A set of elite, internationally minded companies – the 2018 BCG Multilatinas – have managed to navigate Latin America’s recent turbulence and achieve outstanding growth and shareholder returns.

1. MARCH 2018
Research Highlights
The 2018 BCG
Multilatinas

2. 1
Copyright©2018byTheBostonConsultingGroup,Inc.Allrightsreserved.
Exhibit 1: The 2018 BCG Multilatinas
• Alpargatas
• Banco BTG Pactual
• Braskem
• BRF
• Camil
• Cielo
• Duratex
• Embraer
• Fibria
• Gerdau
• Globo
• GOL
• Iochpe-Maxion
• Itaú Unibanco
• Klabin
• Marfrig
• Minerva
• Natura
• Netshoes
• Stefanini
• Suzano Papel e Celulose
• TUPY
• Ultrapar
• Vale
• Votorantim Cimentos
• WEG
Brazil - 26
• Avianca
• Bancolombia
• Ecopetrol
• Empresa de
Energía de Bogotá
(EEB)
• Empresas Públicas
de Medellín (EPM)
• Grupo Argos
• Grupo Aval
• Grupo Bolívar
• Grupo Nutresa
• Interconexión
Eléctrica (ISA)
• Sura
Colombia - 11
• Ajegroup (AJE)
• Alicorp
• Belcorp
• Gloria
• Unión Andina de
Cementos
(UNACEM)
Peru - 5
• Copa Airlines
Panama - 1
• Grupo Unicomer
El Salvador - 1
• Florida Ice and Farm Company
(FIFCO)
Costa Rica - 1
• Aeromexico
• Alpek
• Alsea
• América Móvil
• Arca Continental
• Bachoco
• Becle (Cuervo)
• Bio-PAPPEL
• CEMEX
• Chedraui
• FEMSA
• GRUMA
• Grupo BAL
• Grupo Bimbo
• Grupo Condumex
• Grupo Elektra
• Grupo Gigante
• Grupo Lala
• Grupo México
• Mabe
• Metalsa
• Mexichem
• Nemak
• Omnilife
• Quálitas
• Sigma
• Televisa
• Volaris
Mexico - 28
• Agrosuper
• Antofagasta
• Banco de Crédito e
Inversiones (Bci)
• Carozzi
• Celulosa Arauco y
Constitución (Arauco)
• Cencosud
• Compañía Cervecerías
Unidas (CCU)
• Concha y Toro
• Copec
• Embotelladora Andina
• Empresa Nacional de
Telecomunicaciones
(Entel)
• Empresas CMPC
• Falabella
• LATAM Airlines
• Ripley
• Sigdo Koppers
• Sociedad Química y
Minera de Chile (SQM)
• SONDA
Chile - 18
• Arcor
• Arcos Dorados
• Cresud
• Despegar.com
• Globant
• MercadoLibre
• Molino Cañuelas
• Molinos Río de la
Plata
• Ternium
Argentina - 9
Source: BCG analysis

3. 2
Copyright©2018byTheBostonConsultingGroup,Inc.Allrightsreserved.
Sources: Datastream; BCG analysis.
Note: TSR calculated in US dollars for the 81 listed 2018 multilatinas. TSR represents shareholders' bottom-line return, considering stock prices gains and dividends.
1 January 3, 2000, to December 25, 2017.
Total shareholder return index, 2000–20171
685
262
375
2013 201720152009 20112003
900
800
700
600
500
400
300
200
100
0
2018201620142012201020082006200420022000 2005 20072001
TSR index (Jan 2000 = 100)
Multilatinas
S&P 500
MSCI Emerging Marke
Exhibit 2 Multilatinas Have Outperformed the Emerging-
Market Index in Terms of TSR

4. 3
Copyright©2018byTheBostonConsultingGroup,Inc.Allrightsreserved.
Exhibit 3: Colombia Has Gained the Most Multilatinas
Since 2009
34
21
7
5
3
26
18
11
+29%
–14%
+67%
0%
+120%
Other
3
2
Argentina
9
Colombia
Chile
Mexico
28
Peru
28
Brazil -24%
5
+50%
Source: BCG analysis.
Note: Other includes Costa Rica, El Salvador, Panama, and Venezuela. Financial institutions and technolatinas not included in the 2009 BCG multilatinas.
Number of multilatinas by country, 2018 versus 2009
(out of 100 total companies)
2018 BCG multilatinas
2009 BCG multilatinas
Includes 4
financial Institutions
Includes 3
technolatinas

5. 4
Copyright©2018byTheBostonConsultingGroup,Inc.Allrightsreserved.
Exhibit 4: Reflecting Economic Shifts, Consumer
Companies Have a Stronger Presence in 2018
1
-41%
Health care
3
Technolatinas
5
0
Financial institutions
10
0
Energy; oil and gas
5
7
Technology, media, and
telecommunications 5
8
Consumer
44
Industrial goods
30
51
31
+42%
Source: BCG analysis.
Note: Financial institutions and technolatinas not included in the 2009 BCG multilatinas.
Number of multilatinas by industry, 2018 versus 2009
(out of 100 total companies)
2018 BCG multilatinas
2009 BCG multilatinas

6. bcg.com