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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies69
  • 7D-1.2%
  • 3M-7.4%
  • 1Y12.6%
  • YTD-9.8%

Over the last 7 days, the market has dropped 1.2%, driven by a decline of 14% in the Materials sector. As for the longer term, the market has actually risen by 13% in the last year. As for the next few years, earnings are expected to grow by 51% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026AR$102.8tAR$76.5tAR$3.3t14.7x30.8x1.3x
Fri, 23 Jan 2026AR$111.8tAR$72.6tAR$3.0t15.1x37.5x1.5x
Sun, 21 Dec 2025AR$115.8tAR$72.6tAR$2.8t16.7x41.6x1.6x
Tue, 18 Nov 2025AR$112.8tAR$75.1tAR$3.6t16.7x31.5x1.5x
Thu, 16 Oct 2025AR$72.5tAR$73.3tAR$5.2t13x13.9x1x
Sat, 13 Sep 2025AR$71.7tAR$73.6tAR$5.3t10.9x13.5x1x
Mon, 11 Aug 2025AR$102.5tAR$69.7tAR$5.8t18.9x17.6x1.5x
Wed, 09 Jul 2025AR$80.8tAR$69.1tAR$6.0t13.7x13.5x1.2x
Fri, 06 Jun 2025AR$84.7tAR$68.2tAR$5.8t15.3x14.6x1.2x
Sun, 04 May 2025AR$83.1tAR$68.8tAR$8.2t12.8x10.1x1.2x
Tue, 01 Apr 2025AR$94.9tAR$68.3tAR$8.1t16.4x11.7x1.4x
Thu, 27 Feb 2025AR$92.5tAR$49.2tAR$4.4t18.4x20.9x1.9x
Sat, 25 Jan 2025AR$104.1tAR$48.2tAR$4.2t25.1x24.5x2.2x
Mon, 23 Dec 2024AR$99.2tAR$47.7tAR$4.3t23.3x23.2x2.1x
Wed, 20 Nov 2024AR$83.3tAR$45.8tAR$2.6t18.4x31.5x1.8x
Fri, 18 Oct 2024AR$70.0tAR$45.9tAR$3.0t19.8x23x1.5x
Sun, 15 Sep 2024AR$72.5tAR$45.4tAR$3.1t20x23.5x1.6x
Tue, 13 Aug 2024AR$64.8tAR$34.9tAR$2.1t18.8x31.4x1.9x
Thu, 11 Jul 2024AR$68.2tAR$36.2tAR$2.4t18.5x29x1.9x
Sat, 08 Jun 2024AR$62.4tAR$34.7tAR$2.1t17.9x29.1x1.8x
Mon, 06 May 2024AR$59.8tAR$38.5tAR$833.7b16.7x71.7x1.6x
Wed, 03 Apr 2024AR$51.2tAR$36.9tAR$629.8b28.8x81.3x1.4x
Fri, 01 Mar 2024AR$44.0tAR$14.7tAR$1.8t38x25x3x
Sun, 28 Jan 2024AR$55.9tAR$13.9tAR$1.7t42x32.7x4x
Tue, 26 Dec 2023AR$42.4tAR$13.9tAR$1.7t30.5x24.8x3x
Thu, 23 Nov 2023AR$33.5tAR$13.8tAR$1.7t21.4x19.7x2.4x
Sat, 21 Oct 2023AR$34.7tAR$12.5tAR$853.3b26x40.7x2.8x
Mon, 18 Sep 2023AR$24.5tAR$12.1tAR$799.7b21x30.7x2x
Wed, 16 Aug 2023AR$22.4tAR$11.1tAR$650.8b21.8x34.5x2x
Fri, 14 Jul 2023AR$19.3tAR$10.5tAR$550.6b20.2x35x1.8x
Sun, 11 Jun 2023AR$16.4tAR$10.4tAR$525.8b18.3x31.3x1.6x
Tue, 09 May 2023AR$13.2tAR$9.7tAR$430.4b16.8x30.7x1.4x
Thu, 06 Apr 2023AR$11.1tAR$9.6tAR$408.1b14.9x27.2x1.2x
Sat, 04 Mar 2023AR$10.7tAR$6.6tAR$233.2b17.5x45.8x1.6x
Price to Earnings Ratio

45.8x


Total Market Cap: AR$10.7tTotal 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 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 143% per year over the last three years.
  • Revenues for these companies have grown 127% 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-1.24%
Financials2.95%
Real Estate0.44%
Energy-0.63%
Utilities-2.73%
Consumer Discretionary-2.79%
Telecom-3.02%
Consumer Staples-5.69%
Tech-7.51%
Industrials-7.71%
Healthcare-9.17%
Materials-13.74%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 14.1x.
    • 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 122% 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$7.06k5.4%
+AR$578.3b		0.9%PB1.6xFinancials
BMA Banco MacroAR$13.11k3.2%
+AR$262.2b		24.9%PB1.8xFinancials
BBAR Banco BBVA ArgentinaAR$8.20k3.1%
+AR$150.1b		7.8%PB1.7xFinancials
CEPU Central PuertoAR$2.36k3.3%
+AR$112.7b		57.9%PE13xUtilities
YPFD YPF Sociedad AnónimaAR$54.90k0.5%
+AR$98.1b		27.2%PS1xEnergy
See more

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ALUA
AR$795.50
Aluar Aluminio ArgentinoI.C
7D
-19.7%
1Y
-1.2%
YPFD
AR$54,900.00
YPF Sociedad Anónima
7D
0.5%
1Y
27.2%

YPFD: LNG Push And Vaca Muerta Exports Will Support Future Upside

Analysts have raised their ARS price target on YPF Sociedad Anónima by ARS 3, reflecting updated assumptions around discount rates, revenue growth, profit margins and a revised future P/E outlook. Analyst Commentary Recent Street research on YPF Sociedad Anónima, including a price target increase of ARS 3 cited in a JPMorgan report, points to a more constructive stance from bullish analysts who are updating their models for the stock.
CVH
AR$6,850.00
Cablevisión Holding
7D
-7.4%
1Y
-11.7%
BYMA
AR$313.25
Bolsas y Mercados Argentinos
7D
1.7%
1Y
33.2%
CEPU
AR$2,360.00
Central Puerto
7D
3.3%
1Y
57.9%

CEPU: Steady Fair Value Will Support Future Upside Potential

Analysts have kept their ARS 2,900 price target for Central Puerto broadly unchanged, citing only small tweaks in discount rate, revenue growth, profit margin and forward P/E assumptions that offset each other in their updated model. Valuation Changes Fair Value: ARS 2,900 remains unchanged in the updated model.
GGAL
AR$7,055.00
Grupo Financiero Galicia
7D
5.4%
1Y
0.9%

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$636.00
Ternium Argentina
7D
-9.5%
1Y
-15.5%
IRSA
AR$2,345.00
IRSA Inversiones y Representaciones Sociedad Anónima
7D
5.2%
1Y
43.9%
BMA
AR$13,110.00
Banco Macro
7D
3.2%
1Y
24.9%

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$8,200.00
Banco BBVA Argentina
7D
3.1%
1Y
7.8%
TECO2
AR$3,250.00
Telecom Argentina
7D
-2.4%
1Y
12.1%
PAMP
AR$4,742.50
Pampa Energía
7D
-2.0%
1Y
25.6%

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.
RAGH
AR$1,600.00
RAGHSA Sociedad Anonima
7D
3.2%
1Y
n/a
CAPX
AR$3,875.00
Capex
7D
-15.8%
1Y
-42.1%
TGNO4
AR$4,112.50
Transportadora de Gas del Norte
7D
-5.8%
1Y
11.8%
METR
AR$1,959.00
MetroGAS
7D
-10.7%
1Y
-12.5%