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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies68
  • 7D-1.6%
  • 3M64.0%
  • 1Y5.0%
  • YTD69.7%

Over the last 7 days, the market has dropped 1.6%, driven by a pullback of 5.2% in the Utilities sector. Meanwhile, the Real Estate sector has outperformed, gaining 3.8% in that time. In contrast to the last week, the market is actually up 5.0% over the past year. Earnings are forecast to grow by 49% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 01 Jan 2026AR$113.0tAR$72.7tAR$2.8t16.7x40.6x1.6x
Sat, 29 Nov 2025AR$112.6tAR$74.2tAR$3.5t15.4x32.6x1.5x
Mon, 27 Oct 2025AR$79.5tAR$73.7tAR$5.4t12.9x14.9x1.1x
Wed, 24 Sep 2025AR$70.9tAR$73.4tAR$5.2t12x13.5x1x
Fri, 22 Aug 2025AR$82.4tAR$72.7tAR$5.2t12.8x15.9x1.1x
Sun, 20 Jul 2025AR$82.5tAR$69.2tAR$5.7t14.7x14.6x1.2x
Tue, 17 Jun 2025AR$84.6tAR$68.8tAR$5.9t14.7x14.4x1.2x
Thu, 15 May 2025AR$90.5tAR$69.0tAR$8.1t12.7x11.1x1.3x
Sat, 12 Apr 2025AR$83.3tAR$68.2tAR$8.1t13.8x10.3x1.2x
Mon, 10 Mar 2025AR$90.8tAR$65.1tAR$7.5t17.2x12.1x1.4x
Wed, 05 Feb 2025AR$99.3tAR$48.2tAR$4.2t24.2x23.4x2.1x
Fri, 03 Jan 2025AR$101.7tAR$47.6tAR$4.3t24.5x23.8x2.1x
Sun, 01 Dec 2024AR$91.9tAR$49.0tAR$4.2t20x21.8x1.9x
Tue, 29 Oct 2024AR$73.1tAR$45.8tAR$3.0t22.2x24.2x1.6x
Thu, 26 Sep 2024AR$70.3tAR$45.0tAR$3.0t20.1x23.2x1.6x
Sat, 24 Aug 2024AR$63.9tAR$42.2tAR$2.9t19.2x22.3x1.5x
Mon, 22 Jul 2024AR$64.8tAR$36.6tAR$2.4t18.4x27.3x1.8x
Wed, 19 Jun 2024AR$66.4tAR$36.6tAR$2.4t17.5x27.9x1.8x
Fri, 17 May 2024AR$61.7tAR$40.1tAR$1.3t16.8x48.2x1.5x
Sun, 14 Apr 2024AR$50.4tAR$37.1tAR$567.7b17.1x88.8x1.4x
Tue, 12 Mar 2024AR$40.8tAR$31.7tAR$1.3t22.6x31.3x1.3x
Thu, 08 Feb 2024AR$54.6tAR$14.1tAR$1.8t41.3x30.8x3.9x
Sat, 06 Jan 2024AR$44.7tAR$13.9tAR$1.7t35x26.1x3.2x
Mon, 04 Dec 2023AR$38.8tAR$15.0tAR$1.7t24x22.3x2.6x
Wed, 01 Nov 2023AR$25.4tAR$12.5tAR$854.9b20.5x29.7x2x
Fri, 29 Sep 2023AR$25.5tAR$12.3tAR$841.4b22.6x30.3x2.1x
Sun, 27 Aug 2023AR$26.9tAR$11.8tAR$725.1b24.8x37.1x2.3x
Tue, 25 Jul 2023AR$20.0tAR$10.5tAR$550.6b22x36.3x1.9x
Thu, 22 Jun 2023AR$18.4tAR$10.4tAR$524.4b21.9x35.1x1.8x
Sat, 20 May 2023AR$14.7tAR$10.3tAR$521.7b18.2x28.2x1.4x
Mon, 17 Apr 2023AR$12.1tAR$9.8tAR$429.3b14.9x28.1x1.2x
Wed, 15 Mar 2023AR$9.6tAR$8.0tAR$305.7b15.8x31.5x1.2x
Fri, 10 Feb 2023AR$11.0tAR$6.7tAR$424.1b16.7x25.9x1.6x
Sun, 08 Jan 2023AR$9.6tAR$6.8tAR$430.1b15.4x22.4x1.4x
Price to Earnings Ratio

22.4x


Total Market Cap: AR$9.6tTotal Earnings: AR$430.1bTotal Revenue: AR$6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 28.5x202420252026
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 40.6x which is higher than its 3-year average PE of 28.5x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 86% 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 Market-1.60%
Industrials6.31%
Real Estate3.83%
Telecom1.20%
Consumer Staples0.35%
Consumer Discretionary-0.026%
Healthcare-0.46%
Financials-1.28%
Energy-1.31%
Materials-2.38%
Tech-2.77%
Utilities-5.16%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 12.5x.
    • 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
IRSA IRSA Inversiones y Representaciones Sociedad AnónimaAR$2.55k7.4%
+AR$133.5b		36.4%PE4xReal Estate
TECO2 Telecom ArgentinaAR$3.53k1.6%
+AR$118.5b		11.3%PS1.3xTelecom
HARG Holcim (Argentina)AR$2.54k10.5%
+AR$87.8b		13.7%PS2.4xMaterials
CRES Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y AgropecuariaAR$1.92k7.0%
+AR$80.4b		22.9%PE7.4xConsumer Staples
AUSO Autopistas Del SolAR$4.00k8.4%
+AR$27.4b		2.6%PE3.6xIndustrials
See more

Market Insights

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Latest News

TRAN
AR$3,577.50
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
-17.7%
1Y
26.4%
CRES
AR$1,918.00
Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria
7D
7.0%
1Y
22.9%
OEST
AR$997.50
Grupo Concesionario del Oeste
7D
14.7%
1Y
-11.7%
IRSA
AR$2,550.00
IRSA Inversiones y Representaciones Sociedad Anónima
7D
7.4%
1Y
36.4%
YPFD
AR$54,600.00
YPF Sociedad Anónima
7D
-0.5%
1Y
4.2%

YPFD: Future Export Agreements Will Support Efficiency Gains And Forward Momentum

Analysts have modestly lowered their price target on YPF Sociedad Anónima to $44 from $47, reflecting updated models that incorporate stronger top line growth but more conservative assumptions on profitability and valuation multiples. Analyst Commentary Analysts describe the modest price target reduction as a recalibration rather than a shift in fundamental conviction.
GCLA
AR$3,085.00
Grupo Clarín
7D
6.0%
1Y
20.0%
CEPU
AR$2,612.50
Central Puerto
7D
-3.2%
1Y
43.5%

CEPU: Share Buyback Plan Will Drive Future Upside Potential

Analysts have modestly reaffirmed their view on Central Puerto, keeping the price target steady at $29.00 per share, as slightly stronger long term revenue growth expectations offset a marginally lower projected profit margin and discount rate. What's in the News Board of Directors authorizes a new share buyback plan for Central Puerto S.A. on September 25, 2025, signaling confidence in the company and its valuation (company filing) Central Puerto S.A. launches a share repurchase program of up to $20 million, capped at 10% of corporate capital, funded from free reserves (company filing) Initial maximum repurchase prices set at $11 per ADR on the NYSE and ARS 650 per common share on Bolsas y Mercados Argentinos (company filing) On October 24, 2025, Central Puerto raises the maximum local repurchase price to ARS 1,750 per common share, while maintaining the $11 ADR cap on the NYSE (company filing) Valuation Changes Fair Value: Unchanged at $29.00 per share, indicating no revision to the intrinsic value estimate.
PAMP
AR$5,260.00
Pampa Energía
7D
-4.0%
1Y
20.0%

PAMP: Future Returns Will Reflect Power Reforms And Gas Integration Benefits

Analysts have raised their price target on Pampa Energía from $92 to $113 per share, citing expectations for significant benefits from changes in the power generation business and improved monetization and integration of the company's gas upstream operations. Analyst Commentary Recent research updates highlight a more constructive stance on Pampa Energía, with higher price targets reflecting improved visibility on earnings growth and cash flow generation from both power and gas operations.
BMA
AR$13,570.00
Banco Macro
7D
-2.2%
1Y
5.6%

BMA: Higher Capital Strength Will Support Post Election Credit Upside

Analysts have raised their price target on Banco Macro to $111 from ARS 18,000, reflecting higher expected revenue growth, expanding profit margins and the bank's strong capital position relative to other Argentine peers. Analyst Commentary Recent Street research reflects a generally constructive stance on Banco Macro, with several upgrades and positive initiations following Argentina's improved macroeconomic outlook and post election policy visibility.
TXAR
AR$672.00
Ternium Argentina
7D
-7.1%
1Y
-25.2%
BPAT
AR$2,770.00
Banco Patagonia
7D
-5.6%
1Y
-4.8%
AUSO
AR$3,995.00
Autopistas Del Sol
7D
8.4%
1Y
2.6%
TECO2
AR$3,527.50
Telecom Argentina
7D
1.6%
1Y
11.3%
HARG
AR$2,535.00
Holcim (Argentina)
7D
10.5%
1Y
13.7%
MOLA
AR$27,400.00
Molinos Agro
7D
1.9%
1Y
-8.1%
TGSU2
AR$9,325.00
Transportadora de Gas del Sur
7D
-2.5%
1Y
21.3%