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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies69
  • 7D4.0%
  • 3M-11.1%
  • 1Y5.9%
  • YTD-11.0%

Over the last 7 days, the market has risen 4.0%, driven by gains of 9.3% in the Energy sector. Meanwhile, the Real Estate sector has underperformed, shrinking 4.6% in that time. As for the past 12 months, the market is up 5.9%. 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, 24 Mar 2026AR$103.2tAR$91.0tAR$3.3t12.5x31.5x1.1x
Thu, 19 Feb 2026AR$105.7tAR$76.3tAR$3.2t13.7x32.6x1.4x
Sat, 17 Jan 2026AR$107.5tAR$72.7tAR$2.9t15.3x36.7x1.5x
Mon, 15 Dec 2025AR$110.9tAR$72.6tAR$2.8t15.6x39x1.5x
Wed, 12 Nov 2025AR$111.9tAR$71.4tAR$2.4t17.8x46.4x1.6x
Fri, 10 Oct 2025AR$70.3tAR$73.5tAR$5.3t12.8x13.4x1x
Sun, 07 Sep 2025AR$78.5tAR$72.1tAR$5.2t15x15.1x1.1x
Tue, 05 Aug 2025AR$90.2tAR$69.4tAR$5.8t16.7x15.5x1.3x
Thu, 03 Jul 2025AR$79.7tAR$69.1tAR$6.0t13.6x13.3x1.2x
Sat, 31 May 2025AR$91.0tAR$70.2tAR$6.6t15.6x13.9x1.3x
Mon, 28 Apr 2025AR$87.6tAR$68.8tAR$8.2t13.5x10.7x1.3x
Wed, 26 Mar 2025AR$97.1tAR$69.4tAR$8.1t15.8x12x1.4x
Fri, 21 Feb 2025AR$97.2tAR$49.1tAR$4.3t20.3x22.4x2x
Sun, 19 Jan 2025AR$100.1tAR$48.8tAR$4.3t23.4x23.4x2x
Tue, 17 Dec 2024AR$96.3tAR$47.6tAR$4.2t23.4x22.7x2x
Thu, 14 Nov 2024AR$79.9tAR$48.9tAR$2.6t17x31.2x1.6x
Sat, 12 Oct 2024AR$70.3tAR$45.9tAR$3.0t21.1x23x1.5x
Mon, 09 Sep 2024AR$69.2tAR$45.4tAR$3.1t19.9x22.4x1.5x
Wed, 07 Aug 2024AR$58.7tAR$38.0tAR$932.9b18.4x63x1.5x
Fri, 05 Jul 2024AR$66.8tAR$36.2tAR$2.4t18.6x28.4x1.8x
Sun, 02 Jun 2024AR$68.8tAR$43.7tAR$3.3t20x20.9x1.6x
Tue, 30 Apr 2024AR$53.0tAR$38.3tAR$834.3b16.7x63.5x1.4x
Thu, 28 Mar 2024AR$51.2tAR$36.3tAR$581.9b28.8x88x1.4x
Sat, 24 Feb 2024AR$49.4tAR$14.1tAR$1.8t36.3x28x3.5x
Mon, 22 Jan 2024AR$52.9tAR$13.9tAR$1.7t39.3x30.9x3.8x
Wed, 20 Dec 2023AR$41.4tAR$14.0tAR$1.7t30.7x23.8x3x
Fri, 17 Nov 2023AR$26.2tAR$14.0tAR$1.4t20.3x18.5x1.9x
Sun, 15 Oct 2023AR$33.0tAR$12.5tAR$840.0b24.7x39.2x2.6x
Tue, 12 Sep 2023AR$22.3tAR$11.8tAR$729.7b22x30.6x1.9x
Thu, 10 Aug 2023AR$19.7tAR$10.5tAR$566.2b19.7x34.8x1.9x
Sat, 08 Jul 2023AR$18.3tAR$10.4tAR$530.9b20.6x34.4x1.8x
Mon, 05 Jun 2023AR$15.4tAR$10.4tAR$525.6b18.6x29.3x1.5x
Wed, 03 May 2023AR$12.9tAR$9.7tAR$429.0b16.6x30.1x1.3x
Fri, 31 Mar 2023AR$11.0tAR$9.6tAR$406.9b14.8x27x1.1x
Price to Earnings Ratio

27x


Total Market Cap: AR$11.0tTotal Earnings: AR$406.9bTotal Revenue: AR$9.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 29x202420252026
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 at a PE ratio close to its 3-year average PE ratio of 29.0x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 100% per year over the last three years.
  • Revenues for these companies have grown 112% 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 Market5.64%
Financials8.10%
Energy8.01%
Tech3.92%
Consumer Staples3.45%
Utilities2.85%
Materials2.26%
Telecom1.89%
Real Estate-1.15%
Consumer Discretionary-1.23%
Industrials-1.51%
Healthcare-2.13%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 15.7x.
    • 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 93% 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$60.10k9.3%
+AR$2.0t		27.4%PS1xEnergy
GGAL Grupo Financiero GaliciaAR$6.65k10.3%
+AR$995.9b		-11.8%PB1.4xFinancials
TGSU2 Transportadora de Gas del SurAR$9.61k7.0%
+AR$474.2b		35.1%PE17.2xEnergy
BMA Banco MacroAR$10.37k7.5%
+AR$460.4b		-2.9%PB1.3xFinancials
BBAR Banco BBVA ArgentinaAR$7.00k10.5%
+AR$407.5b		-14.5%PB1.2xFinancials
See more

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Latest News

BMA
AR$10,370.00
Banco Macro
7D
7.5%
1Y
-2.9%
TGSU2
AR$9,605.00
Transportadora de Gas del Sur
7D
7.0%
1Y
35.1%
BBAR
AR$6,995.00
Banco BBVA Argentina
7D
10.5%
1Y
-14.5%
PAMP
AR$4,895.00
Pampa Energía
7D
3.8%
1Y
15.0%

PAMP: Future Returns Will Be Driven By Crude Projects And Buybacks

Analysts have lifted their fair value estimate for Pampa Energía from ARS 6,149.67 to ARS 6,183.00, pointing to stronger perceived asset quality, disciplined investment, and potential upside from crude-focused projects such as Rincon de Aranda. Analyst Commentary Bullish Takeaways Bullish analysts point to the raised price target of US$97 from US$88 as a reflection of confidence in how Pampa Energía is managing its asset base and capital allocation.
TRAN
AR$3,765.00
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
-10.5%
1Y
71.9%
CTIO
AR$1,810.00
Consultatio
7D
-1.4%
1Y
-10.4%
EDN
AR$2,157.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
14.4%
1Y
0.6%
DGCU2
AR$1,690.00
Distribuidora de Gas Cuyana
7D
-3.2%
1Y
-1.5%
TECO2
AR$3,380.00
Telecom Argentina
7D
2.2%
1Y
17.0%
GGAL
AR$6,650.00
Grupo Financiero Galicia
7D
10.3%
1Y
-11.8%
HAVA
AR$5,130.00
Havanna Holding
7D
-6.4%
1Y
-19.6%
YPFD
AR$60,100.00
YPF Sociedad Anónima
7D
9.3%
1Y
27.4%
IRSA
AR$2,120.00
IRSA Inversiones y Representaciones Sociedad Anónima
7D
-1.4%
1Y
20.5%
TGNO4
AR$4,387.50
Transportadora de Gas del Norte
7D
-2.6%
1Y
18.9%
MOLA
AR$25,750.00
Molinos Agro
7D
-1.7%
1Y
6.5%
ECOG
AR$3,000.00
Ecogas Inversiones
7D
-2.0%
1Y
9.0%