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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies68
  • 7D-2.0%
  • 3M57.2%
  • 1Y5.9%
  • YTD-1.7%

Over the last 7 days, the market has dropped 2.2%, driven by a loss of 6.7% in the Energy sector. As for the longer term, the market has actually risen by 4.6% in the last year. As for the next few years, earnings are expected to grow by 43% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 13 Jan 2026AR$112.6tAR$72.8tAR$2.8t15.7x40.5x1.5x
Thu, 11 Dec 2025AR$111.7tAR$72.7tAR$2.9t15.9x38.8x1.5x
Sat, 08 Nov 2025AR$111.7tAR$73.8tAR$5.6t17.1x20x1.5x
Mon, 06 Oct 2025AR$70.0tAR$73.5tAR$5.3t11.7x13.3x1x
Wed, 03 Sep 2025AR$77.1tAR$72.5tAR$5.4t14.5x14.4x1.1x
Fri, 01 Aug 2025AR$91.2tAR$69.4tAR$5.8t17x15.7x1.3x
Sun, 29 Jun 2025AR$80.6tAR$69.1tAR$6.0t13.2x13.4x1.2x
Tue, 27 May 2025AR$92.2tAR$70.4tAR$6.9t13.8x13.5x1.3x
Thu, 24 Apr 2025AR$85.0tAR$68.5tAR$8.2t14.1x10.4x1.2x
Sat, 22 Mar 2025AR$94.4tAR$69.4tAR$8.0t16.2x11.7x1.4x
Mon, 17 Feb 2025AR$96.3tAR$49.2tAR$4.3t22.9x22.6x2x
Wed, 15 Jan 2025AR$117.1tAR$47.6tAR$4.3t25.1x27.4x2.5x
Fri, 13 Dec 2024AR$93.5tAR$47.6tAR$4.2t22.4x22.1x2x
Sun, 10 Nov 2024AR$78.3tAR$47.1tAR$2.5t16.4x31x1.7x
Tue, 08 Oct 2024AR$69.5tAR$45.0tAR$3.0t20.4x22.9x1.5x
Thu, 05 Sep 2024AR$69.3tAR$44.6tAR$2.8t20.1x24.4x1.6x
Sat, 03 Aug 2024AR$61.9tAR$37.9tAR$915.9b16.7x67.5x1.6x
Mon, 01 Jul 2024AR$67.4tAR$36.3tAR$2.4t18.7x28.6x1.9x
Wed, 29 May 2024AR$65.5tAR$40.8tAR$2.0t18x33.4x1.6x
Fri, 26 Apr 2024AR$51.5tAR$37.8tAR$659.1b16.4x78.1x1.4x
Sun, 24 Mar 2024AR$51.7tAR$36.2tAR$585.9b28x88.3x1.4x
Tue, 20 Feb 2024AR$48.1tAR$14.1tAR$1.8t33.8x27.2x3.4x
Thu, 18 Jan 2024AR$50.6tAR$13.9tAR$1.7t37.8x29.6x3.6x
Sat, 16 Dec 2023AR$43.8tAR$14.7tAR$1.8t29.9x24.9x3x
Mon, 13 Nov 2023AR$28.7tAR$13.5tAR$1.4t21.9x20.8x2.1x
Wed, 11 Oct 2023AR$30.4tAR$12.5tAR$843.2b23.8x36x2.4x
Fri, 08 Sep 2023AR$23.7tAR$11.9tAR$737.1b23.5x32.2x2x
Sun, 06 Aug 2023AR$19.4tAR$10.5tAR$550.6b20.3x35.3x1.9x
Tue, 04 Jul 2023AR$18.6tAR$10.4tAR$530.9b21.4x35.1x1.8x
Thu, 01 Jun 2023AR$15.0tAR$10.4tAR$522.6b17.5x28.6x1.4x
Sat, 29 Apr 2023AR$13.1tAR$9.8tAR$430.4b17x30.5x1.3x
Mon, 27 Mar 2023AR$9.6tAR$9.5tAR$403.0b14.6x23.9x1x
Wed, 22 Feb 2023AR$11.0tAR$6.3tAR$251.3b17.8x43.6x1.7x
Fri, 20 Jan 2023AR$10.4tAR$6.8tAR$429.5b16.4x24.2x1.5x
Price to Earnings Ratio

24.2x


Total Market Cap: AR$10.4tTotal Earnings: AR$429.5bTotal Revenue: AR$6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 28.7x202420252026
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 40.4x which is higher than its 3-year average PE of 28.7x.
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-1.95%
Tech4.03%
Materials1.80%
Financials1.17%
Real Estate0.73%
Telecom-0.20%
Consumer Staples-1.14%
Healthcare-1.57%
Industrials-3.61%
Utilities-3.74%
Consumer Discretionary-5.17%
Energy-6.11%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 13.0x.
    • 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
CELU Celulosa ArgentinaAR$427.009,367.8%
+AR$4.3t		4,613.0%PS21.8xMaterials
TXAR Ternium ArgentinaAR$788.508.7%
+AR$284.6b		-9.7%PE216.5xMaterials
BMA Banco MacroAR$14.49k3.1%
+AR$274.9b		13.9%PB1.9xFinancials
BBAR Banco BBVA ArgentinaAR$9.70k3.1%
+AR$180.7b		12.2%PB2xFinancials
TRAN Compañía de Transporte de Energía Eléctrica en Alta Tensión TransenerAR$3.80k11.9%
+AR$180.1b		43.2%PE12.2xUtilities
See more

Market Insights

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Latest News

HARG
AR$2,295.00
Holcim (Argentina)
7D
-9.1%
1Y
0%
YPFD
AR$51,750.00
YPF Sociedad Anónima
7D
-6.4%
1Y
-3.2%

YPFD: Refined Assumptions Will Support Future Upside Potential

Analysts trimmed their price target on YPF Sociedad Anónima to US$44 from US$47, citing updated modeling assumptions that refine estimates for the discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent commentary centers on how the updated model feeds into valuation rather than a change in overall stance.
GGAL
AR$8,420.00
Grupo Financiero Galicia
7D
-1.1%
1Y
3.8%

GGAL: Election Reforms And Credit Cycle Expectations Will Shape Balanced Risk Outlook

Analysts have lifted their fair value estimate for Grupo Financiero Galicia from $5,591 to $9,030. This reflects updated assumptions on revenue growth, profit margins and future P/E, following recent research that balances improved political and macro signals with ongoing Argentina specific risks.
CEPU
AR$2,545.00
Central Puerto
7D
-4.2%
1Y
48.4%

CEPU: Stable Assumptions And Margin Outlook Will Support Future Upside

Analysts have kept their price target for Central Puerto broadly unchanged at about $2,900. This reflects only marginal tweaks to discount rate, growth, margin and forward P/E assumptions rather than a shift in their overall view.
BMA
AR$14,490.00
Banco Macro
7D
3.1%
1Y
13.9%

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$5,070.00
Pampa Energía
7D
-5.5%
1Y
17.8%

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.
BBAR
AR$9,695.00
Banco BBVA Argentina
7D
3.1%
1Y
12.2%

BBAR: Election Reset Will Support Healthier Credit Cycle Despite Capital Concerns

The analyst price target for Banco BBVA Argentina has moved from ARS 15,200 to ARS 25,308 as analysts weigh improved growth expectations, a higher assumed discount rate, and a richer future P/E multiple against concerns about profitability and capital strength. Analyst Commentary Recent Street research on Banco BBVA Argentina shows a split view, with some bullish analysts leaning into Argentina's political reset and potential for renewed credit growth, while others remain cautious on profitability and capital strength.
TRAN
AR$3,795.00
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
11.9%
1Y
43.2%
CRES
AR$1,951.00
Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria
7D
3.1%
1Y
26.7%
IRSA
AR$2,575.00
IRSA Inversiones y Representaciones Sociedad Anónima
7D
3.8%
1Y
39.9%
TGNO4
AR$4,300.00
Transportadora de Gas del Norte
7D
-7.9%
1Y
8.6%
TXAR
AR$788.50
Ternium Argentina
7D
8.7%
1Y
-9.7%
METR
AR$2,315.00
MetroGAS
7D
-6.8%
1Y
-18.1%
BYMA
AR$322.50
Bolsas y Mercados Argentinos
7D
1.5%
1Y
31.8%
TGSU2
AR$8,975.00
Transportadora de Gas del Sur
7D
-4.6%
1Y
27.5%
CELU
AR$427.00
Celulosa Argentina
7D
9,367.8%
1Y
4,613.0%