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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies69
  • 7D-7.2%
  • 3M-14.0%
  • 1Y11.0%
  • YTD-14.4%

Over the last 7 days, the market has dropped 7.2%, driven by a loss of 9.9% in the Financials sector. As for the longer term, the market has actually risen by 11% in the last year. Looking forward, 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
Mon, 02 Mar 2026AR$98.9tAR$81.9tAR$2.7t13.7x36.1x1.2x
Wed, 28 Jan 2026AR$115.4tAR$72.6tAR$3.0t15.9x38.6x1.6x
Fri, 26 Dec 2025AR$115.0tAR$72.6tAR$2.8t16.7x41.3x1.6x
Sun, 23 Nov 2025AR$104.6tAR$75.1tAR$3.2t15.6x32.3x1.4x
Tue, 21 Oct 2025AR$75.8tAR$73.6tAR$5.3t13x14.2x1x
Thu, 18 Sep 2025AR$71.1tAR$73.6tAR$5.3t11.4x13.4x1x
Sat, 16 Aug 2025AR$86.8tAR$72.5tAR$5.0t14.1x17.4x1.2x
Mon, 14 Jul 2025AR$79.5tAR$69.1tAR$6.0t13.6x13.2x1.2x
Wed, 11 Jun 2025AR$83.7tAR$67.2tAR$5.9t14.7x14.1x1.2x
Fri, 09 May 2025AR$82.0tAR$68.7tAR$8.0t12.5x10.2x1.2x
Sun, 06 Apr 2025AR$84.1tAR$66.6tAR$7.8t14.5x10.8x1.3x
Tue, 04 Mar 2025AR$89.0tAR$55.7tAR$5.0t18.8x17.7x1.6x
Thu, 30 Jan 2025AR$97.8tAR$48.2tAR$4.2t24.6x23x2x
Sat, 28 Dec 2024AR$104.3tAR$47.7tAR$4.3t24.1x24.4x2.2x
Mon, 25 Nov 2024AR$89.5tAR$48.9tAR$4.2t18.9x21.6x1.8x
Wed, 23 Oct 2024AR$71.1tAR$45.9tAR$3.0t20.9x23.4x1.5x
Fri, 20 Sep 2024AR$71.9tAR$45.4tAR$3.1t19.9x23.2x1.6x
Sun, 18 Aug 2024AR$67.1tAR$41.9tAR$2.9t19.4x23.3x1.6x
Tue, 16 Jul 2024AR$71.0tAR$36.5tAR$2.4t18.1x29.9x1.9x
Thu, 13 Jun 2024AR$64.1tAR$34.6tAR$2.2t17.7x29.8x1.9x
Sat, 11 May 2024AR$58.7tAR$38.5tAR$906.4b16.9x64.8x1.5x
Mon, 08 Apr 2024AR$51.6tAR$36.9tAR$575.8b31.9x89.5x1.4x
Wed, 06 Mar 2024AR$46.5tAR$16.8tAR$2.3t30.8x20.5x2.8x
Fri, 02 Feb 2024AR$57.9tAR$13.9tAR$1.7t42.5x33.9x4.2x
Sun, 31 Dec 2023AR$41.4tAR$13.9tAR$1.7t31.5x24.2x3x
Tue, 28 Nov 2023AR$40.4tAR$14.9tAR$1.7t23x23.3x2.7x
Thu, 26 Oct 2023AR$30.1tAR$12.5tAR$853.3b24.6x35.2x2.4x
Sat, 23 Sep 2023AR$24.2tAR$12.2tAR$839.2b21.4x28.8x2x
Mon, 21 Aug 2023AR$25.1tAR$11.0tAR$611.0b25.7x41.1x2.3x
Wed, 19 Jul 2023AR$19.5tAR$10.5tAR$551.7b21.8x35.3x1.9x
Fri, 16 Jun 2023AR$16.2tAR$10.4tAR$526.6b19.4x30.8x1.6x
Sun, 14 May 2023AR$13.9tAR$10.1tAR$458.2b17.1x30.3x1.4x
Tue, 11 Apr 2023AR$11.3tAR$9.7tAR$421.4b14.5x26.9x1.2x
Thu, 09 Mar 2023AR$10.8tAR$6.8tAR$262.8b17.4x41.2x1.6x
Price to Earnings Ratio

41.2x


Total Market Cap: AR$10.8tTotal Earnings: AR$262.8bTotal 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 36.1x which is higher than its 3-year average PE of 28.9x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 119% per year over the last three years.
  • Revenues for these companies have grown 129% 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-7.17%
Telecom1.83%
Consumer Discretionary-2.93%
Real Estate-3.56%
Consumer Staples-4.21%
Tech-6.28%
Healthcare-6.50%
Utilities-6.62%
Industrials-6.75%
Energy-7.66%
Materials-9.03%
Financials-9.85%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 14.2x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 122% over the next 5 years.
  • In contrast, the Consumer Staples sector is expected to see its earnings decline by 23% 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
TECO2 Telecom ArgentinaAR$3.38k6.0%
+AR$409.2b		24.8%PS1.2xTelecom
CVH Cablevisión HoldingAR$7.13k4.7%
+AR$57.8b		-0.6%PS0.2xTelecom
RAGH RAGHSA Sociedad AnonimaAR$1.68k5.0%
+AR$31.9b		n/aPE12.7xReal Estate
MOLI Molinos Rio de la PlataAR$2.87k1.4%
+AR$8.1b		-19.0%PS0.8xConsumer Staples
GCLA Grupo ClarínAR$2.96k1.5%
+AR$4.8b		3.9%PE6.2xTelecom
See more

Market Insights

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YPFD
AR$50,775.00
YPF Sociedad Anónima
7D
-8.7%
1Y
20.5%
GRIM
AR$2,615.00
Grimoldi
7D
1.6%
1Y
113.5%
BMA
AR$11,210.00
Banco Macro
7D
-15.9%
1Y
11.3%
ALUA
AR$811.50
Aluar Aluminio ArgentinoI.C
7D
-9.1%
1Y
6.9%
GGAL
AR$6,545.00
Grupo Financiero Galicia
7D
-8.7%
1Y
-5.6%

GGAL: Overweight Rating And Dividend Actions Should Support Future Upside

Analysts have trimmed their ARS price target on Grupo Financiero Galicia, with the updated fair value moving from ARS 11,743.27 to ARS 11,609.67. This reflects JPMorgan's recent cut to ARS 72 and a shift to a lower assumed future P/E multiple.
TXAR
AR$619.50
Ternium Argentina
7D
-9.8%
1Y
-14.0%
BBAR
AR$7,285.00
Banco BBVA Argentina
7D
-11.5%
1Y
-3.5%
TECO2
AR$3,375.00
Telecom Argentina
7D
2.4%
1Y
24.8%
PAMP
AR$4,495.00
Pampa Energía
7D
-6.4%
1Y
20.0%

PAMP: Power And Gas Integration Will Drive Future Upside Potential

Analysts have held their ARS 7,400 price target for Pampa Energía, with the latest update reflecting slightly lower assumed revenue growth, a higher profit margin outlook, and a reduced discount rate that together support the same fair value under revised P/E expectations. Valuation Changes Fair Value: ARS 7,400 remains unchanged, indicating the overall target valuation is the same under the revised assumptions.
RAGH
AR$1,680.00
RAGHSA Sociedad Anonima
7D
5.0%
1Y
n/a
ROSE
AR$216.00
Instituto Rosenbusch
7D
0.2%
1Y
92.9%
IEB
AR$799.00
IEB Construcciones
7D
3.9%
1Y
n/a
GCLA
AR$2,955.00
Grupo Clarín
7D
1.5%
1Y
3.9%
TGNO4
AR$3,822.50
Transportadora de Gas del Norte
7D
-11.3%
1Y
12.8%
HAVA
AR$5,650.00
Havanna Holding
7D
0.5%
1Y
-1.1%