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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies68
  • 7D-0.5%
  • 3M67.3%
  • 1Y10.8%
  • YTD6.8%

The market has climbed 2.3% in the last 7 days, lead by the Financials sector with a gain of 5.1%. As for the past 12 months, the market is up 12%. As for the next few years, earnings are expected to grow by 46% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sat, 04 Feb 2023AR$10.7tAR$6.7tAR$424.1b16.9x25.1x1.6x
Mon, 02 Jan 2023AR$9.2tAR$6.8tAR$431.7b15.7x21.2x1.3x
Price to Earnings Ratio

21.2x


Total Market Cap: AR$9.2tTotal Earnings: AR$431.7bTotal Revenue: AR$6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 28.3x20242025
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 41.2x which is higher than its 3-year average PE of 28.3x.
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 120% 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-0.53%
Tech4.68%
Consumer Discretionary0.35%
Real Estate0.18%
Utilities-0.14%
Financials-0.20%
Energy-0.33%
Industrials-0.41%
Consumer Staples-0.46%
Telecom-1.47%
Materials-3.45%
Healthcare-4.84%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 12.2x.
    • 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
YPFD YPF Sociedad AnónimaAR$54.90k0.4%
+AR$88.3b		8.8%PS1xEnergy
HARG Holcim (Argentina)AR$2.30k6.5%
+AR$51.2b		2.7%PS2.2xMaterials
CGPA2 Camuzzi Gas PampeanaAR$3.14k3.5%
+AR$35.0b		-21.8%PE42.2xUtilities
A3 A3 MercadosAR$3.25k4.5%
+AR$34.3b		22.6%PE18.1xFinancials
CEPU Central PuertoAR$2.70k0.8%
+AR$33.8b		57.0%PE14.9xUtilities
See more

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Latest News

INVJ
AR$593.00
Inversora Juramento
7D
4.0%
1Y
26.6%
GCLA
AR$2,910.00
Grupo Clarín
7D
8.6%
1Y
14.8%
BBAR
AR$9,275.00
Banco BBVA Argentina
7D
-1.7%
1Y
18.8%

BBAR: Reduced Political Risk Will Support Virtuous Credit Cycle Into 2027

Analysts have modestly raised their price target on Banco BBVA Argentina, with fair value increasing from ARS 16,396 to ARS 16,805. They cite improved revenue growth expectations and a more supportive post election banking backdrop, despite ongoing concerns around profitability and capital ratios.
TGNO4
AR$4,947.50
Transportadora de Gas del Norte
7D
-4.3%
1Y
19.9%
GGAL
AR$8,270.00
Grupo Financiero Galicia
7D
-1.2%
1Y
8.7%

GGAL: Shares Will Rise With Pro Reform Agenda Despite Reduced External Support

Analysts narrowed their price target on Grupo Financiero Galicia to about $11,665 from roughly $11,825, balancing faster expected revenue growth and slightly higher margins against a higher discount rate and a more cautious sector stance following recent rating and target revisions across the Argentine banking space. Analyst Commentary Recent Street research on Grupo Financiero Galicia reflects a mix of optimism about Argentina's improving macro backdrop and caution around the durability of that trend, leading to a more balanced stance on the shares.
CEPU
AR$2,700.00
Central Puerto
7D
0.8%
1Y
57.0%

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.
BMA
AR$13,870.00
Banco Macro
7D
-0.6%
1Y
15.8%

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.
YPFD
AR$54,900.00
YPF Sociedad Anónima
7D
0.4%
1Y
8.8%

YPFD: Lower Projected Upside Will Constrain Future Share Price Performance

Analysts modestly cut their price target on YPF Sociedad Anónima from $47.80 to $44.00, reflecting updated models that incorporate a slightly lower fair value despite improved projected revenue growth, profit margins, and a more attractive future price-to-earnings multiple. Analyst Commentary Recent research updates suggest that, while the overall rating on YPF Sociedad Anónima remains constructive, the recalibration of price targets signals a more cautious stance on the balance of risk and reward at current levels.
CGPA2
AR$3,135.00
Camuzzi Gas Pampeana
7D
3.5%
1Y
-21.8%
TXAR
AR$723.50
Ternium Argentina
7D
-2.4%
1Y
-19.3%
VALO
AR$544.00
Banco de Valores
7D
4.4%
1Y
20.0%
ALUA
AR$1,001.00
Aluar Aluminio ArgentinoI.C
7D
-7.4%
1Y
10.9%
TECO2
AR$3,472.50
Telecom Argentina
7D
-2.0%
1Y
10.8%
A3
AR$3,250.00
A3 Mercados
7D
4.5%
1Y
22.6%
HARG
AR$2,295.00
Holcim (Argentina)
7D
6.5%
1Y
2.7%
TGSU2
AR$9,565.00
Transportadora de Gas del Sur
7D
-1.3%
1Y
35.1%