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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies68
  • 7D6.4%
  • 3M14.6%
  • 1Y17.7%
  • YTD3.9%

The market has climbed 6.4% over the last week, with theFinancials and Information Technology sectors leading the way. In contrast, the Materials sector is lagging, dropping 5.8%. In the last year, the market has climbed 18%. Earnings are forecast to grow by 46% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026AR$119.5tAR$72.6tAR$3.0t15.9x40x1.6x
Sat, 27 Dec 2025AR$115.0tAR$72.6tAR$2.8t16.7x41.3x1.6x
Mon, 24 Nov 2025AR$104.6tAR$75.6tAR$3.3t15.4x31.8x1.4x
Wed, 22 Oct 2025AR$75.8tAR$73.7tAR$5.3t12.8x14.2x1x
Fri, 19 Sep 2025AR$70.9tAR$73.6tAR$5.3t11x13.3x1x
Sun, 17 Aug 2025AR$86.8tAR$72.9tAR$5.1t14.9x17.2x1.2x
Tue, 15 Jul 2025AR$79.5tAR$69.2tAR$5.9t14.6x13.4x1.1x
Thu, 12 Jun 2025AR$87.5tAR$67.2tAR$5.9t14.5x14.7x1.3x
Sat, 10 May 2025AR$82.0tAR$68.7tAR$8.0t13.1x10.2x1.2x
Mon, 07 Apr 2025AR$84.1tAR$66.6tAR$7.8t14.5x10.8x1.3x
Wed, 05 Mar 2025AR$89.0tAR$56.4tAR$5.1t18.8x17.4x1.6x
Fri, 31 Jan 2025AR$101.4tAR$48.2tAR$4.2t24.6x23.9x2.1x
Sun, 29 Dec 2024AR$103.6tAR$47.7tAR$4.3t24.1x24.2x2.2x
Tue, 26 Nov 2024AR$89.6tAR$48.9tAR$4.2t18.9x21.6x1.8x
Thu, 24 Oct 2024AR$70.5tAR$45.8tAR$3.0t20.3x23.2x1.5x
Sat, 21 Sep 2024AR$73.0tAR$45.5tAR$3.1t19.6x23.6x1.6x
Mon, 19 Aug 2024AR$67.1tAR$41.9tAR$2.9t19.4x23.3x1.6x
Wed, 17 Jul 2024AR$62.7tAR$36.5tAR$2.4t18.4x26.5x1.7x
Fri, 14 Jun 2024AR$66.1tAR$34.6tAR$2.2t17.7x30.7x1.9x
Sun, 12 May 2024AR$58.1tAR$38.5tAR$832.1b16.7x69.8x1.5x
Tue, 09 Apr 2024AR$51.6tAR$37.0tAR$574.0b31.2x89.8x1.4x
Thu, 07 Mar 2024AR$44.0tAR$16.8tAR$2.3t30.8x19.3x2.6x
Sat, 03 Feb 2024AR$58.6tAR$13.9tAR$1.7t43.6x34.3x4.2x
Mon, 01 Jan 2024AR$41.4tAR$13.9tAR$1.7t31.5x24.2x3x
Wed, 29 Nov 2023AR$37.3tAR$14.9tAR$1.7t21.6x21.5x2.5x
Fri, 27 Oct 2023AR$29.7tAR$12.5tAR$854.9b23.9x34.7x2.4x
Sun, 24 Sep 2023AR$24.2tAR$12.2tAR$839.2b21.4x28.8x2x
Tue, 22 Aug 2023AR$25.1tAR$11.1tAR$618.0b25.7x40.7x2.3x
Thu, 20 Jul 2023AR$19.4tAR$10.5tAR$550.6b21.3x35.2x1.9x
Sat, 17 Jun 2023AR$17.5tAR$10.4tAR$526.1b19.5x33.3x1.7x
Mon, 15 May 2023AR$13.9tAR$10.1tAR$458.2b17.1x30.3x1.4x
Wed, 12 Apr 2023AR$11.5tAR$9.7tAR$423.9b14.6x27.1x1.2x
Fri, 10 Mar 2023AR$10.7tAR$6.8tAR$265.8b17.3x40.3x1.6x
Sun, 05 Feb 2023AR$10.7tAR$6.7tAR$424.1b16.9x25.1x1.6x
Price to Earnings Ratio

25.1x


Total Market Cap: AR$10.7tTotal Earnings: AR$424.1bTotal Revenue: AR$6.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 28.8x202420252026
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 40.0x which is higher than its 3-year average PE of 28.8x.
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 121% 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 Market6.35%
Telecom12.94%
Real Estate7.26%
Energy6.97%
Financials6.87%
Utilities6.72%
Consumer Staples3.89%
Consumer Discretionary2.38%
Industrials1.99%
Tech1.55%
Healthcare1.47%
Materials-5.77%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 14.1x.
    • 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
YPFD YPF Sociedad AnónimaAR$58.05k7.5%
+AR$1.6t		22.3%PS1.1xEnergy
TECO2 Telecom ArgentinaAR$3.92k14.9%
+AR$1.1t		31.6%PS1.4xTelecom
BBAR Banco BBVA ArgentinaAR$10.30k13.8%
+AR$765.9b		17.6%PB2.2xFinancials
GGAL Grupo Financiero GaliciaAR$8.46k4.2%
+AR$546.1b		4.6%PB1.9xFinancials
BMA Banco MacroAR$15.57k5.7%
+AR$537.1b		30.6%PB2.1xFinancials
See more

Market Insights

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SEMI
AR$22.35
Molinos Juan Semino
7D
-2.6%
1Y
-34.9%
TXAR
AR$694.00
Ternium Argentina
7D
-12.2%
1Y
-14.1%
BBAR
AR$10,300.00
Banco BBVA Argentina
7D
13.8%
1Y
17.6%
YPFD
AR$58,050.00
YPF Sociedad Anónima
7D
7.5%
1Y
22.3%

YPFD: Long-Term Vaca Muerta Export Deals Will Underpin Future Upside

Analysts have raised their price target for YPF Sociedad Anónima from AR$65,000 to AR$109,461, citing updated assumptions that include a lower discount rate, revised expectations for revenue growth and profit margins, and a higher future P/E multiple. What's in the News YPF and partners Vista Energy Lach, Shell Argentina, Equinor Argentina and ENAP signed long term agreements for shale oil exports from Vaca Muerta, with contracts valid until June 2033 and an initial combined volume of up to 70,000 barrels per day, which is expected to generate an estimated US$12b in revenues for Argentina over the term of the contracts (Key Developments).
CEPU
AR$2,615.00
Central Puerto
7D
9.6%
1Y
57.5%

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$8,460.00
Grupo Financiero Galicia
7D
4.2%
1Y
4.6%

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$15,570.00
Banco Macro
7D
5.7%
1Y
30.6%

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.
PAMP
AR$5,380.00
Pampa Energía
7D
7.4%
1Y
32.3%

PAMP: Power And Gas Integration Will Drive Future Upside Potential

Analysts have lifted their fair value estimate for Pampa Energía from $4,800 to $7,400, citing updated assumptions that reflect recent research highlighting expected benefits from changes in its power generation business and improved monetization of its gas upstream operations. Analyst Commentary Recent Street research highlights a more constructive view on Pampa Energía, with bullish analysts revisiting their models and aligning valuation work with updated expectations for the power and gas businesses.
TECO2
AR$3,922.50
Telecom Argentina
7D
14.9%
1Y
31.6%
LEDE
AR$910.00
Ledesma Sociedad Anónima Agrícola Industrial
7D
-1.6%
1Y
-39.7%
GCLA
AR$2,955.00
Grupo Clarín
7D
-0.7%
1Y
-10.3%
CAPX
AR$5,050.00
Capex
7D
-0.2%
1Y
-34.4%
MORI
AR$38.50
Morixe HermanosC.I
7D
-5.4%
1Y
-15.0%
PATA
AR$1,355.00
Sociedad Anónima Importadora y Exportadora de la Patagonia
7D
-0.7%
1Y
-17.6%
MOLA
AR$26,650.00
Molinos Agro
7D
-2.2%
1Y
-15.3%
TGSU2
AR$9,875.00
Transportadora de Gas del Sur
7D
5.8%
1Y
46.1%