Latin America Equity Strategy | Latin America Stock Guide

Research evidence excerpt

Latin America Equity Strategy | Latin America Stock Guide

Update

July 19, 2026 09:00 PM GMT

Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+MLatin America Equity Strategy | Latin America Nikolaj Lippmann

Equity Strategist

Stock Guide Nikolaj.Lippmann@morganstanley.comMorgan Stanley C.T.V.M. S.A.+ +1 212 761-2463

Julia M Leao Nogueira

Our periodical publication features detailed market information EquityJulia.Nogueira@morganstanley.comStrategist +55 11 3048-6046

about 168 companies currently under MS coverage and 36 non-

covered stocks in the region. Exhibit 1 : MSCI Latin America index

5,000

The Stock Guide is comprised of the following sections: a) valuation, b) stock Bull

screens, c) MS versus consensus estimates, d) performance and e) liquidity. 4,000

Base

Valuation:

3,000

We estimate Latin stocks currently trade at 6.0x EBITDA, 11.3x earnings & 1.9x Bear

2,000

book value for 2026e.

1,000

Stock screens:

Source: Bloomberg and Morgan Stanley Research

The top 5 stocks with the highest enterprise value to EBITDA ratio for 2026e

are: 1) TBBB.N, 2) FIBRAPL14.MX, 3) GEB CB, 4) WEGE3.SA and 5) MELI.O

The bottom 5 stocks with the lowest enterprise value to EBITDA ratio for Exhibit 2 : Top and Bottom 10 Stocks: 1-week

2026e are: 1) CEAB3.SA, 2) PAGS.N, 3) VLRS.N, 4) NEXA.N and 5) MGLU3.SA. performance*

Weekly

Ticker Name Country Sector return

1 LIGT3.SA Light Brazil Utilities 16.2%

Momentum: 23 CMIN3.SAHAPV3.SA CSNHapvidaMineracao BrazilBrazil MiningHealth care 12.6%8.5%

4 PFDAVVND CB Banco Davivienda Colombia Financials 8.5%

The top 5 stocks with the highest 14-day Relative Strength Index (overbought) 56 DASA3.SACVCB3 BZ DasaCVC BrazilBrazil HealthRetail care 8.2%7.8%

7 ALICORC1 PE Alicorp Peru Bev. & Food 7.6%