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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedMay 09, 2026
DataAggregated Company Financials
Companies68
  • 7D-2.8%
  • 3M-6.3%
  • 1Y23.4%
  • YTD-10.0%

Over the last 7 days, the market has dropped 2.8%, driven by a pullback of 6.0% in the Energy sector. In contrast to the last week, the market is actually up 23% over the past year. Looking forward, earnings are forecast to grow by 37% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 09 May 2026AR$106.2tAR$92.5tAR$3.9t13.4x26.9x1.1x
Mon, 06 Apr 2026AR$112.5tAR$91.0tAR$3.3t13.4x34.3x1.2x
Wed, 04 Mar 2026AR$97.7tAR$78.2tAR$3.4t13.3x28.4x1.2x
Fri, 30 Jan 2026AR$118.8tAR$72.6tAR$3.0t15.8x39.7x1.6x
Sun, 28 Dec 2025AR$114.7tAR$72.6tAR$2.8t16.7x41.2x1.6x
Tue, 25 Nov 2025AR$104.6tAR$75.4tAR$3.6t15.4x29.3x1.4x
Thu, 23 Oct 2025AR$76.5tAR$73.7tAR$5.3t12.7x14.3x1x
Sat, 20 Sep 2025AR$66.8tAR$73.6tAR$5.3t10.8x12.6x0.9x
Mon, 18 Aug 2025AR$86.8tAR$72.9tAR$5.1t14.9x17.2x1.2x
Wed, 16 Jul 2025AR$81.9tAR$69.2tAR$5.7t14.8x14.4x1.2x
Fri, 13 Jun 2025AR$86.3tAR$68.8tAR$5.9t15.4x14.7x1.3x
Sun, 11 May 2025AR$84.1tAR$68.7tAR$8.0t13.1x10.5x1.2x
Tue, 08 Apr 2025AR$84.1tAR$68.2tAR$8.1t13.4x10.4x1.2x
Thu, 06 Mar 2025AR$89.2tAR$56.4tAR$5.1t20x17.4x1.6x
Sat, 01 Feb 2025AR$103.6tAR$48.2tAR$4.2t24.4x24.4x2.2x
Mon, 30 Dec 2024AR$103.6tAR$47.7tAR$4.3t24.1x24.2x2.2x
Wed, 27 Nov 2024AR$89.8tAR$48.6tAR$4.1t19x21.8x1.8x
Fri, 25 Oct 2024AR$69.0tAR$45.8tAR$3.0t21.7x22.8x1.5x
Sun, 22 Sep 2024AR$72.2tAR$45.0tAR$3.0t20.4x23.9x1.6x
Tue, 20 Aug 2024AR$67.1tAR$41.7tAR$2.8t19.8x24.2x1.6x
Thu, 18 Jul 2024AR$63.6tAR$36.5tAR$2.4t18.4x26.8x1.7x
Sat, 15 Jun 2024AR$66.9tAR$36.3tAR$2.2t18.5x30.4x1.8x
Mon, 13 May 2024AR$58.1tAR$39.2tAR$841.1b16.7x69x1.5x
Wed, 10 Apr 2024AR$52.1tAR$37.4tAR$659.4b23.7x79.1x1.4x
Fri, 08 Mar 2024AR$43.1tAR$29.9tAR$1.2t28.2x36x1.4x
Sun, 04 Feb 2024AR$58.6tAR$13.9tAR$1.7t43.6x34.3x4.2x
Tue, 02 Jan 2024AR$41.4tAR$13.9tAR$1.7t31.5x24.2x3x
Thu, 30 Nov 2023AR$34.4tAR$14.9tAR$1.7t24.6x19.8x2.3x
Sat, 28 Oct 2023AR$28.9tAR$12.5tAR$854.9b22.3x33.8x2.3x
Mon, 25 Sep 2023AR$24.2tAR$12.2tAR$839.2b21.4x28.8x2x
Wed, 23 Aug 2023AR$25.4tAR$11.1tAR$630.0b26.2x40.4x2.3x
Fri, 21 Jul 2023AR$19.6tAR$10.5tAR$550.6b21.8x35.5x1.9x
Sun, 18 Jun 2023AR$17.5tAR$10.4tAR$526.1b19.5x33.3x1.7x
Tue, 16 May 2023AR$13.9tAR$10.1tAR$459.9b17x30.1x1.4x
Price to Earnings Ratio

30.1x


Total Market Cap: AR$13.9tTotal Earnings: AR$459.9bTotal Revenue: AR$10.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 29.2x202420252026
Current Market PE
  • Investors are relatively neutral on the Argentinean market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 29.2x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 105% per year over the last three years.
  • Revenues for these companies have grown 109% 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-2.76%
Tech1.08%
Financials0.79%
Healthcare-0.31%
Industrials-1.17%
Real Estate-1.31%
Telecom-1.63%
Consumer Staples-1.93%
Utilities-2.79%
Materials-3.35%
Consumer Discretionary-4.56%
Energy-6.05%
Sector PE
  • Investors favour the Energy sector the most for future growth which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 53.0%, which is lower than the prior year's growth of 168.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 53% over the next 5 years.
  • However this is lower than its past earnings growth rate of 169% per year.
  • 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
BBAR Banco BBVA ArgentinaAR$7.63k6.3%
+AR$275.7b		-1.3%PB1.4xFinancials
GGAL Grupo Financiero GaliciaAR$6.34k1.9%
+AR$192.8b		-7.3%PB1.3xFinancials
TRAN Compañía de Transporte de Energía Eléctrica en Alta Tensión TransenerAR$4.23k9.0%
+AR$154.5b		107.7%PE9.7xUtilities
BMA Banco MacroAR$11.10k1.9%
+AR$134.3b		9.6%PB1.4xFinancials
TGNO4 Transportadora de Gas del NorteAR$4.28k7.3%
+AR$128.5b		30.3%PE8.6xEnergy
See more

Market Insights

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Latest News

CEPU
AR$2,168.00
Central Puerto
7D
1.4%
1Y
71.4%
Narrative Update • May 08

CEPU: Leadership Review And Stable Fair Value Will Support Upside

Analysts have kept their ARS 2,900 price target for Central Puerto unchanged, reflecting slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E that broadly offset each other in their updated models. What's in the News A board meeting is scheduled for April 30, 2026, to review leadership roles at Central Puerto S.A. (Key Developments) The appointment of Mr. Osvaldo Arturo Reca will be considered for Chairman of the company.
PAMP
AR$4,867.50
Pampa Energía
7D
-2.1%
1Y
45.1%
BMA
AR$11,100.00
Banco Macro
7D
1.9%
1Y
9.6%
TECO2
AR$3,555.00
Telecom Argentina
7D
-1.1%
1Y
51.9%
IRSA
AR$2,190.00
IRSA Inversiones y Representaciones Sociedad Anónima
7D
5.0%
1Y
28.8%
GGAL
AR$6,340.00
Grupo Financiero Galicia
7D
1.9%
1Y
-7.3%
Narrative Update • May 04

GGAL: Overweight Rating And Rising Dividends Will Support Future Upside

Analysts have trimmed their price target on Grupo Financiero Galicia to ARS 11,421 from ARS 11,610, reflecting updated assumptions around slightly lower revenue growth, a modestly higher profit margin outlook, a reduced discount rate, and a lower future P/E, in line with recent Street research that also lowered targets while maintaining a positive stance on the stock. Analyst Commentary Recent commentary on Grupo Financiero Galicia highlights a mix of optimism about the stock's potential and caution around execution and valuation.
BBAR
AR$7,630.00
Banco BBVA Argentina
7D
6.3%
1Y
-1.3%
Narrative Update • Apr 29

BBAR: Proposed Cash Or In Kind Dividend Will Support Future Upside Potential

Analysts have trimmed their price target on Banco BBVA Argentina to ARS 9,733 from ARS 10,033, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E levels. What's in the News Banco BBVA Argentina reported a class action lawsuit filed by Asociación Civil por los Consumidores y el Medio Ambiente, focused on alleged lack of disclosure of exchange rates and potential overcharges or commissions on certain foreign currency credit card conversions to US dollars.
EDN
AR$1,831.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
-2.8%
1Y
5.8%
YPFD
AR$63,575.00
YPF Sociedad Anónima
7D
-6.0%
1Y
78.3%
Narrative Update • Apr 22

YPFD: Oil Price Upside And LNG Project Will Shape A Balanced Outlook

Analysts have lifted the YPF Sociedad Anónima price target to ARS 40 from ARS 36. The change is supported by updated assumptions around oil price upside, a lower discount rate, modestly higher revenue growth and profit margin forecasts, and a slightly lower future P/E multiple.
TGSU2
AR$9,095.00
Transportadora de Gas del Sur
7D
-0.8%
1Y
47.4%
TRAN
AR$4,227.50
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
9.0%
1Y
107.7%
CTIO
AR$1,765.00
Consultatio
7D
-6.6%
1Y
3.8%
VALO
AR$689.00
Banco de Valores
7D
8.6%
1Y
151.5%
CAPX
AR$4,190.00
Capex
7D
-5.6%
1Y
-24.8%
TGNO4
AR$4,280.00
Transportadora de Gas del Norte
7D
7.3%
1Y
30.3%
ALUA
AR$908.50
Aluar Aluminio ArgentinoI.C
7D
-6.3%
1Y
40.0%