications networks.Consumer DiscretionaryAutomobiles and ComponentsCompanies related to the production of passenger automobiles and light trucks,motorcycles,scooters or three-wheel

122、ers,as well as companies manufacturing parts and components for those vehicles,including tires and rubber.Consumer Durables and ApparelManufacturers of electric household appliances and related products.Includes manufacturers of durable household products,power and hand tools,including garden improv

123、ement tools,but excludes TVs and other audio and video products.Manufacturers of apparel,accessories and luxury goods.Includes companies primarily producing designer handbags,wallets,luggage,jewelry and watches and manufacturers of textile and related products.Consumer ServicesOwners and operators o

124、f leisure and accommodation activities such as hotels,bars and restaurants,cruise ships,leisure facilities,casinos and gaming facilities,among others.Consumer Discretionary Distribution and RetailCompanies involved in owning and operating department stores,general merchandise stores and specialty st

125、ores.It also includes distributors and wholesalers of general merchandise and online retailers.Industry Multiples in Latin AmericaQ4 202459Industry DefinitionsConsumer StaplesConsumer Staples Distribution and RetailOwners and operators of food and drug retail stores,pharmacies,hypermarkets and super

126、centers selling food and a wide-range of consumer staple products.Distributors of food products to other companies and not directly to the consumer.Food,Beverage and TobaccoProducers of beer and malt liquors,distillers,vintners,producers of alcoholic and non-alcoholic beverages,including mineral wat

127、ers.Producers of agricultural products and producers of packaged foods,including dairy products,fruit juices,meats,poultry,fish and pet foods.Manufacturers of cigarettes and other tobacco products.Household and Personal ProductsProducers of non-durable household products,including detergents,soaps,d

128、iapers and other tissue and household paper products not included elsewhere.Manufacturers of personal and beauty care products,including cosmetics and perfumes.EnergyEnergyCompanies engaged in exploration and production,refining and marketing,and storage and transportation of oil,gas,coal and consum

129、able fuels.It also includes companies that offer oil and gas equipment and services.FinancialsBanksCommercial banks 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 dive

130、rse range of financial services.This also includes regional banks that tend to operate in limited geographic regions and excludes investment banks.Financial ServicesFinancial exchanges for securities,commodities,derivatives and other financial instruments,and providers of financial decision support

131、tools and products including ratings agencies.Providers of a diverse range of financial services and/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,i

132、ncluding personal credit,credit cards,lease financing,travel-related money services and pawn shops.Industry Multiples in Latin AmericaQ4 202460Industry DefinitionsFinancials(cont.)Capital MarketsFinancial institutions primarily engaged in diversified capital markets activities,including a significan

133、t presence in at least two of the following areas:large/major corporate lending,investment banking,brokerage and asset management.Includes financial exchanges for securities,commodities,derivatives and other financial instruments.InsuranceCompanies providing insurance and reinsurance services of any

134、 kind as well as insurance and reinsurance brokerage firms.Health CareHealth Care Equipment and ServicesCompanies including health care providers and services,companies that manufacture and distribute health care equipment and supplies and health care technology companies.Pharmaceuticals,Biotechnolo

135、gy and Life SciencesCompanies involved in the research,development,production and marketing of pharmaceuticals and biotechnology products.IndustrialsCapital GoodsCompanies related to the manufacturing or distribution of goods.The sector is diverse,containing companies that manufacture machinery used

136、 to create capital goods,electrical equipment,aerospace and defense,engineering,and construction projects.Commercial and Professional ServicesCompanies involved in supporting businesses with specialized skills such as human capital management,research and consulting services,office services,security

137、 and protection services,environmental and maintenance services.TransportationCompanies involved in providing mainly goods and passenger transportation through air,sea or land.Companies owning and operating the infrastructures needed for transportation,such as airports,ports,rail tracks or roads.Ind

138、ustry Multiples in Latin AmericaQ4 202461Industry DefinitionsInformation TechnologySemiconductors and Semiconductor EquipmentManufacturers of semiconductors,semiconductor equipment and related products,including manufacturers of solar modules and cells and manufacturers of the raw material and equip

139、ment used in the solar power industry.Software and ServicesCompanies offering software and information technology services and infrastructure for the internet,including data centers,cloud networking and storage infrastructure.Technology Hardware and EquipmentCompanies involved in manufacturing commu

140、nication equipment,cellular phones,personal computers,computer components,peripherals,electronic equipment and components and technology distributors.MaterialsMaterialsCompanies that manufacture chemicals,construction materials,glass,paper,forest products and related packaging products,and metals,mi

141、nerals and mining companies,including producers of steel.Real EstateReal EstateCompanies 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 UtilitiesCompanie

142、s involved in producing or distributing electricity,in the distribution of gas,in redistributing water to the end-consumer,and utility companies with significantly diversified activities in addition to core electric utility,gas utility and/or water utility operations.Independent Power and Renewable

143、Electricity ProducersIndependent power producers and energy traders and companies 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 tec

144、hnology to help clients stay ahead of complex demands.Krolls global team 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 competit

145、ive advantage.At Kroll,our values define who we are and how we partner with clients and communities.Learn more at K.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 second

146、ary market advisory services in the United 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 c

147、ategory 1 merchant banker license issued by the Securities and Exchange Board of India.2024 Kroll,LLC.All rights reserved.For more information,please contact:Javier ZoidoLatin America and Iberia Valuation Advisory Services LMiguel PeleteiroManaging DirectorOil and Gas Corporate Finance,MValentina Ab

148、u Kessm CerriManaging DirectorValuation Advisory Services,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

149、the preparation of this document and information contained 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 DirectorCorporate Finance,BContributors:Francisco MichelotoDirectorValuation Advisory Services,M