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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedFeb 06, 2026
DataAggregated Company Financials
Companies68
  • 7D-8.6%
  • 3M1.5%
  • 1Y9.4%
  • YTD-5.3%

Over the last 7 days, the market has dropped 8.6%, driven by pullbacks in every sector, especially the Financials sector. In contrast to the last week, the market is actually up 9.4% over the past year. As for the next few years, earnings are expected to grow by 48% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

Has the Argentinian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Feb 2026AR$111.3tAR$72.6tAR$3.0t14.9x37.3x1.5x
Sun, 04 Jan 2026AR$115.1tAR$72.8tAR$2.8t16.7x41.2x1.6x
Tue, 02 Dec 2025AR$113.0tAR$74.3tAR$3.1t15.8x36.9x1.5x
Thu, 30 Oct 2025AR$101.1tAR$73.6tAR$5.3t16.9x19x1.4x
Sat, 27 Sep 2025AR$69.5tAR$73.3tAR$5.2t11.7x13.3x0.9x
Mon, 25 Aug 2025AR$83.4tAR$72.2tAR$5.1t13.5x16.5x1.2x
Wed, 23 Jul 2025AR$81.3tAR$69.3tAR$5.7t15.2x14.4x1.2x
Fri, 20 Jun 2025AR$81.5tAR$69.1tAR$6.0t13.7x13.6x1.2x
Sun, 18 May 2025AR$91.9tAR$71.3tAR$6.3t14.4x14.5x1.3x
Tue, 15 Apr 2025AR$88.9tAR$68.1tAR$8.0t14.9x11.1x1.3x
Thu, 13 Mar 2025AR$86.7tAR$68.7tAR$7.6t15.5x11.4x1.3x
Sat, 08 Feb 2025AR$99.7tAR$48.2tAR$4.2t22.4x23.5x2.1x
Mon, 06 Jan 2025AR$108.5tAR$47.6tAR$4.3t24.5x25.4x2.3x
Wed, 04 Dec 2024AR$93.5tAR$49.5tAR$4.3t21.9x21.7x1.9x
Fri, 01 Nov 2024AR$72.6tAR$45.8tAR$3.0t23.3x24x1.6x
Sun, 29 Sep 2024AR$68.5tAR$45.0tAR$3.0t20.1x22.6x1.5x
Tue, 27 Aug 2024AR$65.1tAR$43.2tAR$2.8t19x22.9x1.5x
Thu, 25 Jul 2024AR$67.2tAR$36.6tAR$2.4t19.6x28.3x1.8x
Sat, 22 Jun 2024AR$66.1tAR$36.3tAR$2.4t17.6x28.1x1.8x
Mon, 20 May 2024AR$61.6tAR$39.4tAR$1.8t16.9x34.8x1.6x
Wed, 17 Apr 2024AR$47.6tAR$37.4tAR$618.3b16.2x76.9x1.3x
Fri, 15 Mar 2024AR$44.8tAR$35.2tAR$795.7b25.8x56.2x1.3x
Sun, 11 Feb 2024AR$51.2tAR$14.0tAR$1.8t43.4x28.9x3.7x
Tue, 09 Jan 2024AR$46.6tAR$18.8tAR$2.5t31.4x18.4x2.5x
Thu, 07 Dec 2023AR$39.8tAR$14.9tAR$1.8t26.2x22.5x2.7x
Sat, 04 Nov 2023AR$27.9tAR$12.5tAR$854.9b23.4x32.6x2.2x
Mon, 02 Oct 2023AR$24.7tAR$12.3tAR$841.1b22.7x29.4x2x
Wed, 30 Aug 2023AR$29.0tAR$11.8tAR$723.3b26.8x40x2.5x
Fri, 28 Jul 2023AR$20.2tAR$10.5tAR$550.6b21.2x36.7x1.9x
Sun, 25 Jun 2023AR$18.1tAR$10.4tAR$530.0b21.7x34.1x1.7x
Tue, 23 May 2023AR$14.7tAR$10.3tAR$526.5b18x28x1.4x
Thu, 20 Apr 2023AR$12.1tAR$9.8tAR$430.4b14.9x28.1x1.2x
Sat, 18 Mar 2023AR$9.7tAR$9.5tAR$389.4b14.1x24.8x1x
Mon, 13 Feb 2023AR$11.1tAR$6.8tAR$425.2b16.5x26x1.6x
Price to Earnings Ratio

26x


Total Market Cap: AR$11.1tTotal Earnings: AR$425.2bTotal Revenue: AR$6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 28.9x202420252026
Current Market PE
  • Investors are optimistic on the Argentinean market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 37.3x which is higher than its 3-year average PE of 28.9x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 92% per year over the last three years.
  • Revenues for these companies have grown 120% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Argentinian Market?

AR Market-8.64%
Consumer Discretionary-5.49%
Materials-5.92%
Energy-6.86%
Utilities-7.88%
Tech-7.99%
Consumer Staples-8.11%
Real Estate-9.32%
Industrials-9.73%
Healthcare-9.89%
Financials-10.21%
Telecom-11.82%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 14.6x.
    • Analysts are expecting annual earnings decline of 32.1% which is lower than the prior year's growth of 0.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 109% over the next 5 years.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 67% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
TRAN Compañía de Transporte de Energía Eléctrica en Alta Tensión TransenerAR$3.86k3.1%
+AR$51.1b		46.9%PE12.5xUtilities
IEB IEB ConstruccionesAR$703.000.6%
+AR$120.0m		n/an/aIndustrials
POLL Polledo Sociedad Anonima Industrial Constructora y FinancieraAR$290.003.6%
+AR$64.2m		-9.8%PE-10.5xIndustrials
GARO Garovaglio y ZorraquínAR$203.000.5%
+AR$44.0m		-32.3%PS0.1xIndustrials
REGE García Reguera Sociedad Anónima Comercial Industrial Financiera e InmobiliariaAR$60.200.3%
+AR$40.0m		n/aPS0.7xConsumer Discretionary
See more

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YPFD
AR$56,425.00
YPF Sociedad Anónima
7D
-4.5%
1Y
20.9%
PAMP
AR$4,920.00
Pampa Energía
7D
-7.4%
1Y
21.3%

PAMP: Fair Value View Will Reflect Higher Margins And Revised Cash Flow Assumptions

Analysts have revised their fair value estimate for Pampa Energía from $3,400 to $5,400, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple as key drivers of the change. Valuation Changes Fair Value Estimate was raised from ARS 3,400 to ARS 5,400, reflecting the updated model assumptions.
BBAR
AR$8,750.00
Banco BBVA Argentina
7D
-14.0%
1Y
-0.6%

BBAR: Weaker Capital Profile And Loan Exposure Will Temper Credit Repricing Potential

Analysts have trimmed their price target on Banco BBVA Argentina to US$15, citing a comparatively weaker profitability outlook, a lower Tier 1 ratio at 18% and higher loan exposure versus peers as key factors behind the shift. Analyst Commentary Recent research highlights a cautious stance on Banco BBVA Argentina, with the latest initiation at a Sell rating and a US$15 price target reinforcing the view that the shares carry meaningful execution and balance sheet risks relative to peers.
CEPU
AR$2,322.00
Central Puerto
7D
-9.8%
1Y
38.2%

CEPU: Improved Margin Profile Will Support Future Upside Potential

Analysts have lifted their price target on Central Puerto to $2,900.00, supported by updated assumptions that include revenue growth of 22.59%, a profit margin of 24.79% and a forward P/E of 23.31x. Valuation Changes Fair Value: Kept steady at ARS 2,900.0 per share, with no change in the updated assumptions.
GGAL
AR$7,505.00
Grupo Financiero Galicia
7D
-9.7%
1Y
-5.0%

GGAL: Shares Should Benefit From Pro Reform Agenda And Healthier Credit Cycle

Analysts have raised their fair value estimate for Grupo Financiero Galicia to 11,743.27 from 11,664.87. The change reflects updated assumptions on discount rates, revenue growth, profit margins and future P/E, following recent price target increases and rating changes across the Street.
BMA
AR$13,380.00
Banco Macro
7D
-12.5%
1Y
12.7%

BMA: High Capital Strength And Post Election Credit Cycle Will Drive Upside

Analysts have lifted their fair value estimate for Banco Macro from ARS 16,877.89 to ARS 17,999.02 as they factor in updated growth and margin assumptions, along with recent upgrades and higher price targets from major global banks. Analyst Commentary Recent research updates on Banco Macro point to a more constructive stance following Argentina's election outcome, with several large institutions revisiting their views on risk, growth potential and capital strength.
TRAN
AR$3,862.50
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
3.1%
1Y
46.9%
TECO2
AR$3,482.50
Telecom Argentina
7D
-13.9%
1Y
22.0%
REGE
AR$60.20
García Reguera Sociedad Anónima Comercial Industrial Financiera e Inmobiliaria
7D
0.3%
1Y
n/a
IEB
AR$703.00
IEB Construcciones
7D
0.6%
1Y
n/a
TGSU2
AR$8,755.00
Transportadora de Gas del Sur
7D
-10.9%
1Y
33.3%
GARO
AR$203.00
Garovaglio y Zorraquín
7D
0.5%
1Y
-32.3%
POLL
AR$290.00
Polledo Sociedad Anonima Industrial Constructora y Financiera
7D
3.6%
1Y
-9.8%