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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies67
  • 7D-0.3%
  • 3M2.4%
  • 1Y22.3%
  • YTD-3.0%

Over the last 7 days, the market has remained flat, although notably the Utilities sector gained 3.0% in that time. Meanwhile, the market is actually up 22% over the past 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, 12 Feb 2026AR$112.8tAR$72.5tAR$3.0t15.2x37.9x1.6x
Sat, 10 Jan 2026AR$112.3tAR$72.7tAR$2.8t15.8x40.3x1.5x
Mon, 08 Dec 2025AR$114.1tAR$73.2tAR$2.9t15.9x38.9x1.6x
Wed, 05 Nov 2025AR$116.7tAR$73.8tAR$5.3t18.8x22x1.6x
Fri, 03 Oct 2025AR$68.8tAR$73.5tAR$5.3t11.6x13.1x0.9x
Sun, 31 Aug 2025AR$78.6tAR$72.6tAR$5.3t12.5x14.8x1.1x
Tue, 29 Jul 2025AR$87.1tAR$69.3tAR$5.7t16.7x15.4x1.3x
Thu, 26 Jun 2025AR$81.8tAR$69.1tAR$6.0t13.2x13.6x1.2x
Sat, 24 May 2025AR$91.4tAR$70.5tAR$6.8t14.6x13.4x1.3x
Mon, 21 Apr 2025AR$86.4tAR$68.5tAR$8.2t13.7x10.6x1.3x
Wed, 19 Mar 2025AR$94.1tAR$69.4tAR$8.0t15.9x11.8x1.4x
Fri, 14 Feb 2025AR$92.1tAR$49.2tAR$4.3t22.1x21.6x1.9x
Sun, 12 Jan 2025AR$110.8tAR$47.6tAR$4.3t24.9x25.9x2.3x
Tue, 10 Dec 2024AR$90.1tAR$47.6tAR$4.2t22.2x21.3x1.9x
Thu, 07 Nov 2024AR$76.6tAR$45.9tAR$3.1t26.1x24.9x1.7x
Sat, 05 Oct 2024AR$69.3tAR$45.0tAR$3.0t20.7x22.8x1.5x
Mon, 02 Sep 2024AR$68.8tAR$43.2tAR$2.8t19.9x24.4x1.6x
Wed, 31 Jul 2024AR$61.0tAR$36.5tAR$2.4t16.7x25.9x1.7x
Fri, 28 Jun 2024AR$65.5tAR$36.3tAR$2.4t18.7x27.8x1.8x
Sun, 26 May 2024AR$63.3tAR$40.7tAR$2.0t17.8x32.3x1.6x
Tue, 23 Apr 2024AR$49.7tAR$37.6tAR$635.9b16.2x78.1x1.3x
Thu, 21 Mar 2024AR$48.0tAR$35.3tAR$782.2b28.8x61.4x1.4x
Sat, 17 Feb 2024AR$49.5tAR$14.1tAR$1.8t34.1x28.1x3.5x
Mon, 15 Jan 2024AR$47.1tAR$13.9tAR$1.7t36.2x27.5x3.4x
Wed, 13 Dec 2023AR$43.5tAR$14.9tAR$1.8t31.5x24.7x2.9x
Fri, 10 Nov 2023AR$25.6tAR$12.6tAR$886.9b21.9x28.9x2x
Sun, 08 Oct 2023AR$27.6tAR$12.5tAR$843.2b23.5x32.8x2.2x
Tue, 05 Sep 2023AR$27.0tAR$11.8tAR$724.7b26.6x37.2x2.3x
Thu, 03 Aug 2023AR$19.3tAR$10.5tAR$550.6b20.5x35x1.8x
Sat, 01 Jul 2023AR$18.2tAR$10.4tAR$530.1b21.9x34.3x1.8x
Mon, 29 May 2023AR$14.8tAR$10.3tAR$527.4b17.8x28.1x1.4x
Wed, 26 Apr 2023AR$13.3tAR$9.8tAR$429.6b16.8x30.9x1.4x
Fri, 24 Mar 2023AR$9.6tAR$9.5tAR$391.1b14.6x24.6x1x
Sun, 19 Feb 2023AR$11.0tAR$6.8tAR$386.6b17.4x28.4x1.6x
Price to Earnings Ratio

28.4x


Total Market Cap: AR$11.0tTotal Earnings: AR$386.6bTotal Revenue: AR$6.8tTotal 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 37.9x which is higher than its 3-year average PE of 29.0x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 97% 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-0.29%
Utilities3.01%
Materials0.97%
Consumer Staples0.91%
Energy0.48%
Tech-0.91%
Financials-0.94%
Industrials-1.57%
Healthcare-1.72%
Consumer Discretionary-2.81%
Real Estate-3.42%
Telecom-6.08%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 15.0x.
    • Analysts are expecting annual earnings decline of 18.7% 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 19% 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
TGSU2 Transportadora de Gas del SurAR$9.21k3.2%
+AR$214.5b		48.5%PE19.7xEnergy
TGNO4 Transportadora de Gas del NorteAR$4.53k9.8%
+AR$176.8b		34.4%PE10.6xEnergy
PAMP Pampa EnergíaAR$5.07k2.2%
+AR$144.4b		36.3%PE15.1xUtilities
EDN Empresa Distribuidora y Comercializadora Norte Sociedad AnónimaAR$2.21k7.2%
+AR$130.5b		-3.6%PE19.4xUtilities
METR MetroGASAR$2.36k8.8%
+AR$109.3b		6.0%PE14.5xUtilities
See more

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Latest News

TECO2
AR$3,405.00
Telecom Argentina
7D
-6.5%
1Y
30.0%
BMA
AR$13,920.00
Banco Macro
7D
-0.6%
1Y
29.5%
YPFD
AR$57,725.00
YPF Sociedad Anónima
7D
-1.1%
1Y
33.5%

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.
IRSA
AR$2,335.00
IRSA Inversiones y Representaciones Sociedad Anónima
7D
-3.3%
1Y
41.1%
GGAL
AR$7,570.00
Grupo Financiero Galicia
7D
-2.7%
1Y
8.9%

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.
EDN
AR$2,208.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
7.2%
1Y
-3.6%
PAMP
AR$5,070.00
Pampa Energía
7D
2.2%
1Y
36.3%

PAMP: Fair Value View Will Reflect Higher Margins And Revised Cash Flow Assumptions

Analysts have revised their fair value estimate for Pampa Energía from $3,400 to $5,400, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple as key drivers of the change. Valuation Changes Fair Value Estimate was raised from ARS 3,400 to ARS 5,400, reflecting the updated model assumptions.
SUPV
AR$3,460.00
Grupo Supervielle
7D
4.3%
1Y
2.7%

SUPV: Election Outcome And Credit Cycle Will Support Recovery After Big Q3 Loss

Analysts have cut their price target for Grupo Supervielle from about ARS 4,785.50 to ARS 4,011.00, reflecting updated earnings expectations after the company's big Q3 loss and lower 2025 outlook, along with revised assumptions for revenue growth, profit margin, discount rate, and future P/E. Analyst Commentary Recent research reflects a more cautious stance on Grupo Supervielle after the big Q3 loss and lower 2025 outlook, with the latest price target cited at ARS 3,522, down from ARS 5,071.
BBAR
AR$8,975.00
Banco BBVA Argentina
7D
-3.4%
1Y
17.6%

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$7,390.00
Cablevisión Holding
7D
-4.6%
1Y
7.9%
TRAN
AR$4,132.50
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
4.8%
1Y
69.7%
TGNO4
AR$4,530.00
Transportadora de Gas del Norte
7D
9.8%
1Y
34.4%
MOLA
AR$27,650.00
Molinos Agro
7D
7.6%
1Y
-0.8%
METR
AR$2,363.00
MetroGAS
7D
8.8%
1Y
6.0%
BYMA
AR$325.00
Bolsas y Mercados Argentinos
7D
-2.6%
1Y
48.6%
TGSU2
AR$9,205.00
Transportadora de Gas del Sur
7D
3.2%
1Y
48.5%