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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies69
  • 7D1.2%
  • 3M1.1%
  • 1Y11.3%
  • YTD-7.7%

The market has climbed 1.2% in the last 7 days, lead by the Financials sector with a gain of 4.9%. In contrast, the Materials sector is lagging, dropping 5.5%. The market is up 11% over the last 12 months. Looking forward, earnings are forecast to grow by 50% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Feb 2026AR$106.7tAR$76.4tAR$3.3t14.6x32.3x1.4x
Tue, 20 Jan 2026AR$107.9tAR$72.7tAR$3.0t14.9x36.1x1.5x
Thu, 18 Dec 2025AR$112.5tAR$72.7tAR$2.8t16.6x39.5x1.5x
Sat, 15 Nov 2025AR$108.6tAR$73.7tAR$3.7t17x29.7x1.5x
Mon, 13 Oct 2025AR$74.0tAR$73.5tAR$5.3t12.8x14.1x1x
Wed, 10 Sep 2025AR$69.2tAR$72.2tAR$5.2t13.1x13.3x1x
Fri, 08 Aug 2025AR$106.3tAR$69.4tAR$5.8t17.3x18.3x1.5x
Sun, 06 Jul 2025AR$81.9tAR$69.1tAR$6.0t14.1x13.7x1.2x
Tue, 03 Jun 2025AR$90.0tAR$68.2tAR$5.8t15.6x15.5x1.3x
Thu, 01 May 2025AR$85.3tAR$68.8tAR$8.2t12.8x10.4x1.2x
Sat, 29 Mar 2025AR$96.4tAR$68.3tAR$8.1t16.4x11.9x1.4x
Mon, 24 Feb 2025AR$95.9tAR$49.1tAR$4.3t20x22.1x2x
Wed, 22 Jan 2025AR$101.7tAR$48.2tAR$4.2t24.5x23.9x2.1x
Fri, 20 Dec 2024AR$101.0tAR$47.7tAR$4.3t23.3x23.6x2.1x
Sun, 17 Nov 2024AR$83.3tAR$39.0tAR$1.7t17.7x48.7x2.1x
Tue, 15 Oct 2024AR$70.3tAR$45.8tAR$3.0t21.1x23x1.5x
Thu, 12 Sep 2024AR$70.8tAR$45.4tAR$3.1t20.2x22.9x1.6x
Sat, 10 Aug 2024AR$63.0tAR$38.0tAR$899.0b18.5x70.1x1.7x
Mon, 08 Jul 2024AR$67.6tAR$36.2tAR$2.4t18.9x28.7x1.9x
Wed, 05 Jun 2024AR$68.9tAR$43.9tAR$3.4t19.3x20.5x1.6x
Fri, 03 May 2024AR$54.7tAR$38.5tAR$834.3b15.6x65.5x1.4x
Sun, 31 Mar 2024AR$51.2tAR$36.2tAR$582.6b28.8x87.9x1.4x
Tue, 27 Feb 2024AR$48.2tAR$14.4tAR$1.7t36.7x28.2x3.3x
Thu, 25 Jan 2024AR$54.1tAR$13.9tAR$1.7t41.6x31.6x3.9x
Sat, 23 Dec 2023AR$42.4tAR$13.9tAR$1.7t30.5x24.8x3x
Mon, 20 Nov 2023AR$27.7tAR$13.8tAR$1.5t20.3x19x2x
Wed, 18 Oct 2023AR$34.7tAR$12.5tAR$836.2b25.3x41.5x2.8x
Fri, 15 Sep 2023AR$23.9tAR$12.0tAR$797.1b18.7x30x2x
Sun, 13 Aug 2023AR$20.3tAR$11.2tAR$604.9b20.2x33.6x1.8x
Tue, 11 Jul 2023AR$18.2tAR$10.4tAR$530.9b20.3x34.3x1.7x
Thu, 08 Jun 2023AR$16.5tAR$10.4tAR$525.9b18.1x31.4x1.6x
Sat, 06 May 2023AR$12.9tAR$9.7tAR$429.8b16.6x30x1.3x
Mon, 03 Apr 2023AR$10.8tAR$9.6tAR$407.1b14.8x26.4x1.1x
Wed, 01 Mar 2023AR$10.8tAR$6.6tAR$233.2b17.9x46.4x1.6x
Price to Earnings Ratio

46.4x


Total Market Cap: AR$10.8tTotal Earnings: AR$233.2bTotal Revenue: AR$6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 29x202420252026
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 32.3x which is higher than its 3-year average PE of 29.0x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 142% per year over the last three years.
  • Revenues for these companies have grown 126% 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 Market1.17%
Financials4.89%
Real Estate2.40%
Energy1.30%
Consumer Discretionary-0.78%
Utilities-1.06%
Telecom-1.23%
Consumer Staples-2.08%
Tech-2.82%
Industrials-4.66%
Materials-5.50%
Healthcare-6.31%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 14.0x.
    • 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 109% 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
GGAL Grupo Financiero GaliciaAR$7.17k7.1%
+AR$763.0b		0.3%PB1.6xFinancials
BMA Banco MacroAR$13.33k5.0%
+AR$402.8b		21.5%PB1.8xFinancials
YPFD YPF Sociedad AnónimaAR$55.63k1.8%
+AR$382.6b		22.8%PS1xEnergy
BBAR Banco BBVA ArgentinaAR$8.24k3.5%
+AR$171.6b		4.6%PB1.7xFinancials
BYMA Bolsas y Mercados ArgentinosAR$326.005.8%
+AR$137.2b		40.4%PE13.2xFinancials
See more

Market Insights

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GGAL
AR$7,170.00
Grupo Financiero Galicia
7D
7.1%
1Y
0.3%

GGAL: Overweight Rating And Dividend Actions Should Support Future Upside

Analysts have trimmed their ARS price target on Grupo Financiero Galicia, with the updated fair value moving from ARS 11,743.27 to ARS 11,609.67. This reflects JPMorgan's recent cut to ARS 72 and a shift to a lower assumed future P/E multiple.
TXAR
AR$686.50
Ternium Argentina
7D
-2.3%
1Y
-13.6%
IRSA
AR$2,360.00
IRSA Inversiones y Representaciones Sociedad Anónima
7D
5.8%
1Y
38.0%
BMA
AR$13,330.00
Banco Macro
7D
5.0%
1Y
21.5%

BMA: Fintech Alliance And Capital Strength Will Support Future Upside

Analysts have adjusted their price target on Banco Macro to ARS 24,522.06. The change is mainly linked to updated assumptions around the discount rate, revenue growth, profit margins, and a revised future P/E of 17.09x.
BBAR
AR$8,235.00
Banco BBVA Argentina
7D
3.5%
1Y
4.6%
TECO2
AR$3,297.50
Telecom Argentina
7D
-1.0%
1Y
16.3%
PAMP
AR$4,802.50
Pampa Energía
7D
-0.8%
1Y
23.0%

PAMP: Power And Gas Integration Will Drive Future Upside Potential

Analysts have held their ARS 7,400 price target for Pampa Energía, with the latest update reflecting slightly lower assumed revenue growth, a higher profit margin outlook, and a reduced discount rate that together support the same fair value under revised P/E expectations. Valuation Changes Fair Value: ARS 7,400 remains unchanged, indicating the overall target valuation is the same under the revised assumptions.
GBAN
AR$2,070.00
Naturgy BAN
7D
-6.8%
1Y
-3.0%
CEPU
AR$2,365.00
Central Puerto
7D
3.5%
1Y
50.6%
YPFD
AR$55,625.00
YPF Sociedad Anónima
7D
1.8%
1Y
22.8%

YPFD: Export Agreements And Governance Changes Will Shape A Fairly Valued Outlook

Analysts have raised their price target on YPF Sociedad Anónima from AR$47,800 to AR$55,000, citing revised assumptions around the discount rate, revenue growth, profit margin, and future P/E as key drivers of the updated view. What's in the News A board meeting is set for November 18, 2025, with the agenda not yet publicly detailed.
EDN
AR$2,009.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
-3.5%
1Y
-10.9%
ALUA
AR$893.00
Aluar Aluminio ArgentinoI.C
7D
-9.8%
1Y
8.4%
CAPX
AR$4,290.00
Capex
7D
-6.7%
1Y
-39.4%
METR
AR$2,048.00
MetroGAS
7D
-6.7%
1Y
-15.0%
BYMA
AR$326.00
Bolsas y Mercados Argentinos
7D
5.8%
1Y
40.4%
TGSU2
AR$8,775.00
Transportadora de Gas del Sur
7D
1.9%
1Y
32.4%