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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies68
  • 7D-2.2%
  • 3M51.4%
  • 1Y-0.1%
  • YTD-3.4%

Over the last 7 days, the market has dropped 2.2%, driven by a decline of 6.4% in the Energy sector. Overall the market has been flat in the last year. Looking forward, 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
Fri, 09 Jan 2026AR$114.0tAR$72.7tAR$2.8t15.8x40.9x1.6x
Sun, 07 Dec 2025AR$114.1tAR$73.2tAR$2.9t15.9x38.9x1.6x
Tue, 04 Nov 2025AR$112.7tAR$73.8tAR$5.3t19.1x21.4x1.5x
Thu, 02 Oct 2025AR$69.0tAR$73.5tAR$5.3t11.4x13.1x0.9x
Sat, 30 Aug 2025AR$79.0tAR$72.4tAR$4.9t12.4x16x1.1x
Mon, 28 Jul 2025AR$87.1tAR$69.2tAR$5.7t15.5x15.4x1.3x
Wed, 25 Jun 2025AR$81.7tAR$69.1tAR$6.0t13.8x13.6x1.2x
Fri, 23 May 2025AR$91.8tAR$70.6tAR$6.3t14.1x14.6x1.3x
Sun, 20 Apr 2025AR$86.4tAR$68.5tAR$8.2t13.7x10.6x1.3x
Tue, 18 Mar 2025AR$93.9tAR$69.3tAR$8.0t15.7x11.7x1.4x
Thu, 13 Feb 2025AR$91.3tAR$49.1tAR$4.3t21.4x21.5x1.9x
Sat, 11 Jan 2025AR$111.8tAR$47.6tAR$4.3t24.9x26.2x2.3x
Mon, 09 Dec 2024AR$90.1tAR$47.6tAR$4.2t21.8x21.3x1.9x
Wed, 06 Nov 2024AR$76.0tAR$45.8tAR$3.0t24.4x25.1x1.7x
Fri, 04 Oct 2024AR$67.9tAR$45.0tAR$3.0t20.3x22.4x1.5x
Sun, 01 Sep 2024AR$68.8tAR$43.2tAR$2.8t19.9x24.4x1.6x
Tue, 30 Jul 2024AR$63.4tAR$36.6tAR$2.4t17.9x26.7x1.7x
Thu, 27 Jun 2024AR$65.6tAR$36.3tAR$2.4t17.7x27.9x1.8x
Sat, 25 May 2024AR$63.3tAR$40.7tAR$2.0t17.6x31.3x1.6x
Mon, 22 Apr 2024AR$49.7tAR$37.6tAR$635.9b16.2x78.1x1.3x
Wed, 20 Mar 2024AR$48.0tAR$35.3tAR$776.8b27.2x61.8x1.4x
Fri, 16 Feb 2024AR$50.1tAR$14.0tAR$1.7t34.7x28.7x3.6x
Sun, 14 Jan 2024AR$47.1tAR$13.9tAR$1.7t36.2x27.5x3.4x
Tue, 12 Dec 2023AR$43.9tAR$14.9tAR$1.8t26.4x24.7x2.9x
Thu, 09 Nov 2023AR$26.6tAR$12.5tAR$855.0b22.1x31.1x2.1x
Sat, 07 Oct 2023AR$27.6tAR$12.5tAR$843.2b23.4x32.8x2.2x
Mon, 04 Sep 2023AR$27.2tAR$11.8tAR$724.7b26.6x37.5x2.3x
Wed, 02 Aug 2023AR$19.6tAR$10.5tAR$550.6b20.7x35.5x1.9x
Fri, 30 Jun 2023AR$17.8tAR$10.4tAR$530.1b21.6x33.6x1.7x
Sun, 28 May 2023AR$14.8tAR$10.3tAR$527.4b17.8x28.1x1.4x
Tue, 25 Apr 2023AR$13.1tAR$9.8tAR$429.3b16.2x30.4x1.3x
Thu, 23 Mar 2023AR$9.9tAR$9.5tAR$402.8b14.6x24.5x1x
Sat, 18 Feb 2023AR$11.0tAR$6.8tAR$386.7b17.4x28.4x1.6x
Mon, 16 Jan 2023AR$10.7tAR$6.8tAR$430.7b17x24.9x1.6x
Price to Earnings Ratio

24.9x


Total Market Cap: AR$10.7tTotal Earnings: AR$430.7bTotal Revenue: AR$6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 28.6x202420252026
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 40.9x which is higher than its 3-year average PE of 28.6x.
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-2.20%
Materials4.06%
Financials2.27%
Tech0.44%
Telecom-1.20%
Healthcare-2.31%
Consumer Discretionary-3.19%
Real Estate-4.70%
Utilities-4.83%
Industrials-4.94%
Consumer Staples-5.07%
Energy-6.38%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 12.8x.
    • 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
TXAR Ternium ArgentinaAR$756.5012.6%
+AR$381.7b		-12.4%PE207.7xMaterials
BMA Banco MacroAR$13.97k2.9%
+AR$255.8b		2.2%PB1.9xFinancials
GGAL Grupo Financiero GaliciaAR$8.34k1.7%
+AR$224.9b		-1.7%PB1.9xFinancials
BYMA Bolsas y Mercados ArgentinosAR$320.2510.1%
+AR$224.8b		24.1%PE13xFinancials
BPAT Banco PatagoniaAR$2.86k3.1%
+AR$61.1b		-8.5%PB1.4xFinancials
See more

Market Insights

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Latest News

GGAL
AR$8,340.00
Grupo Financiero Galicia
7D
1.7%
1Y
-1.7%
BMA
AR$13,970.00
Banco Macro
7D
2.9%
1Y
2.2%

BMA: Elevated Dividend Payouts Will Expose Fragility Of Post Election Credit Outlook

Analysts have lifted their fair value estimate for Banco Macro to $12,040 from $8,144, citing higher assumed revenue growth and profit margins, a slightly lower discount rate, and recent Street upgrades that emphasize the bank's capital strength, relatively stable net interest margin, and an improved credit growth backdrop following Argentina's election outcome. Analyst Commentary Recent Street research has turned more constructive on Banco Macro, with several large firms flagging the bank's capital strength, relatively stable net interest margin and exposure to an improved credit growth backdrop following Argentina's election outcome.
PAMP
AR$5,020.00
Pampa Energía
7D
-4.6%
1Y
12.3%

PAMP: Future Returns Will Reflect Integrated Power And Gas Monetization Potential

Analysts have raised their price target on Pampa Energía, increasing their fair value estimate from $5,016.50 to approximately $5,747.17. They cited updated expectations related to changes in power generation and the potential monetization of its gas upstream and integrated businesses.
YPFD
AR$51,100.00
YPF Sociedad Anónima
7D
-6.4%
1Y
-5.9%

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.
EDN
AR$2,149.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
-8.0%
1Y
-6.2%
CAPX
AR$4,930.00
Capex
7D
-13.2%
1Y
-45.2%
TGNO4
AR$4,435.00
Transportadora de Gas del Norte
7D
-7.7%
1Y
1.4%
CEPU
AR$2,502.50
Central Puerto
7D
-4.2%
1Y
33.5%

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.
TXAR
AR$756.50
Ternium Argentina
7D
12.6%
1Y
-12.4%
VALO
AR$554.00
Banco de Valores
7D
0.6%
1Y
23.1%
ALUA
AR$1,001.00
Aluar Aluminio ArgentinoI.C
7D
0.8%
1Y
13.2%
BPAT
AR$2,855.00
Banco Patagonia
7D
3.1%
1Y
-8.5%
ECOG
AR$3,220.00
Ecogas Inversiones
7D
1.3%
1Y
n/a
METR
AR$2,363.00
MetroGAS
7D
-7.2%
1Y
-17.2%
BYMA
AR$320.25
Bolsas y Mercados Argentinos
7D
10.1%
1Y
24.1%
TGSU2
AR$8,860.00
Transportadora de Gas del Sur
7D
-5.0%
1Y
12.0%