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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies69
  • 7D1.8%
  • 3M-11.8%
  • 1Y16.0%
  • YTD-14.0%

The Energy sector gained 6.4% while the market remained flat over the last week. As for the longer term, the market has risen 9.0% in the past 12 months. Earnings are forecast to grow by 48% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026AR$99.0tAR$83.3tAR$2.6t13.2x38.4x1.2x
Thu, 05 Feb 2026AR$112.2tAR$72.7tAR$3.0t15.2x37.5x1.5x
Sat, 03 Jan 2026AR$113.0tAR$72.8tAR$2.8t16.7x40.5x1.6x
Mon, 01 Dec 2025AR$113.0tAR$74.4tAR$3.2t15.6x35.5x1.5x
Wed, 29 Oct 2025AR$96.0tAR$73.6tAR$5.3t16.7x18x1.3x
Fri, 26 Sep 2025AR$72.5tAR$73.3tAR$5.2t11.9x13.9x1x
Sun, 24 Aug 2025AR$83.4tAR$72.2tAR$5.1t13.5x16.4x1.2x
Tue, 22 Jul 2025AR$82.5tAR$69.2tAR$5.7t14.4x14.6x1.2x
Thu, 19 Jun 2025AR$82.3tAR$69.1tAR$6.0t14.3x13.7x1.2x
Sat, 17 May 2025AR$91.1tAR$71.3tAR$6.3t14.4x14.4x1.3x
Mon, 14 Apr 2025AR$88.9tAR$68.1tAR$8.0t13.8x11x1.3x
Wed, 12 Mar 2025AR$85.8tAR$67.9tAR$7.8t14.1x11.1x1.3x
Fri, 07 Feb 2025AR$99.0tAR$48.2tAR$4.2t23.8x23.3x2.1x
Sun, 05 Jan 2025AR$117.6tAR$47.6tAR$4.3t24.5x27.5x2.5x
Tue, 03 Dec 2024AR$91.9tAR$49.5tAR$4.3t20x21.3x1.9x
Thu, 31 Oct 2024AR$72.6tAR$45.8tAR$3.0t23.3x24x1.6x
Sat, 28 Sep 2024AR$68.2tAR$45.0tAR$3.0t20.1x22.5x1.5x
Mon, 26 Aug 2024AR$65.1tAR$43.4tAR$2.8t19.2x22.9x1.5x
Wed, 24 Jul 2024AR$65.7tAR$36.6tAR$2.4t20.3x27.7x1.8x
Fri, 21 Jun 2024AR$66.1tAR$36.6tAR$2.4t17.6x27.7x1.8x
Sun, 19 May 2024AR$61.6tAR$39.9tAR$1.8t16.9x34.5x1.5x
Tue, 16 Apr 2024AR$49.6tAR$37.4tAR$619.0b15.8x80.1x1.3x
Thu, 14 Mar 2024AR$43.9tAR$35.1tAR$790.1b24.9x55.6x1.3x
Sat, 10 Feb 2024AR$51.2tAR$14.1tAR$1.8t43.4x28.9x3.6x
Mon, 08 Jan 2024AR$46.6tAR$13.9tAR$1.7t35x27.3x3.3x
Wed, 06 Dec 2023AR$38.1tAR$15.2tAR$1.8t24x21.4x2.5x
Fri, 03 Nov 2023AR$27.0tAR$12.5tAR$854.9b22.9x31.6x2.2x
Sun, 01 Oct 2023AR$24.7tAR$12.3tAR$841.1b22.7x29.4x2x
Tue, 29 Aug 2023AR$26.9tAR$11.8tAR$725.1b24.8x37.1x2.3x
Thu, 27 Jul 2023AR$20.2tAR$10.5tAR$550.6b21.2x36.7x1.9x
Sat, 24 Jun 2023AR$18.1tAR$10.4tAR$530.0b21.7x34.1x1.7x
Mon, 22 May 2023AR$14.7tAR$10.3tAR$525.7b18.2x28x1.4x
Wed, 19 Apr 2023AR$12.4tAR$9.8tAR$430.1b15x28.9x1.3x
Fri, 17 Mar 2023AR$9.7tAR$9.4tAR$372.7b14.6x26.1x1x
Price to Earnings Ratio

26.1x


Total Market Cap: AR$9.7tTotal Earnings: AR$372.7bTotal Revenue: AR$9.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 28.9x202420252026
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 40.2x which is higher than its 3-year average PE of 28.9x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 98% per year over the last three years.
  • Revenues for these companies have grown 119% 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 Market1.83%
Materials11.30%
Industrials7.00%
Energy4.59%
Healthcare2.67%
Tech1.78%
Utilities1.27%
Telecom-0.24%
Real Estate-0.42%
Consumer Staples-0.59%
Financials-1.19%
Consumer Discretionary-3.03%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 14.4x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 121% over the next 5 years.
  • 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
YPFD YPF Sociedad AnónimaAR$53.85k5.1%
+AR$1.0t		39.2%PS0.9xEnergy
ALUA Aluar Aluminio ArgentinoI.CAR$868.5015.0%
+AR$317.8b		9.9%PE2512.4xMaterials
TXAR Ternium ArgentinaAR$652.0010.5%
+AR$280.1b		-9.7%PE35.3xMaterials
PAMP Pampa EnergíaAR$4.71k3.7%
+AR$225.1b		28.2%PE11.8xUtilities
TGNO4 Transportadora de Gas del NorteAR$4.12k11.1%
+AR$181.2b		23.7%PE8.3xEnergy
See more

Market Insights

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Latest News

IRSA
AR$2,180.00
IRSA Inversiones y Representaciones Sociedad Anónima
7D
-3.8%
1Y
38.4%
CGPA2
AR$2,400.00
Camuzzi Gas Pampeana
7D
16.8%
1Y
-5.3%
TGNO4
AR$4,120.00
Transportadora de Gas del Norte
7D
11.1%
1Y
23.7%
GGAL
AR$6,260.00
Grupo Financiero Galicia
7D
-1.6%
1Y
-5.4%

GGAL: Higher Fair Value And Dividend Plans Will Support Bullish Outlook

Analysts now see fair value for Grupo Financiero Galicia at ARS16,106.37 per share, up from ARS13,200.00. This reflects updated assumptions around revenue growth, profit margins and a lower discount rate, even as one major firm trimmed its external price target in foreign currency terms.
CEPU
AR$2,130.00
Central Puerto
7D
-5.2%
1Y
50.0%

CEPU: Reaffirmed Fair Value And Stable Assumptions Will Support Future Upside

Analysts have reaffirmed their ARS 2,900 price target for Central Puerto, as updated assumptions on discount rate, revenue growth, profit margin, and forward P/E are seen as broadly consistent with their prior view on the stock. Valuation Changes Fair value: ARS 2,900 remains unchanged, with the updated estimate matching the prior figure.
BMA
AR$10,530.00
Banco Macro
7D
-3.6%
1Y
7.6%

BMA: Large Cash Dividend And Fintech Partnership Will Support Future Upside

Analysts have adjusted their view on Banco Macro with a refreshed ARS 12,040 price target, reflecting updated assumptions for discount rate, revenue growth, profit margin and future P/E that together indicate a more conservative earnings and valuation profile than previously modeled. What's in the News Banco Macro has a Board Meeting scheduled for December 17, 2025, with an agenda that includes considering payment of instalment No. 7 of the cash dividend to shareholders (Key Developments).
TECO2
AR$3,267.50
Telecom Argentina
7D
-1.2%
1Y
23.5%
PAMP
AR$4,705.00
Pampa Energía
7D
3.7%
1Y
28.2%

PAMP: Future Returns Will Reflect Buybacks And Improved Margin And Risk Outlook

Analysts now see fair value for Pampa Energía at ARS 6,149.67, up from ARS 5,747.17, citing updated assumptions around revenue growth, profit margins, and a lower discount rate that also indicate a reduced future P/E estimate. What's in the News Pampa Energía completed a share buyback tranche between September 8, 2025 and March 2, 2026, repurchasing 830,000 shares for $168.8 million.
TXAR
AR$652.00
Ternium Argentina
7D
10.5%
1Y
-9.7%
BPAT
AR$1,990.00
Banco Patagonia
7D
-5.7%
1Y
1.0%
TRAN
AR$4,085.00
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
8.4%
1Y
93.1%
YPFD
AR$53,850.00
YPF Sociedad Anónima
7D
5.1%
1Y
39.2%
ALUA
AR$868.50
Aluar Aluminio ArgentinoI.C
7D
15.0%
1Y
9.9%
BYMA
AR$305.75
Bolsas y Mercados Argentinos
7D
-3.0%
1Y
35.7%
EDN
AR$1,881.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
-6.0%
1Y
-4.8%
CAPX
AR$4,260.00
Capex
7D
13.8%
1Y
-22.4%