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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedFeb 19, 2026
DataAggregated Company Financials
Companies69
  • 7D-8.6%
  • 3M-5.9%
  • 1Y5.3%
  • YTD-11.4%

Over the last 7 days, the market has dropped 7.3%, driven by losses in every sector, especially the Financials sector. As for the longer term, the market has actually risen by 9.7% in the last year. 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
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
Sun, 26 Feb 2023AR$10.9tAR$6.3tAR$251.2b18.4x43.3x1.7x
Price to Earnings Ratio

43.3x


Total Market Cap: AR$10.9tTotal Earnings: AR$251.2bTotal Revenue: AR$6.3tTotal 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 34.8x which is higher than its 3-year average PE of 29.0x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 129% 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 Market-8.62%
Consumer Discretionary-2.59%
Healthcare-3.25%
Materials-4.62%
Telecom-4.63%
Tech-5.53%
Real Estate-6.60%
Industrials-6.76%
Energy-7.04%
Consumer Staples-7.38%
Utilities-8.14%
Financials-12.62%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 15.3x.
    • Analysts are expecting annual earnings decline of 23.0% 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 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
RAGH RAGHSA Sociedad AnonimaAR$1.55k3.3%
+AR$19.9b		n/aPE11.7xReal Estate
IEB IEB ConstruccionesAR$802.505.9%
+AR$1.3b		n/an/aIndustrials
REGE García Reguera Sociedad Anónima Comercial Industrial Financiera e InmobiliariaAR$60.500.5%
+AR$60.0m		17.5%PS0.7xConsumer Discretionary
See more

Market Insights

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Last Week

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Latest News

TECO2
AR$3,222.50
Telecom Argentina
7D
-5.4%
1Y
10.9%
PAMP
AR$4,635.00
Pampa Energía
7D
-8.6%
1Y
16.9%

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.
BBAR
AR$7,680.00
Banco BBVA Argentina
7D
-14.4%
1Y
-6.1%

BBAR: Lower Discount Rate And Conservative P/E Assumptions Will Support Upside Potential

Analysts have updated their view on Banco BBVA Argentina, lifting the ARS price target to ARS 10,033, supported by a lower discount rate, slightly higher revenue growth and profit margin assumptions, and a reduced forward P/E multiple. What's in the News U.S. banks including JPMorgan, Citi, and Bank of America have set aside a planned US$20b bailout package for Argentina and are instead focusing on a smaller, short term loan package for the government (Wall Street Journal) The original plan reportedly included a US$20b currency swap with the U.S. Treasury Department and a separate US$20b bank led debt facility aimed at supporting President Javier Milei's pro reform agenda (Wall Street Journal) Banco BBVA Argentina is mentioned alongside other publicly traded Argentine banks such as Grupo Financiero Galicia, Banco Macro, and Grupo Supervielle in connection with this funding shift (Wall Street Journal) Valuation Changes Fair Value: ARS 10,033 is unchanged, indicating the updated assumptions lead to the same overall valuation estimate as before.
BMA
AR$12,200.00
Banco Macro
7D
-12.4%
1Y
8.9%
YPFD
AR$54,050.00
YPF Sociedad Anónima
7D
-6.4%
1Y
18.9%

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.
GGAL
AR$6,435.00
Grupo Financiero Galicia
7D
-15.0%
1Y
-12.0%

GGAL: Argentina Reform Progress Will Drive Upside Through Secular Credit Cycle

Analysts have adjusted their view on Grupo Financiero Galicia with a refreshed price target of US$58. This reflects updated assumptions around discount rates, revenue growth, profit margins and a lower future P/E, while maintaining a balanced stance on Argentina’s longer term growth potential and related risks following the recent share rally.
RAGH
AR$1,550.00
RAGHSA Sociedad Anonima
7D
3.3%
1Y
n/a
REGE
AR$60.50
García Reguera Sociedad Anónima Comercial Industrial Financiera e Inmobiliaria
7D
0.5%
1Y
17.5%
IEB
AR$802.50
IEB Construcciones
7D
5.9%
1Y
n/a
BPAT
AR$2,245.00
Banco Patagonia
7D
-14.5%
1Y
-6.1%
TGSU2
AR$8,400.00
Transportadora de Gas del Sur
7D
-8.7%
1Y
26.5%