P/E ratio

The P/E ratio ended 2022 at just below 17 times.

Healthcare's P/E ratio of 17 times is slightly below its historic average.

If estimates are overly rosy, that means the P/E ratio is higher than it appears, making stocks seem less attractive.

To be sure, its Latin American sibling, Brazil, has a 6.13 P/E ratio, indicating that part of the valuation deficit may be regional and not unique to Mexico.

Indian equities occupied the top spot in the region in terms of valuation multiples, with a P/E ratio of 19, despite concerns over higher inflation and a surge in oil prices.