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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedFeb 18, 2026
DataAggregated Company Financials
Companies68
  • 7D-7.3%
  • 3M-3.9%
  • 1Y9.7%
  • YTD-8.6%

Over the last 7 days, the market has dropped 5.3%, driven by a decline of 8.4% in the Financials sector. In the last year, the market is actually up 16%. Earnings are forecast to grow by 50% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026AR$104.3tAR$72.6tAR$3.0t14.3x34.8x1.4x
Fri, 16 Jan 2026AR$108.2tAR$72.7tAR$2.8t15.4x39.3x1.5x
Sun, 14 Dec 2025AR$110.9tAR$72.6tAR$2.8t15.6x39x1.5x
Tue, 11 Nov 2025AR$108.2tAR$71.4tAR$2.6t18.8x42x1.5x
Thu, 09 Oct 2025AR$69.7tAR$73.5tAR$5.3t11.9x13.2x0.9x
Sat, 06 Sep 2025AR$78.5tAR$72.1tAR$5.2t15x15.1x1.1x
Mon, 04 Aug 2025AR$90.2tAR$69.4tAR$5.8t16.8x15.5x1.3x
Wed, 02 Jul 2025AR$80.6tAR$69.1tAR$6.0t13x13.4x1.2x
Fri, 30 May 2025AR$92.6tAR$70.2tAR$6.6t15.9x14.1x1.3x
Sun, 27 Apr 2025AR$87.6tAR$68.8tAR$8.2t13.5x10.7x1.3x
Tue, 25 Mar 2025AR$97.1tAR$69.4tAR$8.0t16.2x12.1x1.4x
Thu, 20 Feb 2025AR$91.2tAR$49.1tAR$4.3t22.5x21.1x1.9x
Sat, 18 Jan 2025AR$104.3tAR$48.8tAR$4.3t23.4x24.4x2.1x
Mon, 16 Dec 2024AR$96.2tAR$47.6tAR$4.2t22.7x22.7x2x
Wed, 13 Nov 2024AR$79.1tAR$49.0tAR$2.5t16.7x31.2x1.6x
Fri, 11 Oct 2024AR$69.9tAR$45.0tAR$3.0t21.2x23.1x1.6x
Sun, 08 Sep 2024AR$69.2tAR$45.3tAR$3.1t19.9x22.4x1.5x
Tue, 06 Aug 2024AR$59.4tAR$38.0tAR$933.4b16.7x63.7x1.6x
Thu, 04 Jul 2024AR$68.1tAR$36.2tAR$2.4t18.7x28.9x1.9x
Sat, 01 Jun 2024AR$68.5tAR$43.7tAR$3.3t20x20.8x1.6x
Mon, 29 Apr 2024AR$53.0tAR$38.3tAR$838.7b16.4x63.2x1.4x
Wed, 27 Mar 2024AR$51.0tAR$36.2tAR$583.2b26.9x87.5x1.4x
Fri, 23 Feb 2024AR$46.3tAR$14.1tAR$1.8t36x26.2x3.3x
Sun, 21 Jan 2024AR$52.5tAR$13.9tAR$1.7t37.2x30.7x3.8x
Tue, 19 Dec 2023AR$41.4tAR$14.2tAR$1.7t30x23.7x2.9x
Thu, 16 Nov 2023AR$27.5tAR$13.8tAR$1.5t21.6x17.9x2x
Sat, 14 Oct 2023AR$33.0tAR$12.5tAR$840.0b24.7x39.2x2.6x
Mon, 11 Sep 2023AR$23.1tAR$11.8tAR$729.7b23.6x31.7x2x
Wed, 09 Aug 2023AR$19.9tAR$10.5tAR$566.2b19.5x35.1x1.9x
Fri, 07 Jul 2023AR$18.0tAR$10.4tAR$530.9b20.8x33.9x1.7x
Sun, 04 Jun 2023AR$15.4tAR$10.4tAR$523.8b19x29.4x1.5x
Tue, 02 May 2023AR$13.1tAR$9.8tAR$430.4b17x30.5x1.3x
Thu, 30 Mar 2023AR$10.9tAR$9.6tAR$406.7b14.7x26.7x1.1x
Sat, 25 Feb 2023AR$10.9tAR$6.3tAR$251.2b18.4x43.3x1.7x
Price to Earnings Ratio

43.3x


Total Market Cap: AR$10.9tTotal Earnings: AR$251.2bTotal Revenue: AR$6.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 29x202420252026
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 35.1x which is higher than its 3-year average PE of 29.0x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 128% per year over the last three years.
  • Revenues for these companies have grown 126% 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-7.32%
Materials-0.76%
Consumer Discretionary-1.94%
Healthcare-2.39%
Tech-3.62%
Industrials-4.30%
Real Estate-4.49%
Utilities-5.38%
Consumer Staples-5.78%
Energy-5.85%
Telecom-9.88%
Financials-10.84%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 15.3x.
    • Analysts are expecting annual earnings decline of 18.7% 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 Consumer Staples sector is expected to see its earnings decline by 19% 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
ALUA Aluar Aluminio ArgentinoI.CAR$990.500.9%
+AR$25.2b		22.4%PS1.7xMaterials
RAGH RAGHSA Sociedad AnonimaAR$1.55k3.3%
+AR$19.9b		n/aPE11.7xReal Estate
HAVA Havanna HoldingAR$5.65k2.5%
+AR$6.6b		-5.4%PE29.9xConsumer Discretionary
RIGO RigolleauAR$534.004.1%
+AR$3.0b		-40.1%PE54.4xMaterials
CVH Cablevisión HoldingAR$7.40k0.1%
+AR$1.8b		0.8%PS0.2xTelecom
See more

Market Insights

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Latest News

BBAR
AR$7,955.00
Banco BBVA Argentina
7D
-11.4%
1Y
-2.8%

BBAR: Lower Discount Rate And Conservative P/E Assumptions Will Support Upside Potential

Analysts have updated their view on Banco BBVA Argentina, lifting the ARS price target to ARS 10,033, supported by a lower discount rate, slightly higher revenue growth and profit margin assumptions, and a reduced forward P/E multiple. What's in the News U.S. banks including JPMorgan, Citi, and Bank of America have set aside a planned US$20b bailout package for Argentina and are instead focusing on a smaller, short term loan package for the government (Wall Street Journal) The original plan reportedly included a US$20b currency swap with the U.S. Treasury Department and a separate US$20b bank led debt facility aimed at supporting President Javier Milei's pro reform agenda (Wall Street Journal) Banco BBVA Argentina is mentioned alongside other publicly traded Argentine banks such as Grupo Financiero Galicia, Banco Macro, and Grupo Supervielle in connection with this funding shift (Wall Street Journal) Valuation Changes Fair Value: ARS 10,033 is unchanged, indicating the updated assumptions lead to the same overall valuation estimate as before.
GBAN
AR$2,220.00
Naturgy BAN
7D
0.2%
1Y
0.5%
PAMP
AR$4,840.00
Pampa Energía
7D
-4.5%
1Y
22.1%
CEPU
AR$2,285.00
Central Puerto
7D
-4.7%
1Y
41.9%
BMA
AR$12,700.00
Banco Macro
7D
-8.8%
1Y
13.4%
RIGO
AR$534.00
Rigolleau
7D
4.1%
1Y
-40.1%
YPFD
AR$54,650.00
YPF Sociedad Anónima
7D
-5.3%
1Y
20.2%

YPFD: Export Agreements And Governance Changes Will Shape A Fairly Valued Outlook

Analysts have raised their price target on YPF Sociedad Anónima from AR$47,800 to AR$55,000, citing revised assumptions around the discount rate, revenue growth, profit margin, and future P/E as key drivers of the updated view. What's in the News A board meeting is set for November 18, 2025, with the agenda not yet publicly detailed.
GGAL
AR$6,695.00
Grupo Financiero Galicia
7D
-11.6%
1Y
-8.4%

GGAL: Argentina Reform Progress Will Drive Upside Through Secular Credit Cycle

Analysts have adjusted their view on Grupo Financiero Galicia with a refreshed price target of US$58. This reflects updated assumptions around discount rates, revenue growth, profit margins and a lower future P/E, while maintaining a balanced stance on Argentina’s longer term growth potential and related risks following the recent share rally.
ALUA
AR$990.50
Aluar Aluminio ArgentinoI.C
7D
0.9%
1Y
22.4%
CVH
AR$7,400.00
Cablevisión Holding
7D
0.1%
1Y
0.8%
RAGH
AR$1,550.00
RAGHSA Sociedad Anonima
7D
3.3%
1Y
n/a
ROSE
AR$223.50
Instituto Rosenbusch
7D
1.6%
1Y
89.4%
IEB
AR$757.00
IEB Construcciones
7D
6.0%
1Y
n/a
BPAT
AR$2,385.00
Banco Patagonia
7D
-9.1%
1Y
-0.2%
HAVA
AR$5,650.00
Havanna Holding
7D
2.5%
1Y
-5.4%
TGSU2
AR$8,615.00
Transportadora de Gas del Sur
7D
-7.0%
1Y
28.0%