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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies68
  • 7D-6.0%
  • 3M-0.3%
  • 1Y12.4%
  • YTD-1.8%

Over the last 7 days, the market has dropped 6.0%, driven by pullbacks in every sector, especially the Financials sector. In the last year, the market is actually up 12%. Looking forward, earnings are forecast to grow by 47% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Feb 2026AR$114.9tAR$72.6tAR$3.0t15.3x38.4x1.6x
Fri, 02 Jan 2026AR$113.0tAR$72.7tAR$2.8t16.7x40.6x1.6x
Sun, 30 Nov 2025AR$113.0tAR$74.4tAR$3.2t15.8x35.5x1.5x
Tue, 28 Oct 2025AR$79.5tAR$73.6tAR$5.3t16.5x14.9x1.1x
Thu, 25 Sep 2025AR$71.4tAR$73.3tAR$5.2t12.1x13.7x1x
Sat, 23 Aug 2025AR$83.3tAR$72.2tAR$5.1t13.5x16.4x1.2x
Mon, 21 Jul 2025AR$82.5tAR$69.2tAR$5.7t14.7x14.6x1.2x
Wed, 18 Jun 2025AR$84.5tAR$68.8tAR$6.0t15.4x14.1x1.2x
Fri, 16 May 2025AR$90.9tAR$71.2tAR$6.2t14.7x14.6x1.3x
Sun, 13 Apr 2025AR$88.9tAR$68.2tAR$8.1t13.8x11x1.3x
Tue, 11 Mar 2025AR$90.8tAR$66.0tAR$7.7t16.3x11.8x1.4x
Thu, 06 Feb 2025AR$100.5tAR$48.2tAR$4.2t23.8x23.7x2.1x
Sat, 04 Jan 2025AR$107.2tAR$47.6tAR$4.3t24.5x25.1x2.3x
Mon, 02 Dec 2024AR$91.9tAR$49.0tAR$4.2t20x21.8x1.9x
Wed, 30 Oct 2024AR$72.6tAR$45.8tAR$3.0t23x24x1.6x
Fri, 27 Sep 2024AR$69.3tAR$45.0tAR$3.0t19.8x22.8x1.5x
Sun, 25 Aug 2024AR$65.1tAR$41.6tAR$2.5t19.2x26.4x1.6x
Tue, 23 Jul 2024AR$64.8tAR$36.6tAR$2.4t19.5x27.3x1.8x
Thu, 20 Jun 2024AR$66.1tAR$36.6tAR$2.4t17.6x27.7x1.8x
Sat, 18 May 2024AR$61.9tAR$39.9tAR$1.8t16.7x33.5x1.5x
Mon, 15 Apr 2024AR$49.6tAR$37.4tAR$621.0b16.7x79.9x1.3x
Wed, 13 Mar 2024AR$40.8tAR$31.5tAR$1.3t25.2x30.4x1.3x
Fri, 09 Feb 2024AR$51.6tAR$14.1tAR$1.8t39.8x29.2x3.7x
Sun, 07 Jan 2024AR$46.6tAR$13.9tAR$1.7t35x27.3x3.3x
Tue, 05 Dec 2023AR$38.8tAR$15.1tAR$1.8t23.8x21.9x2.6x
Thu, 02 Nov 2023AR$25.4tAR$12.5tAR$854.9b22x29.7x2x
Sat, 30 Sep 2023AR$25.5tAR$12.3tAR$841.1b22.7x30.3x2.1x
Mon, 28 Aug 2023AR$26.9tAR$11.8tAR$725.1b24.8x37.1x2.3x
Wed, 26 Jul 2023AR$20.2tAR$10.5tAR$550.6b21.5x36.7x1.9x
Fri, 23 Jun 2023AR$18.4tAR$10.4tAR$530.1b21.1x34.7x1.8x
Sun, 21 May 2023AR$14.7tAR$10.3tAR$521.7b18.2x28.2x1.4x
Tue, 18 Apr 2023AR$12.3tAR$9.8tAR$429.9b15.2x28.5x1.3x
Thu, 16 Mar 2023AR$9.2tAR$8.2tAR$316.9b14.6x29x1.1x
Sat, 11 Feb 2023AR$11.1tAR$6.8tAR$425.9b16.5x26x1.6x
Price to Earnings Ratio

26x


Total Market Cap: AR$11.1tTotal Earnings: AR$425.9bTotal Revenue: AR$6.8tTotal 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 38.4x which is higher than its 3-year average PE of 28.9x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 91% per year over the last three years.
  • Revenues for these companies have grown 120% 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-5.96%
Industrials-0.61%
Healthcare-2.08%
Tech-2.64%
Energy-4.34%
Telecom-4.41%
Consumer Discretionary-4.47%
Materials-6.08%
Real Estate-6.46%
Financials-6.71%
Consumer Staples-6.92%
Utilities-7.96%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 14.5x.
    • Analysts are expecting annual earnings decline of 32.1% 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 Real Estate sector is expected to see its earnings decline by 67% 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
TRAN Compañía de Transporte de Energía Eléctrica en Alta Tensión TransenerAR$3.92k2.2%
+AR$37.8b		45.8%PE12.6xUtilities
RAGH RAGHSA Sociedad AnonimaAR$1.60k4.6%
+AR$27.9b		n/aPE12.1xReal Estate
BYMA Bolsas y Mercados ArgentinosAR$335.000.8%
+AR$19.1b		38.3%PE13.6xFinancials
CVH Cablevisión HoldingAR$7.76k0.8%
+AR$10.8b		5.7%PS0.2xTelecom
AUSO Autopistas Del SolAR$4.09k2.3%
+AR$8.0b		22.5%PE3.7xIndustrials
See more

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Latest News

EDN
AR$2,125.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
-13.7%
1Y
-9.8%
BBAR
AR$9,735.00
Banco BBVA Argentina
7D
-7.6%
1Y
14.0%

BBAR: Weaker Capital Profile And Loan Exposure Will Temper Credit Repricing Potential

Analysts have trimmed their price target on Banco BBVA Argentina to US$15, citing a comparatively weaker profitability outlook, a lower Tier 1 ratio at 18% and higher loan exposure versus peers as key factors behind the shift. Analyst Commentary Recent research highlights a cautious stance on Banco BBVA Argentina, with the latest initiation at a Sell rating and a US$15 price target reinforcing the view that the shares carry meaningful execution and balance sheet risks relative to peers.
CVH
AR$7,760.00
Cablevisión Holding
7D
0.8%
1Y
5.7%
EDSH
AR$650.00
EDESA Holding
7D
54.8%
1Y
n/a
CEPU
AR$2,430.00
Central Puerto
7D
-8.0%
1Y
40.1%

CEPU: Improved Margin Profile Will Support Future Upside Potential

Analysts have lifted their price target on Central Puerto to $2,900.00, supported by updated assumptions that include revenue growth of 22.59%, a profit margin of 24.79% and a forward P/E of 23.31x. Valuation Changes Fair Value: Kept steady at ARS 2,900.0 per share, with no change in the updated assumptions.
GGAL
AR$7,805.00
Grupo Financiero Galicia
7D
-7.2%
1Y
-1.0%

GGAL: Shares Should Benefit From Pro Reform Agenda And Healthier Credit Cycle

Analysts have raised their fair value estimate for Grupo Financiero Galicia to 11,743.27 from 11,664.87. The change reflects updated assumptions on discount rates, revenue growth, profit margins and future P/E, following recent price target increases and rating changes across the Street.
BMA
AR$14,340.00
Banco Macro
7D
-8.7%
1Y
25.0%

BMA: High Capital Strength And Post Election Credit Cycle Will Drive Upside

Analysts have lifted their fair value estimate for Banco Macro from ARS 16,877.89 to ARS 17,999.02 as they factor in updated growth and margin assumptions, along with recent upgrades and higher price targets from major global banks. Analyst Commentary Recent research updates on Banco Macro point to a more constructive stance following Argentina's election outcome, with several large institutions revisiting their views on risk, growth potential and capital strength.
PAMP
AR$4,970.00
Pampa Energía
7D
-7.4%
1Y
19.8%

PAMP: Power And Gas Integration Will Drive Future Upside Potential

Analysts have lifted their fair value estimate for Pampa Energía from $4,800 to $7,400, citing updated assumptions that reflect recent research highlighting expected benefits from changes in its power generation business and improved monetization of its gas upstream operations. Analyst Commentary Recent Street research highlights a more constructive view on Pampa Energía, with bullish analysts revisiting their models and aligning valuation work with updated expectations for the power and gas businesses.
RAGH
AR$1,600.00
RAGHSA Sociedad Anonima
7D
4.6%
1Y
n/a
TRAN
AR$3,915.00
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
2.2%
1Y
45.8%
TECO2
AR$3,765.00
Telecom Argentina
7D
-5.3%
1Y
31.6%
BOLT
AR$43.50
Boldt
7D
2.6%
1Y
-8.2%
AUSO
AR$4,090.00
Autopistas Del Sol
7D
2.3%
1Y
22.5%
BYMA
AR$335.00
Bolsas y Mercados Argentinos
7D
0.8%
1Y
38.3%
TGSU2
AR$8,980.00
Transportadora de Gas del Sur
7D
-11.4%
1Y
33.0%
CELU
AR$3.56
Celulosa Argentina
7D
3.5%
1Y
-55.3%